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

i,sawss, be ahrngapd.
This 10 lhe ehirf nurTose q he pro /
,o.eI Exrhfqasr: md ssFeiy Il. il ne
a-~omplishmsnl 81 . purpasa % esssn
- iss6arts sopnd circulating msdiog
,arshs ronnlry and fscsitits 70 Hsds. il
.beulJ BE- regarded . no slight &c ~
nenaslion u il 10 pubic consideration.
Properly guarded By the provisions u las.
!, an sun inl0 no dangerous ssil, nor can
.ay ,buss arse uader u bat such . The
Ie,i.la,ore itself will be srs~sr.bls for. Il
4 II ,olerale1; sinre i 70 III the creature
af,ss lac, sld 10 su-esp'ilils 81 al tines
"a mod (icslian. ans ndmsni nr repeal. ~
,bs pleasure Il Congress. ! know IhaIil
~, been objected that The system aovld
- liable 10 be sbussd By ihe Lsgisla,nre.
A. whem alone IL could be abused. 10 the
n.r,y eonf,e1s Of The dav. That such
sb.ss would a.aifssl itself in : ehsner
a ,hs Ias which would authorize ansx
eessiss issue Of paper lnT lie purpose e
iaa..ias priers and winning popular f.
y.f. To that il may be answered. that
ths a.crip,ion OF such motive 20 Ton
g.es. is altogether gss;iiuilous and insd-
mis.ibls. The iheary af Our inss',u,Ions
vou.d lead ss 90 different conclusion.
m, perfect security sgairst proceeds
ms 50 reckless. would be found 10 exist
IN he very nature II things. The poli-
zeal party which should Be so blind %
the nee interests Of lhs country a. 10 re
sor, 20 sUeh an expedieni. sould ineyi-
tally meet with 6aA overthrow IN The
fac. .ial, ihs nomens the paper ceased 70
be convertible inia specie, or oihersise
otomply sedssmsd. u would become
wor,hIess. and would. IN the end. disho-
nor The Government. involve the peo-
MIA IN ruin. and such p,liliesi parry 10
homeless disgrace. Al tic sane time.
such a view iayolses The utter impussle'
Ii,y oifu,nshing any currency other IN
thr n tho prec oas metals; for. u "
Gose,nmea, iise.f cannotfnrsgo the ,rmp
,.,inn ai excessive paper issues. What
reliance can be placed in corporations
upsn whom The iemplaIions Of individual
sggrsndizemeni would most strongly
operate! The People w""ld have %
blame none but lhemselves f"r any injury
thai nigh, s,isesfrom course so rerk-
less, since their agents would DC III
wrong do..- The passive spec
taiors.
Taere can be hut lhrrc kinds Of public
eurrenc,: Isl. t;nld and silver; I'd. The
paper of State institutions: or. 3D.. A rep
rssents,ise Of The precious metals, PRO
yidsd By the General Government. ol
under iu au,horiiy. The Ssb-freasury
system rel. cited The last in any form; and
as il was bsliyed that no reliance cnul'
be placed on The issues Of local inslilu
lions Tor the purposes Of general clrrnlu
tnu, il necessarily aud unasoidsbly sdop
ted specie - The exclusive currency Tor ~
own use. And this must-estr be IN
case unless one OF the other kinds be us
cd. The choice. in the present state q
public sentiment. lies between an exciu
sive specie currency on the one hsnd. ant
Government issues Of sons Kind on ~
o,hsr. That these issues cannot be mad
BY q chartered institution, ~ supposed
be- conclusivsly settled. They mus, b
made, ihep.r directly Ply ssGovernmeu
agents. For several years past ,hsy haV
been thus made in the form Of Tressur
notes. and have ANSWERED valuable pun
pose. Their usefulness has been llmi
ell by their beng transient and ,emPor'
~; their ces.ing 10 bear ln,eres.a give
periods necsssarl; causes their speed
return, and thus restricts their range Z
circulation, and, being used only IN III
disbursements pf Government, they car
no, reach those poinIsswhere they 81
mos, required. by rendering their US
permanent, 10 the moderate exten, slIe'
DIV mentioned, by offering no iudueeme'
for their return. aud by exchanging 'he'
for coin aud other values, they will col
slitute, 10 q certain extent, the gener
currency so much needed 10 maintain u
iniernai trade OF the country. And III
is the Exchequer plan. so Tar as II ina
operate In furnishing currency.
| cannot fnrego the occasion to urge
importance 10 The credit 81 The Gossr
ment in a financial point oil view ~
great necessity Of resar,ing to every pr
per and becoming exped,en, in order
pl,ce The Treasury on footing OF U
highest respectab,li,v. is entirely obviou
The credi. Of the Government may
regarded as the very soul OF The HoVer
men, i,sslr---1 principle Of vitality VII
on, which all IT'S movements ATE iang'
and all It's operations embarrassed
this spirit the Executive felt itself ooo
by the nus, Imperative sense oil d"'y
submit to Congress, a,i's Las, session.
proprieiy Of making a specific pledge
the land fund, as the basis Tor Tie net
tiation Of the loans au,horzcdst'. be &C
uac,ed. l ,hpn...,h 'ughi 'ha. such
application Of the pubic domain w"u
wi,hou, doubt, have placed at the 60
mand of the GoserHmen, amp'e innus
relieve the Treasury from temporary e
barrassmen,s under which 1t LABOR