The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15

no means favourable 70 The discovery 81
truth. Il Vas hardly 10 be expected that
Nose Who dlsappfoved the policy Of the
Government IN relation 10 The currency.
would, N The excited state Of public feel
Ing produced BY the occasion, fail 20 al
tribute 70 thai policy any extensive en-
b.ffassmsni in The monetary affairs Of the
eoaaify. The matter thus became con.
neeied with the passions and conflicts Of
parisi opinions were more or less affect
ed BY political considerations; and differ
eneas ssre prolonged which might 9th
Iherwise have been determined by an ap-
peal 10 facts, BY the exercise OF reason,
OF By mutual concession. II is. hOEes-
er. cheering reflection that eirruinslan-
ees Of this nature cannot prevent a CON-
muniiy - intelligent a. ours from ulli-
maiely arriving Il Correct conclusions.
Encouraged by The firm belief Of this
truth. proceed 10 state my views, 80
FAR - may he necessary TO clear UNDER
standing of The remedies feel il my du-
~ 10 propose, and OF The reasons BY
which have been led 10 recommend
them.
The history Of trade in the Uuited
States for the last three or four years. az.
lords the most convincing evidences that
our present condition 10 chiefly 10 be altri-
bated to oEeraeIion in all The departments
OF business; an oyerselion deriving, per-
haps. IL 6rs. impulses from antrcedent
causes. but stimulated 10 It's destructive
Consequences by excessive issues of bank
paper. and BY other fseIllues Tor Tie &C.
QUESTION aud enlargement Of etedi;. Az
the commencement OF the year 1884, The
banking capital Of he Uniied States, in-
eludlng that Of The national bank then ex
istlng. Amounted 10 about two hundrs,!
millions of dollars; the bank notes tiieG in
circulation 10 about nineiy.iive millions.
and the loans and discounts af the banks to
three hundred and iweaiy-four millions.
Betsesa Ihs. time and the Iirst Of Janus-
~, 1885, being the latest period to which
Accurate accounts have been received, our
banking capital wa increased 10 more
than two hundred and iif;v-oae millions;
our paper circulation to more ihsn one
hundred sud forty millions, ard the loans
and discounts 20 more than fur hundred
and filIy-seyen millions. 10 this Vssl
increase are To be added the many ,nll-
lions of credit. acquired by means 1T TO-
reign loans, contracted bv the States sud
State institutions, and. above all, by The
lavish accommodations extended by TO-
reign dealers Ia our merchants.
The consequences NJ ths redundancy
ri credit. aud # ,he spiri, OF reckless spe-
eulauon engeudered nv II, we're foreign
deb, contracted by our cluzeus. estimated
m March last al more than thirty m,lliuns
of dollars: tho extension u traders ~ the
interior nf our county Of crcd.,s inr .ur.
plies, greatly beyond the wants NJ ,h-
people; the investment III thit,-ni,st. mi
a half millions Of dollars in uhrrnd"r,l,-
public lands. in the years 1895 aad 1896,
while in the preceding gear the safes
smounled To- onl, fur and half millions;
the creation of debts. to m almost count
less amount, for real estate 10 existing or
anticipated cities and villages. equally un-
productive, aud at prices now ssen to
have been greatly disP"pnruouale tn their
real vslue; the expenditure Of immense
sums IN improvements. which. in many
cases. have bern found TO be ru,nnusly
improvidenl; the diversion To other pur-
suits OF much Of the labour that should
have been applied to agriculture. thereby
contributing 10 The expenditure OF large
sums in the importation Of grain from
European expenditure which, amount
ing 1894 TO about Two hundred and fifty
thousand dollars, was, IN the FIRST two
quarters of the present year, Increased to
more than two millions VI dollars; and. f.
nally, without eaumeraIing other mi urious
results, the rapid growth among all clss-
ses, and especially IN our great CONNER
clal tawns. of luxurious habits, funded
too often on merely iancied wealth. aud
detrimental alike to the industry, the re-
sources. aud the morals ui our people.
Il was SO impossible that such a state
of things could long continue, that The
prospect If revulsIon was presen, 10 the
minds Of confederate men before Il actu-
ally came. None, however, had correci-
ly anticipated It's severity. A concurrence
Of circumstances. inadequate Of them
selves To produce such widespread aud
calami,ous embarrassnents, tended So
greatly To aggraSate them, that they cam
not be overlooked 10 considering Their
history. Among these may be menlion-
ed, as most prominent, the great loss of
capital sustained by our commercial em-
porium in the fire Of December, 1885,
loss. the effects Of which were moderated
at the time, because postponed Tor sea-
son by The great Iacilitiessof credit then
existing; the disturbing effects, in our
4 II -. So a.