The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1844-09-12

nntsF Ne soc IaWsT 81 he EKarulisf.
u This 4 enc a. he meet dsssrFous sTa
alarming lxslaErs 0f ne Ssb-Fressrrv
sysem. ard sessrsss eassi.l snd e..
\ dld sssminssien. Tbs tspsh seesiss e
he esb-9seassfy Bgk - pssssdhy Co.
Rrsss ard siesed by Nc Yea BsIsn. ).
die sih Of July, 1870. sisrr~ssds rsl sasd
by Ihs Wh,g Congress. Hhd again repo,,.
ed Ios sdspaion b me Loco POGO Com.
nj Zee Of Ways and Means. Msrsh "a.
1874. rssds - folIo...
.See. 10. Andbe i further ense,,d
Thsfii shall be lsxlsl Coz ne Ssesesarx
Of Ihs iIfeasury 70 msnslss shs moniss q
the haads q any depDsilnry hereby eonsli.
iplsd % The TrsasUry ofihe uhied Sls.s,:
70 The mini % Philadslphis;io ne brarea
mint 81 Nex Orleans; OF 70 The ofke,s n
the RseeissIs General Of rublle monsy,.
By Ibis al dirseEd 10 be sproinhd: % u
there safely ksPt. according % The proyi.
sions u lhis sri; and slso lO'hansfsr mo.
Reys IN The hands o. any one dsposi,orv.
eonsilsisd By The sane. a. his discretion.
and 80 he sale,y Of the public moneys and
The convenience ofthe public service shall
seesa Do lin "a require. and lor The Dur.
poe Of raynen son me public seeosrls, 4,
shall be lssf fol Cor ,hs aid Secretary 10
dras upon sasy Of lie ssid teposilorss a.
he may think most conducive 10 The pub.
lac interests. or 10 The convenience Of ,hs
pnblic creditors. or both"
Il must be seen g onSe that Ibis Gee.
lion gves 10 The s, cHtary Of the Heasu.
~, laho, IL mustbe remembered, sscorL-
ing 10 The doctrine established BY Gen.
Jackson. 10 The mere loot Of The Rreeu.
tivt) the most perfect and unlimited con.
uol Of the public mnneys:-he can trans.
isr Ihsm from place To place ., bis disere.
ton. without limit % 10 place, time.
amount. rate Of exchange or any hing
else. lie may draw al the ressnue Of The
government 10 one point fhe plsases. and
make all the Cues 10 public creditors pay.
abe there. aud nowhere slse. if he pleas.
e. II he fsneies that il 10 " conducive
10 The public interest" 10 do 80. he can
obIise . public creditor living 10 South
CsrOlins. or 10 Maine. TO receive his
dues 81 Louis or in New Yolk; and /,
must be seen 81 once that an uhbopndsd
power ]. thus pul into his hands. Of Ia
soring friends snd punishing tneaits. II
a partisan 0f the sdminisHa ion 10 10 t.
ce,e als,ee sum of money, he may nsks
u payable 81 The mosi favorable poln:--if
en- opponents iobs paid, The /" publ int.
resls.p ID The view Of the Secretary. may
reqUse The psymenl,o be made % renoa.
y IS possible. l. not This power ihs,
may be used wAh lrrnrnJgus polnicsl
tAest!
Bu, let rs see what must be me ine,i-
table operation II this sect m. Suppose
The Government owes On individual . 100.
600. lie goes 10 the Secretary ofthe Tres
sury 10 receive j.. The Secretary, by this
section If The Sub-'rrcasury Bill. has pow.
er TO draw upon any depository he pleas
e., for the amount. He accordingly gises
the creditor drafts. say on New York.
for The whole amount, ~ sums Of rom g.
TO $500 each. These drafts. ss III know
who remember those issued in 1899 and
1870. resemble in appearance bank bills.
The c,editor receives them. What will
he do With ihem!--wiIl he 90 TO New
York and receive specie Tor then! li'hs
does he mrs1 carry il about viih him 81
gsest expense, Al the RISK of iosing il and
With The grestly increased hazard 81 being
robbed. He will prefer to keep the drsfIs.
which will always command The specie,
Ike good bank bill. lie goes 10 New
Orleans. or has payments 10 make ,htre.
He iihds thu. 'hese drafts there, command
premium Of from one TO iaEes per cent
or course, instead Of transporting specie
ihi'Ler. he will sent his dra'i.. in pay.
msni oil his debt: and once there they VIII
psss from hand to hand like any other mo-
mey. brails 10 the amount Of II least
e2O. 100000 will thus be issued every
year. large ati Of which will remain il
circulation. In ,he course of lew years
they will reach avast amount. They will
be every here as good IS or even better
than spscir. and will as a mater OF course.
drive al the notes Of The State Banks FROM
cTculstion. ~ The Government OF ihs
United States v III tl,as in rhe end create
currency for the couniry: <1sn will ex'
eteise that mos, imror,ao, function Of q
bank, 'he creation of cueulauon. lt~H
inevitably cripple and destroy the State
Banks. because It's issues will be better ,hsn
theirs. Its money will speedily become
the only paper money in circulation. The
SUt-Tna'uiy System will then becomea
Government Bank. possessing alI4he pow.
'rs oI Nation-l Bank. aud Ill The powers
81 State Banks in addition. This as
mus be s"en. IS the raaura'.' inevitable 'en-
dtEcy of the sec'ion We have quoted. II
10 us legitimate operation. If otce ssist-
lished. 1t vii as surely lead TO tins, as an
hsc' always flo~s its proper cause.
Fhis gFea, Government Bank. possess.
ing powers vas,ly greater Than .hose Of
any rchsttereJ int tuition, exercising a
desp"tc authority over the exchanges,