The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-24


By the above table. IL ~ill be seen
thar. When ne add me eslimsIrd amount
al specie in 1884 and 1896. respectively,
We 6nd an augmentation Of the entire
carreaey Of nearly "a PER cent, and aa
angmenislioa al paper circulation ii near
" % PER cent. Our swn sniire eurrea-
ey. thrn. Z" during the years 1884. ls35.
and 1854" has iacsessed nearly % per
eenL. and our paper eircuisiiOn. during
the same period. nearly 90 per cent;
whist the entire currency &C England has
increased about one-third Of one per
cent. and her paper circulation. during
that period. having aacius,ed mere sri-
ae a aay lime. and s0miiIaes evea con-
traefed, is fsund a. The end of the period
meauaned. 20 have increased oaly about
II per erni. He had no, given himself
the trouble 90 be very minute 10 the cal
eulalloas above. and had used round num-
bers; hat no use af aathenIic malerials
cold vary the result more lhsn . acre
fraction. and strict accuracy would mast
hkeiy make the eomparlssa more anfa-
vorsble 10 The statement Of an equale
sion m the too countries during the Pc
riad referred %.
tussesd Of equality, then, we had, Tor
England, an increase in The enlire esll-
msied currency of the nation Of sbnus
one-ihird Of one per cent;
In the United States, an increase Of D.
bout % per cent;
In England, an increase Of paper cur
renry Of about n per cent;
In The United States, IA increase Of r.
boni 90 per cent
So much (ssid Mr.. King for an equal
expansion OF the currency in both 'eoun-
tires. As 10 the "e,her CREDITS" they
were mol tangible. bu, every man OF any
observation mus, knaw that on this item
we should suffer in comparison more
than in the other. Credits were certsin-
ly multiplied IN England. in some dis
trie,s. BY the increase of the number Of
is,ni stock banks, By which new coanex-
ions were formed, and the number "f
eheckes, drafts, &c. Increased. But the
increase Of Joan, stock banks (dsdocting
the private baaks melted into thea,) bears
no comparison 10 the increase OF banks
in his country, az we end from official
stalemeais. The esasequeaI increase of
credits, though they canaot be ascertain
ed with precision IN either country, mGy
B. compared by che result. The increase
Of credi IL Eagiasd has been based on
fke same nafioaai cash capital. as ep-
pears By The unchanged guaa;i'y Of The
currency. as exhibited By ,hs 'a5iss.
And that u has no, been redundant Is ua-
sns1srably Prosea By lis hauiag pr,du-
esi no great speculative rise Of prices
TO speak Of q Redundancy Of currency or
credit, schea no speculative rise in COM
naodites das taken place, Is perfect HoR-
sense. Where facts have heen stated
and 10, proved, l have taken issue, and
disproved them BY facts fully established.
Where facts are conjectured. Sill pres
enily Introduce evidence u prage The
eoajec,ures grouadless, by prOuing the
e6ssaos 81 consequences iHuGri.ibiy con-
nec,sd rifh them. The only way in
which redundancy Of currency or ere.
dit depreeIales fereigR exchanges Is by
producing q speculative rise in prices.
and consequent oversrading. England
has no, over,raded; on the contrary, she
hes exported more than she has imported,
aud LEI, Us enormously in her debt. But
whilst she had large balance against US,
erehnags soas against her, and making
coauausi drain upen her bullion. This
strange financial and commercial anoma-
iy. 50 embarrassing TO the English. | will
hereafter explain. ate, having completed
tbe proof Of the fsst proposition.
He then read the evidence Of Mr.. Cur
ney. asa az 50 much intelligence aud
authority on these subjects as To be cali
cd before The jeint-s,ock bank cemmil,ee
lately appeiated by Parliament This
witness shows remarkable intelligence on
Che subject of finance, bat Is here strange
ly embarrassed Tor want OF facts Of which
he seems entirely ignorant Here Mr..
L. read he evidence Of Mr.. Gurney as
ss follows:
Evidence Of Mr. Quincy before the
Comai.tse of Joint Stock Banks.
q 1888. Has there been any change
Of late 10 the state Of the London money
market! ~
There has been gradual increase in
the value of money.
Q. 1884. To wbs, do you attribute
that altered state of the money market 10
London!
One cause has been the exploration Of
bullion 10 foreign countries; bu. sppre-
bend the main cause is, the circulating
medium existing in Europe and the mer-
eaatiie ports Of .america ~ is no, in
creased IN proportion TO the transactions.
and that The same quantity Of circulating
uaadiuus 0r aerhans aeon q redueoa