The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-09-02

Among inc lasemosi In The r4aks % he |
Rfpubllcsn psHy ~ that day, "a talent. |
in zeal. in knps ledge Of The causes a The
pabllc embanassmenis. ~ sympathy 1sr
the wants ol the Government and The
condition Of the People. STOOD he shsn
masIfr-spiril Of The South In the House Of
Reprfsenisiisss-Ihe honorable Ssasier
from South Carolina. lMr. Calhoun Il
Seldom has il been the fortune Of sny
statesman 10 occupy 40 smlnenee 90 ensis-
bic and commanding. Throughout ihis
extended counuy--in all The departments
ofils labor and irsdr--in eseir State and
Territory and neighborhood-whssesfr
deprerislrd paper dollar circulated or
bank had sinppfd specie psymenis-ssety
shrre The ssriees Of The hoaorsble genils
man xerr requi,sd by ihe asll-ssrnsd
plaudiis al his counsrymen.
Mr.. Calhoun rase. and said that he
was opposed 10 The bank in 1914 anil
IS.
speak now. Mr.. Morehead continued.
Of The bank Of 1916. and l an about 10
refer 10 celebrated srgpment Of The
Senator frnm Sou,h Csrolins. dsli.ered
during thai year in The House of Repre-.
senialsrs- not. hostyer. with the siew
OF placing him in an Inconsistent and con-
usdiclory altitude before The Country. n
the honorable Senstof has thought proper
10 change bis posiIion; II. brlieving The
bank charter constitutional in 1915. he
believes IL unconstitutional noir: ll. enier
taining the opinion then that il vas The
life preserving MEASURE nj u Q Govern
meni,. he deems il now monsirous and
revolutionary and destructive Of The pab-
lie liher,y-why. cir. q 10 no business Of
NINE or OF the Senate. | have nothing
10 da wiih the motives OF Tho Sensior's
public conduct. bui must be SLOWED 10
rely on the suihoriiy OF his name. and 10
advert 10 an argument shich swsyed The
mind OF The nation twenty-five years ago.
in The hope that the came consequences
may result from IL again.
On the occasion Of taking up The bank
bill in COMMITTEE Of ihs Whole m
February, 1916. the Senator from South
Carolina opened the debate, with an sreu.
ment Of distinguished ability. lie pro-
posfd 70 discuss general principles only.
without reference 10 The details Of the bill.
/. The constitutional question had already
heen 80 freely and frequently discussed.
that oil bad made up their mind on M"
and That also he declined 10 consider.
AS 10 the question whether national
bank would beiarorable 10 the adminisua-
hon IL the finances of the Government. Ia
was one on which there was so iiuls doubt,
that gentlemen wonld excuse him. il he
did moi enter into H." I. Leaving these
II questions. he proposed TO examine The
cause aud state Of the disorders OF the
currency. aud whether it was in The pow.
er Of Cnngress. bv establishing national
bank, TO remaye thoss disorders"
"As TO the .iaie Of the currency Of the
nation" the Ssnsior procee,lpd to remark.
",hstit was extremely deprecated. and in
degrees varying according to the ditferen,
sections of The country;" that u vas "a
stain on the public and private credit. and
injurious 10 the morals of the comnuni
4 ~" tina, il .~as opposed to The priEci
pies Of The Federal Constitution" thai
"ihe power was given TO Congress b.
that instrument, in express terms. 10
regulate the currency oflhe United SIales;"
that :. in.poinI Of fact, that power wss not
in iheir hsn''s," but was &" exercised hy
banking institutions, no longer response
BILE for the correctness with " hich ihsyj
managed il" that " in lieu Of gold and
silver they bad paper medium. unequal
ly but generally Deprecated, which az
frcts," he said. "the trade and industry
Of the nation: which paralyzes the national
arm; which sullies the faith. bath public
and private, Of the United Stales:" !. the
right" he continued. /" OF making money
Ian attribute uf sovereign powers
sacred and mpor,sntrigh,-wasex exercised
BY Two hundred and sixty banks, scattered
oter every par, Of the United Safes. no,
responsible to any power whatever for
their issues of paper"
/ tie next dttuucu w thr cLCcSS W WVse
rnper issues--that "there were moi in
The vaults u all the banks, more than
i fifteen million. Of specie. with capital
amounting TO abou, eighty two mllilans
of dollars; and "lhis," he argued. .was
the ,rue and only eause Of the .lepreeia-
tim Of the currency" He then turned
, his attention TO .lhe manner in which
tina, excess had been prnduced--it was
intimately connected with the suspension
! Of specie payments; and advantage had
been taken. Of that suspension To issue
still greater fi,ods Of H." Besides, he
said, "lhe banks had undertaken 10 do a
new business; 10 make loans 10 The 60
vernmrni. mo, as brokers but rs stock
holders; practice wholly Inconsistent
with the system OF specie payments.
lie commended, "ihat the exisung slate
Of things would no, cure i,self.--'hat II
rested with Congress to make them return
!, TO specie payments" aud that intro
.duced the subjec, of'ke national bank
j "a national bank" he said. "paying