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

suengiheaed-lss m1gushcsnl PropeElons
expsaIed snd matarea- II y0a wsre .
point % the PERIOD Of your most heal;hfal
and exuberani prosperity. ] cannot. ]
mink, Be mistaken IN sspposing that YOU
would select the last ien years ~ The 3D.
minis-sti5n Of he lxte nzional bank
Wen, sir, n the time approached when
is charter would expire. The question Of
rechariering 4 rose again. We have seen
who - sdEnesles were in l7el. n 1911,
in 1919. Who were they Of 1887 Or,
.Sonlh Carolina agsin took the lead IN ths
person Of one Of her most distinguished
sons. seldom has moro luminous do
cumeni issaed from the halls at this Ca
pilol than the repon Of Mr.. McDufie IN
1880. CONSEQUENTLY with he limits
OF the Union. il was eirculaled and read
with an ayidity that was wholly without
parallel; and little doubt can be eniertaiD-
ed. that IL prepared The way for that deer
sire expression Of public opinion. which
occurred on the final passage Of the bank
bin throaeh both Houses Of Congress IN
1892; in he accomplishment Of which
event, Mr.. MeDuffie acted so able and 50
conspicuous part.
ate bark part Ct the message OF The
President ia 1880 was referred in the Sc
naie 20 the committee Of finance, AZ the
head Of which was the venerable Senator
from Maryland, r General Samuel Smith.
He was democrat, as nv friend from
Virginia would say, ofthe " most strai;est
sect" lie was q merchant, ! believe,
sir, OF large and accurate experience OF
the. commercial affairs OF this country.
lie was then leading member Of The
Jackson party in the Senate, as Mr.. Ne.
Dufie was in the other House. He had
voted against the bank in 1911. In his
report to the Senate, he declared the upi-
Mon of the committee to be, that :" the
country was in the enjoymentofa uniform
currency, not only sound and uniform in
itself, and perfectly adapted TO all the pur-
poses Of the Government and the commu-
nily, but more sound and uniform than
that possessed by any other country"
lie stated that |" the Government had,
during the ten years preceding the isi ia
nuary, 1880, received from the collectors
of the reTenne, in every part Of this wide
Iy extended country, more than two hun
dred and thirty millions Of dollars;' that
"thsi immense sum, through the agency
of the bank, had been dishlrsed At odler
points. many thousand miles distant from
the places where il was collected, and yet
shai it hadbeen 50 collected and distribute
Ell. withou. the loss, as far as the commit
tee coald learn, Of single dollar, and
without the expense Of single dollar TO
the government" and the report eonclud-
ed with an expression Of opinion, that il
was " prudent to abstain from all legisla-
iion--.o abide the practical good which
the country enjoyed, and to put nothing
70 hazard By doubsfnl experiments"
When the question Of the renewal Of the
cllyte. Of the bank came up in 1892, the
Senator from Maryland recorded his vote
in the affirmative. Associated with him
in the effort that was al that time made IN
save the currency from arrangement, the
Government from debt, and the People
from the pressure they now endure, were
soma Of the most enlightened statesmen
Of the present day. ! an not about 10
enumcrats them.
But, while il is not my wish 10 abuse
the patience OF the Senate, ] trust ! may
te permitted 10 refer to an additional
so1rce Of authority on this important sub
iect--I mean that Of the State Govern
msnis. There are few states Of this Union
itst have not, at some period or other Of
the existence OF the bank, indicated their
concurrence in the constimtionaliiy Of the
charter. | believe it wass the honorable
gentleman from Mississippi Mr.. Walk
efl who alluded 70 the recent avowal BY
the Legislature Of New Hampshire of a
settled purpose to nullify the charter of
this bank. New Hampshire, We are in
formed, threatens resistance to a law ofthe
United Stalesl Sir, New Hampshire is
es;npped from the notification Of this
charter by her own assertions Of its con-
stiutoEality. am enabled to state, on
the authority Of pamphle. with which ]
4 have been furnished BY friend. that. in
June, 1921, aresoluIion passed The House
Of Representatives of that state, by vote
Of one hundred and seyeniy-two TO nine.
declaring |" that the Congress Of the Unit
ed States have, by The constitution, pow
e. 10 establish bank with Offices of dis
eocnt AMI deposite in the several states,
as is done BY the act establishing the Bank
Of the Uaitei States; and tina. the exer-
rise Of this power is necessary for the due
aialiaisTl.ion Of the fiscal concerns Of the
Uai.el States.' This was no party re-
salulioa. II was passed at a period the
m3st propiiious for the calm and dispas-
sinna.e consideration Of the subject to
which il refers. Twas passed during the
administration Of Mr.. Monroe, when the
old landmarks Of party had been over
thrown, when the people Of the United
States were one people, and when great
measures were Diseased and decided with
exclusive reference TO the public good.
Sch a nreeedsut c10nat he tiisregardpd