The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-12-15

Hthss 90 manY EhObm haze esFapsd Ia
lbl,ehnng inhasnsss Of he nmss.
In he snlsmn conviction Of Ihese GrusI.
ana wsIh ~ ardent desire 10 meet a,
pressing nerssiIies cf lhs country. 1 n,
i 20 Sc ny duly 70 cause 20 Be suba.ued
10 you. 81 lhe eammsnessnsni n your Ia.
sss sioh, The plan Of sn ExcheQuer. m.
whsls pouer and duiy Of mainssiring
xlirh. In purity and vigor. las 10 i
sresrised 81 he Rerress niaIives az IL
People and shs Stairs. and. therefore
sinually ky me Preple ihrnalTes. II
wss proposed 10 pisrei IL under lie e0n,rL
snd direction Of . Treasury Board. Il
consist Of three Cnmmisslnners, aho,s
6uly il shrald be 20 ere thar he Law AZ
ns creation VAS isishiuIly skerul-d. a.d
that me great end Of supplying a paper
MEDIUM Of exchange. u all lines con.
yrIlibIs inlo gold end silver. shobld Be
attained. The Board thus constituted.
sas given IS murh psrmsntney % could
be impaired 10 IL. without endsbgerine
The proper share Of responsibility wheh
should silseh % al public ssenis. In
order 10 insure sA the sdsanIagrs az =
! well-nalursd experience. lhe Comni,.
sioEeEs wsre 10 hold their Offices for me
respective periods OF two fnar. and on
years. hereby securing II 81 times ia he
Management Of The Exehsqner. The sersi.
ees Of Two %, n ofexperienre; and 10 pIsre
them in condition. 20 exercise psrIer,
independents Of mind and scion, Ii vas
provided thai their rsmosal should oaly
iake place for acinal ineapacily or il kd.li.
~ 10 The lrus's and 10 be followed BY he
President with an exposition Of the cause,
81 snch remos.h should il occur. ava.
proposed 10 establish subordinate board.
10 each Of the States. under the same
restrictions and limiistious OF the poser
Of rrmossl. which. with the ceuiral board.
should receive. safely keep. and disbur.s
The public money!; and IN 6lder 10 lurai,h
sound paper medium Of exchange, The
Exchtqner should retain Of the revenues
Of the GovernmsHl sum NOT 10 exceed
$4,000. 900 in specie, 10 be sci apart az
! required by iis operations. and 10 pay
the public creditor 81 his own option,
tl,hsr in specie or Treasury notes. Of
denominations not less Than Eve. nor
Exceeding ore hundred dollars, which
mates should be redeemed al the several
rlaces Of issue, and 10 be receivable q, al
times and every where in paymen, Of
Government dues; with restraint upon
such issue Of bills Thai the same should
Rotexcesd The maximum ofsl5 100000.
ln order 10 guard against all The hazards
incident 10 fuciusiInns in trade, The Sc
creisry The Treasury wss invested with
suihoriiy 10 issue $4,000. 900 Of Govern
menI s1ork. should The same Al any tine
be regarded as necessary. in order 10 pls,s
beyond hazard the prompt redemption Of
the bills Which might be thrown inlo
circulation. Thus in fsct making The
issue Of els, ZOO. 600 of Exeheqosr bills,
res, subsiartislly On slO,oO0.oO0. and
keeping in circnlsiion never more than
nbe ard ons-hslf dollrs for every dolsr
IN Specie. When to this il is sdlsdihsi
The bills are not only every where reesiv,.
tie IN Government dues. but that The
Government itself would be bound Tor
their ultimate redemption, no rational
doubt can exist tina, the paper which Tho
Excbequer would furnish. would readily
enter into gensr,l circulation. and be
maintained ., ell times al or above p.'
with gold and silver; thereby realizing
the great went Of the age, and fulfilling
The wishes of The People. In order to
reimburse the Government the expenses
Of The plan, il vas proposed to invest the
Exchrquer with the limited authority To
deal in bills Of excl anee, unless prohibited
by tie St'ie in which an sgeRcy might
be situated. having only thirty days 10
run. and resting on fsir and bona fdt
basIs. The f.eRislali' will an This point
might be so plainly announced ., to avoid
all pretrxtfo for psrlisli,y or favoriiism. 1t
was furthermore. ptnpused IN invest Ih'
Treasury agt n, with authority 10 receive
on depOsile. 10 limited amount, the specie
funds Of individuals, and 10 grant cetl'f'
cafes there for. to BE- redeemed on presrn-
,aIion. under the idea. which is believed
10 be we'll founded, that such ceruica'e'
would come in aid # the Exehequer bills
IN supplying safe aud ample paper
cHcu anon. Or. II 10 place Of the cen
'empls,ed dealIngsiln exchange. the ES'
eheqner should be authorized mol only to
earhsnpe It's bis for actual dePnsi'es OF
specie. bu, for specie or its equisse"t,
sell drafts. charging therefor a small but
reasonable premium. | cannot doubt bC'
Thai The benef's nf the Law would DO
speedily man tested in tie revival Of The
credit. trade aud business Of The whole
country. Entertaining This opinion.
becomes my duty To urge its adoption
upon Congress, by reference to the strong
est considerations II The public Interest,"
with snrh alterations in its details a.
Consre,s may in It's wisdom see HI "
make.
an we'll aware that this proposed AZ
r las es-