The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-03-14

community here: lnr our mrTeh1nls Ihsn
ssu lhal Ihey uaald nol only be pres
Cd fof he payment 81 The imnsass h
lanees due b. ihrm abroad. bul sha, lhrs
would have % psaslde lmmrsilalrls Tor
many millions Of Fsiurned bills. AID
haw sas this 20 be dune! Their rrsdn
was gone, our stacks hal BY This iims b.
come drug in The English market. and
Ghere mas NJ other course lell Dol re-
Sort 10 The vaults Of our bsnks Inr spsrIr.
Well. cir. ha~ we're ihe pral.rwarlhy
efforts Of our merchants 10 sustain the
credit Of the country shraad. met BY The
constituted authorities al lie govern
mrnl! DID The Executive lrnd them .
helping handl Nh. sir; carrying nuI his
fasnrile theory, that /" all Mha trade an
burra~ed capital ought 4" break." h.
lurGed his hack upan Eemonsmanets OF
our people. and shut his ears against the
snlce of distress. Just abnui Ihe umr
thai aGr credit began H. be shaken abroad.
the late President nj The Unllsd STATES il.
sued his famous specie circular. rsquiring
payment inr The public lands 10 be made
in gold and sllsrr. This measure Ma
no less disastrous in is results. Than IL
Vas sindIrnse and arbitrary in is charar-
ter. In TACT. cir. LINK upon il as me III
The Hasl nuauihnuzed and despule msa-
sures whirh marked hls tyrsnn,ral ca
rcer. II vas an arbitrary assumption an
the parI Of The Executive. af pnwer. n"t
executive. but strictly legislative IN it,
character. The Consultation expressly
declares that Congress. not Ihe Exesu-
i've, d" shall have power Ia dispose al
aud make al nee,liul rules aud regnla
iions respecting the Tertiary. or proper.
~ belonging 10 the United State" but
by the specie cueular. the President did
not alienpi tD execute any rule 0r Tegu
la'ian shIeh cOngnss had made IN re-
gard o. the pahile domain. but dared
himself to msks a regulation. ~Lleh
was nat only lrgI>lanse lis character. but
which was in expTes- sinlsiltn "f Tegu.
lauoa which Cnnetrss nd made an the
Ssry sane suhjrr,; lur N 1915 Congress
had taken this nauer uniler ns consi,le
rasIon. and passed jim, res"lut'an. de-
rlsuRg thai the nhiss of .prci..payIng
STATE banks should he sqaally recsls able,
With { I'D and silver. an'l the nnies III the
uni,ed STATES BznS. Ia payment Of III
dues ID the gnsrrumeHi. Under this rr-
snluiian, the uniform practice af the 60
vrrnnen, had ever been. IN leave u dis.
creunnary with the pubhr dehiar II make
payment IN ~uher III the krad. III money
therein specified. Nnt anly 80: Al the
very Session Of Congress which expired
only seven days hrlare tie ISSUING ihi.
rirrular. a prapnsltinn was inlFndurrd IN
tn the Senate by the great currency unk
er. i II Benton. declaring that uotlIng
bit. gold aud silver shaula be res.tsel IN
pay tnenI inr tie public ian,.s. which prn-
pasitInn was voted dam .lnnsl un.ni.
m"a-ly, nn"e bui the mnsrr somng lnr n.
This circular. which hal IT. ulgtn IN
\ vindIrhEr disregard nf the constitution
aud the Law, vas EQUALLY deslrarMVe m
us consequences. The western banks.
IN order IL re-. IN their .pertr. we're com.
PEELED ~ curtall their Discounts; lhr mer.
chants IN the IalefIhr were thus rendered
unable 10 meet their eng 'gemruts ~ tue
merchants IN the easIrrn cIlIrs. aI a tune
when the latter we're surely pressed with
their foreign debts. The eastern banks
we're unable IN assist them. fnr lhrlr
vaults were daily draining. 10 order To
procure specie fpr the purchase II west.
ern lands; and thus sprcIe VS. travelling
from the sea.board To- the Inieror. when
u ought Ia have been gung ~ cnntfafy
d're"tInn. aud tins according 10 fnrced
and unnatural stare at trade. similar H.
that winch brought sprcIe To TINS county
irnin England. at a tune WHEN the Laws
III Commerce required that the thing
shnuld have been reversed M uli,~r
course Was LETT but run upon the bank:
suspension Of speeir Payments follow.
81, hnsIness was Frustrated. Iu'lasIts pa.
ralyzrd. labor turned nut al employ, ca
pIIsl hnarded. aud distress. emb. rrassmenl
aad CONFUSION perSaded the land.
have thus, Mr. Chairman. ru,le4v nur.
ed 10 establish the frsl pr"pos,tIon vi the
thiT'l res"ln'Inn. IIias II Is llIe =" fatal ex.
peFIment' Of this aud the pas, Admlnis-
iratI"n." which ia q" thr maln SQUIRE uf
that d"rsngrmsnt IN t,ie currency, atnl
pfostFanna III commercisi rtrdit. whlrh
have b"en 81 setsrrI, lrlt of late IN every
branch of industry" To remriy Ibis
stair of Ihings. Congress vas assembled
al the extra session. and then was an.
n"nnre'I this last Item IN the srrlc.. u,is
sub Treasury system.
l "tll no. proceed, sir. g., sIair the
cIuses "l my oppo',u0a I" tins me sure.
In the FIRST place, | am opposed liz n
be"ansc II Is an experiment. berause IT
conflicts with the established usage nj The
from lis origin TO tue pre-.
cent time. Not ihs, | would ne under
So