The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-30

l0Ts % the use aad eHplDrmfnl q
.Iedil and capital derived lron bank. 40
lihrr sources. lissa lhe planting inicrx.
ID habiiually employs credg " n
countries where planting sgrienl.nr. m.
rails. The States Of Alahssna. Mss.
sippi. Arkansas. sud Louisiana, L,ts
almost sprung .inio existence. = Il wt,s.
by msgic. or, u least. have been s.s,'x
improved and extended. under he as.
ence ofihe credit sysiem. Lands, sl.v.
utensils. beasts 81 harden, snd o,ls,
supplies. have been constantly bros,l,
and still continue 10 be purchased, a..
credit; and bank agency Is al essential =
give lie most bene6cial operation q .a.s.
credits. Rai The argameni nf lie Ssn,,o,
iron South Carolina. which am CONN.,.
ing, would moi BE correct. II il Were In.
that We have inflated prices on this -
Of the Atlantic. uilhnni . r0rresponala.
imitation Of price on the olher s,a.,
because The planter generally selling ;
home. and buying Al home, tie prOeeel
Of his sale. Whatever they may BE-. Coz.
sliiu,e the means by which lie efFrcls Il,
purchases. and consequently ntulr.s,.s
each other. In what do we ol The W.s
receive payment for The immense quanil.,
Of liye stock and other produce a ID,
industry, which We annually sell 10 d.
Saulh and Southwest. bat that PAM,
medlnm now so much decried and 4.
nouncedl The Senator from Soulh G..
rolina is very fond of The state banks; b.,
be thinks there is no legitimate currency
except that Of the constitution. lie Coz.
tends that The power which The GOver.
menl possesses 10 impose taxes restricts
il, in their payment. 10 The rereip, Of lie
precious metals. But The constitute
does no, say 50. The power is glvea il
broad and unrestricted terms: and The Cor.
eminent IL left Al liberty 10 collect de
taxes in whatever medium or commod,ig,
from The exigencies Of The casr, il eaa
collect them. II is. doubtless. much de
most convenient 10 collect them in monsy.
because that represents. or can eommsal,
every thing. the want OF which is implisl
by the power Of taxation. BG, suppos.
there was no money in The country, nOrs
whaleser, 10 be exloried BY the nr.
gaillerer from an Impoverished reopls'
Is the power Of Government 10 eea.s.
and the people to be thrown back into .
state Of nalurel The Senator asksiflsIe
could be levied and collected in iub,eeo.
in cotton. and other commodities, o.,
doub,edly they could. If the necessity sl
isled for such m announcement impOsiIio.
Such a case Of necessity cid exist 10 lIs
colony Of Virginia. and other colonis'
prior 10 the Revelation. and taxes Wsr:
accordingly levied in tobacco or olhr'
commodities, as woli.scslps. even q, Ihi'
day, compose part of the retenus 3
more than one state.
The argument, then. Of The Senator
against Inc RICH. Of the government. to r.
ceiye bank notes in payment Of public
dues, a practice coeval with tie existence
OF the government. does no, seem tn ne
TO be sound. It's not accurate, for an
other reason. Bank notes. when ros'
ycrIible al the will OF the holder into sPt.
Gle, are 50 much counted or told speae,
like the specie which Is counted and pa
into marked kegs, deno,iug the quantity
of their Contents. The Senator tells Is
that il has been only within lev dals
iha, he has discovered tia. il is illera .
receive bank notes in payment Of pubic
dues. Does he think tina, the usage o
the government. under all lis admlnIsf''
tons. and with every party in power,
which has prevailed for near fifty years"
ought To be sci aside FOR a novel theory
of hs, lust dreamed into existence, eWs
if il possesses the merit Of ingenuity
The bill under consideration. which bi'
been eulogised by The Senator as pe''ef'
il its structure aud felIils, contains P'o'
vision tia, bank notes shall be received ~
diminished proportions. during term q
six years. lie himself introduced 'a'.
! identical principle. II is the only PAL o.
The bill that is empha,ically lis., Hos
, then. can he contend tia. il is uncoa'''
tu,innal 10 receive bank notes in payn'a'
, of public dues! Iapreal from himself y
. himself. The Senator further conisne'
, lha, general dernsi,es cannot be m'a'
with banks, aud be thus COMPOUNDED VI'
, the general mass 81 the funds on vito.
they transact business. The arsamsRI
! supposes that the money collected i'f 'a'l
, es must he preserved in identity; but '1'.
, Is impossible often TO do. May mol '.'
collector give tie small change when ~
, has received from one taxpayer 10 aha u.
or taxpayer, 10 enable him 10 ciIcr. VI,
/ payment! May he not change goIa '''
| silver, or vice versa, or both. u nc % !
distant COLLECTOR. 10 obtain an undoao"'
: remittance to he public treasury! "D'.
1 Mr.. President, Is the process OF H'A"s
r tleposites with banks! The deposl" "
, made, aud credit is entered Tor " T. =
q mount TO the government. That e'.oI
:. .,,.zus,,l A. L., ,bo avail pnuiEaIcnl u