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

Bur the remoFal Of the drposiies Was
m ths only question dlscnssrd AZ that
'remsrkaale and inponaai session. The
charter Of the Uniiea States Bank was
thea bout 10 expire. The Senator from
VI '~sachuseiis nearest 70 me, (Mr. Web
sleE.l then At the head Of the committee
On finance. suggested. IN his place, that
he iaieaded 20 iRtrOdnre bill 10 renew
the charter | clearly perceived that The
movement, il made, would fail; AMI that
There Was no Prospeei of doing any thing
IL arrest the danger saw approaching,
unless the subject Sas taken up on the
broad question Of tire currency; and that
Il anv c0nneKion Of the go eminent with
the banks could be justified al all. il must
be in Than relation lam no, among those
who believe that the currency was in 4
sound condition when the deposiies were
renewed in 1884. | then believed, AMI
expeEience has proved l was correct. that
1t was deeply and dangerously dressed;
and that the most efficient measures were
pscessary TO prevent the catastrophe
which has since fallen on tho circulation
Of tbs country. There was thea not
more Than oRe dollar in specie, on an
average, IN the banks. including the Uni.
ied States Bank and all, for six Of bank
notes in circulation, and not more than
one in eleven compared TO liabilities Of
tiie banks. and this while The United
States Bank was in full and active opera
Noa. which proves eonclusively that lis
charter ough, not 10 be renewed, II re-
newed IT all, without great notifications.
saw also that the expansion Of the cir
culaIion. great as il then was, must still
farmer increase; that the disease lay deep
in the system; that the terms on which
The charter Of the Bank Of England was
renewed would give a western direction
70 spece, which, instead of correcting the
di.ori.r, nv substituting specie for bank
notes in our circulation. would become
tn basis of new banking operations thai
would greatly increase the swelling tide.
Suca were nv conceptions then, and |
honestly and earnestly enleavnred to car
~ them into effect, in order 10 prevent
the approaching catastrophe.
The political and personal relations be-
tween myself aud the Senator from Mas
saehusetts Mr.. Wehsler) were then not
the kindest. We stood in opposition at
the preceding session on the great ques-
iiun growing out of the conflict between
the state ! represented and the GeaerIi
Government. which could nnl pass away
without leaving gnfriendly feelings on
both sides; but where duty is involveh, |
am moi in the habit Of permitting M PR
sonal relations To interfere. In nv soii-
eitudc to avoid coming dangers, sought
an interview, through 4 common friend,
in order to compare opinions as to The
proper course t. be pursued. We met,
and con crsed freely and fully, but part
ell without agreeing. expressed to him
my deep regret at our disagreement and
Informed him that, although could not
agree with him, I would throw no em-
barrassmeni IN his way, but should feel
it to he my duty, when he made his mo.
ton to introduce bill n rene the r'tar-
ter cf the bank, to express my opinion at
large eu the state of the currency and the
proper course to be pursued, which ac-
cor!ing!v did TN that memorable orca-
sioa | stood almost alone One party
supported the league Of state banks, aud
the other the United States hank. the
charter of which the Senator from Nus
sachnset,s Mr.. Webster) proposed II
renew for six wears. Nothing was left
me but to place myself distinctly ber re
the county on the ground | occupied,
which | dill fally anil explicitly in the
speech | delivered on the occasion. In
justice TO myself, | ought t. have every
word If it read on the present occasion.
Il would of itself Be fill ,indicalinn OF
nv course stated and enlarged on all
the points TO which | haze already refer
rel; objected TO the recharter as propo-
sed BY the mover. and foretold that what
las since happened would follow unless
something was done to present it. As a
remedy, | proposed to use the Rank OF
the United States as temporary expedi-
ent, fortified With strong guards. in order
TO resist and turn back tho swelling tide
of eircalatian With this view propn.
sci tn prohibit the issue of aay note under
sen dollars, at first and after certain in
teryal, under twenty; and to refuse to re-
ceise the notes of any bank that issued
notes under Eve dollars, or that received
the Hotes Of any bank that issued less, in
order 10 make 4 total separation between
the banks that should refuse to discontin-
ne the issue Of small notes, md the 9th
ers, n the hope that the influence Of tie
latter, with the voice Of the community,
woald ultimately compel a discontinue
ancc. proposed, that the charter. with
these and nther provisions that might be
devised by committee appointed FIR the
purpose, should he renewed for tvel e
ycarss two years longer th IN the Bank Of