The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1845-12-18

#4#AAN E8N EANAAEN - - = AAMtM - ~
unilsa Satire prpssd 20 D. lsiliEss. re
Stale hanks ALsvh were af,.rsss1s go
,.l0y ed. uere fat les. Boz few ysaFs
ago, uiih millions n rnfl.e msnsy %
IheTkssi inF, d : go,eIna enIwas hEos a. 4
almost 10 bsEkrul tey, snc Tie puhilr ere
dit ssriousiy impaired. because Il lirlr
inability ~ iudisposIlion TO psy. IN de-
mand. 10 Il c Tublse creditors, in 1 on.y
currency Ttrs gais. 4 by lie consislUaian.
rhsir failure occurred N . Pened Of
peace. snd great Inronsrnifnre md lf.s
wee suffered By the public from {. Had
The eOunHy been involved IN forsi9l
war. Ihst Inconvenience end les Wauld
have hEea much greater. End night h We
resulted 20 exEeme public calamity. Ihs
public money shnnld nos be mingled 9th
| tie pFlssie IDnsls ul banks or individuals,
OT be ussd Tor private puFpnsts. MEra
] il - placed 10 banks foE sair kespirF, IL
IL ia eiiesI loaned tn them w,ihnu' ln,srr-,,
and - lnsnrd by them Vpcn utter sit0 ths
/ bOFOge,s t. "a item. The Iubllc u.onFy
10 rOnEeried Hlo banking cspIal, snd .
used aud losued ouI lor the private NJ, 81
nf bsak stockholders; in1 Nhen sslled
lor. las xss tle ease N 1887, ii NAV b.
In the pockets al tie h,rswsrs ifem he
banks, instead OF being 10 .he public Pa.
sUfy cnnlsmila Gd bg tie Consttu iae.
The f,smFrs III tie cnnst & lion 90 ID
never lave in'ended IhaI lhe mt new ysIJ
into Tie treasury should he Tins convert.
ed % TriVa'e use, and placed hey ord he
control Of tie goser0meni.
Banks which hold The public money
are often tempted. by desire of galn, ~
extend Ihsm loans, increase their rrcnla-
ten, and thus s!imulaiF, il moi produce, =
spirit Of sp' culauon and extravaganza,
which scorer Or lahr musi result in ruiz
10 thousands. If The rublic money be not
permitted 10 be- thus used, hut be kept 10
the treasury sid paid ont to tie public
creditors 10 gold md silver, the ten pta-
ton afforded by lie dep size with hanks
TO an undue expansion Of Their bu.ipe.s
would be checked. While The amour, OF
the consiiIurOasl currency leiI in clrca-
la'ion, would be snlsrged hy its employ
mfnt IN the public collections and dis
burseuens, aud the haaks themselves
would IN coma qnence be found in safer
and sounder coalition.
| At present.. State banks are employed
as repositories, but wIlhout adsqasie 70.
gn'ati"n ci law. whereby lbe Pablo ncp-
ey c'n 70 secured against the casualties
end exrGssts, rssGlsluns, suspensions,
and =. ta."..:e.r q, 49,: 49,.
! for gain, or Other csusFs, they are cons'an,-
ly exposed. Tie Secretary Of the Tea
sury has in oil ceses, whfn it YVES prsc-
llcable, taken collateral sscUIily for The
AN omit which they hold, by the pledge
of slocks oil tie United States. or such
Of the s aes as wsre n good credit. Soms
Of The deposi'e banks have gwen ,his
description Of security, and oilers have
declined 10 do ST..
Entertaining the opinion that the Sc
paration Of the moneys of the government
from banking institutions is indispensable
for the safety of the funds of the govern
ment and the rights of the people, re-
commend to Congress that provision be
made by law for such separation, and that
a constitutional treasury be created for the
safe keeping of the public money. The
constitutional treasury recommended is
designed as u secure depository for the pub
lie money, without any power TO make
loans or discounts, or 10 issue any paper
whatever as currency or circulation. [
cannot doubt that such Il treasury as was
contemplated by the constitution, should
be independent of all banking corporations.
The money of the people should be kept
in the treasury OF The people created by
law, and be in the custody OF agents of
the people chosen by themselves, accord
ing 10 the forms Of the constitution; agents
who are directly responsible to the GO
vemment, who are under adequate bonds
and oaths, and who are subject to.severe
punishments for any emhc1zlement, pri-
vate use, Or misappIica!iou of the public
funds, and for any taitare in other respects
to perform their duties. 10 say that the
people or ihc;r government are incompe-
tent, or not to be trusted with the custody
OF their own money, IL their own treasury,
provided by themselves, but must rely on
the presidents, cashiers, and stockholders
of banking corporations, net appointed by
them, uor responsible to them, would be 10
concede thai they arS incompetent for self
government.
In recommending the establishment of
a constitution | treasury, in which the
public money. hall be kept, l desire that
adequate pro l. ons be made by law for
its safety, and that all executive discretion
or control over it be removed except such
as may be necessary i'll directing lis dis
bursement in pursuance OF appropriations
made by law.
Under our present land system, limiting
the minimum price at which the public
lands can be entered 10 one dollar and
twenty-fyecents per acre, large quantities
of lands of inferior quality remain unsold,
bo,a,,Sa thew will not command that I1rice.