The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-04

AtA@ Ns@sNN1AMANAa - ~ AMAttiAstut tuNAh
alreaiT in existence. There il mt the
slightest evidence ef any intention. in
establishing Inc Constitution. 10 over.
Ihraw or shalish This system. although il
certainly was the nbjrrl az the Cnnsliic-
linn IN ahnli-h bills of credit. and al pc
per inishd-d fir circulation. issued upon
the faith Of the States alone. lnasmnch
as Whatever t'Ien existed. Of The nature
NJ money or currency. rested on State
legislation: and as il was moi possible
ihsi uniformity. general credit. and gen
eral enniilsnre ronld result from l1cal aud
separate sets of the stiles. Ihrrr il srI-
deaee-I think abundant eFidence-thsI
il was the intention Of the trainers nf Ihr
Constitution 10 give 10 Congress a con-
ir,l'ng pawer oser the whole subject. IN
the end that there should be. for the
While ranHtry. = currency ~ nniferm
value. Congress has heTelnfor exercised
this auihnsiiy. and fulille,Ithe e0rrespond-
ing duties. II has maintained. fn Eariy
years nni nf fnriy-nine, . national ins,illf
tim. proceeding from is power. ana
responsible ~ the General Gavernmeni.
With interval. af arrangement. brought
about rs war anil nther occurrences. IhIs
whole system. taken sltngeIher. has been
greatly successful in iis actual operation.
We have found occasina to create ma
difference beigeen & ,Vcrnmeni anl Pen
ple-heiween mOary for revenue. aud
money Tor the general use of the country
Until the commencement of the last
session. Government had manifested nn
disposition t. look out Tor itself exriu-
siyely. What was good enough for the
people. was good enough for Govern
meni. No cnadescendlng and grscinns
preference had, before that period, ever
been rendered a. ,uembeTs uf Congress.
over other persons hssiug claims rpon
the public funds. Such singular. spec
tacle had never heen exhibited. as an
smlrsblr. disiptrreslrd. aud patriotic un.
Outstanding. brtwren Ihnse who are la
soie take. IN the People, f'r the purpose
IL rerlsnishipg III. Treasury. and those
vim. from the Treasury. dispense the
money bark again among those who have
claims an il. L. tia, respect | think
the Secretary stands alone. lie is the
iirsi. 81 or ~ know. in our long lisI II
able heals OF Departments. who has
thought il q delicate and sk,llful touch,
/ in financial administration, 10 be PARTICULAR
IL kind and conplalsan, tn the interest of
the Nv .makers.--,hose who hold the
tax.laying power; the first whose great
DIFFERENCE and cordial regard Eur mem.
hers of Congress have led him tn provide
for Them. as the medium Of payment aud
receipt, something mare valuable Than -
provided. at the same time, for the army.
the navy, the judges. the revolutionary
pensioners. aud the various classes Of ID.
bhrers IN the pay of Government.
Through our whole history. sir. We
have found a convertible paper currency,
under proper control. highly useful. by
/ lts p,lah,lIiv To circumstances. and by lis
capacity Of enlargement. in reasonable
degree, 81 meet the demands Of new
and enterprIslng community. As have
already said. sir. we owe a permanent
/ debt ol a hmnlred millions abroad; and
in the present abundance Of money ia
England. and the STATE Of demand here,
this smoun, will probably he Increased
But il must he evident To every one. that
81 long az. by a safe use Of paper. We
give some reasonable expansion To out
avn circulation. or al least do not un
reasonably contract il, we do, To tha
EXTENT, create or maintain an abby tn
loans among ourselves. and so far dIninisl
the amount uf annual interest paid abroad
But let no INV. Mr.. President, ash
the attention of the Senate To ano'he'
subject. upon which. indeed. much ha'
already been said: | mean that which II
usually called the credi. system.
SIR, what is that system! Why II
credit a word OF so much solid import
ance, and Of SO powerful charm. in 'h'
United States! Why is il that a shock
has been Eel, through all classes and al
interests, the first momen, that this credl
has been disturbed Does its importanc,
belong. equally, to all commercial States
Or are there peculiarisies in nur condition
our habits, aud modes OF business. which
make credit mare indispensable, ant
minsle il more naturally, more intimate
ly, with the lfe.b blood Of our system!
A full aud philosophical answer Il
these inquiries. Mr.. President. woul'
demand that I shold set forth both III
ground work aud the structure Of on
social system. II would show that III
wealth and prosperity Of the coun'r!
have as broad foundation as ills popula
constitutions. Undoubtedly there ar
pecuIlariues in that system. resulting
from the nature Of our political institu
tons, from our elementary laws, an
from the general character OF the People
These peculiarities most unquesIIonabl
give to credit. or to those means and .hss
. arrangements, by whatever names we ca
them, which are calculated to keep tn
whole, or BY far tho greater part, OF III
co,;,,l of tbs Country in a state oil COT