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

areennfisliag raasrs thai haze marvrl sAs-
" main'ained lnoi increased he value
a commodities generslly.
M. Carney i bill broker uhs pro-
cures The discaunt or re-disruunl AZ cram
lEy bills in he Iondoa market. He Was.
therefore. weil acquainted sish the fact,
and the suhleea On which he speaks. 90
FAR - England Gas concerned: and he
tells ~ Ih4I .. the value Of money had in-
erased" Aud IN another part Of his
evidence he irIls Us that the increase is
about 20 PER eeaL He knew This 40 .
fact, and in England he was enabled in
some measure 10 acennnl Tor il. Tor he
knew that currency had nol increased.
whilst fron the progressive Increase nj
! national wesllh, commodities and trans
aefions Rad. He COAL tha-elafe account
: Cor the depreciation and .~hange. and
export Of gold 20 America. ~ no other
sgpposlsi0n than lhsi fhe currency Of The
. commercial parts &c AmeFics" was even
more contracted and disprnparlioned 70
commodities Than IN England. But why
Was MOI The depreciation of money indI-
ealed BY lsll in the money prices Of
the eomm0duiess Thaugh this was the
=. tendency" " conflicting causes marvel
sasly maintained prices" What were
! the conflicting ssusss referred 20 by Mr.
GuTney! EudsnIly The Increased &C.
iisliy IN the manufacturing dlslrlrts." by
The increased demsad Cor the products II
English lahar for American consumption.
The depreciation az ropmodislrs by the
appreciation OF nancy. wss eauRIerSeied
by an appreciation Of eammedilies by an
Increased demand Tor them. Though
the ideas Of Mr.. Gurney ssems clear, h.
seems, lnr wsal 81 Earis. to be involved
ia embarrassment and apparent ennirac-
iinn. That the value Il nancy was rsIs-
ed IA Eagisnd By an ,nsUfiirieney 10 guam
tIiy, was Inconsistent Nth the exporta-
lion Of gold, unless in America. also. the
currency was contracted. And Vet con-
traction Of the currency IN Amrrirs Vas
inconsistent with our Increased demand
lar English manufactures. Had the Wit
ness, however, known that. So iar from
contraction, our currency had expandtsl
near 100 per cent. aud that exchanges
were in our favor whilst there was large
balance against Us: that we were draining
them of llleIr gold 10 defiance II thus hea-
w debt and redundant currency; his EN-
barrassmeai would have increased. until
he sseer,ained that We were perinrmIng
all these commercial miracles under
new system Of 6nsnee, by which We ex-
changed our credit fnr their capital. and
afler going in debt Tor a large CONNER
eiAl balance. borrnxed a sIa greaer a.
mount, aud thereby ;araed The exchan
gss against then By narrowing their own
monry.
Mr.. X. Iariher sustained his PROPOSE
tim, and strengthened hls evidence upon
this point By Introducing dfEisqsl tables
from England Of snme nf The principal ar
ticies Of raw produce for English manu-.
facturers. &c. catered Tor home ronsunp.
iion. and the ofiicisi and declared vshia-
ton of EXPORTS bc,h emhrsr,es the peri
oil in question, except the official ,aIua-
lion lnr 1879 which he had moi been
able 10 obtain.
By these official tables. Mr.. KIar
said Il wanid clearly appear thai thu Nv
tioual wealth. and industry had greatly
increased, whilst the currency had re.
mslned about stationary; as previously
established Mr.. X. thought he had nov
fully established that the currency or
England had not been equally expanded
with our own. bu; on the contrary there
had been actually "a gradual increase in
the value Of money"
The serond proposition (Mr. K saidI)
scarcely needed proof from lis close con-
nec,ioR with the irs,. This evidence was
the perfect agreement, on this paint of
Mr.. Horsely Palmer and Mr. Knowles,
in their controversy concerning the &C.
lion of the joint stock banks and the coa.
duct Of the bank Of Eagland. Mr.. Palm
er. in apolngizIng for the c0ntraciinn nf
the bank and alluding to the causes, SC.
says: . 1t is necessary to state these. as
they seem in no degree to have arisen
from overtrading or any undue specuIa-
tive advance in com nercial prices" Mr.
knowles. however, is not SATISFIED with
this admission, but wishing the fact esta-
bllshed beyond doubt he asserts the
same thing and refers to the proofs. Mr..
Knowles, after proying that the legitimate
demand for currency had been increased
by the increase of national wealth, says:
A table If prices, had time to prepare
one. would prove beyond question, that
so far from rise generally. in many ca
ses there has been a fall even with de-
creasing stock; a fact quite incompatible
with an over issue and depreciation of the
currency. While again, where a rise in
prices has taken place, it is distinctly re-
terrible to causes nrosnecfiypIY affecting