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

thai they 90 iar cfIrpied themselves ~ 20
Be obliged 20 suspend he payment a spe-
eie. n The Bank Of The United States
had thea existed. il must have done -
the stale banks did. or il Mould have el-
fscled palhing in support Of The govern.
mfnt. IL u had NOT jained he combine
tias against the government. il could moi
have furnished The lands whieh The exi
geneies Of he country required, without
surpending die pas menl Of specie. Ia
stead Of hostility and pefsecnIi0u. The go
veinmsnl oEeJ The stale banks gratitude
and support. Their credit during ths
whole war was as good ss lis own; and
! wahop, their ard. the treasury must have
stopped payment"
might quote farther from ibis ctIebrs-
ted correspondence, bal II is unnecessary.
Now what j. the whole easel Why.
the government being engaged in an ar
duoUs and bloody war with one OF the
most powerful nations on earth. had no
money Of is own, nor sufficient credit 10
obtain il. Ii tried treasury notes; but
they depreeislsd 10 so great sn extent
that they mad become unavailable. In
this extremity The banks rushed 10 The
aid Of The government. and 90 expanded
their issues as 10 compel them 10 resort
10 q suspension. With this suspension
hanging over them, Ike a mass of dense
clouds, their notes were worth more. and
were more available 10 tl,e government
ibsh ~. own nolts. Ia ptoof Of this I
cite he following testimony o. James
Monroe:
IL well remember. how ever. thai. when
] was called by the Presidenl 10 lie De-
paflment Of War, on the 3lsi or August.
1914. he certificates Of The treasury were
selling al $50 in The slO0. by which $50
we're lost. Il was esiden, iba. il a reli
snce was placed on the sale Of certificates
only. sill furher decline would ensue,
and tina, the worst consequences might
be Apr, aended. The county was IN
vsded through lhe whole inland and ma
Rhine frontiers, and powerful squsdrons
were 81 the mouth Of every bay and river
leading. 10 our principal cilies, which
were threatened with .aiisck add ruin.
The metropolis Of our Unian had been
forced, and our public buildings destroy
ed. Such was The state of The country
and the lupds, when | entered The De-
parlment Of War. Under such citcum.
stances. an appeal was made 20 The psiri-
aiism and interest 81 The cities. aud the
banks within them, BY The Department
Of wur, wnfi riIr ssncn0n OF me Presi-
dent, Tor loans Of money necessary Tor
their own defence, for liza, Of tie mari
time frontier, aud The Union. For the
FIRST loan that was obtained, one million
Of dollars from The cry Of New York.
which took place few days after | en-
tered the Department, no price was fixed.
As treasury notes were selling for $50 in
the 500, tina, was claimed, but mol ac.
ceded 10. !, was left for subsequent al.
jus,meni. Ia be se,lled on fair principles.
Several millions Of dollars we're Obtained
from The District Of Columbis, and prin-
cipsl cites throughout The Union. aud,
according 10 my recollection. al par.
Thps, that which is now srized hold
of to charge as loss 10 The government,
by the use Of deprecated. bank notes,
was in reality. a Saving; because, il the
government had used It's own notes, they
were more deprecated aud less availing
than bank notes. Why is il that the &C
curale investigation and lynx-eyed saga.
city of the Secretary Of the Treasury did
not discover this immense and notable
loss 10 the government by The use OF de'
preciaied bank paper. when he made hrs
celebrated report in 1894, when the
whole truth was important! Why IS u
thai he. could then sscrlbe this bank de-
preciation to The calamilies Of ,car. but
now, by innuendo al least. 10 the curses
Of the banking system! The object 10
be effected now is the reverse OF v hat u
was then. That's all, -
The loss Of S750.000. which | have
stated accrued To The. government from
bank repositories. arose entirely from
those failures which were produced BY
the operations of The war, and the exeT-
tons Of The banks to aid the government.
Since that time. moi one dollar has been
lost, or The S2s, 900 900 on deprslte in
the banks al The suspension Of 1887.
every cent has been paid but Ss05. 900;
aud that is we'll scored. VIVA, becomes.
then. Of all the predictions Of immense
losses 10 the government By the insolsen-
CIV Of the banks!-all vanished ingo thin |
air--all fslsiied.
The reliance upon fine and imprison.
menl. and bond aud security, for The safe i
~ Of The public money in the hands OF in
dividual agents, Is loo uncertain 10 DO
trusted. Human nature is so irall. and
The seduclions Of temptation SO strong.
thai have 40 faih in these means Of Sc.
curi,y. We have had too many melan.
choly proofs Of their insutiiciency lmme-
dialely under our own eyes, 10 try IL
again. and have no wish 10 see them
multiplied. | agree in sentiment with
The judge Of whom the poe, says:
!" he sent the thief who stole the gold away
And punished him who put il in his way"
| believe the government is only adding
10 The Causes Of Decentralization which