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

/. relsflan bciWeeT ire demand AMI supply.
FIR instance. ikhere he sh0Tt crop q
corn. me suppl will IN shors &C the Dc
mznd. and ne price of corn slA nse,
whilst IN 0ihe commodities may stand
krm. This ne Is oecasioned hy ne
change in therelalion between ihe sup
ply and demad. Bnl IL ne end The
prire of ever commodity raised % m
/ unusnsl elevaT1n. Is lately in the Unit
ed staies.l " may take Il Cor granted
. that the price ; owing 10 The change N
the relation bsween currency and con-
modiiies; in cher wurds, that currency
or credit. or bih. has been greatly IN
creased and consequently depreriased.
This partial nj local Auclusion. then.
where il exised. amounted 70 nothing,
IS II was triHhg and partsl, and altribu-
ted 10 a hucimlioa between the supply
and the denand-a aucfuafioa 10 be
found 10 someextenl in all Countries and
~ ali times. Doubtless some activity
was occasional hy our artificial and ere
din demand ia msnufactares, sSended al
50 with incpse Of manufacturing stock.
II was very liSeiy also some local over
action, in he join, stock banks. was &C.
casioned by tie large profits they derived
| firm the dEcoant Of American securities
and credits To supply our credit demand
for money, for under our preposierons
system adopted in 1884. Of importing
borrowed money 10 multiply credits up
on. we haze been willing 10 take all their
cash a. wil AZ MI their commodities, and
give more than any body else Tor them.
if they wcnld only iet rs have them on
credit. These partial fluctuations were
uncertain and unimporsani. AMI 90 far A.
they did exist. il Al all. are EASILY account
ed for, and principally. il not entirely. 10
be attributed 10 = cnnnexlon sith u. In
no view Of The subject couh they he Us.
ed as Evidence Of a national redundancy
of currency or ereiit or 4 national over
trading, neither Of which, As we have
seen, had taken place.
Mr.. X. said the latter part OF the Sc
cond proposition. and the whole of the
third seemed IN he established By infe-
rence from the positions already establish
ed. and the proofs already alduced. The
only further proof tia, could be deemed
necessary on these points, was tn esta-
blish the fact thal At the very time We
were importing large sums Of specie IN.
der the encouragement of the wise poli-
CIV Of the Executive, as IL was called, we
we're enormously indebted, not only on a
commercial balance, but also for money
borrowed in the YER, face of this com.
mercisl balance against us.
NJ. X. sail, It here again became his
unpleasant duty 10 prove that the Presi.
den, was mistaken in his esumale Of the
amount ef our foreign debt. l, Wa I'm
| poriant to notice this mistake nth ano.h.
er view. We would not act in refeVnes
Co our true situation as debtors, IL se BE-.
ileved we ow, 4 nothing. The President
gives the csl,maie Of our foreign debt in
March las, Al thirty millions II dnllsrs.
The Presiden, cou1 have had no INV
thy object in this underestimate; but still
IL is mistake, and one that should be
noticed and corrected. II the estimate
IL The President we're correct, the debt
had evidently been paid. and aserpaid.
lie had seen an estimate more than two
months ago. which seemed reasonable.
and probable in al is details. which rs.
timated the liquidation of our foreign debt
since The suspension Of specie payments
al s32, 200, 900. We had beea reIuItling
specie, and exchange, and shipping cot.
TIM ever since; aud he had not The
slightest idea that we had paid aud llauI.
dated in different ways, since Marrh las,.
less than forty five, and perhaps fifty mil.
lions Of dollars: and ye, we find the ex.
changes heavily against Us. Tie hoped,
then, our banks would not begin IL ex-
pand and our people 10 overra,le. IN the
presumption that Europe was indebted 10
as.
| Mr.. K. said m one could pretend tn
accuracy as TO the amount of omr foreign
debt IN March last. but he ,hauglu he
could satisfy the Senate that ifevery sT,e-
ries II obligation ere taken inio account,
III was much nearer one hundred and thir-
ty than thirty millions of dollars.
| Mr.. X. then proceeded TO furnish the
Senate with such evidence as he had to
offer on this subject. In The first place,
he took the commercial balance alone Tor
the year 1886. as reported BY The Secre.
tary Of the Treasury. =. upwards OF sixty
millions. II seemed. BY The report fur
nished a. this session by the Secretary,
that he estimated the commercial balance
which remained as foreign debt. al over
thirty millions; and perhaps this sislemen,
misled the President, who took the Secre-
tary's commercial balance of one wear
for the entire balance al the period refer
red TO. He thought. however, that the
Sacretarv paa .nts,ak nm aya, .. a. .l:n