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

A @"f ~naA AAn1 ~ pfUu10o you
suppose could have induced Ihe strange
operation | have described Ihaye been
informed II frequently snoonls 10 Is and
IL percent; sometimes less. bnt always
enormous. The operation. if 1 under
stand q. was this /: A bill was purchased
On Mes York on the debtor Of The drawer
In the South or West, or Southwest, 81
. discount Of from 4 10 @ per cent. and
perhaps sometimes higher. II the bill
were paid the purchaser tbeing establish
ed between the drawer aud draweel again
sold bill drawn on the fund, AL eharg-
ed a premium; for these greGs regulators
Irsrs ia The hGbit Of sharing ia ersry
direction. They would buy Southern
funds a. heavy discount, and sell a bill
on iI at heavy premium. This was
the operation il the bill were paid: but il
the bill we're dIshenored. a. frequently
happened before, aud nearly always after
Ihe adoption Of The Specie circular, the
bill vent back upon the New York
drawer With an accumulation uf charges.
and per cent. damages for the dishonor.
The drawer had u To pay, though he had
suffered q heavy loss on the discount.
This payment olbill and daDages furnish
ed the drawer with Northern fund. on
which he could again draw at a preni-
nm 81 5 per eent. Thus the Senate will
zee The enormous profit that was ofiea
made nv The dl.caun, Of single bill.
|, vas from exchanges. added 10 other
profits. Mr.. King said. that accounted
tJr the suormnus profits aud heavy div.
dends that had been made By some ol the
hanks. some Of Which he mentioned 10
ave been proiigious within fourteen
months preceding the lst nj March, 1897.
Where lii these enormous profits come
f''n, and who ultimately paid them!
Whv. they were shaved from the hard
earnings of the industrious classes, being
clearly . tax on the circulation Of the
praducls 81 lahor.
Mr. X. SAID he would not delain the
Senate BY gnIag FULLY into Ihe capable
ties Of the State Bank system TO perform
the services promised hs Il. lie stood
upon irm ground on this subject. His
friends could not charge him with change
or Inconsistency 10 this matter; and, as
was well known, he had generally predict
ed, step by step. The consequences thai
would folioS from the financial experl.
ihenis that had .iaIc ell the country, be-
ginning with that unfortunate and unne.
cessary measure, the removal OF the de-
,osiies IN 1894. II would be seen that
he had no strong prediIeruin Tor the
State bank depoSiie system, though he
admitted that Il might have done and still
could do. much hotter Than heretofore, IL
tho Executive would cnnsenl To let /,
alune, and cease the continual interfer-
ence by which the banks have been
lnrmented and the commerce Of the
country drrangrd. ever since the Ex.
eculiye bad taken the control Of the fl
nanceS.
VIZ. X. then proceeded 10 notice the
plan Il the committee as proposed 10 BE-
amended. This he looked upon as a
new experiment, though IL had been
alleged to b. otherwise by The Seaatw
from Missouri. The Senator insisted thar
We we're ahead of our destiny, and ought
IN 90 back To the glorious days nI ne
Roman empire 10 learn lessons on finsnce
aud political ecunoms. This plan was
strongly recommended as having been
that under which the Roman quastors
made their mild exacuons from the
people. Il was also recommended mnst
warmly BY the Senator, brcause Il was
that under which the war levies al Nap"'
leon we're made, aud the inances ol Spain
AMI Turkey collected anil disbarse'.
Upon The first recommendation. the
Senator had gIsen us most eloquent
discourse upon Roman hcroism. bloody
battles. aud the Ievies OF the quRs,ors.
lie had spoken of the grea. pleasure
with which he read Roman history on
these subjects, and the delight with which
he contemplated the reuown Of this great
people. Well; Mr.. X. said he had read
some Roman history too, though certain
" not as gopd an historian as his friend
lrom Missouri. But if any thing in
Rnman history had made strong impress
sim upon his republican mind, it was the
hearlIess cruelty, The un(eelipg rigor, and
the pililess tyranny with which exactions
we're made upon the people BY The Roman
quastors; and unfortunately for the
Senator's Roman precedent, when these
exaclious had been made by plundering
the Roman people and provinces to sup
port heroism IN the trade Of conquering
and pIunderlag the rest Of mankind, these
eraciions Wers deposited acith Roman
bankers appointed for the purpose. :.
As the Roman precedent was not found
exactly satisfactory to Mr. n. he proceed
ed to notice the system so warmly recon-
mended as the plan Of that grea, democrat
and ardent lover of liberty and free
.....,... IL E,nar,r Nanalaon His