The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-10-04

- aAss ~ "AsMls MlAU ally inca
sure Ihsi has ever been proposed.
The " Republican State Rights pariy''
Is also in favor Of separation Of guyefn.
ment from banks If BY this il Is mean.
that the Executive Of The United States
should be deprived Of all influence or
control over these institutions, which
might be abused for political and party
purposes, ] FULLY eanrur in such an
oPinlon: for sad experience has admon-
lshed Ihe country that The party in
P"~er. at al events. is not 10 be trusted
with tie use uf such influences; nor
would ] be unwilling 10 see tie money NJ
tie government kept apart from The
business Of The Banks in such a way
rs not 10 be used for banking purposes.
II We could promise ourselves that the
expenditure OF the government, and with
u Tie revenue. could be reduced to an
econnmiesl scale. no great injury could
result from eilher Of these sources: Tor
the lew millions OF government money on
hand al any one time, would not be suifi-
Gent 20 confer much executive patron
age; nor would IL disturb 10 any great
extent the ordinary banking operations.
As. however. the appropriation Of thirty
nine millions Of dollars at the last session
ol Congress, notwithstanding the creation
OF national debt for the purpose Of rails.
ing The money. warns Us that as long as
our present rulers are in power. any
reduction of expenditure is impossible, IL
would be desirable in the arrangement
Of the treasury 10 guard against The mixing
Of the public funds with those of the
banks. thereby authorizing The use Of
them, as so much bank capital. The
trsi object, viz. the prevention Of execu-
tive patronage. may be effected by a Law
defining what banks shall be used. either
by express designation. or by = general
description; as for example, all such banks
as are used by the States in their fiscal
operations. or are guaranteed by the
pledge Of State faith; and the second
object. viz. the separation Of the funds OF
the Government, may be obtained by ex-
press sVipulalions. the faithful performance
0i which may be secured BY requisiIion
Of monthly official statements OF the con-
dilinn and business. of The selected banks.
and by The imposition Of proper penalties.
Banking Institutions by universal con-
sent. are the cheapest, safest. and most
convenient agencies for the custody and
transfer Of the public money. Every
man who has money dealings, practically
establishes this, By his own conduct in
regard TO his own affairs. TO efTecI these
objects. 10 one Of the purposes Of their
creation; and they are, therefore, organic.
ed TO accomplish them by the most skill.
FOL adaptation Of means. Large resources
give them more extended credit than
ia general belongs 10 individuals, and a,
once makes them more efficient agents in
the transaction Of exchanges. and more
responsible Cor The fulflnent Of their
engagements. That this is emnenlly
true, Is shown IT, The last forty years ex.
peiience dlthc Government, during which
time banks, in some form or other, have
been is fiscal SCENTS; Mr.. Woodbury.
himself declaring that the treasury has
lIst less By them IN Ibis long series Of
Transactions. Than by the dedication OF
one single injiyidual; aud nov that the
banks have resumed specie payments,
and have silenced the unmesnlng clamnrs
Of political parlisans, il is ascerlaIned
that she Government has lost very liule
by is c0nnexion with ilIese Institutions.
The temporary suspension Of specie pay
ments having ceased. and the fortunate
deiea. OF the /" Independent Treasury
having restored credit. and renewed the
general prosperity. these institutions are
again performing heir regular functions,
and proving, BY more early and de-
cisive recovery Than The most sanguine
had calculated on, how worthy they are
Of public confidence.
II is said that The plan Of using State
banks as the agen,sof Government hasfail-
ed, and thar il is madness 10 Try il again.
II this be true 10 the utmost extent, the
state bauk system has. 10 common with
every Thing else, failed in The hands Of
the rresen. ADMINISTRATION. Every ex.
perimcns conducted by such men, is
doomed 10 inevitable failure. Il The use
Of the State banks turned oas TO be inju.
rious, what was the result of the sub
treasury,syslem which succeeded itl Ey-
er increasing embarsassments and diff.
cul,ies, I'LL Congress decided that itshould
moi be continued.
The hard money system was tried il
regard 10 the public lands. Did il sue.
ceedl Was ilapproved! But how, and
10 what extent, has the use OF state bank.
failedl Has The Government or The Peo
pie los, any ihing by he suspension o.
specie payments! Oathe contrary, tia
measure was wise and sal,,lary, demand
ed by public opinion atthe time. and vim
dicaled BY the result. Any failure tha
has taken place, has been The efTsc,rath
.er of maladminis,raiion, than of the na
1 r. l.. =