The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-24


wilhaul disehsrging every pAblis li-bilisy
al he most favored point This wosld
II once cenue 81 the disbaDemeos az
few az The Essen ciGirs; and iasolss ahs
Treasury 10 The rsk and erpsnse of
transporting The pBble funds from the ".
rious Poinis Of e0llscsion 20 ihe place Il
GisbnFsemtni.
i An item Of less inrorlsnrs. bui saill
worthy Of consideration. in settling on q
permanent and economical srnngemen,.
10 The direct expense Of ihs present sys.
TEN. including The cost Of he buildinas
Tor lhe depesns Of the psblie money. end
The salaries Of the officers and ,hsir clerks
who receive and disbnlse il. No portion
or ihis risk. ineonvenisncs. o. sxpen.e
| need 10 be incurred where well.isgslsl-
Cd bank 10 made die fiscal sgsni.
Bot the present system 10 also. in ihs
opinion Of The undersigned. injurioas 40
the business and currency ol lhe so1niry.
Instead Of permitting The credit and the
finances Of ihe government % lend heir
indirect but efficient AID in sustaining ihe
credit and regslaling ihs currency of ,hs
country, il brings into direct hostility ihose
important interests. ia he proposes Of
The system sufficient smounln n gold and
silver 10 supply The wants Of The Tseasu-
lry must be Withdrawn IRON circulation
and locked up in vaults. leaving no rep
rssen,s,ise 70 supply Us place in the &C.
| neral eirculsiion.
J, A large amount, also. IN he hands Of
, those who pay 90 or receive from the
Treasury. is equslly silhdrsSn from ge-
] neral circulation, and made 10 flow through
i those channels alone which lead into and
. out Of The public Golfers. The olher ave.
o nues Of commerce aud intercourse are
thus deprived of their proportion Of The
precious metals. e.t
J. Within the 6f,y-two years during
BIZ which our constitutional Government has
= existed. We have bad, for two periods of
q tsenly years each. bank chartered by
o Congress IS depository Of the pablo
moneys and IS fiscal agent. We hsve
+ had. also, al Two intervals, smounling 10
about nine years. state banks enployed
/ Tor like purposes: and during The remain
: der Of the time. the funds Of The Govern
3 nsni have bern kept and the finances adj.
: minislered partly BY bank and partly by
= individual officers and agents. The los
:. ses sustained BY stale banks, as deposit
= Etories, during the Observation-Disclosures
ii ffpIoymFh'. sxiendmg from 1911 90 1916.
/. sgreesbly TO statement prepared By The
10 Secretary Of the Treasury in 1893, and
!. revised and republshed in 1897, vera
!. 81 .000.676. 10 The lauer period. from
: 1888 20 1887, though no actual lnss 10
40 believed To have occurred. yet the Treas.
- ury and Vie country suffered inconveni-
cy eacesnd embarrassment, from the fiscal ar
rangemenls with those numerous and dis.
ma connected institutions. But, during the
~ fnrty years ihat the two banks OF the
Il. United States were The repositories of
hv the public money and the fscsi agents
ia Of the Government. no loss whatever was
m sustained, nor any delay or any expeoss
Il. incurred IN transmitting or discussing the
es public moneys, so far as the agency of
il those institutions extended. Then, %
nd regards The wants Of the Treasury mere
N, ly, the safety Of the public funds, and
rnl economy in their administration. expert
vo ence has demonstrated The superior u,ili-
sd " of a bank constituted and adopted by
,e. Congress as fiscal agent. II has slso
he proved to Us that the active business
"a, Of the country. its currency, its credit,
,.. its industry, and its commerce, are init
, mately connected with and dependent
"a. upon the financial arrangements Of the
ne General Government. Il they be wise
\, and bene6ceni, they indirectly, but eff
u, cienrly. promote those great interests of
gh the People; il constant and uniform in
:, their action. they give TO those interests
4, confidence and stability. ss
,e Since the removal of The public depo.
ID. sites from the Bank Of The United States.
Ia in 1893. the Government has had no per-
,e, msnen. fiscal sgent and no definite insn>
eial system. all has been experiment.
he transfer, and change. The business Of
ss The country has yielded to the unsteady
10. impulse, aud moved forward with wild
he irreguisriiy; q, one time stimulated 10 ex-
of cessiye action, al another sunk into leth-
IT. srsy. And, in providing for the wants
IN, Of the Treasury. il is surely important tp
en- look, also, to The wants and the welfare
~ Of the community. from the products OF
whose industry the Treasury is suppl
nv ed. $50
Its Aud as regards those grea, interests.
It's We end the testimony Of past yesrs is no
IS. less dis,iuc, and strong in favor Of a mo-
ai ney institution chartered BY the General
OF Government. and possessed OF its conf
ch dsnce and credit. The period enbrae-
re. ing the last ten years Of the existence al
no The la,e Bank of The United States as The
lie fiscal sgenl 10 fresh in The memory OF rs
ne all. and is looked back TO as a period of
ad great prosperity; and though other caus-
he "a did dnnhiless co nnarata 10 nrndnca