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

- F1tPNt@at ANsEA aNA4
huesusiion. giving us all The evils Of the
system. without Us advantages. slr.
you might a. ~ell undertake % make
loll-grown intellectual man, with trowel
and mortar. and regulate the circulation Of
hts blood with tInker's tools, ~ 90 I'M
derlske 10 make . uniiarm standard Of
value Of paper or mixed eIueney, and
regulate rs functions. - money. BIZ the
continual tiakeEing. and Inc successive
and sudden spplieziioa Of fnree by The
iron hand Of Government. Sir, you can't
do q; you have neither the materials nor
the lass Cor such consummauon. YoH
may do Infinite mischief, but yoa will
never do any good. You may break
up business, and ruin the industrious
classes. bu, you will do 10 good 10 any
class. except such IS know how 10 profit
BY confusion. and speculate on The mis-
fortunes nf their leIlew.men.
He said, al the very time this strange
order was issued, exchange was already
sufficiently high against the Southwest
and West TO have made the Transmission
Of specie profitable operation. This was
seen by the Senate. when they with such
nnaaianily refused 10 take the responsible
NV OF The measure. The effect. a. fore
seen. wss FIRST To raise The exchanges. and
then break them up. Why, SIR. said he,
IL the whole currency of the county had
been specie, any measure opposing the
force of Government, 10 the laws Of trade.
the practical sifeei ol whieh should be o.
require she actual transmission Of specie
against ths rae Of exchange, would so
Ear ioubie me exchanges, upon a mtihe-
maliesl principle, By requiring taco fran
SITS Of specie instead Of one. So true
is the operation of this principle, that
even an arbitrary requlsilIon thai the pa
per money alone ol lhe Atlantic seaboard
should be received for public lands, would
have produced heavy effect upon the
exchanges, because ia The exchanges IL
lOOuld hare added 10 the wrong siie Of
the account.
But. sir. when We come IN the actual
operation IN question:; when We come aoI
only 10 Jake money frum a point where
il Is due. and send IL 10 a poInt from
which Il 10 owIng-Io take u irain The
creditor and seed IL 10 the debtor, bul
perform this rough aud anlI-commercf.i
operation By taking aicIy fie rery basis
upon which fre-si.riis Of The currency
rests. YOU produce effects that eau ne'rr
be automatically calculated. and of which
nn adequate conception can be inrned,
except nv witnessing The actual effects At
must immediately produced by the mea.
sure ON the commercial seaboard. and
those sections upon which the measure
was intended 10 operate. An exact ra,n
would contract the whule currency IN me
money market from which the specie is
thus drawn. in the proportion a. which
paper is based IN specie. thereby can,racl'
ing six millions for every one thus
distracted. II the proportion be i've pape'
dollars based on one Of sperIe Ba we
all know that such measures d. not ope'
rate in an exact, but IN loose ratio. from
The apprehension, the confusion, panic
and alarm which they create, and the con-
mercial resources they cut off. rhi'
measure cut Oft, TO great extent, the re
sources of the Atlantic merchants in IN,
enormous amount Of debt due them from
The West and Southwest, for il no, onl,
unna,urally sent their money from them
/ but prereaied any coming 10 them. Blu
determining TO have some friends to th,
measure, n has been insisted that although
il NAV have ruinedth the Atlantic merchants
aud done injury to credinrs. We, it was ;
great blessing to the people of the West
These people, however, il seems. are no
go easily gulled bv these forced blessings
for, aller fnll trial of il, their representa-
,ives, with great unaninity. voted las
session to repeal ii. The able speech O
one Of their representatives Mr.. Walker
at The last session, explained 10 Us tn,
nature and operation Of this blessing, AM
The Legislature of his State had, b,
resolution, unanimously sustained him
} lie DID not know how grateful his frien,
felt Tor these blessings forced upon hin
, by the Executive, aud which had contri
/, buted so largely to baakrup, his cons.isu
, ents; but for himself, Mr.. X. said TO US
} rustic phrase) he would not like to b
fanneiied, even with champagne.
Il But what was its " happy effect" upo
! the Yves, and Southwest. whilst i, ruin
{ ed the seaboard! Was the debtor aide
J whilst the creditor was oppressed NJ
: a, all, sir. Whilst this specie was on III
: voyage its exile, and after i, reached ID
n deposite banks, so far as the commerci;
j. and planting interests were concerned,
e nigh, as well have been buried in III
: middle Of the earth, or carried back to III
g mines oil Mexico. Did it aid the me-