The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-11-14
Fson he Delaware Journal.

Extract from 9 speech of the Hoa. JOHN NJ.
CLAYTON on the Baak Veto. Delivered
in The Senate u The United States. July II,
lisa.
Messrs. EDIToRs: In looking over
some old files 81 papers. my attention was
arrested BY speech delivered in The
Senate Of The United States BY The lion.
John NJ. Clayton On The bank rein. The
predictions therein contained have since
beea 30 fully verified. thai haze msde
Tie following extract from il. which |
hope you will publish. thai The people
nay zee that Tie party then in power
we're timely warned Of ihe consequences
which have followed their blind and
reckless policy. in lie destruction Of The
National Bank.
"I ask v hat Is e. be done for The conn-
Try. Thinking men must now admit that
- the national bark must close lis concern
isi less Than four years. the Peeuniary
distress. the eommeIeial ADVERTISEMENTS
consequent npOn its destruction. must
exceed any Thing hich has been known
in our history, unless some niher national
institution can be established 10 relieve
us. The prediction Of Mr.. Loandes in
1919 must be fulfilled. lka, the desnuc-
Tim If The bauk The United States would
be followed by Tho establishment If paper
money" This | firmly beiirse-l may
almost say know. The farmer must at
last sell his grain to the country merchant,
for state bank paper al discount in the
nearest commercial city. and the merchant
mus; receive from others tie same depre-
eisisd paper in exchange for his msTchan-
dlze. With The same deprecated paper
the merchant must buy lis goods aud
charge lie advance in price arising from
the deportation 10 his customers.
Tie depreciation Of bank paper must
thus operate IS a tax on the farmer. tie
mechanic. and all Ihe consumers Of
merchandise TO tie full amount uf the de-
pIeeia,ion itself. The extent of this
mischief may be learned from the history
Of the past. A thousand state banks will
spring ia,o existence, emitting ! thousand
different kinds Of paper money. with
many different degrees IL credit. and
among these we shall have. IS our
predecessors had in 1912 (sl,er thew had
destroyed the old bank Of tie Unned
cur full share Of slSeg Hos tsaisIllsssd,
banks.
The loss Of confidence among men, the
total arrangement oil that admirable sys
ten of exchanges which is now acknow.
lodged 10 be better than exists in any
other country on the globe. otrrirsding
and speculation on false capital ia every
part of The country. that rapid furtustion
IN the value Of money, which like an
unseen pesIIltnce withFrs all the efforts
Of industry. while the sufferer remains
in ignorance Of The cause Of his ,lesiru c
Iion:-bsnkiupicies and ruin al the sntici.
patton Of which the hear, sickens. must
follow IN the long train ofeViIs which are
assufedly before us. Where then, | de-
mand to know, sir. is the executive re.
medy 10 save u!
/" In government banks branch Of
tie treasury--con;r"llng the state bank
emissions Of Unsaund currency, only
refusing 10 take their notes in payment
Of the custom house bonds when the
executive may think them about 10 prove
refractory al an elecIion!"
In reference 10 President Jackson's
scheme Of bank. which Mr.. CLAYTON
shows il government bank in disguise.
or our present sub treasury scheme. he
says in The same speech:
" put i, solemnIy now. to hunourabls
men Of all parties and opinions, 10 be
answered in canGor at this crisis Of our
affairs, what is the executive scheme,
This the Only constitutional scheme oT a
national bsnhl" What are the true
features Of Ihs, bank. than which (as the
veto assures) there is no other which can
obtain the executive sanrtlonl II is, sir.
tina, plan Of a government bank which
has been denounced by every other
intelligent man who has spoken upon il,
Of every p"l''resl party.
No ne.--nol The most jealous pnlit:cal
par,izsH--no! even single ribsIa editor,
seeking office, has ever vet cared 20 stand
up in the face Of The country and proclaim
the opinion that such plan ought to be
tolerated by free people. Both in and
out Of these halls, the srheme las been
rid'culgd by men Of al parties. The
Committee Of Wavs and Means Of the
other house. composed n the Presidents
strongest political friends, in the first year
Of his administration. by their report on
Ihis part of his message Of 1929, speaking
Of tie - eorrupling influence which such
an institution would exercise over the
elections Of the country" declared it to
be irresistible" and aGded:'FNo matter
by what means al administration might
get into power, with such tremendous
engine ia their hands, IL would be almost
impossible 10 dispIace them. without some
miraculous in,erpositIon Of Providence"
a National Bank During the CITY
years in which the existing system Of the