The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-10


= spirit Of speculation. produced by bank
and other facilities. think Ibis is view
81 The case entirely too superficial. II
would Be quite . correct and Just. in The
instance Of homicide perpelraied BY the
discharge Of . gun. 10 alIedge thai the
leadsn ball. and not The man who level
led tie piece, Eas responsible Tor The
murder. The true inquiry is. how came
that excessive 0ScEsrading and those ex-
iensiTs bank facilities which the message
describes! We're they not the necessary
and immediate consequences Of The over
throw ii the bank. and The removal from
its custody Of the public deposiies! And
- moi This proven by the vast mulliplica-
lion Of banks, and The increase Of the line
Of their discounts and accommodations,
| prompted and stimulated BY Secretary
fancy. and the great augmentation Of
their circulation which ensurdl
| What occurred 10 the state Of Kentuc-
Ky, IN consequence uf the veto oil the re-
charter Of the Bank Vi the United States,
illustrates lis effects throughout The Uni
on. That state had suffered greatly by
banks. II was generally opposed 10 the
/ re.eslah.ishment ri them. 1t had found
/ tie notes ofthe Bauk Of the United States
ans Serlug all the purposes Of sound cur
rency. at home and abroad. and il was
perfectly coplenled with lhem. Al the
/ period of The veto. il had but q single
bank. OF Hunted capital ani circulation.
| Atsrr IL. the state, reluctant Ia engage in
The banking system. and stll cherishing
hopes vi the erealIon 0i q new Bank ol
the uailed States, encouraged by the sup
pufters ri The late President. hesitaIed
about the Incorporation Of new banks.
But. at length, despairing If the establish
mrni of Bank snf the United States, and
finding itself exposed 10 a currency in
bank notes IRON adjacent states. Il pro.
eeeded To establish banks II it, own. and
since The veto. since 1899. sEas lncorpo-
rated frr lha. single S,s,e, bank capital
10 the amount OF ten millions ii dollars; a
SUN equal 10 the capital OF The first Bank
Of the unned States, created for the
whole Union.
That the local banks. TO which The de-
pusites were transferred from the Bank Of
1 the United STATES. were urged and slimu-
lated freely 10 discount upon them, We
have recorded evidence from the Tressu-
~ Department.
The Message, To reconcile Us TO our
misior,uaes. and 10 exhnuersie the mes-
sures Of our pwa government from all
blame In producing the present state OF
things. refers 10 the conduIou ol Europe,
and especially To thai of Great Britain.
!. ailedges, - that IN both countries, we
have witnessed the same redundancy OF
paper money, and other facilities Of ere
Jn: the sane spirit OF speculation; The
! same parlai success: the same difficult
| Ties and reverses; and al length, Geary
the same overwhelming catastrophe"
The very clear and able Argument nj
the Senator from Georgia Mr Kiag1 re
lieves me from the necessity OF saying
much upon this part OF the subject. l.
appears that during the period referred tn
b. the Message, OF 1893 -4-5. there was
! IN fact no augmentation. or very r,hng
! augmentation, uf the circulation nf the
country. and that lhe Message has total
j Nv misconcaived the actual state Of things
! IN Great Britain. According 10 publica-
uous to which | have had access, The
Bank OF England IN Tact diminished liz
circulation, comparing The first with the
: last Of that perled, about , ! millions ster-
ling. and although the joint-sIock aud pfi-
| vale banks increased theirs, the amount
Of increase WAS neuIralzed By the amount
Of diminuiion. -s*. 4
II lhe state nl things were really ideu-
tlcaI or similar, in The two countries, il
! would be fair to trace il 10 similarity OF
causes. But is that the case! In Great
Britain sound CURRENCY was preserved
by a recharter OF the Bank of England
abnut the same time that the recharter OF
the Bank Of the United States was agila,-
ed here. In The United States We have
no. preserved sound currency, in con-
sequence Of the veto. II Great Britain
were near the same catastrophe the sus-
pension Of specie payments which oc-
Cured here, she nevertheless escaped it;
aud this difference in The condition Of The
Two countries makes all the difference in
the world. Great Britain has recovered
from whatever mercantile dis,resses she
experienced: we have not; aud when shall
wei ALL is bright and cheerful and en-
cnuragiug in the prospects which lie be-
fore her; aud the reverse il our unfortu-
nate situation. st|- -"
| Great Britain has, in truth. esnerieue-
ed only those temporary embarrassmen,s
which are incident TO commercial trans
actions, conducted upnu The scale oi vast
magnitude on which hers are carried on.
Il