The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-05-14

I.asra.,i..ly IL<oEspnAs ofhssks md
p.oxs rmusy. Irstaaess parallel wllh
~ 4 h.,s toaae1. aid tending 10 ths
-. . n "a dis 4ae.ioA. sssune %
ne ei..ory oi fsrm~r toes. and ssen "
rrrxnt dsys, 10 ecantries where neither
bssks scr bank Sapsr ssis; bui he limits
n ia address d MOI admii of further
eoamenl On ne snhjerL
ID has been rflen asserted that this sub
treasury sehrns contains The grrm al .
great nalioa.l bank. which Min. in lime.
Be he sole depository Of The coin. and
The maker e 81 the bank paper. which
10 IA eonstimss The currency 81 Ihs eoun-
nv: and This. Il 10 not dsfhealI 20 see.
will. in q certain contingency, spring up
under me slI-e0ntralling law of stern
necessity. The demand for roin. il is
said. % supply this scheme. sill. in good
tines. not exceed. nj any giTen period.
more Than 5000. 600, although The >
mount of revenue paid in coin. in The
course of any given year. will be equal
10 about s2O. 000. 900. The first sun. i
is said. will be The msKimum wiihdrawn
from eirculs,ion ronsisnlly. As The dis.
burssmenl Of The revenue will. in pros.
porous iime.,. shsn the banks are In good
credit. find iis way again into their vaults.
ID will be seen AZ once that This cannot b
the case 10 times Of commercial distress,
~hen demand Tor coin. 10 pay foreign
debts, 10 draining The banks. and thus
diminishing their credit. When lhis last
case occurs. As il must frequently. owing
10 The unstable prices in Europe Of cotton,
The great export Of The Uniied States,
ihen The money disbursed BY The Cavern.
men, will be boarded by individuals. and
meyer reach the vaults u the banks; and
hence. in . tine Of such pressure, ~
may safely calculate that The banks mps
sustain N abstraction from their coin. ia
a single year. Of eco. 600. 900. which vii
be boarded and Withdrawn from business;
and this through The agency Of The ires.
snry alone. To what result this will
conduct Us il is easy 70 see. The banks
thus oppressed and scourged by The ac,inn
Of the Government. and the foreign de.
mand fpr coin. will. 10 The end. 6nd The
employment Of espiial.in banking IN.
profitable. and close their business. The
fqfsiga demand Tor coin, 81 such crisis.
will drain The county Of the precious
metals. and then will cone that intense
suffering Of The people which. in This As
.in every oIher country. looks only 10
relief from present. oppression too inioler-
able 10 be borne; lhen The Wild crv Of .
whole people will come up 10 This Gov
eramenI for relief; then the state banks
will no longer exist, and much OF the
coin Of the country will have gone abroad
% pay foreign Gebi. and what remains
sill be held By the Gosernmeui; then
he Federal Government ~,ll be required
. use The specie in The sales Of It's Urea
Jury a. basis for currency IN paper.
based on the peoples taxesi bankrupt
,iiizens will inplore. and The psrslyzed
enterprise Of the country will uplifi ils
rambling hands and ask Zoe mercy; and
he's. will sh. -.L..-..snrr aialk fufwsrd
siih its hundred arms ouispreail. and al
Is machinery ready. Then give but The
'ower 70 emit treasury bank notes and
'ou will have currency unlimited in i.s
mount. as, for time. il will be in credit
From that moment. (ho~ near 10. or re.
note from. us, . merciful God only
inows.) from that fsied moment. the
North American Republic ceases 10 be.
rhe occupant Of the Executive chair 10
hen no longer The President known 10
'ur Constitution; he 10 from thence Tor.
yard seated on an imperial throne. covered
ver with dicts,orial power; The rights Of
he states. with their powers, are driven
efore the breath Of his nostril., Ike
Iithered leaves before the blast Of The
'mpesi; and, instead Of a proud nation Of
+eemen, strong in The possession of their
beriies, under q Government Of limited
owers. a consolidated empire Of slaves
rill kneel al the foolsiool of a despot,
egging from him. as boon. that liberty
Ehich our fathers, at the price 81 blood,
equesihed to US as an unsllenable right.