The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-24
usnl o. Imports which Ne oblainsd from

= ,ome Earn ar asher. II 9as lmpossl.
Ia n ~ Il any lising like correct Official
inlormsai0n % this suA9srl A. there
Gas m dnsg ~ prohibitions sifher On En-
paris OF Imports II specie. there was but
hnle a,lealiaa paid 70 iial custom -hauses
either in Eusope or AmsrIes. Large |
bankers. whose business gives them an
interest. >. xell - kn0~lrdge a lnans
and sperie shipments. we're the only
class from which mueh Information could
. Be obtained. and Ihey rarely knew oi any
except large and notorious Transactions
! A slatemanl made hy Mr. FAyoiI. At Pa
re. man Of great research and mans
opportunities, ne believed - much ta be
relied on - any Other. This statement
wss made in the latter part III he misioak
noi) Of 1896. and Purpnued n be an ssti-
mate al the specie shipped n 'm Europe
u America during the year preceding The
statement This stslemeni, Mr.. h. read.
% follows:
sla,ea-as ron FssAsriek Fsvot,'s essay pub
IlslseJ IN PARIS ~ lss6. n the s.naast sisPs
Gle saPa.d from Escape h Aar'i"E'n s's
year p.ssiaas n the aaie Attic
England. iran documentary ssi.
a~Ree. say I0nal,isS
\ Hi'saa, tws knans. farmiae "a.
setAer2 500 00ai sHe half ship
p-d IN spsris. 1850 GOO
4 I, Ffsaee. the iaieRniiy. Islua0
OO0 r.. and HaiIngae isaa
$4,000 Ooe. iogr.Aer i,ssH,sss
Ls.ssLsss
Ir the ahove statement he correct. Iaud
il was resss'nly more likely IN be under
Than over the true ameunI.1 zee had i'm
ported nearly I,s,y millions af dollars in
one yess. besides the iaienpily. which
II the laws ri trade Ind hseR allowed .
free opers,lsa. would hass heen mere
pro(ilahly drawn lor Than ,mpor'rd. Adj
ding the ahnss sun Ia the rnmmrrcial bs-
lance 0f 50. O0p. 0l0, and We had evidence
Of abaut 100. NUO. 00n. less only me spe.
Gle Included IN imports. In aidsHsa 10
this, Il was well Known. he said. ths, we
hal heen ISSUING erediis tn a greater or
less extent ever since the commencement
Of 1894, mi he entire foreign debt might
safety he nut down at much more than
100. O0O. 400 in March last. The debt
being e. ahlIs' ell ~ follows lIsi the state
Of our lnrrlga exchanges have been lalsr
and dsluslve. and. hiv,ng been effected
bv the use of credit. have been no indi-
cation of the true balance III trade an =
far exchange NJ csfnmnduies: credit has-
ing she same effect nn the exchanges ~
the sxnonations nf M equal vaiue in
commnltnes. VIZ. X. however. conclud-
ed this hranch Of The suhIeri by adding
that il wonid not b" necessary IN pay the
whole debt before exchanges would h.
equalized; very large p"rlinn II It hav-
ing assume the form It investments, IN
winch we should only have to pay ths
interest; aud. mnrsrsrr, the nal,re OF tie
conner heiween the ts" countries sIIl
bear very considerable fnreign debt
agains, us. without aiFrrune thee xrhanee.
| VIZ. X said that he hoped he had pro-
ven To the satisfaction of the SrnaIe. that
the causes Of the present distress were
not common to other commercial cnun-
iries, which. in fact. had suffer d only bv
their CONNEXIONS with NJ. They had
rot overradrd, uverissued. MIR had any
speculative rise III prices similar To our
owR. The causes then mus, he located
IN our own country: aud Mr.. X. said he
would endeavor Ia explain when. how,
and by what agency they originated here.
tie then wrnt hack To the removal Of
the dePosiles IA is33-a measure that
he had frequently spoken of belnre, as
having hem productive Of much mischief.
and No connIerhalsnrine good. lie had
briefly anl,ced its agency in bringing the
country inia is then presea, condition q,
the LAST session; and every prediction
then made had beco ne true. and each
cause had operated N the manner there
stated, so far as they had been since de-
veI0ped. he would only now say OF II
wha, Ill admitted - that IL produced a pa
ME which greatly ieprec,sted every arti.
Gle 0f home consumption IN the latter part
| =" 1000 anu pdit " 1908, wHtlst the
price oi our exports was not aferted by
the measure in the foreign market The
immediate effect was rise in our foreign
exchanges, and twelve or fourteen NIL
lions OF specie poured in upon US. This
effect was not anticipated BY the Presi-
dent, as We could see by an exposition Of
his vie VS. " len the measure was adnnt.
ed. lie had no more idea If bringing
specie. than he had Of bringing I.andpn
to America by the removal Of the drpo-
sites. Yet the friends Of the measure
Immediately boosted of il as one Of the
happy results Of that wise measure. from
which many and countless blessings were
to flow in upon the country. Well, sir.
the currency was already full, il not re-
II y. A u u