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


territories % dependencies Of he Unisrd
naaies. N Tho nssnner and On he te,ms
prescribed" BY ne ehasles.
In February. 1907. Congress pa.sed
an asi 30 punish frauds rammillrd IN
ihe Bank u ahe Uni,ed s,sies." n
GERHARD The forging o. eoun.erfeiline he
mites or checks Of the bank 10 Be fsIany.
and inflicted punishmsnio f nos less thsn
three, nor more Than ien. yesrs imprison-
meni iors violation IL ils pro.i,ions. SIR.
Jsasfsoa eoneunsd 10 lie passage Of he
lag.
Su, % 10 difficult 20 prfcrise bow eilh-
sr Of these measures could have received
has .iensiurs. IL be retained he opinion
ihsiihe bsEk was Unconstitutional. How
stands thesrgumsni In respect 10 The last
nenlianed seif Carg.ess. in violsnon Of
90 constitutional authority. charters n
bank. ~iIh The power n i-suing noe. al
cirrulslian. To prevent the commission
81 frauds upon the bank. By the eoUnier.
fsIiing 81 Iis notes. q Iaw. heavily ,,enaI
90 i's character. - inierposrd. Iis effect
may be 10 deprive IN American citizen af
his liber'y fora period Of ten years. I,
70 sent 20 the President OF The United
Sis'es for his spprabs,ion. lie sanctions
%, bsIie,ing The ehsrisf Of she bank, iron
which the eounler,iled notes emsnale, On
DO unconstitutional and soid. Can /, be.
SIR. that lhe chief executive officer of the
Government. sho.e high duty u Is 10 pro
ieet ihe constituent, body from unjust, no
less than unconstitutional. legislation.
could. with such cUnsictions. beslow hrs
appreciation upon such an sris II Vas sta
ted by = distinguished Representative from
Kennedy. CMr. Mckee. j in The dsbs,s
upon the bank of 1916. shsi citizen q
that State had been In imprisonment mn.
DIR The law % 1907; that spplicsiinn had
BEEN made 70 Mr.. Jefferson 10 pardon the
offence; and that the pardon ~ss refused:
and vet re have IL from Mr.. Jefferson
himself. that. when he cane inis the ex-
eeotire office, he released from prison.
without trial. those who had become oh
noxious 90 the alien and sedliion Law. up.
an the ground that il vas uneonsiiiuiion.
81. and Their, fare no law.
NJ. President. The charter 81 the 6rsi
b,nk expired in 1911. Twn years before
thar event took vlace--in Msrrh, 1905
the Stockholders presented q memorial 10
Congress for renewal Of the charer.
And now. siv. a lhs, period, from 1908 70
1911. rho were iis prominent friend.i
The memorial was offered in the House
&c Representatives, by . member from
New York. and. by order Of The House,
vas referred 10 Mf. G.lla,in, ,hrn ., the
head Of The Treasury Department. To 70
por, his opinion on the subject 10 she next
scs,inn.
or so distinguished . financier as Mr..
Gallaiin, tits unnecessary Tor me To spesk
at large. As-oeisird In The eouneIls--
idenu6ed with the mea.urss-ao nan
stood higher in The confidence Of Mr.. JEFF.
ferson. lie was not only his political
a.soeiaie--he WAS his intimate personal
friend. Strongly opposed to the princi
pie. cf The Federal parry, he was plain,
unsduhera,ed Democratic Republican.
His pol,,ical faith was whrlly unimpesch
able. No Secretary of the Treasury has
united 10 q greater extent The confidence
of The republican party in his talents. his
integrity. his patriotism. and his attach
men, to the principles tina, brought that
patty into power.
On The 81 Of March. 1909. Mr.. Jetrer-
sons term Of service expired. On the
SECOND of iha, month, Mr.. Galla,in made
his report to the House i Represents.
lives. communicating. in compliance with
their order, he opinion concerning the
bank. I have slready shown you. sir. ths,
he ADMITTED IL TO be constitutional. /,
rem, ans to show what he through, Of its
expediency.
"The advantages derived By The Go.
vsrnmen, from the bank may be reduce
ed" he said. =" to The following heads:
I. Safe keeping Of the public moneys.
This applies no, only In moneys already
10 the Treasury, but alsa To those in The
hand. uf tie princip | collectors. Of the
G .,mmissioners OF Loans. and of several
other officers, and affords one Of the best
securities sgain.. delinquencies Q.
Ira Ismission Of the public monies.
As the collections will always, in various
quarters Of the extensive territory OF the
Union. exceed or fall short Of the expen-
di,ures in the same places, a perpetual
Transmission Of the money or purchase
of remlttances at The rick and expense
of the Unlled States, would become ne.
ce.sary. in order to NEE. those demands;
bu, this is done BY the bank a, lis own
risk AMI expense. for every place where
one Of ITS branches is established. winch
embraces all payments Of importance.
3. Collection of the reUenae. The pune.
iuali,y Of pay meat. introduced by the
b,nking system, aud The facilities afford
ed by the bank 10 the importers indebted
for revenue binds, are smongs, the caus'
es which have enabled The United States
Ia eollec. with so great facility. and sc
| r. M losses the LARGE re yenus derived from