The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15

- N+-~ AsA- MNAAA A1NAuAHTAlt4ltAN III
producing She present State OF things, the
deEelopms nus subsequently, msde, and
the aeiusl condition Of other Commercial
countries. must, ~ IL seems 10 me. dispel
all remaining doubts upon The subject.
IL has sInte appeared that evils, similar
10 ihose o. Uttered by ourselves, have been
experienced IN Great Britain, on the cor
tineni. and. indeed. throughout the CON-
mercial 'sorld; and Thai, ia other eonn-
tries. az well a. in our own, they have
been unil srmly preceded BY an undue en-
laEgemenG Of the boundaries Of trade
prompted, as with Us, BY unprecedented
expansions Of the systems Of credit. A
reference 10 the amount Of banking capI-
al. and the issues Of paper credits put In
circulation in Great Britain, BY banks,
and 10 oihtT ways. during the years 1884.
1885, and 1895. will show an sugm-ula-
Iion OF the paper currency there, as much
dlsproPorIioIed to the real wants Of trade
a. 10 the United States. With this re-
dundancy Of abe paper currency, there -
rose IN that country also spirit Of sdyeu-
,urous speculation, embracing the whole
range Of human enterprise. Aid was pro-
fuseiy given IL projected Improvements;
large investments were made in foreign
stocks and loans credits for goods were
granted With unbsunded liberality to mer-
chants 10 foreign countries; aud all the
meaus Of acquiring and employing credi.
were put in active operation, and sxlen-
dsd IN their efeeta 10 every department.
ut business, and 10 every quarter Of the
globe. The reaction vas proporlioned
IN lis violence 20 the extraordinary char
aeier Of the events which preceded il.
The commercial capmuuity OF Greai
Britain we're subjected to the creates:
difficulties, and lhsir debtors in this couu-
Try were not only suddenly deprived of
accustomed and expected credits, bur cali
ed upnn for payments, ah,ch. in the ac-
tusl posture Of things here. could only be
made through general pressure. aud al
the most ruinous sacrltices.
In view Of these facts, Il would seen
impossible for sincere inquirerers alter
truth IN reslEt The conviction. that The eau
so of the reVulslnn in both counsnes
haze bcsn substantially the sane. Two
nsInns the most commercial in the world.
rui0vIng but recently the highest degree
ri apparent prosperity, snt maintaining
With each other the closest relations, are
suddenly. IN . time Of profound peace,
and without any great national disaster,
arrested ~ their career. aud plunged iuln
a state Of embarrassment aud distress.
Ia bMh countries we have Witnessed The
sane redundancy Of paper money, aud
other faclhlies OF credit; the came spirit
nI speculation; the same partial success:
the sane difficulties and reverses; aud al
lengIh, nearly the same overwhelming
catastrophe. The mos, material dIffIr-
ence between the results IN the two coun-
tries has only been, that with us there
mas also occurred an extensive derange-
ment in the fiscal affairs Of the Federal
and State Governments, occasioned by
the suspension OF specie payments by the
banks.
The history Of these causes and effects,
in Great Britain aud the United States.
is Substantially the history of the revul-
sion in all Other commercial countries.
The present and visible effects Of these
circumstances on the operations Of the
Government. and nm the industry of the
people, point out the objects which call
Tor your immediate attention.
They are---," regulate BY law the safe
keeping, transfer, and disbursement, of
the public moneys; to designate the funds
10 be received and paid by the Govern
menI; TO enable the Treasury to meet
promptly every demand upon 1t; to pre-
scribe the terms of indulgence, and the
mode Of settlement to be adopted, as well
in collecting from individuals the revenue
that has accrued, as in Withdrawing IL
irnm former repositories, and 10 devise
and adopt such further measures, within
the constitutional competency Of Con-
gress, as will be best calculated 10 revive
the enterprise, and to promote the pros
perity Of the country.
For The deposile. transfer, and disburse.
ment, Of the revenue, National and State
banks have always. with temporary and
hunted exceptions, been heretofore en-
plnysd; but, although advocates of each
syslem are sull To be found. it is appa-
rent that the events of the last lew months
nave greatly augmented the desire. long
existing among the people Of The United
States, 10 separate the fiscal operations Of
the Government from those OF individu-
ais or corporations,
Again To create national bank. az
fiscal agent, would be 10 disregard the
popular will. twice solemnly and unequi-
vocaly expressed. On no question of
domestic policy is there stronger evidence
thai The sentiments Of large majority