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

dare ; specplsalEe rise 10 psiees. -
bg reraPn~ sing o.-rahan. -.
a sin FARMER expa,mi0ns. by -.
knowa lsw ~ 6nance. This. IL -
pr,sd,nsd speculation - home sna -.
lmpOrisiiaHs IRON abroad, ahich !
even ex,end-d - he necrsssnes i ~
Our people being inInxiraled w 4. 1.
lasise PROSPERITY. every species n =.
pery was emhrarnd IN he vide r.,...
speculation, which speedily rsseA.s 4.
public lands. Every one seemed !.
think il much easier 10 gel riek b =.
ealaiing in land lhsn By cnllssh,, :
and. nv large land sales. addea q hs,,,
imPnralinns. sooa prodpcrd an enorr,'.,
surplus ~ The TFtasury. which .,sa'.
Irihpled IN great number Of hasl.
There was greai anxiety IN rrcaan,,I
state repositories b. the people. and !,
eanclle them n the mss n the um,.s
S1aies Bank. Nv proving Thai in..,,vss.
IN he unnecessary. and srcanllngly a..
wsrs stimulated 10 srrommsd..- !.
eommnniiy by she nse ofIhe pubic lu,g,
II this way banks wrrr malliplled. r,,..
issues were multiplied. sperulatans y.
siimulsIrd. and produced thai hloasJ a.
diseased conditon which began 70 a.
fest itself IN The sumner of lss6.
u may be necessary in this oana,r,.,
aose particularly 90 notice the mean. =
which ne we're enabled 50 lung % la.
nr this forcing proerss. and prevsm !,
earlier traction by the operasloa q A.,
foreign debt. This was plan enou,s
j, when the facts we're known. Ihussh ah,I
eoniinued long 10 pazxle the bes, ks,,.
elers Of Europe. The usivssl slTsa 4
the general speculative rice 81 price. h,,,
lrnm a redundancy e our cuu.mry ..I
credit. wss 10 depseclaIe oar lareieu >,
changes. aud pra,lnce . call las N. :,
lanee of nHr fseign debt. Yr, ws 70,
sealed this, by seadiag then bond., b,sl
shares, state stscks. sad credits Of ,.,.
Gus descriptions. 10 . grexser sa.m,
than We owed ahrm. Bv these ms,a.
we raised onr "wa exchanges and dspr
eisted theirs, which trsinsd them of,h,,
bullion. las before lniImaied.) By men,
oI the credits they extended ln Us. tn,
speeulalious al hone had produced !.
most m unlimited demand Tor mos,,
aad we would take all their clsh. - ..
a. all their commodities. and outrel
h'ir sIrR capitalists 10 get them, prov.
| lied We could make the operation on CT,
4 dit. thus We eeRiInued myersine a,
laws Of trade, aud Rl,erly cnaloundla,
The bank directors and capitalists Of Eat
land. null The summer Of 1895. We IA
tina, The hank directors then msde The d.
eoveIy that the United States had be.r
draining thea NJ their guldA' on credit
and shey Iook steps 10 preyeni u. BY !.
ereas'ag the rate ri interest m Ju0s 10 4
and IN Argus, 20 5 per cent ~
let Us nov return 10 the United Stars
In Dune, 1895, the ruin threatened by q
large An secum slation OF the pubic mo
ne.. the uses that were maze Of il. an!
tie "nsonni state Of the currency gene
rally, vas % manifest that al pariies d
greed in the opinion that something ms
be done viii IL After COLL discus.ir|
and grea, deliberaIion. congress aah "
common uRanimiiy, adopted the Law NJ
distribute the deposlle- among the slaeS
Though no measure could lie free irpa|
objection. this vas certainly TIE xisx|
that could have been adopted in reference
TO the end proposed. 10 depleted he
Treasury, and checked over-issues, b, d
public law With full notice, e~sy tem|
and ample time for It's execution. It'd
President was, Unfortunately, opposed VI
II, and seemed determined. no. only d
use esery means 10 prevent its efieieacyj
but TO prevent iis operation on re Vel
tern and Southwestern depasise bsnssl
which. IN TACT wost needed iss operation.
With this view. he adopted the fanOa'
specie circular; sort Of Order in ten
eil--though the identical IN, asure bal
been Few days before proposed ssas
gislative measure. and, with almost FrI
feet nnanimi,y. rejestcd BY the Senate
The principal, perhaps only ohjeci d
this measure. was to save from explosnI
some Of the lettering depusite hanks .
the West and Southwest when he
should be called on TO comply with "
deposite law. and surrender the pOe
lie money. His object could not h."
been TO prevent oyer-issues, such an -
leci being inconsistent with his opPcS
aon to the deposite bill, which vas 'e
tainly Of all others. the best concersi
for that pupose. Whatever migh' have
been the motive, the measure was an 10
wise and unfortunate one. derangiRg IN
internal commerce OF the country. prOdar
ing panic, breaking up exchanges. an
destroying credit, al the very tiwe, oil Al
others, when the country should h'"
been permitted to make the best Of its
sources, without violence or surprise