The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-03-23

"a. mat ailh that FIew, and 10 thai
end, il was lis aim and intention 10 over
Ihros the whole banking system. a. ex-
isling in The United States, when lhsi
administration came into power. hegin-
ming with the Bank Of the United States.
%. That the attack was iifsi confined.
from considerations IL policy, 70 Inc bank
Of ihe United States, but that. afier is
overthrow was accomplished. IL was then
directed. and has since been continued.
against the Stale Banks.
4ih. That The present administration.
BY is acknowledgements. emanaiing iron
The highest and most authentic source.
has succeeded 10 the principles. plans.
and policy. Of The preceding adm,nislra-
ton. and stands solemnly pledged 10 COM
p!eie AMI perfect them.
And 5lh. That the bill nnder consid
Grafton Is intended 10 execute the pledge.
by establishing upon the ruins IT the
late Bank OF the United States. and the
State banks. Government bank. to be
managed and controlled BY The Treasury
Department. acting under the commands
Of The President Of the Unned States.
believe. snlemnly believe. the truth
OF every one Of these five propositions. 10
The support Of them. 1 shall not rely upon
any graluilous surmises or vague cnnjec-
lures, but upon proofs, clear. positive,
undeniable and demonslraliye. TO es-
tablish the first fonr. ! shall adduce evi,
dence OF The highest possible authenticity,
or facts admitted or undeniable, aud far
reasoning founded on them. And as 10
the last. sahe measure under c0nsidera-
lion. | think The testimony, intrinsic and
ex.rinsic. on which | depend. stamps.
| beyond al doubt, lis true character as a
Government bank. and ought 10 carry
10 the mind Of the Senate The conyic.
lion which | entertain. and in which |
feel perfectly confident the whole cOun-
try will share.
|. My FIRST proposition is. that j! was
the deliberate purpose and fixed design
Of tue late administration 10 establish n
GoVernmen, Baus--a Treasury Bank
to be administered and controlled ny The
Executive department. 70 e.tab,sh is
truth. the first proof which niier !. he
following extract from President Jack
sons annual message Of December. 1920:
"The charter Of the Bank Of the Uaurd
States expires in 1896. and us stack
holders will most probably apply for a
renewal Of their privileges. In order to
avoid the evils resulting from precipitan.
cy, in a measure involving such impor-
tan, principles, and such deep pecuniary
interests, | feel lha. cannot, in justice
10 the parties interested. too soon pre-
sent il to the consideration of the Lee
elslalure and the people. Both the con-
s,itu,ionali,y and the expedIency Of the
law creating this bank, are well question
| ed by a large portion Of our fellow citl-
I zsns; and i, must be admitted by all that
| il has failed in the great end Of establish.
ing a uniform and sound currency"
"Under these circumstances, if such an
institution is deemed essential 10 the ifs.
cal operations of the Government, | SUBJ
mt to the wisdom Of the Legislature,
whether national one, founded upon the
credit Of the government add us reve.
nues, might not he devised, which would
avoid all constitutional difficulties, and,
at the same time, secure all the advanla
ces to the Government and The country
| that were expected to result from the pre-
sent bank" 49,.
This was the FIRST open declaration q
tina, implacable war against the late Bank
Of the United States which was after
wards waged with so much feroei,y. hwa'
the sound Of the dlslan, bugle, to coIlec
together the dispersed andscaI,eredlorces
and prepare for battle. The counry saw
with surprise the statement, that "ih'
constituuonalily and expedIency Of 1h'
law creating this bank are well question
| ed by large portion Of our fellow citl
zens," when in truth and in fact, il wa
well known that but few then dnubte,
the consti,utionaiity, and none the. ex
pediency of il. And the assertion ex
3. cited much greater surprise, that sit mus
be admitted by all that il has failed II
the great end Of establishing uniform
and sound currency" In this message
too. whilst doubt is intima,ed as TO III,
utility Of such an institution, Presiden
Jackson clearly first discloses his oblec
to establish national one, founded upol
the credit of the Government and its re
| venues. His language is perfectly plail
and unequlvocal. Such bank, foundel
upon the credit of the Government and il
revenues. would secure all the advantage
to the Governmen, and the country, b,
tells us. that we're expected 10 result frou
the present bank. -
In his annual message Of the ensuing
year, the late President says: 1.-The i'm
portsnce OF the principles involved in thu
inquiry, whether il will be proper to re
charter the Bank Of the United States, re