The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-03

the Whale arr anrth; and ] Femfnher
that No longer ago illsn last sinter. NIX
srlf rose N my place. and praiesied >
gainsl The Whole ef the pablic funds be-
ing svsiloued up 10 the great valley Il
The M.sslssippi. - large were lie apPro-
priaiioas in thar iirecllon. Doubtless
ample expenditures will be made in The
West. Bon wheihrr ar mol. II they have
demand Tor specie "a The West. thiihsr Il
wili 90. and Il Il does M. il viii nae is
exclusion % the haak paper whieh The
western pennle vii themselves think pro-
per % substitute Tor II.
The government, | have already said,
cann0i continue her connection with the
banks without suinuialiag them inia 6eiI-
iioas credit. and increasing The tendency
20 commercial and speculative enterprise,
which i already great enough. Heaven
knows. and suhtrsciing irnm the labnring
and productive classes. the rial hane and
sinew. The true human maferif ~ the
Country. This il tao abslans. aud the
mischief too great. IA require slaborstion.
Bul besldss. this. extravaganza will be- the
natural offspring NJ the system. We
have already seen the tendency nf the
evil 10 increase; and increase u Will nn-
der Tie continuance &C The system. unit
republican sshplicuy will BE- aanlhiIsted
anohg rs Extravaganza. aud H. enm-
paRioB, idleness, we're the averIhTow ~
all the aneieni republics; AZ. and ~ The
modern ones too; and liIle San Marine
shines forth phenomenon Eor admire
uon. saved IRON The wreck which has
oSeriaken Others, by her poverty and par
simnnieus economy.
The nnsnn II the government with the
banks Is cslcnlaIe,., | have said, greatly
To influence the natural evils Of The bank
ing system. Some vi them have alrea-
dy mentioned; but one remains Cor nae
To advert Ia. no, among The least. II not
the very greatest This is, the misshWf
Of Sudden expansions aud CONTRADICTIONS.
To this mischief no una can be instnsI-
bic lor all have in ore way or other lelI
It's force. In mas tendency 10 mase US
nation Of gamblers. by the constant sil-
mulus To iha, spirit whirh finds place
10 almost every bosom, from the savage
10 the sage. and which u Is one 81 the
great objects oi Wholesome eduranoa 10
subdue. But the frequent and sudden
reyerses 10 winch every man is exp1sed,
1T being rendered nabob to-day BY an
exhaustion. and hegaar so-mnrrow by a
contraction. must in process ol ilms EN-
gender all that loose morality whieh cha
raclpuzrs the prnlessed worshippe's at
the shrine of inrIune. Such Is The effect
upon holders Of properly: and upon the
lahoring man il. Il pnsslhle, still more
baaPful; for him there il M hour ii pros
=, periiy, bot he suffers greatly. IL not equal
". bath il IN. rib and fo9 of the i,,le
In a coulrseuon, money Of course be-
comes sea.re. aud the lahorer, whose on
ly commodity is his labor, is compelled
b. hing II daliy fnto the market, and take
whatever price it NAV command: While
the holders of pru',slnus, less limited in
point Of time flr the conversion II their
commadIles into money, hold them bark.
not willing to submit To the diminished
prices. aud 10 the meantime the labOrer
must starse. or buy al the price demand
ed. On The nlher hand, when an ex-
ransinn takes place. and money becomes
plenty. labor is the las, thing TO find the
l..al Pie ,.,,,,n,,.I ~. ca.sttx an h,.I, al a
lsbnrer is under to bring his COMMODITY
into the market, prevents any romperi.
ton in demand. aud il is mol until The &C.
ueral spring which is gwen ID enterprise
has opened for il new resources. that an
increased demand Tor labor makes an in.
crease in price. In the meantime the la.
borer must purchase IhUse eommodIiie:
upnB which speculation is most apt Ia
seize--the necessaries of life. II is i'm,
possible fnr the government to remain
connected with the banks without cOnlri
hutng Ia tins mischief, Tor when the sup
plies exceed much the necessities Of the
, government. they must liz in the banks
whose directors must resist the strongest
ar. at least. most general passiun of Tho
. humen heart-cupldlly, IL they suffe
them 10 remain unused. and in usln!
them, an artificial expansion IT the cur
rency is, Of course. created. On the 9th
er hand, when the government shall I'm,
il necessary To make heavy drafts upol
! the. deposiie banks, great contraction i
, the inevitable consequence. These ar
. evils which the government cannot pre-
vent, but she should abstain, as far q
, possible, from exciting them; aud lhi
: she can DO puly by disconneciion.
These evils, il they go on TO increase
as they must and will do, if the exci,in,
canses are continued in action, and n,
exciting cause is equal 10 The union o
: the banks with the Treasury, sill,, il
= 1 the emil hrinu uoon Ibis c0untry a necu