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


ly . single point IN the present issue on
which | did NOT explicitly express nv |
opinion. four years ego, in my plsre here,
when The removal ol the depOsiles and |
ihe questions connected with 10 we're
under discussion--soe explicitly as 10 repel
sheeluslly the charge II any change on
my part. and 10 make IL impossible for
me 10 pursue any other course Than have
without involving myself IN gross incon-
sisleney. ] intend nol 10 leave So impor-
iani point 10 resi- on my bare assertion.
What assert stands on record. which
now hold in my possession, and intend.
ai the proper time. 10 introduce and read.
Bui. before ] do that, il will be proper
should state The questions now 81 issue.
and my course IN relation 10 them, 50 that,
having clear and distinct perception Of
then. you may. Senators, readily and
satisfactorily compare and determine vile
iher my course on the present occasion
coinrides with The opinions / then ex-
pressed.
There are three questions. a. il agreed
by all, involved in the present issue.
Shall We separate the Government from
the banks. on shall We revive the league
Of State Banks. or create national bank!
My opinion and course in reference 10
each are well known. I prefer The
separation TO either Of The others; and, as
between The other two, regard national
bank as more efficient and less corrnpI-
ing fiscal sgent Than league Of STATE
Banks. tits also well known thar have
expressed myself on the present occasion
hostile 70 the banking system, as il exisis.
and against the constitutional power Of
making bank, unless on the assumption
that we have The righ, 10 receive and treat
bank notes as cash IN our fiscal opera
lions, which ], for the fret time. lave
denied on the present occasion. Now,
| entertained and expressed all these
opinions. on different occasion, four
years ago, except the right Of receiving
bank notes, in regard 10 which | then re-
served my opinion; and il all this should
be fully and clearly established by the
record. from speeches delivered and
published at The time, the charge Of the
Senator must. in The opinion of all, how
ever prejudiced, sink to the ground. lam
now prepared TO introduce, aud have the
record read. l delivered two speeches in
The session Of lS33-'34. one on he reno.
val of The deposIies, and The other on the
question Of the renewal of The charter OF
the late bank. ask the Secretary to turn
TO the volume lying before him, and read
The three paragraphs marked in nv speech
on the deposi,es. | will thank him TO
raise his voice, and read slowly, so that
he NAV be distinctly heard, and | must
ask you. Senators, to give your attentive
hearing. tor on the coincidence between
my opinions then. AMI ms course now,
my vindlcaiion against thus unproyoked
and groundless charge rests.
IL (saii Mr.. c.l this was question
of bank or no bank; fit invol' ed the ex-
lsiencs of the banking system. It would
indeed be q gres, qurstion--one of the
first magnitude; and. with my present
impression, long entertained, and daily
increasing. would hesitate. long hesitate,
before would be tound under the banner
Of The system, have great doubts az
doubts they nav be cslleD as to the
s0undness and tendency Of the whole
system, IN all its notifications. | have
great fears that il will be found hostile to
liberty and the advance Of civilization;
fatally HUSTLE ID liberty in our country,
where The system exists in ITS worst and
mos, dangerous form. 0fall institutions
affecting the great question ofihe distribu
ton of wealth; question least explored,
aud the most important Of any in the
whole range Of political economy; the
banking institution has, il not the greatest,
among the greatest, and, ! fear. most
pernicious, influence on the mode Of
distribution. Were the question really
before Us, ! would not'shun the RESPONSE.
bility, great as il might be, OF freely and
fully offering my sentiments on these
deeply important points; but, as u Is, !
must content myself with The few remarks
which have thrown out.
What, then, is the real question
which now agitaies the country! 1t is a
struggle between the executive and iegis-
lative departments Of the government a
struggle, not in relation to the existence
OF the bank, but which, Congress or the
President, should have the power to Gre
ate a bank, and the consequent control
over the currency Of the country. This
is the real question. Let US not deceive
ourselves. This league, this association
ofbanks. created by the Executive, bound
together by its influence, united in com.
mon articles of association, yivified and
sustained by receiving the deposites Of
the public money, and having their notes
converted, by being received every where
by the Treasury, into the common cur
rency of the country, is, to all inten's and
purposes, a Bank of the United States,
the Executive Bask Of the United States,