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

empty. OF nearly 50: but b a short Ime
they were filed 70 Overlooking. There
upon The Senator produced book, or
document. 10 prove the Important faci.
The faes was moi doubted. but how we're
these wonders Of finance accomplished!
Let his impoverished ctunlry and the
blood and tears Of unhappy Germany
answer the question. Hosever, perhaps
The Transferring Of this seal economist
was strongly recommended from the fact
that the largest and most timely accession
10 his finances was made b.. The robbery
efa bank; and that 100 > bank belong.
ing 10 one Of The freesl and most COM
mercial eiiies ol Europe.s
MIR. X. said he saw nothing in these
imperial presidents. ancient o. modern.
very applicable or very captivating; and
a. he saw nothing in the happy and
prosperous condition Of The People. Of
these free and commercial naions. 7hr-
Key and Spain, 10 excite his envy, he
would rather consider This as q new and
anIried experiment. and digest il little
better befoEe Il VAS adopted. Mr.. X.
added, that the system vas already in
operation. as the changes proposed did
not alter essentially tie specie system
adopted By the Executive since The sus-
pensloa d specie payments. The post
pOnemeai would give US a lillle more
time TO observe the workings Of The
system, and ascertain the wishes VI The
People. lie was glad 70 see the finances
restored TO Congress, their lawful guar
diaI, an almost any terms, but really
they were IN such a worthless and ragged
condition, from Executive manipulation,
that u was difficult TO say what DISPOSE
ton had heller be made Of them.
Ne. X. said he doubted whether he
ought Ia de.ain the Senate TO say any
thing upon the causes of the present
distress, which had called Congress to-
ge.her. As this subject had been dwelt
upon, however. by every speaker who
had preceded him, and was certainly of
great importance TO the country, il was
perhaps the duty Of every member TO
give his views opon the subject. The
subject, said he, is too important 10 be
trfi'd with. Ii comes to the doors and
dwellings,, and reaches the bread and
BUSINESS Of every citizen, Of every con-
dihOn; and shall give my views, how
ever unwiilIngly, uninfuenced by all
personal friendships and party sssocia-
iions. Unless we ascertain the causes
which have SO strangely brought the
country into its present distressed cOndl-
,iun, IN a time of profound peace, we
shall neither know how to apply present
remedies nor avoid similar evils in future.
Mr. X. then said he had mol The slight
esi doubt that our difficulties were owing
entirely Ia The unfortunate policy aud We
llent measures Of the EXECUTIVE IN rela-
lion 10 the finances lnr sc, eral Years past.
This was the only cause, and this was
abundanty sufficient. VIZ. X. said he.
could prove this 10 any one .who would
moi shut his ewes 10 fac's. aud close his
understanding against correct information
on the subject. lie bad fell and expires.
sed his aston shmenl when he lirst read
the President, Message, at the statements
ot the President IN relation ~ these eau
ses, and he had been equally astonlshed
at hearing his friends from Cnnnecucut
aud North Carolina adapt these state
menis. and take them as admitted truths.
The President was entirely mistaken IN
the. statements, aud allow them to remain
uncorrecei would only continue to OBJ
scure and my suly the subject
For ire better understanding Of The sub
lec' he would read the passage alluded tn.
Mr.. X. then read the passages which fol-
low:
" However unwilling any of our citi-.
zens NAV heretofore have been to assign
TO these causes the chat nsiruinenlalitv
in producing the present state ut things.
The developements. subsequently, made.
and the actual condition uf other CONNER
cial countries, must. as it seems TO me,
dispeI all remaining doubts upon the sub
juct. |, has since appeared that evils. ST.
milar to those suffered by ourselves, have
been experienced in Great Britain, on the
Continent. aud, indeed. throughout the
commercial world; and that in other coun-
tries, as we'll as in our own, they have been
uniformly preceded by an undue enlarge
men, OF the boundaries Of trade prompted,
as with US. by unprecedented expansions
Of the systems of credit. A reference to
the amount Of banking capital, and the
issues Of paper credits put in circulation
in Great Britain, by banks. aud in other
ways, during the years 1884. 1885 and
1896, will show an augmentation Of the
paper currency there, as much disPro-
portoned to the real wants OF trade, as
that Of the United States. With this re-
dundancy Of The paper currency, there
arose in that country also spirit of adj
yenturous speculation, embracing The
whole range OF human enterprise. Aid
was DrDfuseIy given to prniecled improve