The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1847-12-23

NrAa NEssAEr tnta aNtFAs res eaala 20 .ra
- 10 eSlisasE Ihs PIsrlirai ass.l,, -
~ ssslen - ell 81 raansEiss. ah,,. !.
hss kRg bees established. snd ssll r.
Il a ssriF reisd u ysuf .sssios -
isslhrE IrgulalioRs e. ggessd b, a. :.
sssfigsneR - msy Tthesr 10 sl7ll a..
slI.r.sSs snd tsh.6si.l.
b. he sgI % :. FE0Eids lOE he htr.,.,
FsnlIa laH az Ire TnrassFy. shd 4, 4.
reilsrsiar. ssEe kfsP'ng sna ei.bur.,.,,,
Of lie Pshllr IrveHuE." al bah, s.
dl.rsnIinusd 90 ksrsI ,FrhIs Of n, e..
rEnmsus. snd ne paper rvsrerry ,.s,s
b. lhsm Aas 40 iunetr ptrnIllrd u k.,,.
Eelsed ~ Pssmsnl VI public dsss.
The CONSTITUTIONAL Treasury rr,,,,a
BY ILls seI aFnl inI0 cptrallen 90 A.. g.,
vi January LAT. Untrr the sysi.m =.
lsbllahed by u. the Pablo money!, Ia.
besn collected. salty kspI. srd dlshr,,,S
BY Ihs direct sgsnry Of officers o. n.
Government in gold and SIl,tr. and .,,,,.
feEs oi large spo0um have been mad. ia.
points Of rollsrhoa 10 pOinu Of di,bv,,.
nsns. without lose 20 The TFsssu.y. =,
injury or ine0nsenisnes 10 The Isds Cid.
eOuhIfy.
While The fiscal operations Of IL. Cos.
eTnnsBI have been conducted wilh ,,,u.
laIIIy sndesse under The ,yslsp. u has s,d
. sslUIaIy effect IN checking and pr,y,s,.
ing al undue inas'ion Of The psnsr cur.
Ieuey nsUtd kv tie banks whIch s.i,,
under State ehsres. RfquiTlpg, M IN
does. oil dues 20 the GOrernnsnI 10 B,
paid IN gold aud SILVER. iis effect 10 10 "a.
strain excessive issues Of bsnk rAp.r bx
The bsnks disproporioBrd 10 Ihe spesi.
10 GheH vaults. lOr the reason lhn Iksy o.,
81 all times liable 70 be called 90 hy Ihs
holders Of their notes FOE their rsdsmp.
ton. 10 order 10 obtain specie for he p.s.
msnI oil dunes and Other Iublie does.
! The banks, therefore. musi keep liar
business within prudent limits. and be
slsays IN condition 70 meet such ssll.,
OF run the hslsrd Of beng compelled 10
suspend specie pay msnis, aud be thereby
dncred,led. The amount Of specie in
ported INTO The Uhned STATES dufieg the
last fiscal year ~ss Iweniys loVr million
one hundred and IwsBiy.one Ihounnd
Two hundred and tighIy.nihe Jollns: Of
which there wss reIsined 10 The eousuy
tssn,y.lWo million two hundred and
seventy thousand one hundred snds
reniy dollars. Had The former financial
system prevailed. and The public .nensys
been placed on deposi,e in bsnks, nearly
The @hole OF IhIs amount would have gone
into Then .svlis, not 10 DO Ihrown lnlo
circulation b. them, but 10 be ~nhhsld
, from The hands Of The people % 0 sunst.
cy. and Usde the essIs Of psw and sboi.
mOus ls'ues OF bank paper. A I,rss pro.
Pornon Of The specie imported has been
paid mo The Treasury ior public dusG
and after having been, 10 . great sIlsn.
TeeOIned 81 the MINI. has been paid QUITO
The pubic creditors, sbd gone into sitea.
laIIon 40 . currency among the people.
The amount Of gold and silver eoIn no.
in circulation IN The county 10 larger ,hsa
Of any fotRsr period.
The tinanrial system established by the
Constitutional Treasury has been. thus
far. eminenIly successful in ns operations:
and ] recommend an adherence to al iIs
essential provisions, and especially 10 that
vital provision which wholly separates
I the Government from all eonnexion with
banks. and excludes bank paper from all
| revenue receipts.
In some of lis details, not involving lis
general principles, the system is defective,
and will require modification. These De.
fects. and such amendments as ATE deem
cd Important, were set forth in the last
annual report Of the Secretary Of the Trea-
sury. these amendments are again re"
commended 10 the early and favorable
consideration Of Congress.
During the past year The coinage at The
mint and its branches ha. exceeded TWEEN
~ millions Of dollars. This has consist
ed chiefly in converting the coins Of To-
reign countries into American coin.
! The largest amount, Of foreign coin I'M
ported has been received at New York:
and if branch mint was established at
that city, all the foreign coin received at
that port could al once be converted into
our own coin, without the expense. risk,
and delay of Transporting i. to the min.
for that purpose. aud the amour. reco'ned
would he much larger.
| Experience has proved tina, foreign
coin, and especially foreign gold conn.,
will not circulate extensively rs eurren'
cy among the people. The important
measure of extending our specie clrcnla-
lion. bo'h Of gold aud silver, and Of diifu'
sing il among the people, can only be ell
fcctrd by converting such foreign coin IN
to American coin. repeat the recon,
mendation contained in my last annual
message for The establishment OF branch
of the mint Of the United States at the cI'
~ Of New York.
All the public lands which had been
, surveyed and were ready for market nave
been proclaimed for sale during the past
war IN, nn.,,.,,, ,Iln.aJ ..pl he OF