The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-04-29
THE sUBTREAsURY.
.A'dnIsJsrgslrn

vote sgainstiI, and think Ihsy have escsp
ed f1om IL. a. ne trust they will. though
IL is vet the law Of the land 40 injured
people are la,gsing, The mnmest they
see relief ahead. This Is lIUe IN republics
as well IS IN monafehies. When king
remosss grievance. bis subjects are ~
excessive IN lheir Risiiiufe. ~ they we're
vindieuse in their suferings. They forget
their troubles. We a.. I"rg-inng The
bad measures thai brought on The Sub.
treasury. and bear lightly The evils thar
have resulted. IL hope Of gei,ing out nf
Them soon. This is virtue: bu' our safety
requires. that we should cherish. uEdyIne
haired 10 surh foul conspiracy against
freedom. and such plan f.r The desiruc-
ton Of prosperity.
Tie JaLiaty 81 the Sab Trsa,ury Is q Deposit ef
II pubic nOaty.
In this view. ~ opposed 10 proper
fiscal agency, il may be defined in wort.
as lookup chest. or mIsers vault. ID
is mol the fiscal agent Of Stale. and has
nothing Of lis character; but The system.
in Ills particular. is based on the principle
Of a mi,er's calculalion--gei money. If
you can. aud keep il. not use il. The
money is boarded. all that is in hand
! The true economy Of nation. 10 regard
: to lie financial concerns. is TO have money
! on demand. but never have u in hand.
: All that is in hand il dead capital.
: IInsrded treasures are 81 only for amiser's
/, false estimate Of value, or q iyrani's occult
: designs. There was never any thing
more false. as . State policy. Than III,
e Sub treasury. as part Of socis
]! system. /, is 81 only for state Of bsibar
: ism. or for despotism. When IL il
0 understood, public economy would con.
$ denim il. civilization would seorn il, and
e freedom would rebel against il.
.sfsra agent indispensable @ naiiOn.
A moments reflection will show. thai
: fiscal agent. il the proper sense Of ihfss
terms. dlscharging all The commercial OF
bank functions Of nslionsl Exchequer
!. is one OF the most ndispe nssble paris o
the machinery oil Government. A shiI
: 81 The line mi2lft as well be afoat wi,h
: nu, purer. or an army be in the field
without fiscal agent. The farmer SAYS
;, money makes the mare 90. Ia The affair,
of a na,inn. il is not only necessary Il
y have money. but equally. supremrly i'm
= portsnt that the agent thereof should b
: perfect Ia lis machinery, and inialllbI,
: secure in us banking operations. Their
V mus, he medium. and one medium.
safe aud responsible agency between Ih
= Government and It's resources. The isca
:. agency of a nation is trade, a profession
y 4 high vocation, and The mos, responsible
:, banking operation in the world.
l. The United States ,ciihogs Fiscal .7stai.
u There is this moment perfect vacuum
u in this department Of the Government
!, 'fhe entire machinery. in this particular
5. has been destroyed. his ranting. Tn,
j Sub Treasury was intended as substitute
n but it is not one, and cannot he. Their,
- not SINGLE feature in il of prope
e fiscal agency, nor can it possibly perIorn
Il those funt tons. There is no c0nsiitq
I. tional medium between the Government
+. and lis resources. Ii has been annihllal
i ed. And what is more, the system BY
= which IL has been superseded. is wanting
i in The prudence OF the mnst ordinary cam
meIcisl tran-sclirn., buth as 10 RESPONSE
i b,lilv aud as {, convenience. 1t Is a
thing which ran hy no human power be
made 10 work. Ii does not work. aud
i never will. and never can. except Ia
crack, and break, and loll. To the ruin ai
|. the country. lis an Invention Of qnacks,
1, having no pate in the practical opera
4 ,ion Of human affairs. Wuhnuiexception
il is The greatest bunrler, upon which 3
nation ever stumbled Every dollar of
the publ money, while there is any, IS
no. only pm. in peril, bu. is oulsef use.
II The nation, hose il is. is deprived Of IL.
= Ii is locked up, if il could be kept; but
! being a temptation to roeues. i. makes
rosnes. and then il is gone. While there
! is no money. We do not. " ant Sub-fres
!, sury: aud " lille there is money, il is so
much more than dead capital, as, ,hs, The
/ people are deprived Of il for The time
!. being, besides that il is in danger Of being
r lost
q Evidence Of this insecurity. IS &
$ Isaac Hills bouis. Including his own,
!. " ere ia fact not worth over $4,000. and
. vet he was liable, even in such times as
i these, 10 have Sl50,0Ol or $200.0eO OF
6 the public funds in his hands. In pros
' perons times, hemish, have half million,
|, or million. Is ,halno risk! The bonds
a Of DR.. Penn, Of Missouri. were nominally
= 100000. Very likely they might be
h worth more than those Of Isaac Hill. But
e The first draft he male from the Missouri
e Bank was over 81 200. 900 in specie! Is
4 This no risk! Ii is impossible 70 say,
from The shor, period Of this experiment,
a and from our ignorance Of the real value
Of the bonds girea BY public receivers
- a # -e e4H @ ~