The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16

how is il possible that such amour, al Re.
eeipi and payment could be performed b.
~ actual passing Of gold and silver from
hand 10 hand!
Such notions. sir, hardly require seri.
ous refulslion.
Mr. President. an entire metallic cur.
reney would necessarily create banks i'm
msdIaIely. Where would the money be
Kept. or how could il be RENTED! Bank.
OF dep0siIe must and would be instantly
provided Tor il. Would the merchants oI
The cities be seen, in their daily walks Of
business. with servants behind them, with
bags Of gold and legs Of silver on their
wheelbsHows! What folly is great c.
nongh 10 imagine this! II there we're mol
now hank note. nor hank in tie coun-
Try. and il there should be an exclusive
specie currency tomorrow morning al
nine O'Clock, there would be fifty banks
before sunset. From necessity. there
would be created al once places Of depo.
site; and persons having money in such
Repositories would draw checks Tor II,
and pass these checks as money, and from
one hand they would pass 10 another; or
The dePosiIsry himself would issue cerli-
fcales Of dep0slle. and these would pass
as currency. Aud all this would do no
more than just TO carry Us back two or
three bundled years. ID the infancy Ol
banks. We should thea have done mo-
thing bu, rrjecl the experience Of the most
civilized nations. iur some centuries. as
well as all our own experience, and have
returned To the rude conceptions Of for
meT times. These certificates Of depo.
site would soon be found 10 be issued
wlihOu, any solid capital. or actual depo-
site. Abuses arising from this source
would call for Legislative interference. and
the legislature would find il necessary TO
restrain the issue Of paper intended for
circulation, by enac,ing that such issues
should only be made on the strength 0f
competent capital, actually provided and
assigned. placed under proper regulation.
and managed by persons responsible To
the laws. Aud this would bring Us again
exactly TO The state OF things in which we
now arr; that is 10 saw, To the use of the
paper nf banks. established, regulated, and
controlled by law In The mean time, be-
fore this process could be carried through,
half the community would be made bank.
rupi by the ruin Of their business. and by
the violent and revolutionary changes Of
property which the process wonld create.
The whole class Of debtors. all that live
more By Industry than on capital. would
be overwhelmed with undistiHguished de.
siruciinn.
There will then. sir, be no such thing
as an exclusive paper currency. The
country will not be guilty OF the folly Of
attempting il.
should have felt that had occupied
too much lime with such a seL:eless aud
prcPoslerous suggestion. were IL not The
manifest object Of par.isans to press such
notions upon the attention of the people.
in aid OF the war against the banks.
We shall then. sir. have paper of some
snt,. forming a par, of our currency. Whs,
will that paper be! The honorable gen.
lleman from South Carolina. admitting
iha. paper is necessary as n part Of the
currency, or circulation, has commended
that that paper ough. TO be government
paper-Government paper, not converIi-
BILE nor Iedeemable, only so far as by be.
ing receivable for debts and dues to gov
eminent. My colleague has endeavOred
10 satisfy the Senate. that the aim Of The
whole system, Of which he regards this
bill as but part, is TO establish circula-
tion Of government paper and govern
mcnl bank. Other gentlemen have taken
the same view Of it. But. as the bill it,
self does not profess any such purpose,
| am willing 10 discuss il in The character
in which il presents itself. ] take il for
what lis friends say il is--a bill making
further provision for collecting The reve.
nues.
We are. then. sir. still to have paper
as a general medium Of circulation; that
paper is I'd he the paper Of banks; but
Government ~ 10 be divorced from these
banks. altogether. II is not Ia keep its
funds in them. as heretofore. Ills to have
nothing tn do with them. but is TO cnl.
lecl and disburse It's revenues by its own
means. aud lis own officers.
The receiptoT the notes ofspecie paying
banks is to be partially allowed for some
time. but il is TO be gradually discon,inu-
ed: and six years hence. we are to arrive
a, the maturity and the perfection Of the
system. When tina, suspicious day comes,
Government is TO receive and TO pay out
gold and silver, and nothing bu, gold and
! silver.
Now, Mr.. President, 10, us anticipate
this Joyous epoch; let US suppose the sis
wears 10 have expired; and let US imagine
this bill, with lis specie payments and all
to be in full operation a, the presen, hour
What will that operation be! In The FRS
place, disregarding all question Of public
convenience. or the general interests oI
the people. how will This system work al