The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-24
* sExaTE-Sep'ember %. 1857,

a, me bill imposing additional duties.
:. j,snsiloriss. an certain Gases, on pub
! A. officers e
Al, KING. Of Georgia. said ihai he
Al No, attended 10 address the Sraalr IN
:. suhiert before IL until yesterday even-
,as IL had great difficulty IN making
an n. mind between the projects urged
IS .af.renl gentlemen; and. as hs was
n .,sssfisd with either 81 then. he had
,.a.lt q best In postpone the subject
D, thr regular session. and oder some
70 s,rks in explanation Of has reasons for
ssaE so.H
Tsa plans were fhe saidl urged upon
he Seasle: ope reported BY the Cam-
nnee on Pinance. Is proposed 10 be -
m.uIed by the Senator from SnaIh Caro-.
Eo,. the other, the State Bank system.
vb,ch hsd already been tried, andfalIed.
A. D. the last. various apologies had
be-, made here and elsewhere. f1r ils
al re: and IL had been insisted that IL
bal aal had far trial. and therefore,
soa nol be said properly to have failed.
The INST able and ingenious ads cS;es
,ni .,,iasisls Of this system that he had
heard we're hls friends from Elrelnia and
ysa York. IL they had moi succeeded
in ransincIng the Senate that the systpm
.h,ald be re-adopied. with the mndlfic =
bars proposed, conviction nighl he rna-
srlerrd a. hopeless. lie certainly agteed
MN item, that the system had nol hid
far trial. The pets had certainly Isi
hard tine of u under IhsIr Exeruuye
patron; but he hail neveryhad coniiit IRE
10 them from the beginning. and. in truth,
he system had never succeeded tor nnr
moment Tie history Of the world fur
u.hed 10 instance in which an admins-
ralive measure, 80 vitality interesting 10
III whole community. had been 30 long
%, lined BY a system Of mere assump-
Goa, deception and puffing Business
men we're rarely deceived BY these
means: bu. large portion Of the people
were less informed. aud believed the
statements which were from time 20 tine
Imposed upon them. Why. (saId VI.
Tx lalsiy saw in one of the numrrous
sp'oge,ie essays on this subject, (eVen
shsn The exchanges had got INTO such
conlusion as IN render IL impossible 10 de-
eSe any body that the system had
been one Of the most beautiful in ils ope.
faIiaa ever devised by the wisdom Of man.
The author regretted very much that he
vas m, entitled 10 any share Of the hu-
opr oi having first conceived II: which
honos vas all due 20 the great financial
s,sdOm ii The ex.Presideui. The fruits
pi his mighty conception had. how ever.
been blasted by the stupidity Of Congress.
Who had passed. contrary IN the knuwn
Ndl Ofthe Executive. The obnoxious nea-
s1te iaf the distrihutive deposiIe with the
Rates IN June. 1895. kbeaulilul system,
Ff'ly. Tor the administration Of the public
iaances, thar should wilher al hint that
Ne should want a portion Of the public
re'sute IN qpareriy Instalmsat>: the first
tstoming due more than si.r months ~
bead. But, (ssId We. X unfortunately.
al. bill vas pissed rather too la,e To az
lord even protect u the advnca,rs of the
a'e Presidents experiment | state To
Pae Seaa,e as a fact coming within nv
EcSn snowIedge, that before the distrib,r
ron bill ,rds passed or taiIed Of. the
'Fe''den, oI southern institution passed
'aFongh this city. with large amount af
pecis IN hls possession, on his way 81
NrW York. there 10 purchase Southern
and Southwestern exchanges. The same
operation had been made by others. Was
sa'h an operation ever made or dreamed
fol during the existence of the Bank OF The
ealIed States before the withdrawal Of
i" branches! A beautiful system ol ex-
|caaages, this. whrh would lead men
'nnsand miles from home to shave the
e0hnercial paper ufiheir neighbors!
n Here are the evidences OF the fulfiIment
o' The promises, that the experiment
would give ns better currency, safer de.
p's''ar'es, aud a cheaper system of ex-
manages. The local banks, whilst the
Oep'sl'es in their vaults were large; the
'Irtency expanding; aud speculation fur
"''hlng demands for monev every where
a'd credits every where, afforded eychan-
yes 'olerably well between the most COM
aefc'al points; bu. the momeu. these
sanses ceased to operate, and the branch
Is oil the Uui.ed States Bank were with
N'aSn, the exchanges fell into the utmost
ySU'lus'on, aud every preiension after This
Wv they we're furnishing exchanges as
Ssnssply las the United States Bank ever
wv has been mere assumption, and no.
!, Isa'OIaled to deceive any business man in
we community. Sir, fsaid he,) ! have
s"ae 10 the very counters of these banks
s an asked for exchange at the published
,a!ss: The answer generally was. that,
" @e:y we're arawiag." they would sell