The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-29

energies. and discfediled lis character Il
lhe opinion offhe country. thai all rational
hope Of an efficient reorganization Of 4
has been exlinguished. My COLLEAGUES
and myself. said Mr.. r.. would nov
| probably be found the only advocates of
ON this floor.
/ lis true that \ distinguished Senator
1 from South Carolina, (Mr. Calhoun who
has heretofore made die Pei Bank sysiern,
As he calls il, the favoriie subject OF M.
denuneiasion a rirkeffy and foiiea con.
Germ, seems 70 be willing now, Judging
] from The motion made BY him few
! weeks ago. 10 take il under his kind bro.
/ teeiion. Bot can we confide in him a.
our leader, when, as soon as ne HOSTS hi.
broad pennant. and is iaUnied by lhs
Senator from Kentucky (Mr. Clayl viii
being The Commodore Of his liule fleet,
be Indignantly repels the imputaiion and
boldly proclaims that he viii fight only
under The flag Of the Independent Urea,
sury.
Mr.. Calhoun here rose and said he
seOrned any connection with the Pei
Bank system.
Mr.. Rives. And yet the Senator seem.
ed very ready 10 take il under his com.
mand, when he proposed 10 refit il foI
another voyage, by repeating The provision
OF the act of 1896, respecting the issue Of
notes under S., which was supposed 10
present the only material obstacle 10 is
revival. And, unless | greatly deceive
myself, the honorable Senator then declar.
cd that, though not an advocate of The
Stale Bank system, he preferred il 70 .
Bank Of the u. s.
Mr.. Calhoun said he preferred Il be-
cause it could be more easily blown up
than Bank Of the United States, so as %
make way for the re-establishment Of the
Sub-Treasury.
Then surely, lsaid Mr.. Rives,) all oul
distrust Of the Senator is more than
realized; and well may we say TO him,
Iineo DG,luos a dOna Jereafes. The
bold annunciation he has Just made, which
i leave him to reconcile with the maxims
Of good faith, reveals at once the policy oil
himself and Of the party with which he
is now associated; and Of which, if we
may judge from the signs Of the times,
he Is the acknowledged leader. They
would continue to wage unrelenling wal
upon the Stale Bank system, with the
desperate determination Of GiOuing Il uI
IN order to bring back that repudiaied
scheme, under whose flag the Senator
proudly boasts that he still fights. At the
same time, the friends of National Bank
intent on the establishment, Of lheiriayoritG
plan. will be as little Disposed % foraeal
attack upon system which is the aniag,
onist of theirs, as well as Of the sub Trea.
sury scheme.
In the face of this united and double
hostility Of the two great political partie:
Of the country, both ceaselessly warning
upon it, the idea Of solid and perma,
nent construction Of the State Bank de-
post system, whatever be its intrinsic re
Communications, must be admitted TO be
hopeless. What the country now wants,
above every thing else, is stability and
repose--the adoption of some permanent
system, upon which men Of business can
base their operations for the present, and
their calculations for the future. The
great interests of society have been long
enough made the victim of party agita.
lion; the sport and football of the heart.
less game of politicians. 1t is time that
these great interests, if possible, should
be placed, by some conciliatory and per.
manent adjustment ofthe questions hither-
to so fiercely debated, beyond the destruc-
tive operation of the elements of party
war. ~
TO National Bank, as formerly con-
stituted, very large portion of the peo-
pie of this country have ever felt, and will
probably ever continue toafeel, an insin-
chile repugnance, on the ground Of its in
volving an assumption Of ungranted pow
err, and an invasion of the rights and So
vereignty of the states. To obviate these
objections, the Secretary of the Treasu-
nv, Justly approaching the advantages that
would result to the nation at large, as well
as to the institution itself proposed to be
established, from cordial and general
concurrence of public opinion in its favor,
suggested the expediency of organizing it
in such manner as to avoid altogether the
disputed questiono of constitutional power.
The suggestion was conceived in spirit
ofpatrioiism, wisdom, and practical siates-
manship, worthy of the Secretary and Of
the Administration under whose auspices
it was presented. lie proposed to plant
the new institution upon uncontested
ground; to require no surrender of opini-
on on the one side or the other, as to the
rights claimed or denied within the dis
pated territory of the constitutional argu-
ment, but simply to forbear, on both
sides, from entering on that litigated do
main. He proposed, in short to follow
an example which has been so fruitful OF
peace in our international relations, in re-
-. II A.. -. N,sr.h Eastarn Rourdarxys IN