The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16

rofmiiy Of means and shdE! Oh. sKquisi,s
mode Of gratifying high desirssE bshsld
he honorable member proposes mat he
political power Of The stale shall Esks 70
i.ssll he whole function Of Supplying n.
enliss paper circulation Of The eopnisy. by
nnses or bills of ils own. issued ~ is aan
discretion. 10 be paid 0ni Or adssResa 10
luhomsoeyer il pleases. in dlseharginx he
obligations Of Government. bearing 10
promise % pay, and 10 be kept ia eirssls-
ZION merely BY being made receivable n
the Treasury TIE whole cireulalisa
az The country. excepting only that whish
il metallic. and which must slwsys Be-
small, will thus be made up 81 n.,re Go.
vernment paper, issued fur GoEernneni
purposes, and redeemable only in par.
ment Of Government dehis. In olhst
words. the entire means Of carrying on
Ihe whole commerce. of The country will
Be held by Government in 10 own hands.
and made commensurate. exactly. will
lie own wants. purposes. and opinions:
the whole commercial business Of he
country being thus made mere append.
age 10 revenue.
But, sir, in order that | may not mis-.
REPRESENT The honorable member. let me
show you a liiile more distinctly xhs.
his opinions are respecting his Govern.
menl paper.
The honorable member SAYS. sir. thai
10 make this sub. Treasury measure sue.
cessInl, and 10 secure il against reacliun,
some safe and stable medium 81 ciIcula.
ton, " 10 take The place ri bank notes in
The fiscal operations of the Government,
ought To be issued;" that, " in the present
condition Of The world. paper currency.
| in some form. If moi necessary. is almost
| indispensable. in financial and commercial
operations Of civilized and extensive CON.
munities;" that I" The great desideralum
is to ascertain what description Of paper
has the requisite qualities Of being free
from flncIualion in value. and liability 10
abuse. in the greatest perfection" that
Z" bank notes do not possess these
requisites in degree sufficiently high for
This purpose" And then he says. ~
| eofaIiher. I,appears 10 me. after besIow.
ing the best reflection | can give The
subject. that no convertible paper. that's.
no paper whose credit rests upon = pro-
mise 10 pay, 10 suitable for currency"
" On what. then. The asks. ] onghta paper
currency 10 resi," would say" be
answers. " ON demand aud supply simply:
which regulate the value Of every thing
else--lhe constant demand which GoUrn.
men, has for It's necessary supplies" lie
then proceeds TO observe. " that there
might be a sound and safe paper currency,
founded on The credit Of Government ex.
clusively." THAI such paper. only 10
be issued 10 those who had claims on The
! Government. wOuld. in is habimal state.
be at or above par with gold and silver"
that " nothing bu, experience can dc.
iernrine what amount. aud Of VIA.
denominations. might be safely issued;
bu. that il might be safely assumed that
. the country would absorb an amount
, greatly exceeding its annual income.
Much of its exchanges. which amoun. to
. a vasl sum. a. well as It's banking
business. would Ievolre about il; and
. many millions would thus he kept in
. circulation beyond The demands of the
. Government"
By this scheme. sir. Government. in
. its disbursements. is not TO pay money.
but To issue paper. This paper is no
! otherwise payable or redremable. Than ss
IL may be received al the Treasury. II
! is expected to be let cut much faster than
il comes in, so that many millions will
be kept in circulation; aud ITS habllual
character will be a. or abuve par with
gold and silver. Now, sir, II there 10 TO
! lie found any where a more plain and
. obvious projer, Of paper money. Ia all
= iis deformity. should not know where 10
5 look fnr il.
In the frs, place, sir. have suggested
J the complete union which IL would Iorm.
. II il were. in itself. practicable. between
The political and The money power.
{ The whole Commerce Of the country,
: indeed. under such state OF law, would
! be liltle more Than sor, Of incident to
: Treasury operations-rsIher collateral
] emanaunn of the revenue system, than
I substantial and important branch Of The
public interest ] have referred, also. to
I its probable consequences. upon thai
d which the gentleman regards as so great
0 an evil, and which lie denamina,es " The
] Capitalization ol commercial action"
$ ITO be continued
II n IN fasRfNDX