The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-23

become ma4HA - r. -.
All rrrnlsss uhsn. | shank him Ia this
adm;ss,an; siaa- Il gees greai sas 70
.,o,,,, ,bsi ars9osliiaa. Tar Nhieh have
49, ..,,r,a,ns. That hank notes have
49, m ,nsv in fs~s, that they answer
,L.,.es AZ naaeg. thsa. IN May respects,
de law ,rssis ahrm - naney, - certain.
w. ,hes. ere ~e m slrraiy bOand IN
e,nir,l sal rssalsie them! The geaile-
r,s, NIL sav. hseaase 90 haze moi. our
selve.. mai sh~m moaey. but 10 that
aay answer! u they have become mo-
ney in fael. Iasy require the same regu-
l,,ioa. aaI we have the same authority
n beslaw q. - if Ihey hal acquired thai
ebarseser by any arts oi our n~n: be-
cause oar pawer Is general: u - TO take
care If the money oi the country and 10
regulate al The great concerns OF com
merce.
b, LEI us see hos sl'ls opinion Of The
honorable member stands upon the an-
thorIties in our own history.
When Ihe first hank was established.
she right of Congress 10 create such q
rorporas.n was. ~ ne all kn0w, very
much disputed. Large msiariiles, how
ever, in bath Houses, we're oil opinion
that The right exislei. and they therefore
granted the charter: and IN this charter
there .as an esprsss provision that the
bills of the bank should be receivable IN
all psymenls 20 government. Those
who oooasei the bank dill not object TO
this clause: on the contrary. they went
even much farther; aud Mr.. Madison ex-
pressly insisted tina. Congress might
grant or refuse 10 state banks. tie prlEl-
Iese Of having their notes received IN re
venue. Ia 99l. therefore. men Of all
parties supposed THAI Congress. IN lIs dis
erection. might authorize the receipt OF
bank notes. The same principle was Ia
enrpnra,ed into the bank charter Of 1916:
indeed, il was in the bill which the gem
tleman himself reported; and u passed
wilhonl Obleeu"n from any quarter. But
this is no, al. Me-. President. let Us Look
into the proceedings Of the session OF
IsI5-I6, LILLE more closely. Al The
eomnsncemenI Of that session. Mr. Ma
olson drew our attention 10 The state Of
the currency; by shIch he meant the pa
per currency OF the country. which vas
then very auch dIsordered. as the banks
had suspended specie pay rnent during the
war. and had anI resumed. Early in the
progress Of the session. the honorable
member from South Carolina moved that
this parl OF The message should be refer
red 10 q sslecl committee. II vas 50 or
dered. Tie committee was raised. and
tie honorable gentleman placed al its
head. A. chairman II The commlliee, he
introduced the bank bill, explained it, de-
Tended il. and carried il triumphanlly
through the House, having in il the pro-
vision whish have beFnre mentioned.
But there is something more. A, the
came Session the geHheman introduced
the bill ior The further collection of the
reveaue. to ~hlrh have already refer
red. and in winch bill he carried the re-
reiEabiIity at bank notes much further,
and prosiIsd that notes Of any bank or
bankers riic4 rers payable andpaid. on
demqni. ia .3srit. might be alio,csd and
accepted ia al pqymeais 10 the United
S'q'es. S0i!,aIlhe honorable gentleman
himself drew, with his own pen, the We
~ first legal enarIneni in the history Of
This government. By which it was provi-
ded tina, the notes Of state banks should
be considered and treated as money at the
treasury. Sill further. sir. The bill
containing this provision did not pass the
House; and a. deemed some provision
Necessary, indlspensably necessary. for
the state Of things then existing, | intro.
dlced, ! iIlnk the very next day after the
failure Of lhe honorable genileman's bill.
three resolutions. The two first were
merely leclarstory. asserting that all du-
lies, taxes. and imposis, ought to be uni
form. and that The revenues Of the Uni.
ted SIs,es ought 10 be collected and re.
ce.'e1 N The Legal currency. or in tres-
sury nniHs, or the notes OF the Bank oil
Ihe Cane4 SAFES. as by law provided.
These tao resolutions | agreed to waive,
as II was thong they were not essential,
and that they might imply some degree
oil eensGre upon pas, transactions. The
ihrd resolution was in these words;
".iaf rssOlUsd, further. That the Sc
cteia'y Of tie Treasury be, and he here.
by is, required and directed 10 adopt sucl
measures as lie may deem necessary "a
rAhse' as soaa as may be. all duties, tax
e. debts, or sums Of money sccruing ol
oreoming payable 10 the United States
- be collected and paid in the legal cur.
'e7ey "t tie United States. or treasury
notes or hates Of the Bank Of the United
States as q! 'Eesaid; aud that from and At,
Ter the l'' day If February next, no such
duties LIKES, de5;s. or sums Of money
accfO'ng or becoming payable to the
bn,'ed States as aforesaid. ough. to b.
Corrected or received otherwise than ia
''ie 'fsa' currency of the United States
or treasury notes, or aotes Of the Bank o.
'he United States, as aforesaid"
The Senate will perceive that. in ,hi.
resolution OF nine, there was 40 provi
ctnn ~ 4 atn,..