The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1836-04-15

for glO an acre. IN 1916 sod TOT SoO AZ.
QIOO \ remember she time vel, arr
ne universal prosperity of the country
was he theme q every mans tongue,
and speculation ron not In is magniheeni
schemes. Bal. sir. these things are sub
| iect 10 laws a. certain - any hing else
IN this world. There Is point beyond
which YOU cannot carry Them. The ouo'
bic, when inflated too much. bursts. In
1917 snd 1918 The reduction in The eIf'
rulalion commenced Ii MAS Of hrss slow
and gradual. and is effects scarcely per,
cepllble. Each day. however. readefed
them more apparent. when. IN 1917 ihe
circulation belng BY 50 per cent less Than
that Of 1915. there ensnsd . Peeuniary
distress which has never been exeerded
in any country. Every article OF com
mrrre. land. Slaves, houses, fell as Tar
below M.ir real value a. they had before
risen beyond IL. The must enormous
sacrifices were made Al ps5lic and Pri-
yale sales; and every one wss ssionlshd.
for they could NOT account for such
change in the general prosperity.
Sir, they are al accounted Tar by these
naked iseIs: IN 1913 the circulation Of the
cuunlv was seventy millions Of dollars.
in 1915 one hundred and ten millions. ~
1919 forty fse millions. Sir. II was mol.
property thai had risen in 1916. II was mo-
nev that had depreciasd; and IL was the
greater rGiIs oil il. produced BY its scar
city IN 1919. tia. made that property iaIl
10 price.
have taken these facts. sir. from the
report Of the thea Secretary Of the Urea.
sury, Mr.. Crawford and they may here
lied an. There can he no mistake IN
the deduciionI make from them.
II would seem. SIR. A. II all experience
was los. on US. We again see the same
extraordinary rise 10 The price Of every
Thing which is an object ofsale. Every
one. as heretofore, is expsiiaung on the
universal prosperity, and there are no
bounds to the imaginal'ons IN which
men indulge ia these matters. But. sir.
our situation is Just the same as il was
indhe other times ! have been speaking
| Of.
In 1880. our circulation was sixty.
millions Of dollars. In January, 1895,
or rather in jane, 1894. Il was one
hundred and three millions Of dollars"
In 1886, i, cannot be less than " one hum
bred and twenty millions" An increase
Of sixty millions Of dollars in six years!
| give the facts from the Official returns
made by the Secretary Of the Treasury.
They come. sir. il is true. no lower down
than 1885. But if we take the average
increase for two or three years before lha,
time. aud reflect ON the enormous rise 81
property since . sure indication 81 On IN
healthy cirrulation). We mus, be satisfied
that there has been more than seventeen
millions added 10 the circulation within
the last sixteen months, and that me huns
dred and twenty millions Is blow rather
Than above the real estimate.
You see. sn. therefore. az a glance.
the causes of the press nj state OF things;
and who cannot also, sir. sc al a glance
how il is TO end! Ii the evil could he chez
ked nov and the reduction be slow and
gradual, we might escape the cCnseqen
ces which time has inevitably IA store fnr
Us under any other policy. But. SIR. far
from expecting this. | look To an increase
of the disease. |, appears to me ln-
evitsble A universal madness has taken
possession of the public mind. Within
thu last four months | hare heard Of
approximations Of banking capital propos
ed or passed. tn the amount Of fifty
millions Of dollars, and more ! am told
are projecting; so tina, we may expect 10
see this system continuing until il breaks
and falls from It's own weight and mag
nitude. In the present state Of things,
the States are all interested to increase
the circulation Of their own banks, and
prevent tina Of their neighbors. Indeed,
we already see symptoms Of a war Of
legislation the result Of jealousy, by
which they are attempting to restrain
the notes of banks in other States from
passing within their limits.
This deplorable state OF things must
yet get worse; and well might the Senator
from Missouri depict il in the colors he
did few days ago. He could no.
overcharge this piciure--a picture. sir,
rendered more painful to contemplate,
by the recollection of our condition be.
fore the war was waged on the Bank Of
the United States. For sixteen wears
it regulated the currency of the country,
with wisdom and success of W hich there
is no parallel. We threw i, away, and
we see what we have got in its place.
Sir. all the projects Of regulating and
checking the excess of bank emissions
by law, refusing to receive at your Urea.
sury their notes OF less sum than 800.
will have no more effect than would
have bucket full Of earth thrown into
the Miaaiaeinni IN aim lie ,n..o.. Al