The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-04-06

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represented me ss Saying that Inc govern
meni had no right 10 make bargain with
The banks; and Then undertakes 10 involve
me IN an Inconsistency, IN supporting The
bill. because IL proposes 10 bargain with
The banks for The use their vaults. a. a
place Of ssfs-keeping for The public mo-
ney, ~ " there was = possible anslogy
between The two cases. Nothing is more
easy than % refuie the most demonsira.
live argument in this way. Drop an es-
seniial part u The premises. and The most
irresistible conclusion, Of course. fails.
In The same summary and easy mode
ot replying 10 my Arguments, tie Senator
perverted my denial that the government
had Alright 10 receive bank notes ss cash,
into the assertion that IL had no right 10
receive any thing but cash; and then &C.
cuses me with Inconsistency. because |
voted al The extra session. for the bill au.
IIlorising the receipt Of Treasury notes
in the dues Of the government; as il any
one ever doubted that il could receive its
own paper, or securities. in payment Of
lis debts. Such are the missIslemrn's of
the Senator taken IN their regular order,
as they stand IN his reply, and they pre-
sent fair specimen 0f what he chooses
10 consider an answer 10 my srgumeni.
There IL not one less unfairly stated. or
unfairly met, than the instances have
cited.
The Senstor presented two difficulties
in reply TO what said sgains, receiving
bank notes by the government, which de-
msnd a passing notice before | dismiss
this part Of the subject. tie objected.
6rsl. that IL was contrary 10 tie pIovl-
sions Of the bill itself, which authorizes
The receipts Of the notes Of specie paying
banks for limited time. To answer this
objection, il will be necessary TO adver,
TO the object Of the provision. By the
provisions Of the joint resolution Of 1915,
The notes Of specie paying banks are
made receivable in the dues Of the co
yernmenG aud, Of course. on the resump-
ton Of specie payments. bank notes
wOuld again be received by the Cavern
ment a. heretofore, without limitation as
"a tine. unless some provision be adopt
ed 10 prevent IL In = word, the govern
newt, though separated in tact al present
from III. bank, Is not legally separated;
! aud the oblecI Of the provision Is 10 effect
| the separation as well in Law as u is IN
fact. This u prnposes TO do NY gradn-
al repeal of The joint resolution Of 1916.
in order In prevent, as far as possible. any
injurious effects IN the community OF the
banks. The Senator. in masking his OBJ
lection, overlooks tho broad distinction
between the dong and undoing ol an un-
! constitutional act. There are some un-
constitutional acts that are difficult. Il not
impossible tn be undone; such, fnr in-
stance, as The admission Of Louisiana ln-
to The Union, admitting il 10 he uncon-
! s,ilu,ional, which ! do NOT. There are
others which cannot be undoue sudden
Is, without wide spread distress and ruin;
such as the protective tariff, which, ac-
cordingly, the compromise act allowed
upwards Of eight years for the gradual
repesl. Such also is the case under con-
I sideratton, which, under the provisions
4, Of the bill, would be effected in seven
years. In oil such cases | hold il 10 he
, not only clearly constitutional fnr Com
gress 10 make a gradual repeal. but lis
! duty to do so; otherwise IL would be Of
ten Impossible to get clear o, an uncen-
/ siiiu,ional act short OF revolution. Ills
next objection was, that the reasons
! which would make the receipt Of bark
notes unconstitutional, would also make
! the China trade 50, which he represent
J cd as absorbing a large portion Of The spe.
Gle Of the country, There is no analogy
/ whatever between the two cases. The
very object Of specie is 10 carry on trade,
aud IL would be idle TO attempt TO regu-
! late The distribution and flac,uation which
result from its operation. Experience
proves that all attempts Of the kind must
either prove abOrliye or mIschievous. In
fact, il may be laid down as law, that
the more universal The demand for specie.
and the less tina, demand is, interrupted,
the more steady and uniform its value.
and the more perfectly Of course. it full
fills The grea, purpose Of circulation, for
which it was inlended.s There are, how
ever. not a few who, taking different
view. have thought il TO be the duty Of
the government to prohibit The exparia-
ton of specie 10 China, on the very
ground which the Senator assumes, and
| am not certain bun that he himself has
been in favor Of The measure.
| But the Senator did no. restrict himself
to reply to my arguments. He introduce
ed personal remarks, which neither sell
respect, nor a regard to the cause |
support. will permit me to pass without
notice, as adverse as am TO oil personal
controversies. Not only my education
and disposition, but above all my concep'
lion of The duties belonging 10 the station
| occupy, iudisposes me TO such con.