The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-12-01

az his enemies. Noss the interest 0
she parties il snficien guaranty sgains
shis, and il again most unfortunately
happens 10 Be cenfroicfed BIZ O kHOvz
asd Notorious hisfSieai facf; the banl
applied 10 Governyral 10 drirs .3msri
can securities os1tsfths narkeE' Thsy
were saved by 4 liberais. A eusIou.
conspiracy this; I'D rather an unprO6ls'
bic one, 100, msk links. for merchants aud
bankers 70 ensge in. John Bull vii
probably lose twenty-five or lhiay mil,
lions by il!
Be-, conlpfd Mr.. X. We are iald oI
freouent eolulsions before. unfarIu.
nae referenJs. Mr.. X. thought. for ihnse
Who made km. What were they when
compared Il the Presens! That OF 1919
arose froJ oO hasiy an effort 10 restore
he eonfoR inio which the finances
had fan hinder the state banks; that ol
1925 Vi known 10 have been broughl
upon yy England; and was short ia do.
ra,ionyhd comparatively Irihing in con.
seouSs; and what was that Of 1892,
,ha,k 20 much harped on! Why but for
Indulgence Of gentlemen in looking up
evkces Of these great rsUHlsions ihey
IA not have been known or recolIec.
but Of the sesports and hardly there.
rec0llec,ed some short paragraphs in
f32. alluding rather liInidly TO the rat
jig Of specie in Wall st. This continued q
Jew days. about five millions was shipped:
the Bank Of the Uniled States drew bills
FOR an equal amount; the foreign creditors
were satisfied, and The panic ended. We
had then no executive fnanciering-no
sperie circulars-trsde was left in the
hands Of its lawful guardisns-speeie
went of when the rate of exchange re-
quired i,--and BY The prompt payment Of
five millions the Bank Of the UnIledSla,es
got the nation a credit for the balsnre.
which vas paid By the erop and dinli-
nished import
YET such had been The nature Of the
warfare against the bank. whilst in hIe.
and now against as ghost, that his TREND
from Connecticut, in the next breath ai-
Ter having praised the circular, made a fu-
rious attack upnn the bank for iRieDer.
ing Nth me lars Of trade IN 1892. and
preventing the export VI Tscis 10 iae
tphole amount Of the Iorsign de5f How
this sreumeni waS TO be reconclled With
The specie circular aud the whole '' poll-
cy" and Arguments By which u has been
lauded and justified. Mr.. X. would leave
TO the Senator and friends ol that measure
to settle among themselves. This charge
against the bank he thought carried the
lrOe doctrine Ia the opposite extreme. A
demand for cash balance always admo-
nishes The nation tina. il has oyerlraded.
aud unless il has the whole amount Ia
spare, II is frequently an advantage TO pay
part and have time 70 adjust the ba-
lance. Mr.. X. thought then the Bank
had done well in 1882 to pay VIVA, was
required in specie, and get the nation
credit for the balance until the crop of
exports could be sold. Il was frequently
Di advantage To an individual. he said,
when he had be0lme Unexpectedly in-
jeb,ed, TO pay what ready money he had,
and get credit for the balance until the
sale Of his crop; and one advantage Of
a national institution was, that It's credit
always enabled II IN such circumstances
10 get indulgence for the nation. as a
friend was sometimes useful in getting
credit for an individual. Sir, said he, the
fate of this institution was mos, exlraor-
d'asry. II Mr.. Biddle expanded. he
WIS bf bing The country: il he contracted
he was running the country: il he impor-
ted specie, he was Specializing upon the
country: If he exported specie he was
conspirIng against the country: Il he stood
up, he was inpudent, il be sit down, he
vas suspicious: if he lay down. he was
useless: and, whenever he made move
whether he crossed above or below
the Executive. he equally muddied The
waters.
He thought the Senator from Connec.
tIcut had ms5e>anOlher mistake in stating
that the expansion Of The bank oecas,oned
uie speculative rise in prices, and our TN
portations Of 1891. The over-importslion
preceded The expansion, and the expan-
sian wss avowedly intended to circulate
the increase of commodities occssioned
by the nyer-importalion. The speculative
rise. and over-imporlasion Of 1881, we're
owing 10 a Cause as natural as the ebb and
flow of The tides. and almos, as period.
cal. They arose from the preceding low
prices, which had stimulated consUmp.
ton. and exhausted the stocks in 1880.
These fluctuations are always going Oh
10 every natlon to some extent. and arise
from the impossibllIty Of keeping up, 10
The extended business of sstion. an exc
act relation between supply and demand.
Mr.. X. said the United States Bank,
though no longer IN existence, had been
the theme Of every gentleman Who had
addressed the Senate. He should cay M /