The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1857-05-13

time Of such sale and assignment. aud shall
be redeemable at the pleasure Of the States
issuing ,hem."
1t was a luan on interest, creating, as It
were, q debt, with confession OF judgment,
and placed the States at the mercy OF the |
Secretary of the rreasury--uness, forsooth,
they should resort to the device, a. many Of
them no doubt would have done, Of discredlt-
ing themselves, that the Secretary might not
be able to find purchaser Of their certiii-
Gates. in this shape i, passed the Senate BY
yeas 40, nays 6. Amongst the yeas | lind
recorded Buchanan, Calhoun, Clay, Critten
den. King Of Alabama. Mangum, Preston OF
S. c., Riyes Of Va, Tallmadge, Webster
besides many less eminent individuals Of
both parties. In the House of Representa-
tves that section was stricken out, and one,
WHICH was finally passed. was substituted.
providing for deposit Of the surplus with
the States without interest. and on no other
condition than their agreeing to return it, IL
at any future time Congress should call for
it. In this shape it passed by yeas l55. nays
SO. Amongst the yeas find recorded Lynn
Boyd, Jesse "A. Bynum Of N. c., Caleb Cush-
Ing, Henry W. Conner Of N. c., Edw. De-
berry Of N. O., NJ. L. Hawkins Of N. g.,
Richard M. johnson, Dixon II. Lewis, Will
liam Montgomery Of N. c.. Ebenezer Petit
grew Of N. e., Francis w. Pickens Of 3. o.,
Abram Rencher of N. c.. A. II. Shepard Of
N. c., Jesse Speight OF N. c., Isaac 'foucey
OF Conn.,, Elisha Whittlesey. Lewis Williams
Of n. c., embracing every member from
North Carolina except Mr.. Mckay, and
large number Of Democrats less known to
/ the people Of this State.
/ When the bill, thus amended. was returned
to the Senate that body passed it without a
MISUNDERSTANDING either that the Senate
was unanimous in its ia.or. or that the lew
individuals who had opposed il before were
willing TO acguiesce in il in it, altered form.
The bill Of last session was a literal trans
cript Of the act Of 1886. as il passed.
4 Two things are particularly worthy OF note
| in regard TO the act Of 1886 LIST. Ii was
strennousIy denied by the opponents Of the
bill that there was really any surplus in the
| Treasury. H that number were Silas
Wright and Col. Benton. CIV Wise was
then a member Of the House of Representa-
tiyes, aud in a recent published letter, he
characterizes the act. in his peculiar nervous
language, as diuiding deficiency" End.
Under the operation OF the arltf Actof 1889
the duties were rapidly running dawn to the
minimum which was to be reached in ls42;
and it was clearly forescen that when they
\ reached that point. if mt before. the revenue
Of the government would be unequal to its
expenses, and there was 10 great need Ia
make haste in dispos,ng 81 surplus. which
would SO soon be needed 10 meet necessary
expenses. In point Of fact. il was needed be-
Iorr the act was fully executed; aud the
fourth instalment has never been paid oser To
the States. IL seems almost incredible now
that, at so recent peri.sl, our government
has been without money aud withnut credit,
and that our bonds were actually hawked
abou: in this country ana, 10 Europe without
our bring able TO borrow dollar. Yet such
is The fact.
II II, under circumstances so much less ur-
gent than exist at present, and before experi.
ence had refuted the main objections urged
against the arf Of &c. Gen. Jackson, Mr..
Calhoun, Mr.. Buchanan, Mr.. King. Mr..
TOucey, all but one Of the Democrats from
this Stale. 10 say nothing Of thosc equally
eminent men WIN were 10 favor Of dislrIbu-
tion. could adopt The policy. may feel my
self sustained by th. authority Of the mosl
eminent Democratic statesmen. Nor is the
weight of the authority likely 10 be everest.
mated when We consider that at a period
. when to unusual part, bitterness was aided
intense personal raneur, this measure com
manded an almost unanlinuns ,oie; and, Tor
perhaps the first aud last time in their lives,
lack son, Clay, calhoun and Webster we've
united ~ IL support. In that ,lay inteliec-
tuaI giants shaped the policy and controlled
the destiny IL the Republic, and such CON
junction of tie planet, Il the FIRST magnitude
could bode no evil the country.
u Mr.. Calhoun ard ten. Jackson though:
the deposit act no violation of the COnstItu.
ton Tor they sanctioned il. AL the regret
or classification expressed BY Zen. Jackson
was, that there shuuld exist necessity Tor Il
that there should have been mnre money
collected ir"n the people than the govern.
rent needed. lie signed the bill the very
day il was presented 20 him aud wilhout a
war,I of doubt or qualification. These two
! statesmen went further: They thought il 50
proper remedy for the malady ufan unsyoi-
liable surplus, that ihes desired 10 remove by
an amendment whatever constitutional scru.
pie. others might have, and adnpt i not ior
The occasion only, but a an established
policy.
a The Jpurnal &c the Senate for 1856, al
! page &C, contains the following entry:
" Mr.. CaIhopn asked anil obtained leave 70
bring 10 bill 10 regulate the deposits 81 the
public money, aud j,int resolution propo.
+, sing an ameudmrnt TO the Constitution oil
tie United States. providing for distribution
! 0f the surplus revenues amongst the several
States aud Territories until the year is4j
which we're seseraily read and passed to a
. ssepnd reading
The "Glebe." then edited By Francis p.
Blair, was the recognized organ III the adj.
{ ninistraiiOn. In that paper of ed July.
fnd long and carefully written ediiofial az.