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

e0nsldeFale men. and render ~ ooe0"
whelhsr these bank credits. il permitted
40 accumulate. would ultimately De o.
lie least value 70 The Government The
shirt Of expansion and speculation ~as
NOT confined 20 The deposiie banks, but
peryaded The whole multitude Of banks
throughout me Union. and was giving
rise 10 nss institutions 10 sggravale The
evil. K
"The safety Of The public funds. and
the interest Of the people generally, re-
ouired that these operations should be
checked, ard !: became the duty Of eE-
ery branch Of he General and State gov
ernmens 10 adopt all legitimate and pro-
per means 10 produce that salulary sl-
lect. Under This view Of my duty, l d. |
recled the issuing Of the order. which
will be laid before you by the Secretary
Of the Treasury. requiring payment oil
the public lands sold, 10 be made IN sPe-
Gle. with an exception until the 18th OF
the present month. in favor Of actual set
iIers. This measure has produced many
saluIary consequences. II checked the
career Of the Western banks. and gave
them additional strength in anticipation
Of The pressure which has since perssded
our Eastern, as well as The European
commercial cities. By preventing the
expansion of the credit system. II mea-
surably cut of the means Of speculation,
and retarded us progress in mnnOpoll-
ziug the most valuable Of the public lands.
II has tended 60 save the new states from
a nonresident proprlsiorship-one Of the
greatest obstacles TO the advancement OF
a new country. and The prosperity Of an
old onc. I. has tended 10 keep open the
public lands fnr entry by smigrants al
Government prices. instead of their be-
ing compelled 10 purchase OF spectators
at double or treble prices And il is
conveying into The interior large sums in
silver and gold. there TO enter permanent
ly inio The currency Of lie country, and
place il on iirmer foundation. Ii is con
iidenily believed that The country will
End, in the motives which induced that
order. and the happy consequences which
have ensned, much 10 commend, and no.
thing To condemn"
his seen tia. he again calls the allen-
: ZION Of Congress to the currency Of the
country. alleges that !, was apparent from
. the whole context nf the constitution, as
. well as the history Of the times lha, gave
, birth TO it, that il was the purpost'0f the
convention 10 establish sound CURRENCY
consisting of The precious metals; lm-
. puIes variabIeuess and a liability To in
. ordinate contraction and expansion 10 the
existing paper system, and denounres
bank issues. as being an uncertain STAN
dsrd. lie frlicitates himself upon the
, dangers which have heen Obriaied by the
| overthrow of the Bank oG The United
States. but declares that luile has been
yet done, except TO produce salu,ary
e change OF public opinion towards restor.
5 ing tn the country The sound currency
2 provided for in the constitution. | will
e here say, in passing, that all this oulcry
: about the precious metals. gold, and the
$ constitutional currency, has been put forth
1
n cious metals as an instrument TO break
J. down the banking institutions Of the
States. and to thus pave the way for the
r ultimate establishment Of great Govern.
+ ment bank In the present advanced state
u of civilization. IN the present condition
IS OF the commerce Of The world. and in the
n actual relations Of trade and intercourse
e between the difieren, nations 0l the world
Re it is perfectly chimerlcal To suppose tina
'r the currency of the United States should
;. consist exclusively. or principally, Of III,
r precious metals.
a In the quotations which | have mad,
81 from the last annual message Of Genera
,f Jackson. he speaks Of the extension o
" bank credits, and The over issues Of banl
" paper, in the operaIions upon the sale,
= al public lands. In his message or only
Ne the preceding year. the vast amount o
v. those sales had been dwelt upon with pc
OF rulIar complaissnce as illustrating III,
70 general prosperity Of the country, aud a,
= proof Of the WELDON Of his administrs
o ton. Blu. now tina, which had been an
r nounced as blessing is deprecated as
s. calamity Now. his object being TO as
e sail the banking institutions Of The States
~ and to justify that fatal Treasury order
III which shall hereafter have occasion Il
notice, he expressed his apprehension o
TX the danger TO which we were exposed
CT of losing the public domain, and geliinI
ne nothing for it but bank credits. He dc
ne scribes minutely the circular process b.
70 which the notes Of The banks passed GU
81 of those institutions to be employed il
e. the purchase Of the public lands, and re
&c turned again to them in the form Of cred
n lts t" the government lie forgets tina
'e Mr.. Secretary fancy, to reconcile tn
IN people of the United States To The DARN,