The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-06
-6ATE o. TaE sUB-TREAsu.
RI SYSTEM.

speech III mare Than three hours IN length
and much decision. delisered his views
Of the various questions involved in the
subirci before me Senaie. The foIoE-
iug presents brief outline Of sOm- 81 lhe
points touched an in his Interesting adj
dress. He said he had lell gneai en-
barrassmenI during The whole 81 tie ses.
sion in regard 20 lae propositions Of Mr..
RlEes snd Mr.. Calhoun. lie was not
now enlirely in layouT II either. lie
had been always apPnsed In the Stale
d bank system. and had predicted lie dis
asIeFs which have followed IT, adoption.
lie insisted that IL had not only failed,
bul Vas an enlire failure from the begin
ning---a system Of fraud and dteepilon.
II produced speenlsli0ns IN lhe exchan-
ges, by the officers az The banks who
were expected 20 regulate ihem: the al
legei facilities Of exchange ~ere merely
nominal; and Ne adduced instances 10
show that shaving 70 great extent upon
them. had been carried on. The Spe-
Gle Circular had Increased the amount az
shaving; and he adduced instances OF e.
n0Emous profits derived by the banks in
the city Of his residence. lie expressed
the belief lhsi the currency and exehang-
es, bad as they Of eourse were. we're
made still worse by lhe inIerposi1ion Of
the President.
NJ X. had been rather inclined 10 "a
vor tho sub-trra.ury system, nll the ar
gnmeni Of Mr.. Benton convinced HIN of
il luex2edlsnr,. H. Tidieuled Nc BIS
preeed.nls. ,lrawa from ,he Ranisn M
pife. from Napoleon, from spain, and
frnm Turkey, aud chararterIzsd their f.
nancial measures IS those NJ plunder, OPP
preston. and blond. Mr Benton had
entirely frightened Mr. X. iron the sup
pnr, Of hls sab-Weasury system as mOdi-
fed by Mr. Calhoun.
Mr. King expressed the hope that he
would find himself ahle to support the
present administration: hut he must speak
Ire truth. The message. he said. was
greatly erroneous in several particulars,
whirh he proceeded 10 show mostly
from authentic statements Of other dOcu-
ments. BY these he pro.ed that the pa-
per currency in England had moi been
expanded. as the message alleged; that
thcre had been no increase of speculation
there; TIA: the value of the currency
there had been increased, aud not depre-
ciai Il: that there had been little or no
- gtnrniatinn of loans in England: that
n" universal commercial distress had Or-
q. 81 there. except what was owing 10
it, rommere With this country; aud that
In England there had been no Overtrad-
ing. Mr. X. expressed extreme regret
that these errors Of the message had gone
forth 10 tie world, and been believed rs
triin, when there was no truth in them.
He deprecated the importations of spe-
Gle which had been forced into this conn-
TRY; and argued that this forced mass, in
stead Of going into the circulation of the
Co 4ntrv, went into banks, and served as
t.e isis If excessive paper issues. The
~ '2."1f Of foreign debt, in March
lasl, l. stated ~ t.emessage, he thought
an error, sine more n II SO. 400, 0U0 Of
such debt had been paid since that peri
cd.
9ir, King then entered nto an elaho-
ra,e mi Interesting financial inve tiga-
n on. % SlOW that the system adopt
o mi 4,'iei upon bv tie Administration
mad h~.a il vain artare ag ms the ma
turs ar,ler Of tuings in commercial trans
actious. Fhps hal unnImrlIIv for ed
q md sill, er into the country from
England. and thcn en- 'ea, o'red to keep
it .iarc, despite of the natural causes
WI !! j it 90 fow back wards and for
" -: tnai. hv this violent procedure,
tn 3ank of Eng anh had been obliged,
in its own defence, in orier to prevent
it, own ,aIlr~ from being drained of all
ihei spr'ic, 10 pa stop TO american
credits. AMI call IN its .cbts. If it had
not ZONE 50. 1t would have heen forced
to sssprnd. Vow. if tln n~.y1r7l laws of
uadn lad been ,llowei - penn if the
m~-chants Of this country cou!1 have
been allowed 10 OBTAIN SPECIE % pay the
debt. and could have RENTED il 10 Eng
land, O-embarrassmrnt would have fol-
lowed; hut the specie which they reqnir-
cd was drained away tn the Vest ny the
unnatural and violea, process of the spe-
Gle c'rcular. in consequence of which Il
scarcity OF specie vas created on the At
laniIc hoard. ! he effects of the specie
circular, while thus ruinous TO the COM
mercc Of the East, were not less disas-
rous to the trade and business of the
West. The banks there we're drained of
specie by its operation; it was, in fact
the eommencem Mt Of general run up
on them, begun bv the Government it.
self; most impolitic and fatal procedure.
Thus embarrassments were created on
I'LL sides, by attempting to force things TO
flow unnaturally in channels contrary to
the course and order Of trade. Thus, run
against the trade and trading institutions
4 Il L.