The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-02-24


re-. and having besn gahs dirough viii.
Ode kEa dne u enc DAY fos long PEN
3D. il'e house adjaamsd.
On Tuesday. the most important trans
arsioa was ihe passage Of he bill sns-
pending Coz limited lime he provisinn
N lhs chsrirr Of De Banks of DIE Disiriet
q coIumbia which prohibits he reissue
q die no,es az non-speeie-psying banks
afier The Isl q March.
On Wednesday. the general appropri-
alton bill was taken mp in committee Of
The whole, but very liuIe progress was
made. when die committee rose. and he
house adjourned.
On Thursday, the report Of he con-
mitlee On relrenchmeni was considered
daring die morning hour.
Mr.. Cushing. from the scleri commit
tee on finances and The currency, 70 whom
had been referred ihe exehequer plan Of
The President. made q report in pari. ae-
companied with bill.
Mr. G. Davis, not agreeing with ihe
majority Of the committee. made eoun-
Ter report. which concluded as follows:
1.-The undersigned, from this reason
ing. comes 10 the conclusion that, in prac-
lical operation, The Exchequer Board. as
modelled by ihe committee, would be
simply depository Of the public revenue.
mere Sab-Treasury. with "lhe specie
clause" scarcely excluded. as il allows
the notes Of specie paying hanks TO be
paid in discharge Of The public dues only
wien they are convertible into gold and
silver n the places Ehere received. IL is
Sub-Treasurv more expansive and more
liable 10 abnse than ihe one which the
American People have so signally con-
demned, and 70 The repeal Of which the
preseni Executive stands pledged BIZ his
recognition that II was one OF The cardinal
questions in The last Presidential election;
and he has solemnly confonned his Off
cial artion 10 that judgment of this great
tribunal by approving he bill for lis re-
peal. hwould he powerless TO effect any
Thing TO restrain excessive issues Of banks,
70 purify their present spurious circula-
ton, 10 aid them in a return TO specie
payments, or to coerce them 10 that duty,
beyond the mere Treasury operation OF
excluding FROM. the public receipts all noies
that are not convertible iaio gold and sill
yer. SO Car as il would furnish circula-
ton, il would exclude better one; il
would enlarge considerably Executive
patronage and ACKNOWLEDGEMENTS. Ii
can do nothing to facilitate and cheaper
exchanges, TO aid commerce, to restore
general confidence, TO bring back 10 the
country its lost prosperity. Wherefore,
the undersigned recommends 10 the House
TO reject wholly and in detail this scheme,
both in the form which il came from the
Executive. and in the less imposing one
into which il has been moulded by The
majority Of the committee. He concurs
fully in the sentiments expressed by Mr..
Webster on similar occasion. I" is bet
ter TO do nothing th4n 10 do mischief"
twenty-five hundred extra copies Of
both reports were ordered to be printed.
| Mr.. Barnard. gave notice that, at pro
per time, he intended teoffer substitute,
if not for the whole, at least for that part
OF The bill reported from The Currency
Committee which relates TO currency; the
substitute 70 provide for an authority to
the Secretary Of The Treasury, without
other machinery, to issue, in payment Of
public dues and in exchange for gold and
silver, exchequer bills, Of denominations
and in form fit to circulate as money,
not exceeding fifteen millions Of dollars |;
to be issued on competent specie basis,
say one dollar to three; to be payable, on
demand, in gold and silver, at the city Of
New York, the commercial centre of the
Union, and receivable in payment Of all
public dues.
On Friday, the House, after receiving
reports Of two or three bills, passed over
the unfinished business of the morning
hour, (ihe Retrenchment Report, and
resolved itselfinto committee ofthe whole
on the state Of the union, and resumed the
consideration Of the Civil and Diplomatic
Appropriation Bill. Some little progress
was made therein, and the committee rose
in the midst Of an unfinished debate on
motion OF Mr.. Graham, Of North Carolina.
to amend the bill by providing that here
after no stationery shall be allowed, al the
public expense, TO members Of Congress.
Mr.. Caru,hers, of Tennessee, Mr.. Stu
art, Of Virginia, and Mr.. Meriwether, Of
Georgia. were announced by the Speaker
as members Of the Committee on Foreign