The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-10-04

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redaee the revenue.
Another obvious consequence which
will result from The fluctuations OF the
Eslne Of specie when IL 10 made a tax
paying commodity. will be Ihe disturb
ing inAnsnce upon me value Of the paper
circulation; fnr. although specie daes not
enter into The circulation with paper. vet
IL is the standard 81 It's value, aud the
changes in the standard vary the relation
between il and paper. and thus effect The
currency with uneesslng mutations.
These checks and difficulties in the
way Of commerce will, Of course, iniIre
The EhOle enmmuaily. and sill bear with
more de!elsriOus energy on the con-
meTee Of the agricultural states. With US
il is comparatively feeble; we have just
now taken il in hand 10 secure 10 our.
selves a just participation in this Impair.
lanl branch 81 national industry; aai the
spirit tn undertake il. and Ihe means To
accomplish il. have both resulted from
the removal OF commercial emharrsss.
menis by the reduction Of The tariff. The
ADVERTISEMENTS are oppressive in pro-
portion TO The weakness Of the commerce
on which they operate. The fixed cap
iisl. the established habituies. the exist
ing institutions Of Neg York, Can sur
viSe a shock or snstain an oppression
which would ruin Norfolk or Charleston.
IL has been objected that under the
constitution the government has not the
power 10 receive bank bills in payment
for lis dues, or any thing but gold and
silver. This notion has not gained much
ground; for those who suggest il. al the
same time contend that the government
has not only the right 10 receive paper mo
ney, but TO create il. Mr.. McDuifie. in
his very emphatic rejection Of this novel
hypothesis, asserts that the government
might receive its dues in brickbats; and
surely il would be difficult to conceive
that The receiving Of this article would
confer upon il the qualities Of money,
and ipso .taeto endow the government
with the power Of regulating the value
Of brickbaIs. To believe in such finsa-
cisl lransubstanlialion would require a
more devoted faith than has ever yet
been exacled by any political paPacy ia
this country.
IL the policy Of exaciing specie be just,
or any Of The arguments used 10 maintain
il be true, in regard To the general gov
eminent, they are equally applicable 10
the state governments, and the expert
ment can be most safely tried upon them.
Let The divorce, then. Of bank and state,
begin in The states, where the cuccess and
phenomena Of the experiment upon the
wealth and properly Of the country car
be infinitely watched.
will not trouble you, sir, with any
observations on a proposition 10 create
federal government paper, as perma'
nent medium for the government or the
people. Such project will hardly gain
favor as long as the continental paper is
remembered; and having been tried by
every modern government, in every va
rely OF form. with always the same re-
suit of most mischievous depreciation,
we must be totally regardless Of the les
sons OF experience il we aIoptn. There
Is no exception, in the history of thou
sand attempts 10 make government pa
per circulating medium, To its total and
rulnons failure. The re4son is obvious;
men will not take in exchange Cor then
properly, any thing but properly, or wha
represents 1t. Government paper is nei
Their the one nor the. other; il represents
the will Of the legislature, aud nothing
more. II has not what is essential "a
currency--conyerlbiliiy. Hence lis des-
tiny has been uniform.
l, is characteristic, and to nv mind
fearful circumstance. attending The new
financial measures, and the arguments
brought. 10 sustain them, that iliey avaw-
edIy sci all experience a, defiance. They
scorB induc,ion--releci fscls--and, alb.
strae,ing Us entirely from orr concrete
existence, propose 10 remodel society. BY
tthe deductions Of an ab.ruse logic. and
10 subject the real; affairs Of life to The
doubtful decision az poIemical theses. Il
lis, | think, a safer, dough less brilliant
I course. 10 adhere 70 experience, and 10
lake it for grauted in polilics. as we do
IN nature. that whalhas happened always,
Twill happen again. ~
i II gives me pleasure, sir, to turn from
Topics on which ! spprehend there is :
considerable difference Of opiaion be.
Tween US. 10 others, on which, If We do
mot fully concur, there is al least less dis
.lcrepancy.
| You say that The gentlemen whom you
lrepresen. are opposed 10 The establish
Imen,of a National Bank. concur Will
them, sir. believe such an institution
under present circumstances. inexpedi
lent and iinpraclicable; nor do believs
its establishment viii ever be otherwise
UNLESS The destructive principles Of tn,
ruling party ccntinuc so 10 harass tn.
Country that il will be driven 10 escap'
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