The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-23

iAAftAM NV AN0MAAM&AN - So &&N@8@ -
was IN favor If H. And
ri, in about . week sller The sdioGrn-
nent Of Congress. he principle which
net with 40 c0aniensnce Irom The L.
yislslive authority, Vas enbadied in The
orm Of Treasury edicl. and promulga-
ed under the Executive anlhorliy. 70 The
Of The people Of The United
Satesi
live possessed no other EVIDENCE What
ever Of the hnsuliiy Of President Jack
son 20 the state hanks Of The United States. /
that order would supply conclusive proof. !
Bank notes. bank issues, hank credits,
we're disiTnslrd and denouneed By him.
Il vas proclaimed Ia Inc pebble hal they
we're unworthy Of confidence. The go-
yernmeni could no longer trust IN their
security. And II . moment when The
banking operations we're extended, and
stretched 20 their Utmost tension; when
they were almost all IosleFing and ready
10 fall. for The want Of thai metallic basis
on which they all rested. lhe Executive
announces iIs dislrusl. issues The Trea-
sury order. and enters The market Tor
specie. BY demand for ~ exuaordina-
nv amount 10 supply the means 81 pnr.
chasing public lands. II The sales had
continued in The same ratio they had been
made during the previous year, that Is.
al about the rate Of tweniy-four millions
PR annuHl, this unprecedented demand
created by government for specie must
have exhausted The vaults Of most Of the
banks, and produced much sooner The
catastrophe which occurred in May last.
And what is most extraordinary. this
wanIon demand for specie npun oil the
banks of The commercial capitals. and in
the busy and Ihlckly peopled portions Of
The country, VAS. that il might be trans
ported into the wilderness. md after hay-
ing been used in The purchase Of pubic
lands. deposited 10 the credit 0f The go
yernmeni in the books Of western banks.
IN some Of which, according 70 The mes-
sage, there were already credits 10 the
government " greatly beyond their i'm
mediate means Of payment" Govern
menl. therefore, did not itself receive. or
rather. dill not retain. The very sperIe
which il progressed 10 demand. ~ The on-
~ medium worthy Of The public lands.
The specie. which vas so uselessly ex.
acted, was transferred from one SET Of
banks, 10 the dersngemenI Of the cum
mere and business Of The country. and
placed in the vaults of another sci oi
banks in the interior. forming only those
bank credits 10 The government upon
which President Jackson placed so Sigh,
! a value.
Finally. when General Jackson vas
about In retire from the cares Of govern
meni, he favored his country men with a
farewell address. The solemnily Of the
occasion gives 10 any Opinions which he
has expressed in that document a claim
to peculiar attention. II will he seen on
perusing u. that he dennunces, more EN-.
phatically than in ans Of his previou:
addresses. the bank paper OF The country
corporations, and what he chooses u
nominate the spirit ol monopoly. The
Senate will indulge me in calling It's at
tenlion To certain parts Of that address
in the following extracts:
"The Constitution of the United State.
unquesIi1nsbly intended to secure To th,
people circulating medium Of gold ant
silver. But the establishment Of a ma
tionsl hank By Congress. with the priv
lege Of issuing paper money recelvabl,
in payment Of The public dues, and ID,
unfortunate course Of legislation in ihI
several States upon the same subject
drove from general circulation the const,
tu,ional currency. aud substituted one o
paper in ils place"
1.-The mIschIei springs from the pow
er which the mnnled rnleres, derives from
paper currency. which they are able Il
control; from the multitude Of Corpora
tinns. with exclusive privileges, whicl
they have succeeded IN ATTAINING in lh
different States, and whrh are employ
ed altogether for their benefit; and unles
you become more wa,chfuI IN your stale:
aud check thus spirit Of monopoly an
thirst for exclusive privileges. you will
in the end, find that the most Impor,an
powers Of Government have been give
or battered away, aud the control owe
your dearest Interests has passed inio tn
hands Of these corporations.
II but it will require steady and perse
verlng exertions on your par. 10 rid your
selves OF the inquiries and mischiefs q
the paper system, and to check the spir
Of monopoly aud other abuses whic
have sprung up with it. and Of which
Is the main support. So many intel
ests are united 10 resist, all reform on thi
subject. that you.must not hope that III
conflict will be short one, nor success
easy. My humble eiTorls have no, bee
spared. during my Administration Of lh
n