The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-04-18
Hon. James GrahaEn's
Circular.

fGaeg. EsheoMbs, Hsad1ssa, Hsyreod. As.
esa saa Cherokee eoEHfiss "a .Ssrfh carsiiAa.
Fellog cili=ms. The 25lh Congress
expired On the 81 day Of this month
and with il. the terra for which ] vas G.
leeied your Representative in that body.
Ordinarily, Congress holds It's sessions
but once . year. In The last two years.
however. there have been three sessions.
You remember certain experiments were
made by the Government on the finances
and currency, in which could mol con-
cur. believing IL always wisest 10 let
well enough alone" The public money
was first In 1897 removed by The Exc
cuiiEe from The Bank Of the u. States,
and deposited in The State banks; and
these institutions held il on the express
condition and command Of the Treasury
Department. that they would loan il GU,
literally TO the people. Under this li5-
eral and losning policy Of the admins
irasiOn, new banks sprung up like mush-
rooms; specie was even borrowed in Eu-
rope to make End support banks; the
old and the new ones commended for the
public money and all the banks loaned,
broad cast. over the whole country.
Speculation and oVerlrsding were the ne
cessary consequences, and large and hea.
w debts were contracted. The country
had been intoxicated and stimulated TO
excess by the great facilities Of borrow
ing money. until at las. they found, TO
their cost, il was easy TO contract debts,
but diiiicul. 10 pay them. Ia this gene.
rial Indebtedness, there was a general
suspension Of specie payments by all the
banks. The debtors could not pay the
banks according 10 contract and the
banks could no, pay the Government in
good par notes. Thus, business and trade
we're wrecked and ruined. Credit and
confidence we're paralyzed and proslrat-
ed. Hundreds and thousands Of delud-
cd debtors fell victims, and became insol.
vent and bankrupt. under the influence
Of this unfortunate experiment. Amidst
this scene Of vide spread ruin and dis.
lress, President Van Buren, convened
Congress on the first Monday 10 Sept,
1897, and recommended what is called
the "Sub.Tressury !" which il this
'rha, The public money shall be collected
from the people in gold aud silver only
that il shall be held, aud kept. and pait
Out only by the officers appointed by III,
President, and that no bank paper shall
be received in payment from the people
for their public taxes and dues /; and tina
no bank shall be used as depository o.
the public money. Ia short, that The
General Government will have nothing
to do with banks and bank notes, in any
way or form whatever. This PROPOSE.
lion Of the President has been recon-
mended 10 Congress in each Of his three
messages, and is now properly regarded
| as The prominent and leading measure q
his administration. Upon this PROPOSE.
lion have bestowed all the attention and
reflection OF which | am capable. and az
Ter most careful and searching inquiry,
am decidedly opposed 90 ths sub>trea.
| sury because, in ny judgment. it is uu.
equal, unsafe. and DANGEROUS to liberty
comforting kingly poSeys on the Pfesi'
dent. -
Before | proceed 10 treat Of the ine-
quality and injustice Of this measure.
will briefly state my views and opinions
in relation 10 the money and currency OF
the country. am in favor Of gold and
silver as currency. As Car as i. is prac.
lticable 10 introduce il into circulation.
II is the standard Of value fixed and es-
.sbIished by our constitution. and is re-
gided as such by al commercial nations.
But the precious metals are very scarce ;
land there is not. andneser will be. suE-
ficiency Of them 10 constitute the whole
currency Of the couatry. until the hills
Ibe converted into gold. and the noun
isins into silver. and they coined into
money.
IA The present state Of society aud the
lcondilion Of trade. 70 contend Cor an ex-
elusive specie currency would be TO at
tempt 10 sell the debtors to their credit
Tors. and TO deliver The poor over TO the
lrieh.
The great question then, arises, What
shall be adopted and used as subsii-
iu,e and medium OF exchange. in addition
ito specie. 10 facilitate the operations Of
Governmen, aud the business Of the peo-
lple! History teaches Us iha, all cisiliz-
led and commercial nations have used pa
per money 10 foster and facilitate The
progress Of agriculture. manufactures. and
commerce. Ia he United States The csed-
i, system and paper money have been in
use fifty or sixty years, aud are now iden-
titled with The business and property Of
every state and county ia the Union.
Rights are vested. and property has been
bough, and sold upon the faith aud cred.
h Of this paper money. Many of our cit
liens have sold their lands and personal
property, made tide. and delivered pos
i N r Al