The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30

.,,hersr Intp Inc Treasury. The bills
- ss,,,smisieI u he bankers, honoFed.
"a md lhe amonaI credited BIZ them %
!. UaiisA States.
A.. INC blnkers bound ~ retain The
Is Il The bills IN idenillyl Are
bound 20 ID mare lllan credit the
'".' .,.meut Cor an equal anounL for
,,.h ,hsy sland responsible whenever
:, :. wsnlsdl II they should happen 70
,,y portion If lhose proceeds u bills
.,.;,,rd 10 lhem IN their banking opera
-. wasld II Dc drawing money from
- ,rsssury contrary 70 The provisions Of
!. constitution. The Senator from >.
c,,alins contends thai there Is no eonsli-
'.,;,,aI power 20 contract viii. The TWEEN
I've seleried banks, IS proposed in lie
:absaule: yet the Opposite act Of 1896,
,,beh Obtained the hearty appreciation Of
So, Senator. contained . similar proEi.
.,o,: and the very bin under cnnsidera-
nan, 50 warmly supported by him. pro-
lies, under certain contingencies, for
attracts 10 BE- made with state banks, 10
,,esige depOsIles Of The public money up
-, compensation. lie objects TO the sub
.,iule, that i; converts twenty-five state
INKS into = system OF federal institutions;
-, the employment of state institutions
~ ,hs federal suihariiy M mare makes
len federal. lhan The employment of fe-
,,.raI institutions b. the states converts
len into state institutions. This mGlu
4 all. and this reciprocal employment Of
he several institutions Of The general aud
,,r,i.ular governments, is one Of HE re-
.,lls and beauties Of our admirable, though
,nnplex system Of government. The
ssaeral government has the use Of the
ca,llnI. court houses, PRISONS and penn
,,n,aries, in The several states. DO they,
therefore,. cease 10 apperialn 10 The states!
hi. 10 be borne in mind. that although
The state banks may occasionally be used
BY the federal authority, their legal re-
.,aasibili,y TO the several states remains
unmarried. They continue 10 be ac-
ronnlable to them. and their existence
ear only be terminated or prolonged by
he state authority; and being governed.
IS thew are, by corporate authority ema-
mating from and amensble 10 state juris-
tllriinn. anil not under the conlEDl Of The
executive Of the Uniled States. constitutes
y once . greater security for the public
money. and more safety 10 the public IL
l.ry. II has been argued tina. 4 separa-
ton Of the government, from the bank.
vii diminish the Executive power. Il!
iasl be admitted that the custody Of the
public money i'm varinus banks, subject
10 the control nf state authority, furnish
c. some check upon the possible abuses
Of the executive government but the
argument maintains thai the Executive
las least noWer when Il has mas, com
pele pnssesslnn Of The public treasury!
The Senator from South Carolina con-
tends that the separation in question be.
iaa once effected. lke relation pf the e.
Irral government and the state banks VIII
he aaiagonisIical. lbeliese so. VIZ. Pre-
s,drnl. That is the very thing wish 70
prevent. | want them TO live in peace,
hlrmony and friendship. II they are an
ia!pnisi how is il possible that the stale
banks can maintain lheirexisience against
the tremendous influence Of this govern
men,-especially II this government
should be backed BY such vast treasu-
ny bank as verify believe this bill is in.
tended 10 crealel And what becomes of
tie argument urged by the Senator from
Sluth Carolina. aud The abolition resolu-
,lans offered by him a. an early period OF
The session, asserting tina. the general go.
vernneur j. bound TO protect the domes-
i: institutions Of the several states!
The substitute is not, think. what the
welfare Of the country requires. Ii may
serve the purpose Of good halfway
house. Its accommodations appear fair.
and with the feelings OF wearied travel
Ier, one may be tempted to stop awhile
and refresh himself there. | shall vote
for it as an amendment 10 the bill. be-
cause | believe IL the least Of two evils, II
nshould indeed inillcl any evil; or rather.
because feel myself in the position Of a
PaIlen, to whom the physician presents
IN me hand cup Of arsenic, and in the
other cup Of ptisan: rejec. the first,
because Of The instant death with which
it's charged; | take the latter. as being
the most harmless. and depend upon the
els meticatrir ndiWa II would have
been grea, improvement. in my opinion,
il the mode Of bringing abou. the resump'
ton of specie payments contained 10 the
substitute were reversed; provided thai
the notes Of certain number of safe,
sound, and unques,ionable banks to be
selected, should be forthwith received by
the general government. in payment o
all public dues; and that if the selected
banks did not resume. by future desig
mated day, their notes should cease to bt
taken. Several immediate effects would
a