The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-12-03


% money 10 The treasury 20 be locked . o.
The fact that ne has had 10 issne. frsm
une 10 time. treasury notes. shoss hss
Prepssterous d is 20 expeel relief, "a pss-
sea- q least, fr1m scheme on which The
government Is destitute Of The mslerials
10 operate.
To make this sCb-ireasury scheme q
law, The slate Of New Jersey has bern
disfranchised-her legal and official a.
les'aiions lrampled under Eoot--her sose-
SeiEnly siOlaled-her rights disregsrded
and insulied. by ihe friends of he pre-
sent administration in The House or Rep
reseniaiises, By refusing seats in their
body 10 persous regularly commissioned
under her auIhorily. and clothed with all
The attributes of her sovereignty. BY
this act. every state 10 the Union has re-
eeised blow which should not be disre-
garded. By The reques, Of abe Governor
Of New Jersey. I herewith subni. lIle re-
solutions Of her Assembly on this subjec,.
marked A.
While The rights Of New Jersey were
being deseeraied in lbe House Of Repre-
seniziires. The Senate was engaged in
passing resolution graiuiiousiy refusing
to assume The debts Of The states, alike
insulting 10 their feelings and injurious 10
their character. IL. under circumstances
81 peculiar hardship and distress. state
wera TO petition Congress 10 assume her
debts, and Congress was 20 DO 90, II
would not differ in principle from assist
anee granted 20 an ally in distress BY
war. OF 10 The relief Afforded Cassaccus
suffering from the effect II an earthquake
or in New York when almost Devastated
by ERE. Az all events q state would be
entitled 20 respectful attention and
friendly consideration; but 20 refuse with
oui being asked. 10 marked with The gross
60, IMPROPERLY and injustice. The Sc
nate knew that many Of The states we're
engaged in Improvements OF great impor-
lance. and depended on negotiating loans
10 Europe 10 complete them. and requir-
ing unimpaired credit for advantageous
sucress; which was necessarily injured
by tina, action Of the Senate, and The
works most probably defeated.
IL 10 irue that North Csrolins has no
public debt; but it is not the less iniuri.
Gus and insulting 10 her character. 20 be
told by her servants. (who are presumed
20 know, In the Senate chamber. that she
10 unworthy Of credit; and such decia-
ration by the Senate, when seen in dis.
iant parts Of the world, where negotls-
lions for money are sought. must be in.
furious 10 her credii--snd probably would
have defeated her object, IL she had II.
tempted 10 procure the loan contemplated
by the act Of your last session. -
Now, gentlemen. have shown you
the destruction Of the National Bank. in
total disregard OF the wish or Congress
and the mercantile and commercial parts
Of the nation; the vinlstion Of Law and
contract, in the removal Of the public
treasure from the place where the repre-
sentsiires OF the country directed. under
false allegation; the issuing specie cir
cular, al the Executive will. and the con.
,inuiag i,s operation after Congress had
condemned il; placing the public money
10 lsvoriie local banks. and urging them
To use IL in expanding discounts--snd.
because they could not return il when
called for. denouncing and prosecuting
them; the Outrage upon the sovereignty
Of New Jersey; the gross and grasui,ous
insult on the character and credit Of all
the STATES; we're enough surely, without
referring to the opers.ions Of trade. or the
abuse Of the banking privilege. 10 alarm
capitalists a. 10 the stability and integri-
~ Of our Institutions Danish money
and destroy credit--in s6ne, 10 produce
the terrible pecuniary revulsion which
has shaken our country TO its centre.
bringing ruin and distress on thousands.
And the sub treasury remedy. gentlemen,
for diseases like these! Surely the SAM
grsdo theory never has been so graphic-
ally ILLUSTRATED. The weakness and ina
dequscy Of the proposed remedy is, in
deed. like sporting with our wrongs and
suferings.
What good can resul. from The with
drawsl Of all governmental connection, in
oil lie fiscal operations from The banks.
and leaving the states to regulate the cur
rency among themselves ss they best
may! L, is like separating the head from
the body. and expecting their Joint func-
lions 10 be .con,inued. The President
says lhs, ihe banks form chain OF de-
pendence from one end Of our country to
the other, and that i, ".reachas across the
ocean and ends in London, the centre Of
The credit system" and with this chain
of dependence Of mighty magnitude. he
will have nothing 10 do. bu, leave Us TO
The tender mercies Of the English 70 re.
gula,c our currency and credit, perfectly
indifferen, to our fate, so tha. The govern
ment and its officers get their dues in
gold aud silver.
The Presiden, certainly looks to total
destruction Of al banks when he ssys. /" Ii
is moreover principle. than which none
IL. IL