The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-10

ed sic. 000.O 900. Add The next year. 90
1896. slasy smannIrd 20 The snnTm0us sum
of So. 900 900. THUS cfeadlRe into
The shori space Of three yesFs urssSds &C
twenty three year, purchase ii The pub
lie domsin. So apparent hsd become de
necessity ofsnesiing this e0urse oithines.
that The Executive depatmrai assumed
the highly Questionable power OF disrrimi-
mating IN The funds 10 be used 10 paw
meni BY ciilerenI classes &c public debt
ofs-s discrimination whish Was doubt
less designed 10 correct lhis most ruia-
Gus stale 81 thugs by the exseiion of
specie in sllpaymenls Iur The public lands.
but which eDuid not ~ once arrest ihs
lide hieb hsd so strongly selin. Hence
the drmsnds Cor specie became uneessing.
and corresponding prasushon rapidly en-
sued under the necessities crested with
The banks 10 curiail their discounts. aud
iherrby 10 reduce their circulation. Ire
cur 10 these things with no disposition 20
ernsure pre- existing adminisua,ions Of
the Government. bul simply in exempli-
ficaiion Of the truth Of The position which
In have assumed. II. then. any fsca.
agent which may be created shall be pla-
ced. without doe resrsclIons. either IN.
the hands Of The administrators Of the
Government. or those u private indirida-
ale. the temptation 70 abuse will prove 10
be resislless. Objects Of political sg-
RradizemsnI may seduee The FIRST, and the
I, promplings OF boundless eupidily viii
: assail The last. Aided BY the experience
4 OF the past. Il will be The pleasure of Com
4 gress so 10 guard and fortify The pubiis
interests, in the creation of any nav
4 agent. IS TO place them. so far as human
Il wisdom can accomplish il. on footing Of
|. perfec, security. Within few years
!. past. three differen, schemes have been
n. before the country. The charter OF the
= Bank Of the Uniied States expired by i,s
= own limitations in 1896. An effort was
!. made 20 renew il. which received the
n sanction OF the two Houses Of Congress.
Is but The then President Of the United
!, States exercised his uote power. and The
a measure wss defeated. A regard 10 truth
m requires me 60 say that thr President was
l. fully sustained In The course he bad taken
ct by ihs popular voice. His successor in
the Chair Of Stale unqusli6edly pro.
.. nouneed his opposition 10 sny new char
a. ter Of a similar institution; and not only
Of the popular election which brough, him
,n into power, but The elections through much
!. Of his term, seemed clearly 10 indicate
n concuuencs with him in seniimen,on the
a, par, Of The people. After The public mo-
NJ neys were Withdrawn from the United
an States Bank, they were placed in depo-
he site with The STATE banks, aud the result
RIM Of that policy has been before the coun.
10 trv. To say nothing as 10 The question
md whether that experiment was made un-
Il. der prcpilious OF adverse circumstances.
~ il may ssfely be asserted that il did re-
,Iv csive tho unqualified. condemnation Of
;,b most Of its early advocates, and il is belle.
70 we'd was also condemned by the popular
mn sentiment. The existing sub Treasury
,e system does not seem to stand in higher
Al. favor with the people, bu, has recently
4, been condemned IN manner too plainly
re- indicated 10 admit Of doubt, Thus. in
as The short period OF eigh, years. The popu-
70 lar voice may be regarded as having sue
=, ctssiyely condemned each Of the three
&c schemes &C finance 10 which have adj
nj verled. As 10 The first. IL was introduce
ne ed al time (lsl6) when The State banks,
IN then comparatively few in number. bad
:. been forced to suspend specie payments.
r. by reason Of The war which had previous,
20 ly prevailed with Great Britain. Wheih~
ne ,r. d the United States Bank charter
9. which expired in 1911 had been renew
Is ed in due season, il would have been
n enabled 10 continue specie payments DUR
:. ing the war and the disastrous period 10
:. The commerce Of The country which im.
: mediaiely succeeded. is. TO say the least.
4 predetermined: and whether the Uni,e5
a States Bank Of 1916 produced reslors-
n lion Of specie pay men,s. orthe same was
ir accomplished through the instrument
q ,ality Of other means, was matter Of
some difficulty al iha, time TO determine.
a Certsin il is, that, for The FIRST years Of
!. the operation Of that bank, its course was
q as disastrous as for The greater part of
n its subsequent career il became emineni-
A " successful. As TO the second. the exc
A pertinent was tried with a redundant
. Treasury. which continued 20 increase
, until il seemed to be the part Of wisdom
A to distribute the surplus revenue among
}. the States; which, operating a, the same
e time with The specie circular, and the
causes before advered 10. caused lhemtu
suspended specie payments. and involved
the country in the greatest embsrsass
menI And, az to The third. G casried
' through all the stages oiils tansmn,a,ion.
!. from paper and specie 10 nothing bu, The
Is precious metals. 10 say nothing Of The
insecurity Of the pablic moneys, lis in
e furious effects have been anticipated by
!. the country in lis unqualified condemns
a lion. Whai In now To he renaraled "a fha