The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-01-31


long prosprTed. There never vas hecls- |
ration rrplele with mare salul threaten /.
ings. Than thai uuered by Gsnrrsl Jackson
and reiterated by Mr. Van Buren, and his
parry, T. that lhase uha trade an boTraw-
ed capital ought 10 break" Credit Is the
link between Iabour and capital. n gives
20 lsbour and skill The capital II The rnun-
Iry. and ensblss them 20 accumulate. %
inrn themselves 10 pratt. II ihe credit
system were destroyed. IL would con-
demn a large porIinn II our species Ia
poverty and wreIehedness. They would
be deprived of one great means af sdyan-
ring their fortunes. aud though The rich
might continue rirh. The po"r would
always be pour. Loak II the apersiinn
Of this policy. and say whether this idea
be nolcorreet. A mechanic. by his talent
and skill. sequiIes q reputation IN his
profession. Ills wages are small ~hrn
forced TO apply himself To mere m~nusl
Isbour. lie obtains from friend Por
lion Of his redundant capital. extends bis
business. aud IN q lev years BY using
prudenlly and skIlfully this borrowed
capital. he spreads around his Iamily Ill
the comforts and cnnyenieners of life.
How could the mere day-lsbnurer be any
thing more. without lhls system, which
enables him 10 draw into his service the
dead capital of the eOuHIr,l Take away
this system of credit. aud y"u leave him
nothing but mere Toll and drudgery, reduce
his rae of wages. and make hIs eondI.
ii0n daily worse and wore. Besides. il
would be impossible 10 establish metallic
currency. sufficient To meet the demands
OF such . commercial, trading people as
ours. There is, assuming the highest
estimate, not mure than $50. 000. 900
in specie in the UaiIed States. The cir
cuIaling MEDIUM demanded by the pros
perily and growth of the country Is up
wards of fur hundred millions. Abolish
the credit sysrem-draw from circulation
this immense amount. resting on the good
faith and credit Of the country, and
introduce hard money, alone, and you
make reduction in all species ofproperiy,
which will bring arrangement and distress
never before experience. Then one dnilsr
would be worth as much as fur dollars
now. and the debtor who has given his
note for 500 al This time. would be- bound
TO pay $500. over and above the value
lnr which he made himself liable.
There are various insurmouniable OBJ
iec,iuns to the sub treasury. lss. IL seeks
The establishment of a currency for III,
} government and office holders di6eren
and distinct from that Of the people. i
will require upwards Of s35 000. 900 il
! specie 10 carry on The operations Of ihI:
experiment. This specie is To be drawn
from The pockets Of The people and hoard
ed away in safes and vaults. to pay the
. officers Of the government, when bu
/. fifty millions will be lief, to carry on ,h.
| whole trade and business Of The people
J Who is so blind as moi to see that ihi.
I will affect, greatly affect. the credi
system! There is, moreover, something
, else at The bottom Of all this, different Iron
! what the people suppose. II BY inirodnc
, ing purely specie currency you increast
, The value of money a, leas, four foId. can
! no, all see whence originates this zeal o
the office h0lders TO break up the ctedi
| system! will IT not increase their salaries
! in the same propnruonl The Presi,!en
, who is entitled TO his salary Of S25 900
{ by receiving il in hard money, under th'
. changes which destruction Of the credI
, system would pruduce, will virtual,
] have a salary Of 500. 900. and with tia
$4,000. will be able to purchase nearly
. as much Of the peoples properly as hs
/ would al this time with 100000. The
. salary Of every subordinate officer will b
, enlarged in The same proportion. and thu
, whole expense Of the people thus iaereas
ed four fold. Every little postmaster il
the country will force the people 10 pay
specie for The letters, by which they heal
from their relations and friends, aud trans.
t act their business. willis, they are receis'
ing bank paper rags. (ss the Van Beren'
ties esll them) Tor their produce and
isbour. Fellow citizens, ltIs policy is !
s,ciadiing policy. It's intended IN cheat
you out Of your hard earnings. Bsscars
gfM
= BADLY. The system is unsafe. Fo'
forty years previous 10 the introduction
Of the sub-,reasury, the government did
not lose a single dollar by its dePosi'o'
ries. How has il been since. Upwards
Of twelve millions OF dollars, at the low
es, calculation. has been lost By the defot'
cation Of suB.TREasuRr AGENTS! L""k
al the case Of Mr.. Swarwout. Of New
, York. and see how we'll the scheme
works. He embezzlel the country ou
Of nearly A MILLION AND A HALF
OF DOLLARS! This is truly an iHde'
, pendent treasury; for no doub, Swsrt
won't feels quite Independent with such 4
I roll Of The peoples money in his pocket
From the late accounts. IL is reported HI
, has heen uivinu entertainments in Liver