The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1844-09-12
the ISSUES.
From the New York Courier and Enqairer.
THE syB-TREAsURY SYSTEM.

From The New York Courier and Enqnircr.
THE sgB-TREAsURy SYSTEM.
We have already shown lha, The Sub
Treasury System. which the Loca Foeos
vail adopt IL sueeesslulIn The coming con
test, is, lst. far lees ron,enieng I'd, lar
more expensive. and 81. far less sale. as
"a agent for the custody Of The public
money, than o National Bsnk. We
sEall proceed 10 assign other reasons for
he hostility Of the. Wings 10 this Loco
FUco scLems.
4. The Sub Treasury System demands
for The officers Of The Government q bet
Ter currency Than il gives the People. A
prominent feature Of this bill. as ve have
shown, 10 that according 10 ito provisions
nothing boz gold and silver shall be re-
ceiEsd by the Government in payment Of
public dues. The principle on which
this seiiOn was jusnfed. was stated by
Slss Wrishl in .he Senate on The 3O,h Of
January. 1888. uhsn be said, LET The
Government lake care thu, il provide .
good currency Tor It's own use. and let 1,
leave all the rect 10 The 5 ales aud TO the
people. La accordance with this maxim.
the Sub Treasury bill secures gold and
silver fIr the use OF the Government, and
leaves To The people the paper mo"sy u
the State Banks. But the very sci vi ie-
losing 10 receive ,hs, paper money in pay
meni Of public dues. 10 IN fact 3 declars-
ton OF The part Of the Govsrnmen, that
IL is not safe. that IL 10 worthless. LIS
opposition will be precisely the same a, II
tha General Government should issue a
Ssossrslion. declaring that The State
Banks we're unsafe; that their bills were
no, good; ,ha, the paper money they issue
is worthless; 'hs, the currency they fur
nish is no, sound; and that. therefore. the
Government will no, receive il. And Sc,
The asme Government leaves this piper
money, thus branded. ihus dI.credlt,d,
thus scornfully nfcred. to the people!
There 10 but one Interpretation which can
be given to action such IS this:--i,s Ian
gage il. the Government nus, have bet
Ter currency that the people. The ofifcsrs
OF The Governmsn', those Who draw their
aa!aries From 'he pubic Treasury. mus,
have gold aud silver; bu, Me people mus,
tesl content with the dIscrrd,ed end
csE,pssslrely worlhIess paper money oil
their State Banks. This is. certainly, an
extraordinary step for a Government ap.
panied BY The people. existing only .,
their viii. and chosen expressly to make
laws for their good. There 10 no mon.
aTchy in Europe which raises itself above
the people. with more kingly and despo
&c port. Than this. The Republican
Government Of America. a Gnyernmeul
which exiss 'oltly and exclusively for
the g""d Of the people. aud winch should
not lave though or wish concerning
il. own existence. apart from The welfare
of'hoaeb by whoa It IS created, proclaims
hs ineution to secure for ils oan use o
sound currency and leave the people To
take care Of themselves.
5. The Sub-Treasury system makes wai
up"n The Currency. The rnmeGt
according 10 ns Provisions. refuses TO re
ceIvs tbs money which il leaves 10 the
people. II thus brands tina, money ss
unsafe and the currency as uEsound. I,
empha,iesHy ps"ciaims tha, The issues oil
The Safe banks are not 10 be received az
money. Yet these issues d.. and ala az
must, constitute the great body Of all The
money in circulation. The Governn ent.
therefore. declares to the whole Country
shs the currency Which I. has Is not sound,
and II follow up ibis declsrtlon BY relus.
l"g 10 receive II. The natural Effect oil
this H0s; Of course be tn Destroy public
confidence ia The PUBLIC currency. The
ISSUES Of Site banks " Ill thus fall in put.
lie estimation. They will be tecelseJ
with d'-tusI, btc4use the Gnyernnen,
d,strusts them. The necessary result v in
be deprec alton of the money 10 c,rculs.
tiou: a destruction Of confidence in the
currency and The consequent destruction
of the cprrehcy ITSELF.
9. The Sub.TIessury System will re