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

gress and the country that al eslenla'
lions of temporary consenience mast Be |
set sside. that We mnsl reeur 10 hrst pfin- |
eiples; and that We must see what u
d thar has prevented the legislation Of
Congress and ihe States on The subject
Of ghe currency from satisfying public
expectation. lie declares his conviction
that The want Of success has poceeded
from The undue eountenance which has
been afforded 10 The spirit Of monopoly.
All The serious dangers which our sys.
lsna has yei encountered may be traced
10 The resort 70 implied powers. and 10
The use Of corporations. We have fell.
he saws. but one class Of these dangers IN
The contest with the Bank Of the United
States. and he clearly intimales that the
osher class is the State banks. We are
now 10 see, he proceeds, whether in the
present favorable condition Of the eoun-
inv, we cannot take an eEeelusl stand
against this spirit Of monopoly. ReFer-
ling 10 his fsyOrite scheme Of Govern
meni bank. he says IL il ascerlained that,
instead Of being made necessary TO pro-
mote the evils Of an unchecked paper
system, the management Of the revenue
can be made auxiliary 10 the reform which
he is DESTROYS TO introduce. The de-
signs of President Jackson against the
Stale banks are more fully developed and
enlarged upon in his annual message Of
1886. from which ! beg leave to quote
the following passages:
81 beg leave TO call your attention 10
another subject Intimately associated with
the preceding one-,he currency Of the
country.
alt is apparent. from the whole con.
text Of the constitution. as we'll as The
history OF the times that gave birth 10 il,
tina. Il was the purpose Of The convention
10 establish q currency consisting Of the
precious metals. These, from their pc
culisr properties, which render them the
standard of value in all other countries,
were adopted in this. IS well 10 establish
lis commercial standard, IN reference to
foreign countries, by permanent rule,
as to exclude The use Of mutable medi.
um OF exchange. such as Of certain sgri.
cultural commodities, recognised by The
statutes Of some states. as tender foI
debts. or the still more pernicious expe'
diem, Of q paper currency"
1 Esriableness must ever be the char
J acterIsllc Of a currency Of which the pre-
cious metals are no, the chief ingredient
or which can be expanded or contracted
without regard To the principles that reg
ulaIe the value Of those metals az a stan
dard in the general trade Of the world
With US, bank issues constitute such /;
currency. and must ever do so, until they
are made dependent on those just por
tons Of gold and silver as a crcula,ing
medium, which experience has praVed ,C
be necessary, not only in this, bu, IN al
other commercial countries. Wher,
those proportions are not infused into III,
circulation, and do not control IL, il i
manifest that prices must vary according
TO the tide Of bank issues, and the valu
and stability Of property must stand ex
posed TO all the uncertainty which attend
the administration Of institutions that ar
! constantly liable to the temptation Of al
interest distinct from that Of the commu
nifty in which they are established"
Blu, although various dangers TO ou
Republican Institutions have been OLIVIA
! ted by the failure Of that bank TO exIoI
from the Government a renewal Of il
: charter, il is obvious that liule has bee
accomplished. except salutary chang
. Of public opinion, low ards restoring 10 III
country the sound currency provided f.
|, in the Constitution. In The acts Of =,
. veral of the States, prohibiting the eli
: culalion Of small no,es, and the auxIIi
: ~ enaclments Of Congress at the Ia
i session, forbidding their reception
payment on public account, the true po
icy Of the country has been advance,
u and larger portion Of the precious m
G tails infused into our circulating medium
These measures will probably be follow
u ed up in due time by the enactment
State laws, bsnishing from circuiauu
= hank notes Of still higher denomination
and the object may be materially pr
NOTED by further acts Of Congress, 70
u bidding the employment, as fiscal agent
e Of such banks as issue notes Of low d
e nominations. and throw impediments
the way Of the circulation Of gold at
e silver.
: "The effects Of an extension Of bar
" credits and over-issues of bank pap
!, have been slrikIngIy illustrated in Il
:. sales Of the public lands. From ii
. returns made by the various regisle
and receivers in the early part OF Ia
summer, it was perceived tina. the r
ceiPts arising from the sales Of publ
y lands were increasing 10 an unprecedeI
ted amount. In effect, however. the,
. receipts amount to nothing more .h;
o. 4 nrnl.s - k..L.