The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16

ing Htsc sums tngeiners sir. and the re
suit ls, that on an average fnr the last Ier
years. there have been a. least Iwenl,
millions Of dollars in ihe treasury. \ d,
not mean, Of course. that this sum is, IN.
whole Of il. unsppEnprisled. mean lhs
this amount has in fact been in the Tres
sury, either not appropriated. or nai call
ed Tor under appropriations; so that IL lhi,
sub-ifeasury scheme had been On opera
lion. in times past. of The specie in IN,
currency, twenty millions would have
been constantly lacked up in he safe,
and vaults. Nov. sir. | do not bsliev,
that, for these len years. the whole smnun
Of silver and gold in The country has ex,
ceeded. on The average. fifty or Sky nal.
lions. l do not believe u exceeds sky
millions al the present moment: aud if .
had now The whole system in eamplrIe
operation. il would lock up. aud k.eE
locked up, one full third Of all the speris
in the country. Locked up. / say
hoarded-rendered as useless 90 al pur.
poses of commerce and business. ~ il il
we're carried back Id Ms native mlnes.
Sir. 10 il not uncomfortable that any man
should fall upon such scheme sc pnIlcy
as this! IL IL possible that any une can
fail 10 see the destructive effects Of such
policy on The commerce and the curren.
cy Of the country!
IL is true, the system does not came
into operation all at once. Bul il begins
its demands for specie Immediately; il
calls upon the hanks, and il calls npan in
diyiduals, for their bard dollars. that they
may be put away and locked up in the lrrs-
snTy. al the uery moment tchen The coTn.
try Is su6ering for ,rGnt Of more specie
IN the circulation, aud The banks are suE:
fsring for means 10 enable them 10 re-
sumo their payments. And This. il is ex.
pecied. will improve their currency. and
facilitate resumption.
Ii has herelofurc been asserted. that the
general currency Of the country needed In
be strengthened. by The introduction OF
more specie into the circulation. This
has been insisted on. for years. lie, IL
be conceded. have admitted il, and, in-
deed. commended for The proposition here.
tofore, and endesvored to prove il. Blu,
/. must BE- plain 10 every body. tha, any
addition Of specie, in 0r,ier 10 be useful.
must either 90 inla the circulation. rs a
psrt Of that circulation, or else IL must gu
into the banks, To enable them the brllr
To sustain and redeem their paper. But
this bill is calculated To promote neither
Of ihnse ends, but exactly the reverse
il wi.hdraws specie from The circulalloI
and from the banks. and piles u up in
useless heaps in the Treasury. II weak
ems the genersl circulation, BY making
the portion Of specie which is part "f H.,
50 much the less; il weakens the banks
by reducing the amount of coin which
supports their circulation. The general
evil imputed n our currency, fur some
years past, IL that paper has formed ton
great a portion Of u. The operation Of
this measure must be Ia increase that We
~ evil. have adrnil,rd the evil, aud
have concurred in measures I1 remedy H..
| have favored the Withdrawing Of SIN, III
bills from circulation. Ia the end that spe.
Gle might take their place. discussed
this policy. and supported il. As early a.
1882. Ny colleague, who sh"rrly after
tina, period, was placed in the char "i the
chief rnsgistracy Of Massachusetts,, press
ed its consideration, at length. upna The
Attention Of The legislature of that state.
| still think il was right pulley. Some
of the states had begun tn adopt it. BuI
the measures Of the administrator. aud
especially this proposed measure. threw
this policy al aback. They undo at once
all that we have bren lab1rlng Er. Surh,
! and so perlinaciuus has been The tleman,l
Of government for sperie, and such new
demand does this bill promise 10 rrra'r,
that the states have found themselves
compelled again I" issue small bits Inr
the use Of the people. II was a day -
rejoicing, rs We have l,tely seen. amnag
the people uf New York. when The l'g,..
lature of tina, state suspended the smsli.hIli
restraining law, and furnished the penple
with some medium fur small payments,
.
better than the miserable trash winch nov
snnoys the community.
The Government. therefore. iusi>t, i.
evidently breaking down its own drclar.
ed policy: il is defeating. openly aud na'
nifes,ly defeating. its own proiessed OBJ
jec,s.
And yet. theory, Imagination. presunp
tuous generalization. the application q
military movements I" questions of ron
merce and finance. a1i the abstract,"ns ii
metaphysics, offer US, in such stale q
things, their panacea. Aud VIVA, is y
What is il! What is to CUE or mi,Isat,
these evils. or what is to ward of futur,
calami,ies! Why, sir, the mus, agreea
BILE remedy imaginable; the kindesi, ten
dercst. most soothing, aud solaclng appli
cation in the whole world! Nothing, sir
nothing upon earth, but smart. delight
full. perpetual, and irrec"ncilable warfare
between the government of the United
States and The state banks! All will b,
..u .,. ..a n.a,.ab ,phao tho coyern