The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-09-06

much br'lrt ,han hatk pspsL u he So
vefDmeul ufIe 60 ice spteie, bssa1rs e"si,
inr ,he rounlry jaEi SIX millions iasaesa
m no,hine. Il would create . pressure On
lie banks. and would be . msdi0a mpeh
more affected in she uniformity d is va
lue by he state Of The foreign exchanges
thsa his treasury paper. The Fse ana
IAN nf foreign exchanges woLid n0t sisea
lhis paper 81 81. a. II can eirrEisie m Ills
country only. This would be great
merit. giving Il. in this rrsPeci. dse'dea
preference over specie or bank bis.
ihe government we're n use hank bills.
besides heing precisely n costly mss''
um d specie. il would expose Ihe govern
menl and she people In the hazaids o'
bank insolvency or bank susPeasioh'
NoEeoEer lhe transmission 81 funds from
one point 10 another. whlrh i very en-
bsrrsssing 10 the banks anil disturbing 10
lhe exchanges, where Ihe government
uses hank bills. would produce no such
effects. where treasury paper . used.
Tile truth is. then. that the question
comes In This. shall the people "l The
Unllcs States use their own credit. Which
costs them nothing. or that ol the banks.
which costs as much as specie. - tie
medium Of The fiscal operations Of the
common treasury! II this be Ihe ques-
iinn. a. | think Il j.. M patriot can hssI'
tate in deciding it. 4" call This ireasn-
~ paper continental mnnry ar FTeneh
sssignanis, would be justly regarded a. an
absuTtliiy. IL IL had Mt been done By
man If Mr.. WehsieT's character. II 'he
Government seIe To ansmri 10 make this
PAPER a substitute far reEenne. instead 81
The mere medium Of collecting, by max
ing IL the means Of elfrciIng a permanent
loan eren Of twenty or thirty m,iliuRs. Il
would necessarily dePrccia'r. as II Oil
carry no interest. anil would be justly IT.
able To the abnve odinns comparison IN a
degree propnIiioned TO its exrrss. The
treasury bills issued al the extra session.
Notwithstanding Ill the unpairiotie eil"ris
of the banks and Of mere pa:Iy p"li'irIans
to depreriaie them, perinrmrd Ihe iunc"
tions If a treasury currency perfectly
well. These notes were paid ou1 IN the
fist instance To the public oIii"srs aud
public creditors. passed into the hands Of
those who had TO pay money To the CO.
vernmeni, aud thence back INTO tie irea'
ssry. About six millions of them.
think. performed the whole operation Of
collecting and dishursing the revenue.
Since the attempt OF tie New Eng land
Federalists 10 destroy the credit Of the
cnuatry hy denOunrIng as immoral and
irrelisious those who would lend nuney
tn the government, have never witness.
ed any thing in The conduct of any patty
more revolving TO my sense oi patriotism.
than The effort systematically made tn
deprecia,e the credit of the treasury notes
issued al the last extra session. What
shall we think of the patriotism Of men.
who could publicly express their exulIa-
iinn that the irIedremablr paper of banks
was above the par of go'ernmeni paper.
Pnlilr'ans who have placed their hope
of advancement, upon The combined influ.
ence Of the hanks. or have invested their
private funds Ia them, seem To regard the
/ interest Of The people at large as nf small
consequence when il comes in conflict
with tina, Of the bank; and the real
ground Of the opposiliun to treasury pa.
per il. that it supersetlrs as pro tdn!o tie
use uf bank paper. and thus limits the field
Tor bank circulation.
consider the Constitutional objection
- this Treasury paper as uniountlcd.
| Surely the government can rcreise any
thing /, chooses. in payment oi lis debI';
even At II were brick bats. provided they
are of uniform value, and ,his paper vii
be much more uniform Than bank paper,
and think than specie itself. IL reraIn-
Is does nn. heroine those whn MAINTAIN
that the government should receive bank
paper in discharge nf its dues. 10 DENY
lie RICH, - receive its own paper. The
only power exercised by the g"vernmen,
would he the agreement Io receive the pa.
PER-. Its whole value would he derived
from this. it, receip, by The public
officers and creditors will he voluntary,
and 81 course no objection can he made
To H.. bv those who have Clamnred 50
much against paying these government
Itv"Eites in specie. They should raih' T
say. ID be consistent. " let them take
those Treasury rags. If thev choose; hank
paper is too good fnr them" The nbjac.
! tim thai these are bulls Of credit. aad,
therefore. unconstitutional. is without
even plausibIIIiv. Tn. states only are
prohibited from issuing bills G credit;
nbsiInsly because it would interfere with
the power Of Congress To regulate the
CURRENCY. The phrase " bills Of credn''
TN conveys a technical idea which can
"aly be understood by referring u "ur
revolutionary history. 1t meant precise.
ly the bills Of credit Of that day, and
nnth,ng else. Our Supreme Co1rt in
this state have accordingly decided iha,
the bills Of our state bank. are no. bills
Of credit. tholgh they are based enlifely