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

we're granted, with abounded libeFalily,
10 merchants in foreign countries; and al
the means Of acquiring and employing
credit we're put IN active operation. aud
extended. 10 their effects. to every depart
meni Of business, and 70 every qsauer Of
The globe. The reaction I as proportion
ed IN lis violence 20 the extraordinary
character Of the events which preceded
It. The commercial community Of Great
Britain we're subjected 10 The greatest diff
iiculiies, and their debtors In This eoun-
Try were not only Suddenly deprived Of
accustomed and expected credits, sul cali
ed upon for payments, which, in The sc-
tual posture Of things here, could only
be made through general pressure. and
a. The most ruinous sacrifices.
&" In view Of these Facts. il would seem
impossible for sincere inquirers after truth
10 resist lhe conviction, that the causes
Of tile revulsion in both countries have
been substantially the same. Two ma
lions. the most commercial in the world,
enjoying but recently The highest degree
Of apparent prosperity, and maintaining
with each other the closest relations, are
suddenly, in time Of profound peace.
and without any great national disaster,
arrested in their career, and plunged into
a state Of embarrassment and distress -
In both countries we have witnessed the
same redundancy Of paper money. and
other facilities Of credit; the same spirit
Of speculation: the same partial successes;
the same difficulties and reverses; and at
length, nearly the same overwhelming
catasrophes The most material differ
ence between The results in the twn coun-
tries has only been, that, with us. there
has also occurred an extensive derauge-
ment in the fiscal affairs Of The Federal
and state Governments, Occasioned by
the suspension Of specie payments by the
banks"
Now that overhanking, over-issuing,
&c, as mentioned BY the President,
have been operating causes. is only a
common belief. But where did they ORE
climate. and who produced them! thai is
the first question. And here Mr.. X.
stated that the President was mistaken
ia evsry fact assumed By him 10 ercul-
paie our 0Ion Government from the
charge Of being the original cause Of
mischief. Other countries have been
suffering " no evils similar to those SUI
tered by ourselves" e.rcept those schich
they haze suffered By their connexions
,cith and losses by as. And "a refer
ence to the amount of banking capital,
and the issues Of paper credits, put in
circulation in Great Britain, &c. doring
the years 1884, 1885. & 1885," 1iH not
" show an augmentation Of The paper
currency there. as much disproportioned
To the real wants Of trade as in the Unit
ed States" NOR HAS THERE BEEN IN
ENGLAND ANY GENERAL RISE OF PRICES;
nor d. we witness " in both countries
the same redundancy Of paper money,
and other facilities of credit" or "the
same spirit OF speculation" These po-
siuons of the President are entirely erro-
neous. and the facts he supposes have
not a shadow Of existence.
He said he did not, of course, make
these contradictions in an offensive sense,
or in way disrespectfnl To the President.
He had been in favor Of his election. and
did not regret ii. He moreover believed
him I, be a man Of patriotism and integ-
rlty. as veil as intelligence, and he hoped
to he able Ia support his Administration.
But If he was (as he was doubiless) a
" sincere inquirer after truth" he would
be glad to be corrected in views cslculat-
ed to deceive the People, and divert their
minds from the true agency by which
they have been overw helned. The Pre-
sidenl's difference" in TACT. ought 10
have shown him where the laul, lay
lie states that one nation has become
bankrupt. The other sustained itself.
and is now nearly recovered. Why this
" difiersnce" Why. simply because OURS
IS the distress o. me DEBTOR nad0te 10
PAY the debt; THEIRS is the distress Of
the CREDITOR for want of money due him.
The creditor Of bankrup, is frequently
much injured for want of his money, but
it does not necessarily follow that he al
so fails. And in no case is he chsrgeable
with the follies and extravagancies that
brough, about the disaster. He may
have been too con6dlng, but there his
fault ends. The injudicious prodigsl,
with bad advisers, NAV contract debts,
multiply obligations, make experiments,
aud become embarrassed and bankrupt.
The confid,ng neighbor who trusted him
too far may feel sensibly the want Of his
debt, be obliged to curtail his expenses, or
otherwise TO economic for while; but,
being the creditor, and therefore mos,
likely the richer Of the two. he is not
so likely to be ruined. There Mr.. X.
read an ex,rac, Of letter from a gentle
man Of Liverpool, stating that /" there is
no distress in England except tina, which
grows out or American connexions, and