The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-12-13

ni1h the euslaty an1 EaFlfsalea - -
.,.klir n.arsy 10 Areme1 AeslFshses q shl
a.. ne plsssurs =. s.sal - he esls6lish.
.,.t q an, ,udIeaaus and eoasaiushonsl
nl,a hx .hieh that ahlset nay BE
sseompii-hed. Yss esl. N yosr 80.
don. determine sPOa re PrsPrisIy d
,aop,inx .Ush o plan. snd uPoa ths
,e..uTe necessary - ils s1seiual eKses-
to- whss the late BaRk eflhe Unsled
States xaI incorporated. and made uis
depository Il the public moneys. night
"a. reserved % Congress N inspect 81
n. pleasure. By q sanmliiss II thsi bady.
ths bsaks and Ire proceedings o. The esnk-
\. oas of Ihe Ssalrs whose banking
institutions srs supposed q rank amongst
N. 6rsl il point At stability. ihsy are
.uh;,e,el 20 constant examination By CON-
m,..innsrs appointed Tor that purpose.
al mach Of The success ol iIs banking
.y..en 10 aiHibuisj 30 this waieAiul
sooerEl.ion. The same course has also.
in ,irw Of i,s bsne6eisl operation. been
adopted hy an adjaining STATE. iavofsbly
knasn Cor The care il has always sessds-
"a upon whalsEer relates 10 ne financial
concerns. submit 10 your eossiders-
lion wh.,l,er q committee af Congress
nigh, ~, be pra6lshly employed IN
insnreIins. Il such intervals - might b.
deemed nroaer. the Affairs aud acsaaais
of officer. entrusted with The custody 81
the nubl,c Moneys. The frequent psrior-
nance If this duty might be made
obligatory on the commune 10 respect In
those officers WHO hare large sums in
their possession. and lef. discretionary in
rrspect la others. They might report 10
the Executive such deisleaIions as we're
found 10 exist. with 0 VIeS IN q prompt
removal from Office unl.ss The default was
satisfactorily accounted flr; and report.
slso. IN Congress, al the commencement
Of each session, the result Of their ex.
.mina,ians and proceedings.
II does sppesr 10 me'ihas. with sub
lection Of IlI. class Of public officers 10
The general supervision of The executive.
10 examinations BY eommiItee 81 Con.
gre. a, periods Of which they should
have NJ PREVIOUS notice, and 10 prosecu-
non and punishment as for Ieiony f"r eV-
err breach Of trust. ike safe keeping Of
the public moneys. under the system pro-
posed. might be placed On . surer foun'
daliOn Than i, has ever occupied since
he establishment Of the government.
The Secretary Of the Treasury will lay
before you additional information contain
ing new details on this interesting subject.
To these I ask yoar early atisnIion. That
IL should have given rise to great diVersI.
" of opinion cannot be q subject Of sur.
pnse. After the collection aud custody
81 he public moneys had been tor 90
msny years connected with. and made
subsidiary 10. the Advancement Of private
iaIsresis. a return W the simple and self
denying ordinances of The constitution
could no, bul be difficult. But time and
free discussion sliciIing The sentiments Of
the people. and aided by that concilislo-
~ spirit which has ever characterized
heir sVsne on great emergensirs. we're
relied Upon fOr satisise.ory serllemen,
Of he question. Already has this anti
sipsiloa on one important point a, least
the improprisiy Of diversing public MON
sy 70 private purposes-been fully real
ized. There 10 no reason 10 suppose
shat legislation usnn that branch Of the
subject ~oud now be embarrassed by a
difference of opinion, or fail to receive
the cordial support nf large msjorl,y Of
our esnsu,usns. The esansction which
formerly existed between The government
and banks was in reality injurious 10
both. % veil ss 10 the general interests
Of the community al large. II aggrava-
ted the disasters of trade and the dersnse.
aens Of commercial intercourse, and sd-
n,inisiered new excitement and addition.
al means to Wild and reckless specula
tons. the disappointmens Of which threw
the country into CONCLUSIONS Of panic,
and oil bu, produced violence and blood
shed. The iInpruden, expansion Of bank
credits. which uss the natural result oi
the commsnd of The revenues of the state,
FINISHED the resnurces for unbaundea IT,
ren.e in every species Of adventure, Sc
ducei industry from its regular and s,lu.
isry "eenps,ans by the hope Of sbundauce
wiIh"u, labor. and deranged the sociaI
state BY tempting all trades and Profes.
son' isIo the vortex Of speculation on re-
mute contingencies.
The zane side spreading influence
impsded also the resources Of the gov.
eminent. eurIaIled its useful operations,
smbarss..dlhe fulilmeni of its obligs,ions,
aud seriously iuterlered With tie execu'
ton Of the lsws. Large appropriations
and oppressive taxes are the natural con-
sequences fsueh connection. since they
iaersas. The profits If those ~ho are a.
i"sed IN use the public funds. and make
u their interest that money should he ac
eumula'ed and expenditures multiplied
II 10 thus that a concentrated money pow.
er tempted IN become an active agent
IN political affairs. and all past experience