The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-19

Nour utcp hu1 1bt1AA1
unaappy rendition a ihsi riss shlrh 30
hitherto bren The promoarr and M index
Of our national prosperity. and shose tail
vii inrlude he ruin of thousands IN ese-
nv region &C our territory. We do not
ZEN iieiilious tale Of noe. Se have no
selfish nr pariiZan views 10 sustain, . ben
We assure you hat the noble tily which
We represent. lies PROSTATE IN despair.
lis credit blighled, is industry PsEal'zed,
and without hope beaming through The
darkness Of the future, unless the govern
menl nj our country ran be Indoced In e.
Iinauish lhe measures IL whieh Ne aliTI-
butte our distress. We fully appreciate
the respect which Is due to our ehlei
Magistrate, and disclaim every intention
inconsistent with that feeling; bot ne
speak in behalf Of community which
Iremhles npan the brink If ruin, which
deems itself an adequate Judge OF 81
auesuinns connected With the trade and
currency Of ihe country. and believes
that the policy adopted By the recent ale
minlsirallnn. and sustained BY the pTrsenI,
is founded IN eIrnr. and threatens the
destruction 81 every department OF IN
duslry.
Our merchants. manufacturers, and
mechanics, have repeatedly predicted the
fatal issue Of that policy. /" What vas
prophecy. has now become history
and the reality far exceeds our most
gloomy spprehensi0ns. Under a deep
impression IT the proprleiy If conhnlng
our declarations within moderate limits.
We affirm that the value Of our real estate
has within the last six months depreciaied
mure than forty millions shat within The
last two months there have been more
than lwo hundred and fifty failures Of
houses engaged IN extensive business
that within the same period, decline of
twenty millions of dollars has occurred
IN nur local stocks. including those Rail
Road and Canal Interpretations, which
though chartered 10 uther States, depend
chiefly npon NeW Y"rk fur their sale
that the immense amount of merchandise
in our ware houses has within the same
period fallen in value al least thirty per
ceni.---thai within few weeks not less
Than twenty thousand individuals depend
ing upon their daily labour for their dali
~ bread, have been discharged BY their
employers. because the means Of retain
ing them was exhapsled-snd that COM
plete blight has fsIlen upon a commu-
nifty heretofore so active. enIerprising sud
prospernus-the error Of our rulers has
produced q wider desolslion than The
psssilence which depopulaied our streets.
or the confagraiion which laid them in
ashes
We believe that il is unjust tn attribute
these evils to any excessive developement
OF mercantile enterprise, aud that they re-
ally flow from that unwise system which
aimed Al the substitution Of a metallic for
a paper currency-lhe system which
gave the fret shock To the fabric of our
commercial prosperity by removing the
public deposles from the United States
Bank. which weakened every part Of the
edilice BY the destruction II that useful
and efficient institution, and now threat
ems 10 crumble il into a mass of ruins I'M
der the operations Of the Sperie Circular,
which Withdrew the gold and silver Of
the country from the channels in which
il nigh. be pro6tably EMPLOYED. We
assert that the Experiment has had a fair,
a liberal trial. and tina, Disappointment
and mischief are visible IN all It's results
that the promise Of regulated curren-
cy and equaIiaed exchanges has been
broken, the currency totally disorderrd,
and internal exchanges almost entirely
discontinued. We therefore make our
earnest appeal to the Executive. and ask
whether II is not time to Inierpose the
paternal authority Of the Government,
and abandon the policy which is beggar.
ing the people.
Amid all the dIstresses Of our condition
we have been gra,ifed by view Of the
generous and forbearing spiri, which has
almost invariably marked The conduct of
the creditor towards the debtor. A ne.
neral disposition has been manifestsl to
indulge the debtor with ample time for
The arrangement Of his business and col.
lection Of his debts, and We would re.
sPectlully sugges. the example for the I'M
ltailon Of the Government. The embsr-
rassment and distress Of the merchan,
would be materially relieved BY the sus-
pending OF suits upon unpaid bonds. un-
.ll future day, when the wisdom of
Congress may grant some measure Of re.
lief.
Feeling as we do that we have reached
crisis which requires The exercise Of all
the wisdom and energy in The country,
to heal the wounds which have been in
tilcsed upon its commerce and productive
industry. We would respectfully and
earnestly urge upon The Executive the
proprle,y Of calling an extra session Of
(OnUrpss In dalihara,. ,,..o.. Il --