The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1836-12-16


circulation. and do moi ennirol II. II Is
manifest that prices must vary according
% the tide II bank issue. and the value and
stability IL property mus, stand exposed 10
all The uncertainty which attends the admir-
nisaFslisn Of institutions that are constant.
~ liable 10 the temptation Of an interest
dIslinrl frnm thai Of the community IN
which they are established.
The progress NJ M expansion or rather
0 depreciation of the currency BY excess
site bank issues. is always attended By a
loss o Ihe labSring classes. This por
lion of the community have neither lme
nor opportunity 10 watch the ehhs aud
fows IL the money market Engaged
fran day TO day in their useful ialls. they
d. mi perceive that although their wages
ar nawinslly the same, ar even some.
whal higher. Ihey are greatly redured IN
fsri By the rapid increase 0f spurious
currency. which. as IL appears 10 Gnake
m,lasy abound. lhey are Al first inclined
10 consider blessing. Ia u not 50 with
the speeulalor. ny whom this operation
is heI,er understood. and 10 made TO cum
tribute To his advantage. Il is MT until
the prices Of The neeessares Ol life he
csal- 80 dear that the lsbOring classes
cannot supply their wants out of their
wages. that the wages rise. and gradually
rearh a Justly prOperlianed rate Ia thai 0f
Iks " duets Of their labor When Ihas
bF the depreciation 10 consequence Of
ths qIallny Of paper in circulation. "a.
o., a. we'll o. prices becnme exorhIlan,.
il is soon found that the whole e6eci Of
he aduleraiion 10 a tariff On our home
industry for the benefit Of the countries
where gold aud silver circulate. and mann
tain uniformity and moderation On prices.
In ~ then perceived tina. Ihe enhancement
Of the price Of land and labor produces .
corresponding increase in the price Of
products, until thrse prodLcIs do not
sussaln competition With. 81 nilsr ones
in other countries; sad thus both manu-
facIured and agricultural productions
cease 10 bear expectation from the coun-
Try Of the spurious currency because they
cannot be sold for Cost. l'h,s Is the
prucess by which specie is hsnlshed By
thr paper ol the banks. Their vaults are
Soc ~sHsusled "a paw lE inrrIgn com
nf"3iues; the next step " a sinppage oil
spec payment: a tatal degradation III
psprr as a currency; WusuAl repressIan
Of prices; the ruin ri debt"rs, and lhe a..
eunaauOn Of prD 1er,. IN the hands OF
creditors aud cautious Capitalists. .
l. WAS IN yIew Of THESE evils. together
win lr- dangerous power wIeldrd BY the
Bis Of the United States, and IL re.
pUg .aace 10 our cnns tuition, that was
I.dI'ed TO exeI, she power conferred up
w. ne Nv the sAmericsa people. t0 pre-
vert GiIe conilnuaRe oil thai institution
b., although varlsus dangers Ia our res
publican institutions nave been obs,aled
By tie failure 1T the nank Ia extorl from
The government renewal oi ITS chaEler
II Is obvious that little has breI accnm.
pl,shtd. except sslulary change of pub
lie opinion, towards restoring la the
c"nnrs the SQUAD currency provided fnI
IN he constitution. In the acts Of sss-ra
oil he states prulsIollIng the cIrculstInn I'll
snail Mites. and the auxiliary enscIl,rnls
OF Congress al the last session. fnrnIdding
their recepuon or payment On public ac.
count. the true policy 81 the Country has
ben advanced. and larger PORTION oI
the rrecr us metals infused InL our CIR.
eulstH,g medium These MEASURES will
Profanity be followed up. 10 due time. by
the enac,menl al state laws banIsnIms
from circulation Dsnk noies Of still high
or deHnn,naHOns: aud The object may b.
materially promoted by future acts of
1Congress, torb'ddIng the eInpl 'ymrn.. as
fiscal agents, Of such banks as Continue u
tissue noIes Of lpw uminalions. and
throw inpedinenis in the way Of the
circulation Of gold and silver.
n" "f-cts Of an extension of bank
cr"tlHs and over issues &c bank paper,
have been sTTk'agls illustrated IN the
salss # the pub'c lands. From the re-.
turns na,le by The various registers and
receivers. in the earlv part at iast sum.
mer, II was perceived that the receipts
arising IRON the safes of the public lands
were increasing tn an unprecedented
amount. Ia effect. hnSever, these re.
Grips amounted tn nothing more Than ere
dis IN bank. The banks lent nut their
notes 10 spectators; tary were paid 10
he receivers, aud Immediately returned
o. he banks. 10 be lent out again and
9 agaia. being mere instruments 10 transfer
To specnlsIors The must valuable public
lani. and pay the government hy credit
on 'na books 81 the banks Tnase ere
DIS "H the books of some uf the vest
err banks. usually called epos,ies we're
aire"ny greatly beyond their immediate
means Of payment, and were rapldl, in
crra.Iag. Indeed each speculation fur.
n'-h' / means Tor snHher: for 40 suaner
had 81" individual or company pad m
the 1"tes. than they were immediately
l. "A Il