The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-05-30

specie % ihs dihrTeni disiausl ssd M.
points 81 disbursement anl.ld h -,
nus, hszsrdoOs and expensive a, t,n-1
it wholly imPraelieahle. The -
mission Of specie 10 discharge . -
claim sgainsi die government. !,
tani point would cost - mach :. ~
claim Itself. And il would IL ~, -.
the sPseie from paint where !, !. -.
needed, and 10 which Ike natural g.
lions nj commerce would ineri,.hl, -,
speedily bring i back. This plan. g.
would be abandoned. M lie anlr 80.
alternative sd0plsd-lhal Uf d,,w;.,
checks on Ihe Irnd u New Yo,k ii
sending these nuI in di,rlsarre a. -
public debts. These checks btips 49,.
more cheap and convenient "a lie ,a.
eminent, and greatly prslsTrrd b. n.
creditors 10 sperie. will farm The g,,,,
medium at exchange IN al ne d..
bursemenIs Of The gaVrTnmshl-u,llL,.
come incorporated ailh the gene,sI sa,,.
meTce of the country. and Illus = a,,.,
currency would. - a matter ol nsrss,,,y
and from popular choice and public con-
Ernienee. grow out af This baaslesI ..e.
Gle system. Precisely such currency
as this. were lhe IS rhsrks Of ll,s IL.
United States Dsnk. 'I'hrse we've ma,
Lank RO.fs. but they were considered A
equal value with no;es. aud made Nm :
very large share Of the issars Of ll.a, in.
siiiu,i0n. # aa- .sz~-
We viii illustrate our Eiews Of ,hi.
notable specie sub-Iieasury system still
more nlarhly by an example. We will
suppose The system 10 be established, and
10 be in the full tide OF successful ~.
pertinent. The publishers Of this paper
have a claim against The government Of
ISL. fnr publishing the laws VI the Pad
session Of the last Congress. Oar &C.
count 10 made out, sent On anil audited.
The Secretary Of ,he Treasury will eth.
sr have To order the Ssl in specie IN be
senI us from New York or some oGher
place of receipt, or he al!l send Us
rheek Tor that sum ON some sub-ireasur.
er. 10 one or the other ol these lan
plans must we look for . discharge Of
our claim. The latter no doubt will be
adopted. imsy be well enough. hove.
yer. before We 90 further 10 show how,
81 this point Of operation. . discretion.
arg power may be exercised 50 a. 10 ia
crease or diminish the SscrelaTy's pal.
rnnsge. lie Of course 10 10 be tue
Judge upon whs, poin, be may cause
the checks TO be drawn. His cheek on
81. Louis or New Orleans would pfobs.
bly, be worth Eve per cent. lees Than il
drawn upon New York. By The uss.
then, Of hi. discretion the Secretary MAJ
have IL in his power to besIow The i've
per rent. upon he friends and withhold
u from his enemies; and upon large
disbursement this premium would be ~
ineonsideTable boon. We viii suppose.
howeyer, that we sro lilo friend Of ITO
SECRETARY. anil that he has sent u a
check On the sub-lrrHsury ~ New lolk
for our ssl. This cheek gets inso The
hand. IL our merchant, aud he takes /,
on To PhIlsdrlphis and pays !, ossr 10 The
importer. Tor goods. The Philadelphia
merchant cares nothing about taking il On
Ia New York 10 demand The specie, inss.
much % IL l. " him nl equal value 9Th
specie. lie wishes 10 make . remiusnee
10 Charleston 10 buy cotlnn. and - il .
more porishle Than specie. be sends our
Ssl check IS psrl Of this remittance. The
Charleston merchant may IN The purehale
II Tennessee horse hand over The sane
check 10 one Of our nsighbnrs. and in lie
rounds Of trade 10 may again come 10 DOR
hands wilhau, eyeI having gone 10 New
York. Is MT this . paper currency 10
all inlents and purposes, and arc not lhs's
checks IdeniIeal IN oil the operations 81
commerce With bank notes! But Col.
Polk would answer Ne by saying that Tie
proposed sub,Irsasury Law required thai
these checks should be presented within
hmIicd tine. o. they would be dis
honored. True, bal il 10 very evident
that the same power uhich inquired this
restriction could II any Tins take II oli'
and The sonvsniences Of trade and public
accommodation would lmperiously de-
maud, that restraint So generous should
be removed Here ihcp we have to all
na,erIal purpose cor opr argument q go'
rcrnmeni bank--issning IT. paper through
onI tho whale length and brrad'h ot the
land--iililng cytry channel oI cvmmtice
with lis rrsncy--conlrollng most siiec'
Iual!y the operations Of o1her banks
collecting nothing but specie. and paylrg
nut noIl'ing but cheeks aud drafts. ila'lng
the whole confidence oI the people ~ Tie
sol'ency Of The gotcrnmeni To uphold IL
lis chez he might be mul,Ipled. al hbdum'
!" &c ward is iflends aud bribe It's enemies.
IL would thus be IN The power OF ihIs
snb-irras0ry monster as elIgeiusi'y !"
mike an expansion and contraction 10
the currency. and 10 operate on tie
p"lii c. Of she county. IS could the U. =
Bank ut The most enlarged period OI Us