The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30

oT lie Law Of 1883. with al rs cautious
provisions and securities. provided ~ me
wisdom Of our ancestors. which has been
50 sramplsd upon BY The late and present
administrations. By that law, establish"
ias lbe Treasury Department. the irea-
sure of the United States is 10 be EeeeiE-
ell, kep, and discussed By the Treasurer
under . bond with ample security, under
q large penally Fixed by law. and EOs lsii.
as ibis bill leaves IL, 10 The uncertain dis
cretinn Of Secretary Of the Treasury.
III. therefore, We were 10 10 nothing. that
Law would be revived; the Treasurer
would have the custody. IS he ought 10
have, Of the public money. and doubtless
he would make especial deposIles of II an |
all instances with safe and sound state |
banks, as in some cases lhe Secretary oil
the Treasury is now obliged 10 DO. Thus.
we should have in operation :hai very
special depOsile system. so much deslF-
ed By some gentlemen. by which The pub
! lie money would remain separate and un-
mixed with The money Of banks. There
| is vet another course, unembraced by e.
lher branch Of the alternative presented
by the Senator from South Carolina; and
/ tia; is TO establish Bank Of the United
! States, constituted according 20 the old
. and apnroyed method Of forming such an
, institution, tested and sanctioned by ex-
perienee; a Bank Of the United States.
which should blend public aud private
interests, and be subject TO public and pri-
vaie control, united together in such man
ner as TO present safe and saluIary checks
against al abuses. The Senator mistakes
his own abandonment Of that institution
as ours. know that the party in pow
er has harricaded itself against the es1s.
blishment Of such bank. IL adopted, Of
The las, extra session. an unprecedented
resolution, that the people Of the United
States should not have such bank, al
though il mus, be manifest that there was
a clear majority OF them demanding II.
Blu, the DAY may come. and trust Is no,
distant, when the will Of the people must
prevail in the councils Of their own GO
vernment: and when il does arrive, bank
will be established.
The Senator from South Carolina re-
minds US that we denounced the pet bank
system; and so We did. and so We do.
But does IL therefore follow that, bad as
that system was. we mnsl be driven into
the acceptance Of an infinitely worse! lie
tells US that the bill under consideration
takes the public funds Out Of the hands Of
the Executive, and places them in the
hands Of the law. II does no such thing.
They are now without law. il is true. in
the custody of the Executive; and The bill
proposes by law 10 confirm them in that
custody, and To convey new and enor.
nous powers Of control IN The Executive
over them. Every CUSTOMARY Of the pub
lie funds provided By the bill. is crea-
ture Of the Executive. dependent upon his
breath, and subject 10 the same breath for
removal, whenever the Executive. from
caprice, from tyranny, or from party no.
lives, shall choose to ordcrit. What safe
ty is there for the public money. il there
were a hundred subordinate executive Of.
ficers charged with its care, whilst the
doctrine OF the absolute uaiiy Of the
whole executive power, promulgated by
the last administration. and persisted IN
by this, remains unregoked and unrebuk'
cd.
Whistle Senator from South Carolini
processes To be the friend ol State banks,
he has attacked the whole banking system
of the United States. lie is their friend
,, he only thinks they are unconstitutional
Why! Because the coming power !,
possessed by the General Government,
> aud tina, coming power, he argues. wa
intended 10 supply currency OF lh'
precious metals; but the State bank
absorb the precious metals, and Withdraw
them from circulation, and, therefore. ar
in conflict with the coming power. Tha
I power, according 10 my view Of IT. j
nothing but naked authority TO slamI
certain pieces OF The precious metals, il
fixed proportions of alloy and pure metal
!; prescribed by law, so that their eKsc
value may be known. When that offic,
}, is performed, the power is fuaeta
!, oEcio; the money passes out Of The min,
y and becomes the lawful properly Of ,hos
who legally acquire it. They may d
! with it as they please. throw !. into lh
! ocean, bury II in the earth. or melt j, in
u crucible, wilhou. violating any law
L When il has once left the vaults Of III
: mint, the law-maker has nothing 10 d
u with il, but 10 protect il against those VIII
: attempt TO debase or cOunterleil, and
: subsequently, TO pass il as lawful money
In the sense in which the Senator sup
b poses banks to conilic, with the coinin
= power. foreign commerce, and especial
1 our commerce with China, conflict witt
e il much more exclusively. That is III
I great absorbent Of The precious metals
e and is, therefore, much more unconstilu
8 tional Than the Stale banks. Foreign CON
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