The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-06-16

been used bey0sld ali former e1anApari
lhal IL 10 probable Ihe spirit Of trade has
been lno highly excited; that The pursuit
Of business may have been pressed lon
lasI and 200 far Al This | am Hady lo
admit. Bot. instead Of doing any hing
10 ahste lbs tendeney, our GoErrnaeni
has been the prime instrument Of foster
ing and encouraging il. ID has parted
voluntarily, and by sd-iee. with all con-
troll over the arlual eiTIeney nf lAe
country. Ii has gwen 4 free aud inil
scope 10 The spirit al banking; il has aid
ed Ihe spirit OF speculation wiih Ine
public Treasure; and il has done all this
IN The. midst Of lOUd-sOunding promises
Of an exclusive specie medium, and .
prOlesssd delssistinn Of al banking insll'
buttons.
u is in vain, therefore, n say that lhe
present state 0f affairs u owing. not Ia
the sets az Government, bni Ia other
causes, over which the Government had
no eoaIrol. Much Of il is owing TO the
course Of the National Government: and
what u moi sn, 10 causes ihe operation
al which GnEtrnment vas bound. IN
dn'y, To use all It's legal powers To enn-
troll.
l. there an intelligent man in the
community. AZ this moment. who he
lieves that if the Bank of the United
States had been continued; il the de-
posiIes had not heen removed; u ihr
specie circular had noI been issued, the
Iinanrial affairs Of the country would
have been 10 rs bad state as they now
are! When certain consequences are
repeatedly depicted and farelold. lrom
particular causes; when tire manner 10
which these consequences will b. produc-
ed Is precisely pointed out, beforehand;
and when the consequences come in the
manner lOIetold. who will stand up aud
declare that Notwithstanding all this. there
rs 40 connexIon between the cause and
lhe consequence, aud that all these effects
are attributable 10 some other causes.
n0body knows what!
M doubt we shalt hear every cause
but the true ones. assigned for the present
distress. Ii will be laid to the Oppose
tl"n IN aud ouI uf Congress--n will he
lald 10 the Bank--ii will be laid to the
merchanls---it will be laid to the maa-
viii be laid 10 the Ianh-n
will be laid TO the north star, or Ia The
malIgn iniluence ii the last comet, whose
tail swept near or across the Orbit 1T our
earth. before we shall be allowed TO
ascTIbs il 10 The just, main causes-a tam
pering Nth The currency. and an attempt
10 stretch sreeufirs po.rsr OrsT a subject
not cOnsiitutiOnaily within his reach.
We have heard. gentlemen, Of ;hs
suspension nf some Of the Eastern banks
only; but fear the same course must he
adopted by all the banks throughout the
country. The United STATES Bank. now
= mere State institution, with no public
deposiles, u" AID from GnIernmeni, bat,
on the contrary, long the object Uf bitter
persecution by u, was, at our latest
advIces, sill firm. Bu, can we expect Of
tina, Bank 10 make sacrifices to CONTINUE
specie payment I'm continue tn Do so,
now the Opposite banks have stopped,
the Government will draw from u lie
las. dollar, fit can do so. in order to keep
up a pretence Of making its own pay.
menis 10 specie. shall be glad IT this
institution find IL prudent and proper to
hold out; but as Il owes no more duN 10
the Government than any other hank,
and, nf course. much less than the drpo.
site banks, canno, see any grrund for
demanding from II efforts and sacrifices to
favor the Government. which those hold
ing the public money, aud owing duty
to the Government, are unwilling ar un-
able tn make; nor do SIZE how the New
England Banks can stand alone in the
general crush. believe those in Mas
sachusetts are very sound, and enureIy
Solvent have every confidence IN their
ability to pay-and | shall rejoice #,
amidst the present wreck, we find them
able To withstand the storm; but at The
same time | confess ! shall not be disap-
pointed If they, seeing no public object
to be attained proporrioned to the pri.
Vate loss and individual sacrifice and ru
IN which must result from The means
necessary TO enable them to hold out,
should mol be distinguished from their
Southern and Western neIghbors.
ibeIieve, gentlemen. the experiment"
must go through. | believe every part
and portion OF our country will have sa-
Ilslactnry taste Of the better currency"
believe we shall be blessed again with
he currency Of 1912, when money was
The only uncorrenl species oil property.
We have, amidst all the distress that sur
rounds US, men in and out Of power, " ho
condemn National Bank, in every form
who maintain the efficacy and eiIicien-
y Of state banks for domestic exchange
and, amidst all the suffering and lerrors
81 the experiment" cry out that they
ire establishing "a better CURRENCY"