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

" ~
weuld pfodure a p0xeIful slrsea III ovsr
lhe uaian." !. The fsslar.ii..n ~ sprc,s
psym, Ms wosld remove che embsfrsss-
meals on The ihdurlIy sflhe ensniry. and
The sIsins from iu puyaie and public
lsith. "ilremsinedio see Wheeler the
fiaase. vi,heus Ehnss AID "a wss 10 vain
10 sxptei sneesss 10 lhe Object. would
have The lar'issds 10 apply The rsnedy."
sssl,, Mr.. Prsridenl. we're The views
Of che Senator from Soush Carolina in
1915; such has sreonnl Of the state Of The
currency; sueh his opinion Of The efficacy
Of a bank % . remedy Tor he ns,ional
smbsrrassnens. Ishsil moi stop 70 con-
pare The picture drawn BY him With shs
present dsplorsble conJiiion az The eiseu-
laling medium. ! need nsl iaquire 10
~kaiexleni your :. right Of making money
ian aiiribuie OF sovereign p0ser-a
sacred and important righl." 10 now az
sscssed--nal by iso hundred aud sixsy,
bul--by nine hundred b0nks. scattered
over every part Of the United Slsles. not
responsible 20 any power Whatever lar
their issues Of paper" nor need inqniss
70 What extent this slate Of tLings. /. al.
lecis The irsdo OF The nslion;' {. patal, yes
,he nsiionsl arm;" and . sullies lie lsi,h.
public and private. of,he Unned Stltes."
] leave The comparison To The Senate and
The country. Sir. sfer The lapse Of mar
ly t~ea,s years. and sllsr ample orporlu-
ni,y bad been afforded 10 test The accuracy
Of bis views in 1916. what in 1894 ~ere
The opinion, of the distinguished SeDaio,i
tlsd the bank Jailed in Any Of the pnr-
poses far which IL was created Had 10
disappointed ihe expectations Of the peo-
/ pie OF his expecsa,ionsi No: ID had in.
deed been revolutionary: but il resoiu.
iIonizei The currency. II had been sadly
desuueiiss Of liberty; but il was The
liberty of state banking corporations 70
Good abe country wmh Deprecated paper.
and embsnsss all The operation, OF com.
merce and trade. ID 10 proper. however,
lha, the Senator should spesk for himself.
In bis speech on the removal OF The de.
pnsltes on the 18Th January. 1894. the
honorable gentleman said:
al am no pariisan Of the hank. lam con-
necied with Il in no way b, aoseyed OF poll.
teal ties. might ssy, Nth iruib, that the
bank owes as much 10 me as 20 any other
individual IN the county, aud I might even
add, that, had il not been for my Efforts, a.
would not have been Chartered"
eli Is said that the bank had no ageney, "A
least no fficient agsocy, "a the restoration Of
specie payments IN 1917; and that il bad failed
hfurnish The couniry with nniferm q nd souid
currency, MS bad been promised at ice creation.
i Both OF csc allegations proasunce 90 be
4 without / ct foundation. To enter into 4
minute examination &c them would carry me
Too far from the subject; aud I niue, con,ent
myself with saying, that. having been on the
political Stage, without interInp iion, from that
day 10 this having boel an attentive observer
Of the question Of the currency throughout the
whole period-ths bank has been an inaispsn.
sable agent In the restoration Of specie pew.
msnis; that. ~i,haut il, the restoration could
not have been effected, short sT-za utter pros-
nation Of ell the moneyed institutions OF the
country and an entire depreciation Of bank
paper; and that IL has not only restored specie
payments but has given currency Car more
uniform between the extremes Of the country.
than was anticipated orsren drepmcd ofat the
time ofits creaiioa.' .. -.
Having thus shown the prominent part
takenby the Senator from South Carolina
in the establishment Of the first Bank of
the United States, allow me next to in
quire who his associates were in that
great political movement Who were the
men, SO utterly regardless of the public
welfare, or so ignorant Of the powers of
The constitution, as TO unite in the adop-
ton Of a measure. which is now denounc-
ed as pregnant with danger to the liberties
of the peoplel Who were they, Why,
sir, Mr.. Lowndes, Of South Carolina, the
able and accomplished colleague Of the
Senator from that state: Mr.. Cuthbert and
Mr.. Forsyth, of Georgia; the honorable
Senator from Alabama, Mr.. King, then
member Of the House from North Caro-
lima; Mr.. Grosyenor. Of New York; Mr..
Ingham, of Pennsylvania; Mr.. Clark and
Mr.. M.Kee, Of Kentucky; Mr.. Pinckney,
OF Maryland; Mr.. Southland. Of New Jer.
sey; and Mr.. Robertson, Of Louisiana.
These were some of the men, who, know
ing not what they did, engaged in the
work Of sapping the foundations Of the
constitution, and therewith the pillars of
the Government under which we hyei
Sir, the present advocates of the hank may
safely, quite safely, it occurs to me, with
such examples before them, commit Them
selves TO the judgmen, Of posterity and of
mankind.
The bill received in the Senate the val
liable assistance Of such men Is James
Barbour. Of Virginia; William T.. Barry,
OF Kentucky; Jeremiah Morrow, Of Ohio;
and Of every member, 1 believe, except
two, Of the Republican party. Itpassed
accordingly, and was approved by Presi-
dent Madison. On the LIST OF January,
1917. the bank went into operation. On
the LIST Of January, 1917, the bank went
into operation. On the first Of July there.
after, the principal state banks resumed
the payment Of gold and silver for their
notes. In few years, the nation rose
from the hulniliating condition in which a
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