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

ilOa one VI me genhemen whom you rep
resent. sir. Who wall DO or suffer more 10
arrest Ihis dlssslraus career. and aVeTI the
Necessity which may drive the e0uairy
npnn National Bank. than !; and de-
clare. With perfect confidence, that il the
Administration ALL pause in ITS mad Ca
reer al Einlenee aaa ul,Tsism-Or II, what
j. n0re probable. u be beaIen down by
the sober intelligence Of ihe country
there will be n0 National Bank establish
ell. IL. on the cDnlrary, they continue
u insist upon their exaggerated Ihe0ries.
and are not rebnked by the moderation
AMI practical go'd sense nl the people,
National Ba"k - III be the inevitable con-
sequence. Towards this insmuiinn the
public mind is obviously imP-lied by The
efforts 0l ihnse li0 would persuade u
! that Ihe desiIay Of this great people and
ri their free institutions - reduced In the
alternative OF 4 National Bank or an ex.
elusive ex1ciion ol gold aad silver by
1hls mode Of stating lhe argument, 81
middle ground il excluded. They pre-
sent Scylla on the one hand and Chsryb.
dis on the other, and denying any pas
sage between hen, leave Us which Of
i the IW0 to choose. Il is a common e.
nOugh occurrence ~ heated dispuialIuns,
for dexIerous dlaleciiIians % drive each
other upon extreme ground, and 10 close
the controversy by leaving 10 each other
the selection Of a greater or less evil.
Thus one party proposes To lrlghien Us
Iaip hard money exaeiipn bv the ter.
rars Of bank, and the other To cuerce Us
into a bank by The hornrs Of specie
exaeion. For the last ten years il has
been the stale trick ii the Administrator
I'd attain each successive step ,n iis Cit
max uf fully and wickedness, by present.
ing the ever ready alternative ol Nj
lional Bank. L: has been the scourge
with which public opinion has bean lash
ed on from one disastrous measure L.
another. and now again il Is welded Ia
drive US into the snb.neasury. | do mt
in The slightest degree doubt If this alter
native 10 persisted in and forced upon
the country. il will prefer a National
Bank. by an immense maturity. In truth,
sir. such an alternative is altogether I'M
aginary. Does any one believe that a
bank can be established during the pres
ell, administration, unless the caialniIes
ol the country procure Two thirds al COM
gress for il! Does any one believe that
Two thirds oil Congress can be obtained in
favor III measure Ia which the present
extended and prospectus banking sys-
TEN is opposed!
The present Congress has. by a most
decided vote, rejected both branches oi
this lllusory alternative. II has express
ed its disspprobaIion Of a National Bank,
and has mos, emphslicalIy rejected the
specie exacling ub-Treasury. Indeed.
this last measure has received ITS doom
IN the most decided way--ii vas reject
ed in the Senate by majority al nine,
aud in the House by majority OF four
teen. In Congress, between the extra
and regular session, Il lost IN lhe Senate
from majority IA ITS favour 10 a majors
ty Of nine against it: and in the House,
from majority OF seven IN favour Of a
postponement, I'd a majority for total re-
lection. The late OF the Sub-Tressury
without The specie exaciIOn, was very
dltleren,-il passed the Senate, and failed
in the House by maj"ruy Of but four.
Thus IL Is apparent that Sub Treasury
with the receipt OF the bills of specie pay
ing banks, is a more tavoured measure
i than either of those which have been SO
4 osrentatiously insisted upon as our only
alternatives. 1t is known fac, that the
hard money clause and its advocates de.
stroy the Independent, Treasury. which,
bui for iha, feature and its friends, would
have been .ihe law OF the land; so that
they are responsible Tor The failure Of .
j Sub Treasury system.
I Whether we consider the course OF The
specie exactlns clause. in Congress, OF
It's reception BY the people Of The Uai,ed
States, as tar as They have passed judy
j nent, il is dead. OF the,snuthern states,
Maryland, Virginia, Nur,h Carolina, Mis-
ssssslppi, and. Louisiana, have held cleo
ltiOns since twas proposed. and IL which
It was ilie.princlpal question. They have
pronouaced aga,,,st.l Il has destroyed
the ADMINISTRATOR ia several states, and
weakened it in all, except, fear, in our
own.
/ But for the conviction upon the public
fniad that This measure was. entirely out
ofthe question, The Banks would not have
renewed specie payments. nor would
our country have been blessed with those
omens ofreviving prosperity which cheer
ius on every side. These are The first
fruits Of the triumph Of The people over
i The Administrator: and although the
L presen, arrangement Of The treasury is mol
such - any one fully approves, yet, de.
4 feciive as j, is. great majority OF the
tpeople Of the Unned States prefer II
I very properly, 10 The hard money Sub
Treasury.
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