The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-05-13

The etals consequent anaa hasing bad
currency" These are Te1sclia1s @hieh
force ihsnsslsss open he minds even Of
lhoss who sEe last wllhng 10 snlerlain
diem. Wild he Ediaofs &c he JeBEnal.
we zoo say thsss0aErHlxs MUST ~ DONE.
In ssying shis. ne State . proposition
shieh. We behave. no sane man vii. IN
sisw q sueh fael = ihs sbOse. Under
laks 70 dispute.
HaYiag established The posilipa shal
s0nefhing must be dane. The question
arises. How skagl Be done2 10 within
lhe power Of The safe Of Mississippi. or
The state OF Georgia. By any legislation
Of theirs. 10 restore sound currency!
10 il within The Powsr Of ihe STATE GOV.
srnmsnls. each seting only within lie
own sphere. 10 sslsblish . easrsncy al
equal value throughout he Unissd Siaissl
Undoubiedly not. !. 10 IN Office which
can only be executed By The General
Cosernnent. u 10 one Of he purposes
for which General Government vases
lablishec; and The power over the eurrsn.
ey was one of the Fret powers which The
General Government exercised sllsr get
ling fairly under var.
The next question 10. WHAT shall be
done2 Our opinion 10. thai there 10 no
prescription which affords 30 fair pros
pecs Cor cure Of The disease ~ The CO
Enlistment of . NATIONAL BANK. II
those Of our Wing friends who have con.
seisnilous seruplss in regard 10 This par
licular measure. would propose any other.
offering the least hope Of relief. ws should
be glad 10 see trial made Of il; belier-
jug. nevertheless. that any further sxps.
rImsnls upon the currency will only pro.
tract the disease under which 10 labOrs.
and end at last in the same measure. . Ma
uonsl Bank. Ii 10 time. al least. that
our thoughts should be turned to the
consideration ofthe proper remedy. when
il can no longer be denied that remedy
Of some sort 10 necessary. and ran only
be applied through The insIumen,aliiy
OF the General Government.
The season 10 propiiious for the pub
licslion Of the following letter. on The
utility and necessity Of . National Bank.
from one Of The pures, patriots whose
names sdorn The history Of our country;
one Of those fathers Of the great Repub-
liean School so respectfully slludsd 10 in
lhs late address Of President II Ter 10 The
people Of The United States. This lei.
Ter was originally published Ten years
ago: but many OF our present. readers
have probably nsser sssn il, and those
Who do remember il will acknowledge.
on 70 psrus,ng il. that lis reasoning has
gained additional strength from the oc,
eurrenees which have iniersensd since IL
6rs. appeared in print. MAJ. Int.
Letter from Ex-PresIdent sIsnroe, TO
siias Il. Burrows, Esq.
New York. January %. 1891.
DEAR SIN: The confidence I hsvs in
your reeiitnds and psiriotism will induce
me 20 give an explicit answer 10 the gen.
srsl inlerrogs.oriss contained in your lei,
yer Of the 7sh, though fear tina, nv con.
tinusd weak slate oI health will make il
less satisfactory Than il otherwise nigh.
BE-. especially sslhavs none of,hs Official
documents with ms which are calculated
10 illustrate the subject.
You ask me what 10 my opinion Of the
effect which The United States Bank has
on the nssionsl currency. and 10 10 the
policy Of renewing iis chsrier!-whsi
the situation Of the Government without
ito aid during the las, war! - VIA. ils
general advantages in regulating ex.
change. in facilitating rsmitlsnces 10 10.
d'vidusls. and tie general importance,
When the old United States Bank was
first instituted. ] was one Of those who
voted against il 10 the Senate. | doubt
ed the power Of the government. under
The Constitution. to make such an eslab.
Iishment. and was fearful thai the innu.
snee which IL would give 20 the govern
msnt over the monsyed concerns Of the
Union would have very improper effect
on our free system. The bank was in.
siItuted soon after the Government was
adopted, and al period Is hen the ques.
lion Of The relative powers of the Gov.
ernmen.s excited great feeling, and di
sided the Congress OF The Union into
very jealous and violent parties. was
of The party which construed the pow.
Pts Of the National government strictly.
md sought TO impose on il CORES pondeni
So Ear as any change has
siccs taken place 10 my opinion, j, has
been the result of experience. and promp-
led By belief that such change would
give s'rsngth 10 the system. and no.
weaken OF endsnger il.
Between such absnk and any arrange.
men, which the government can make. |
The alternative mus. be. between Q bank |
Of the Governmen. itself, and under It's
exclusive control; a reliance on lie own
resources and surplus funds. dspusileJ in
/ manner TO produce the best effect; and
dependence on the banks Of The several
. -