The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-09-06

hr Samari a. EOhues. esa Aae ufsA PessaAs"s'
',hs ssathera (iishamsl IIen'd. d all b
-, IA. he considers > Bark Of the Uhils'
s,.,ss % Be- strictly constitutional. and sssso'
.,a experiences. he says. has made linn cons
5r., .slha, il is Tie best Praeiicsbls means a
m.:alaiaiag = naiiem currency. and a low sns
usifar.a tate Of -Erhanssi' yet 10 the present
.,,arsi - Of the easalry. he seems 10 thihE
dat . Bank IL the Gated States. Nth . eaPi
q: 81 iiiy millions " dollars. located in ihs ri
~ .f New fSFz, As Contemplated BY same
r,al.l he highly !, ,riaas AL dangerous 10 The
lse.iies Il the esuai.y. lie therefore PFoPa'
,..a LniisI issue Of treasury notes. ~iihOuI
i,tsr.s,. at de.igacd IN furnisa . general
eurenrs, bot mrTrly currency Gor Iis fiscal
OPERATIONS .f the gnseGamrht." lie proposes.
ai.,. ,ha, II shall b. provided By law that 80 no
ti,s shall BE- received 10 payment Of dues to
,,s raVsrameaI, bot Gais treasury paper or
spsele." Tue amount u treasury nuiss issu.
81. he Ihiaks. mighI be united TO sir raiIlians
If dollars. o. the contemplation Of IG.
N.uuri.. ii,sse notes arc TO circulate in an q
rs,ms,y "a TOW circle. They are TO be "Paid
su, in the fist Instance 10 tte public I, iIiaeFs
AID public creditors. passed into the haats oi
,lase mi,a have 10 pay nancy 10 the eoTeTa
msHi, and Ihrnes back ia," the treasury" u
they ,a'd be aaifHm'y eo"fi ied To this mar
r,w circle. little good OF harm would result
from their use. Dot will MT the necessities.
or the convenience. or the iateresl Of the h"ld,
ere have . tendency 10 disturb this faneied
hatmssy. and throw The notes into wider
snd IN re irregular eireulsiipsi
IN f.eing nal Ihis matter. A. IL presents IL
,s'fio our view. dir ul1iss spring mp on every
side. n should be bnrne in mind that the
Puaiie mOasy Is paid gu, Of the treasury to one
class Of individual; !, 10 paid into the treasury
BY ,aatser and en,irely didFsrent class. Iios
10 IL 10 pass between themi The contractor
receives payment far hi' work or supplies in
treasury notes; he distributes ihem 10 hsn
dreis Of in iinJusi,. ZOE labor done. OF mate
nsl. furnished; aud thea sesin they ere sub
divided amlng numerous aIheT individuals. TO
provide Coz tho wants Of families or personal
eanEenienees. But before lhis last process 10
accomplished. the iihy dollar treasury note.
are To be broken up iato small portions; and
IA doing this 10 there no danger that the ne
es'Mues Of the holders may frequently place
h'm in situations 10 ssfsr iossi The short
sIr"rienee Of lss, water showed that treasury
notes bearing no iateresl would not pass Il
par hsacs the nere.,iiy Of adding 70 the new
uuss siS per cent. Interest. % It not'proba
EsthN new experiment will show the same
te,n'n
Bh Il Is Inteadcl 10 create demand fcr
'hs treasury paper, by providing by law that
"aoihi"s snail be received in payment Of dues
10 the ga'efnment, but these treasury notes
a'd specie" u this regu'siion shall have any
'Hc,, il viii make mercnand,zt oi the lreasu.
~ mites. Being rrrtieca,abIe, except 10 pay. !
meats Of dues TO the government. tary cannot !
n The 1Iads Of all inca be Of equal value: they
will IN Consequence be bought up by brokers
Al discount from needy holders. and sold
'saa a, more or less prob atc"rd,ng To the
demand Dat even IN the Ia ads of merchants
their Ss'de will not be Away. equal. To day
d. has bonl 10 pay al ihr cust"in house, and
hersiore treasury paper may be 10 hi n eqall
specie; bat 10 morrow he has a nu,c 10 pay
n oank. and the treasury paper must be con.
''iied INT" other mnney. probably at l"ss.
Ia tins very short view Of the question. there =,
appears 10 be great impoliey ia sndeavoring to .
luce 'nin circulation a species Of paper wh,ch
riant eater into co nmon business transac.
tons.
NJ. MD III. asks, "what shall we ,hiak
nj the p,ttiotIsn Of IN n. who would publicly /
"re's their CT Il,atipn that the irredsema5lc
paper 81 banks @as above the par of eovetn. I
m"n' Paperl" No pst'iat can cxuli 10 the dis
honor Of his coun.ty; but il at any time 60. :
'e'nncn, paper ,h,lI be below the par Of the
P'9e' OF banks we canaat CONCEIVE tina, pat. !
''"'''m requires the concealment Of the fact
would nat patriotism better show itself by
'"'d'awing tho paper thus subject I" dePrcs
AN, and thereby remove all cause for The CT
Hn''ion Of an cnem,f
Still. the sub treasury scheme is bu, an ex.
p'"msn', showing 81 Ear many defects. A
United States Bunk has been subjected to a
u''' OF forty ycats. and according 10 Mr..
"oi'h''s testimony, has proved Itself to be |
ne beat practicable means Of maint aiming a
"'''"m currency, and low and uuiform rate
" exchanges over the whole country" In
''rh case. what docs prudence, what docs
h'ro''s a ,ayl
The Halifax Advocate states that the
election Of Col. Spier Whitaker. one Of
Tue members said to be elected from that
e"n'y. will in all probability be contest.