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

and. uiih an abundance u cspilal, pre-
pared 10 make investments. and eneaes
IN ne~ enterprises. let a nlfre ehsck
10 The Lauish accommodations ofIhe Co.
Piiaiisfs, By The snl5arTassmea OF his
debtor. 10 aRaiogiSei srifh The mmosf
eolapiacsney 70 shePr0sinafe and keIpless
condition of has bankrupt debtor himseLgl
Those. be said. @h0 insisted that he
national distress could not have been ocea-
stoned by the scls Of our own executive,
because there has been some distress in
those commercial Rations with whom we
trade, pot him in mind Of that great philo-
sopher who slomped his Zoe in the darkL
ness Of midnight, and rallied out against
The sun for not shining 10 The night in-
stead Of The day: alleging ss the result Of
bis most profound observation. that there
was lightenough in The day without him.
They coniounded cause and Consequence
and LOST all connection between them.
II never occurred io the philosopher lhat
the sun might itself be The cause Of liehs,
and these gentlemen cannot see our own
agency in producing this embarrsssmenf
sbrord. though The one agency is jus. O.
bout as plain as the other. :
Mr. X. said be would uy and remova
the difficulty Of those who fell so much
embarrassment on this subjeci by prov
ing %
l. That there had been no redundancy
Of the currencyin England belseea 1894
and 1897; but on the contrary, fis raiue
Of money during This period had greatly
Increased, By The increase Of ao,iOnaf
Tealfh, 'rhiist currency remained about
stationary.
2. Tina, there had been in England no
national overtrading. and thu, her II.
changes had been DEPRECATED by rsceir-
ing our credit in exchange for her cash
and commodities.
3. That our extraordinary. but specns
la,ivs, demand for The products of Eng
lish labor bad created some activity, espe-
cially TO the manufacturing interests.
Our increased demand for the products
of their tabor, cuunierscIng our unnatu-
raj credit demand for their money also;
and thereby only maintaining prices
tcsSeh oihertriss. Zoo far from a spscuia-
tiUe rise tcOuld hare been deprecated By
an appreciation Of money.
These propositions. Mr.. X. said you'd
rather astonish those Who had taken il
for granted, without inquiry. that by
some magical fatality the whole world
had been guilty Of folly similar IL our
own, and visited with simiisr punish
ment. But il they would take leave of
, mere assumptions. stump speeches, par
~ presses, and vagrant conjeelures, and
be con,en, with The plan evidence Of their
senses, he shopght he would maintain ev-
cry proposition To the satisfaction Of alb
who would listen 10 him.
On The first proposition, lei US see
whether " a reference to the amount Of
banking capital. &c. in Great Britain do.
ring the years 1884, 1885. 1896, will
show an augmentation Of paper curren-
cy there as much disproportioned 10 the
wants Of trade ss IN The Uniled States"
Mr.. X. then read The following table,
(prepared from official statements
Circulatloo Of Bank OF England, Joint Stock.
and Private 5anks.
p..,.rp Joiat stock IT,,
BANK o. hne' s Private. Total
Jan. 1888, Is,sisOOo 10, Isl, 900 %. 46s, 900
1884. Is.s77,0O0 s,5s5000 70 5ss 600
1885, 1900 900 io.4IsOOO % SIS, 900
1886. i7.4s7,OO0 H. As, 900 % SIS 900
1887, I7,sss,OOO ii,oIsOoo IS ssI 900
The foregoing table is made from the
February monthly returns Of the Bank
Of England, and The December to March
quarterly returns Of the jointstock aud
private banks. as being ibe most like
ly way to approximate to the sggre-
gate for the month Of January. The o.
riginal official returns were before him,
Mr. King said. and were at the service
of any gentleman; and the monthly and
trimon,hly variation in the entire circu-
lion was so Hifling that it was scarcely
worth naming. II would be seen, from
ihe above table, that the entire "augmen.
,siion Of paper currency" in England du-
ring the years 1884, 1885, and 1896, The
period mentioned by the President. was
only g323,000, or about one-ihird OF
one per cent. on the currency. estima-
ting the whole currency Of England a.
10000, 900: and the entire " augmen-
,a,lon during 1888 10 1886, inclusive,
Commencing one year earlier, was only
g4l2,000, or out quite one-half of one
per cent. on The whole currency, aud a.
bout one and half per cent. on the pa
per circulation. Now lei us see whether
this increase is /" similar to our own"
during the same period.
Mr.. King then presented statement
which he believed ID be as accurate as it
could be made by collection aud cnnun-
uatlon of the returns of local hanks up to
LIST Januarv, 1897. Ii was more likely
10 be an uat@r tha an over estimate, from