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


risk! DO you think thai ne would not
prefer that this money should be in The
responsible custody Of The government,
rather than in his own insecure keep
ings Do you think be will deny 10 him
self the opportunity OF realizing the pre-
mum Of which he may be perfectly sure!
The greatest want ofIhe country IS me-
dium OF general circulation, and OF uni.
form value every where. That, espe-
cially, isour want in The western and in
terror states. Now, here Is exactly such
. medium; and supposing the gosenment
bank 20 be honestly and faithfully admi-
nislered. u viii. during och an admiais-
iraiion, be The best convertible paper mo.
ney in the world. for two reasons. The
first i. that every dollar Of paper out will
be the representative OF dollar OF specie
in the hands Of the receivers general. or
other repositories; and. secondly, il The
receivers general should embezzle the
public money, The responsibility Of the
government 10 nay the drafts issued upon
the basis Of that money would remain IN
impaired. The'paper. therefore. would
be as Ear superior 10 The paper Of any
private corporation as The ability and re.
sources Of the government of The United
States are superior 10 those Of such cor.
porsiions.
The banking capacity may be divided
into three fsclllies; deposiies. discount Of
bills OF exchange. and promissory notes,
or either and circulation. This Govern
meni bank would combine them all, ex-
eept that il will not discount private notes,
nor receive private deposites. In pay
menis for the public lands, indeed, indi-
viduals are allowed To make deposiIes,
and receive certificates Of their amount.
To guard against their negoiiabilily. a
clause has been introduced to render them
unassignable. But how will il be possi-
BILE 10 maintsin such an inconyenienl re.
siriclion. in a country where every de-
senption of paper imposing an obligation
to pay money or deliver property is as
signable, at law or in equity, from the
commercial nature and trading character
Of our peOplei
or all the faculties which have stated
Of bank, that which creates circulation
is the most important TO the community
at large. II is that in which thousands
may be interested. who never obtained
discount, or made deposiie with bank.
Whatever government agrees to receive
! in payment Of the public dues is medi.
um Of circulation, is money, current mo.
ney, no matter what its form may be,
Treasury notes, drafts drawn at Wash.
ingion, by the treasurer or receiver ge-
neral al New York, or TO use the Lam
guage employed in VARIOUS parts of this
/ bill, "such notes. bills, or paper, issued
+ under the authority Of the United States"
These various provisions were probably
| inserted moi only 10 cover the case of lrea-
sury notes, but that of these drafts, in
due season. But If there were no ex.
pressed provision oflaw. that these drafts
should be receivable in payment Of pub
lie dues, they would, necessarily, be so
employed. from their own intrinsic value.
The want Of the community Of a ge-
neral circulation Of uniform value every
where in the United States, would occa-
sion vas, amounts Of the species Of drafts
which / have described TO remain 10 cir
culation. The appropriations this year,
will probably fall not much short Of ,hir-
~ millions. Thirty millions OF treasury
drafts on receivers general, OF every de-
nomination. and 20 any amount, may be
issued by the Secretary Of the Treasury.
What amount would remain in circulation
canno. be determined a priori. sup
pose not less than ten or fifteen millions;
at the end of another year some ten or
fifteen millions more; they would Gil all
the channels OF circulation. The war be-
tween the government and state banks con-
tinuing. and this mammoth government,
bank being in the market, constantly de.
handing specie for its varied and ramified
operations. confidence would be lost in
The notes Of the local banks. their paper
would gradually cease 10 circulate, and
the banks themselves would be crippled
aud broken. The paper Of the govern.
ment bank would ultimately gil the va.
cum. as il would instantly occupy the
place Of the notes Of the late Bank OF the
United States.
am aware, Mr.. President. that by The
25lh section Of the bill, in order 10 dis
guise the purpose Of the vast machinery
which we are abou. constructing, il is
provided that il shall be the duty Of The
Secretary Of the Treasury 10 issue and
publish regulations TO enforce the speedy
presentation of all government drafts for
payment at the place where payable. Sc.
Now, wha. tremendous power is here
vested in the Secretary! He is 10 pre-
scribe rules and regulations to enforce The
speedy presentation Of all government
drafts for payment at the place where pay
able. The speedy presentation In the
case hadsupposed,a man has his S 10, 0Ga