The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-12-01

While the fore'gn exehsve uuIled a..
gay, The strange policy ole pre.;ssa,
WAS pulling The other; ard teh,nga
I2or IA Perrent. before ilieSspens;on n
specie payments. Our. ente,r;s,ns -
chants saw their danger fronhi. ,nns,..
raj warfare against them. buitu 5000.
ued manfully slrngglinglo sss.he;,o..
credit and The hon0r oflhe maid re-.
fact shows how unjust and I. 80.
been The charges hssped upon -,
chants, Of coDspiring against ii. 80.
country BY ron upon he banks. r. r.
c0nspired 70 prevent q run as
By The premiums they consented -
for exchange ra:her than demand So
Even her interests. in fact, 10
eienl answer 10 The reckless char
which have been made against them.
Well, sir, We Jeff England in expect
uOn Of geliing some remiitaBces 90 reslors
part Of The money tre had bOrrored
from her. These remilisnces however
we're made 10 . very irifing extent. In
the mean lime, The President and his
friends tceTe bOasiing offhe vise policy
ofths President IN foreibly preventing
the operations Of erehGngs. and prerea,
ting the payment Of our foreign debt.
This circular, with the eulogiums on this
" wise policy" reached England. and
the enemies Of The Bank Of England DO.
gan TO tsunt them with the impolency Of
the means they had adopted 10 get back
the gold which il was alleged their own
mIsmansgement and want Of foresight
had suffered 10 be drawn from them.
The temper inspired BY this measure,
and the iaunis and bosslihgs WHICH iol.
lowed il, was natural enough. and may
be seen BY the language OF the deputy
Governor Of the Bank. Il will be recol-
lecied tina, ii is admitted an all hands
that j; was The last action of the Bank Of
England on American credits thar pro.
dnced our supension. II | prove ihat
this action was made necessary, or pro-
roked by the specie circular, and v f,at
followed IL, have fully established my
conclusions from admitted premises.
What saws this officer Of The bank in
reference 10 the saporings OF the debtor
who tricks and defes his creditor instead
Of paying. or showing a willingness to
pay him! will read 10 the Senate his
own words
Mr.. KIng then read from late Eng.
lish pamphle, written BY Hurseley Pal
mer, the deputy Governor Of the bank,
in answer 10 the charges Of Mr.. LLOYD:
"ln answer 10 the fifth objection. il is
TO be stated that no expectation was in
tended to be held out that gold would
return from America so long as il proved
more advantageous TO ship silver; but ihe
expectation meant TO be conveyed was,
tina, notwithstanding all the 5on,5ast Of
the American President, bullion would
shortly return to Europe from the Uni.
led States, and that belief is now in
the course Of being fulfilled by the daily
expected arrivals bf silver. with which
gold is procurable in the markets of En-.
rope"
1 The d" expected arrivals Of silver" or
gold either, however. did not come, or az
most were very trifing. Our modern e.
nanclers had put clamp upon il. With
about as much wisdom as would have
been indicated BY seizing upon and stops
ping The expectation of our cotton Uken
more ualuabie in Europe fhu, here The
principle Of expectancy is precisely the
same. There was one mode by which
we could be crushed in an instant. h
was TO blow upon American credits"
when offered for discount or rediscounr
BY the American houses. or the iont
stock banks. This was postponed 10
the last, from The disastrous consequent
ces apprehended 10 the manufacturing in
terests. The temper displayed in the
above extract, however. will show that
they we're ready TO do that. il absolute,
ly necessary 90 prevent an insulting tri
umph. The " bombast" aud the circp
lar were continued: i" the bank blew on
American Credits" our whole foreign
debt came upon US at once; panic was
produced; a short struggle was made by
the merchants; bu. run upon the Banks
followed; they suspended; the Govern.
nent suspended; the nation became bank
rupl; and we are now assembled IN con-
template the wisdom and glory of ,urp-
ing the commerce of country upside
down TO make il prosper, and bury.
ing its resources TO enable il 10 pay lis
debts. Who canno. plainly see from
this connexion Of facts and differences,
causes and consequences, that this uu-
wise Interference with the finances pro.
duced the action Of the Bank Of England,
which is admitted to have produced the
suspension! This is all plain enough.
but an effort is made to draw our slten-