The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-04-06

only. / proposed % use the United States
Bank far short Tine. and that sx?li-
city expressed The same opinisas Then a.
! nav have On almost every Po,ni Goa
neeled with The system. | shall n, onlY
have vindiealad nv character from the
charge Of the Senator from kenlaeky. bui
shall 10 mare, much mare. shaw that ]
did all an individual. standing alone as |
did, could DO 70 aFrri the present ealamI-
ties. and Of course. an free from all r.
sponsibililv for what has since happened.
have shortened the extracts, as Ear sswas
possible 10 do myself justice. and have
leit out much that ought. Of right. 70 he
read IN my defence. rather than In weary
the Senate know how difficult IN is %
command aaenIlon In reading nf doen-
menis: bur trust that this, where justice
20 q memher Of the body, whose charar-
ter has been assaulted without the least pro-
! vocation, will firm an exception. The
! extracts are numbered. and | will thank
the Secretary To pause At the end Of each.
unless Otherwise desired.
The Secretary here real The following
extract:
"After fIll surrey Of the whole sub
jsei, I see none. can conjecture no
means OF exIricaiing the country from lis
present danger, and TO arrest It's farther
increase. but bank. the sgency If which.
in some foFm or under some authority, is
indispensable. The Country has been
broush, into the present diseased state Of
the currency by banks. and must be ex.
tricaied by their agency. We must, in
a word. use a hand 10 uabank The banks,
TO the extent thai may be necessary To
restore a safe and stable currency-iusl
as we apply snow ID fr"zea limb IN or-
der 10 restore vitality and circulation, or
hold up burn To the dame 10 ex.rart the
inflammation. All must zee that il is in
possible 10 suppress the banking system
at once. Ii must Continue for q time.
lis creates, eaemies, and the advocates
Of al exclusive specie circulation, must
make j, part Of their system TO tolerate
the banks for longer or a shorter peril
cd. To suppress them al once would, il
il were possible. work a greater reVolu-
iion--a greater change IN the relative
condition Of the various classes Of the
community, Than would the conquest of
tile country by savage enemy. What,
then, must be donel | answer, q new
and safe syslem must gradually grow up
under and replace the old; Initiating. 10
this respect. the beautiful process which
We sometimes Sc. Of . wounded or dts
easel part in living organic badS, gra.
duaIly superseded by the healing process
Of nature"
After having so expressed myself,
which clearly shows that my nhleci was
10 use the bank f.,r time in such unau-
ner as IN break The connection with the
system. without shock n the country
or currency then proceed and examine
the question, whe,her this could he best
accomplished hy The renewal of The char
Ter Of the Bnted STATS Bank or thrnuLh
league ni state hanks. After cnnclud
ing What hal 10 say on the subject, m
nv deep soIicnudc addressed me three
parties ~ the Senate separately, urging
such motives as | thnnght bes, calculated
10 act on them aud pressing lhein ta JUN
me in the measure Suggested H. order To
aver: approaching danger began with
nv friends of the state rlgn,s garry and
with the administration. ',aEe taken
copiuus extracts from The address, 10 The
first, which will CLEARLY prove how ex-
aclly nv opinion then and nnw coincide
on all questions CONNECTED with the banks.
, now ask The Secretary 10 read the ex-
tract numbered twn.
/ Having now stated the measure ne.
cessary to applt The remedy, am TINS
brought To the questinn--can the mcs-
sure succeed! which brings up The inqui-
~ of how far il max be expected to re-
ceIve the supper, OF the several narues
which compose tie Senate. aud on which
] shall next proceed 10 mske a few re-
, marks.
{ First. then. Can the state rights par
~ give il their support! that party Of
which | am proud Of being a member,
J and for which entertain so strong an at
tachmeni-ihe stronger because we are
few aiming many. In proposing this
question. am not ignorant nf their long
standing Constitutional obiertiun u The
bank, on the ground tina, il vas intended
10 be, as is usually expressed. hard mo-
new governmenI---a government whose
circulating medium was intended 20 con-
slst Of the precious metals, and fnr WHICH
oblecl the power Of Ginning money and
regulating the value thereof was express
ly conferred By the consliiulion. know
how long and how sincerely this op,nIon
has been entertained. and under bow ma
| ny dlffinrl;ies il has been maintained. II
u not nv intention 10 attempt 10 change
an oPinion so firmly fixed. but | may be
permitted 10 make few observations, IN
order to present what appears 10 me to