The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-04-28
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THINGS As THEY ARE, AND
THEIR CAUSES.

Elk 1AUcL4cs
We are, where every Whir press IN
die country. in 1891 and 1884. predicted
ne should be. n the mantle 0f pr0phe-
ey had. fallen upon them from above.
they could not have been more accurate
han iins has proved them 10 be. The
Governmeni began IN experiment We
foreiOld that il would bankrupt The eouH-
iry, and ID 10 doing il. We forelold that
it would treble, the bank capital Of The
country, and disorder all regular business,
and IL has done IL We lorrtold that il
would increase The rates Of interest, and
thro~ the multitude into the grasp Of the
usurers. and II has done IL. We Iorelold
eli that has happened, and 10 daily hap
pening. We forewarned the Govern
menI and yet forewarned, The mad cry
was, IS Perish Credif"-a Perish Com
merce'-a The experiment must 90 or
A hundred thousand causes are assign
cd Tor the present state Of things; and il
IS true. that many causes have broughi US
where We are. But follow results 20
their fountain head, and the action Of Co
sernneni. IL must be seen, 10 ihe proxl-
mate cause Operfrading, the Globe
and other Administrations journals say. is
the cause. Well. IL we grant Ibis. who
stimulated this overIadingl Who was
she cause Of the creation Of the bank CO.
piial upon which IL is supposed 10 be
foundedi Assuredly The Government;
for he Government struck down one
Bank. which regulated the exchanges Of
the Union. and hundreds have sprung up
on rs ruins. Virginia. (who is more
faithfully even now is creating bank capt.
tal. Missouri, lei M Brute, why does
nct Mr.. Benton ssy.) has given US a
Bank OF 81, 900. 900; aud Mississippi has
voted q Bank Of 5000. 900. Ever
STATES strongly attached TO this specie
currency Administration. feel themselves
under the necessity Of creating bank ca
pital. TO do The business Of the country.
II ought 10 have been foreseen-and the
Administration was repeatedly forewarn-
ed-tnst the withdrawal Of The capital
and circulation OF The United States Bank,
would lead 10 rivalry 10 the creation Of
State Bank capital, which capital, when
thus created. would stimulate enterprise
and speculation to the utmost possible
verge. ~4
The Wing press of this country told
the Administration. that the deposite
Bsnks could not regulate the domestic
exchanges, the regulation Of which is of
the utmost importance TO all the opera
tons Of trade. They hare moi. and they
ednnot--and il is The great difficulty in
the transfer OF money, which now Gre
s,es much Of our embarrassment. The
Wing press told the Administration that
foreign capital was necessary for q new
cnuDry, with great undeveloped resour-
ces, and the Administration raised an out
cry sgsinst IL, and Mr.. Rush, aided by
the organ Of the Government in WASH
ington, has done his best TO run down
American credit in London, and in all
Europe. To certain extent this mali
ciousness has succeeded. Even Mr.. Ste
renson, ou~ Minister PlenipoIentiary,
thought such al attempt was too bad,
and IN part came ouI against il. The
mischief Of dislrust, and all its conse-
quences here, was created. The Bank
OF England took such men az Mr. Rush,
and such Osacies as the Government or
gan. for good authority. Mr.. Rrush, in
hIs better DAYS, had been an American
Minister, and a Secretary Of the rreasu-
~. There was an apparent reason for
crediiing hun, and his treason to the bust
ness men Of this counIry. The Bank Of
England in October last. commenced an
Attack upon American credit. The first
onset was upon American houses in Lon
don. The next was upon American
Stocks and Bills Of Exchange. The las,
WAS upon American cotton. Then the
bios reached US. And here was the be-
ginning Of the panic that is now frighlen--
ing people out Of their senses.
Now, when this ouerfrdiing COM
mencrd, stimulated as j, was BY the two
or three hundred State Banks which had
been created by the States. in vain at
tempt 10 supply The place Of the u. 8.
Bank, what did the Government do,--
After il had alarmed al Europe, by adopt
ing all manner Of means TO take away spe-
cie IRON Europe that mus, go back again,
and after us agent in London had cried
down American credit ihere--fhen. al The
very menen. when the strong arm Of the
Government, was necessary 10 sustain the
credit Of the country al home, and 10
keep things al least in statu quo. il full
minated The Treasury order Of July.
sgsinst the will Of Congress. and in yio-
laton OF law. Il put The Western states
under the bau. by allowing the receipts
of The customs upon the Atlantic to be
paid 10 bank bills, while The purchases
for public lands mus. be paid 10 specie.
The effect Of this order was ins,snla-
ueoussv fatsl. moi only in the Soothwest- /