The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-06

specie. Specie u maae 70 DC m aEileie
~ merrhandize-ii i no longer an item
OF currency. The premium Nhirh se-
sernmeTa has put upon i has driven EolI
from being currency. III neser en- he
cone curreni and Ne . currency 50 hong
= government. by is exclusive measures
IN reference % specie. forces ID up at a
premium; that :. 10 drive j, out Of ilie
general currency. IL j. now 4 eOmmo-
div kept in brokers shops, ready Tor
sale, as any other merchandise. $50
= The adoption Of hard money euT-
reney, and the exclusion 81 paper rnT-
rency would he equal 10 the eoniscalloa
Of one third Of the property Of eyers in
dividual Of tine county.
3. The paper currency ofthe country
| is not. IS il Is represented BY some. now
Deprecated in value. I'm the contrary,
il has risen in value, and Is now, al this
moment. above ihe salue which specie
bore before The suspension. For land,
houses. and other property. ezn now be
purchased with COOL eunent bank notes.
for less than the same could have been
/. purchased before the suspension with
gold or silver. when BY the relative ex.
cess Of the currency. !. Mss les valuable
! than now. Therefore, paper ! now n
less depreciation thin when thera was a
currency Of gold and silver and paper
that i, before the suspension Of specie
payments.
4. The results Of the sperie circular.
BY is aciing in yiolalioa Of al the Laws
Of exchange. were most ruineus. Such
were the results OF whaf lhe Senator from
Missouri dg. Bea;anl called the :. Go
ri0"s--giOriOns-specie ciFcwIar!' re-
ierring 10 the language used nv Mr.. Ben
ton few days ago. tlIere Me-. y. nod.
dei assent. AMI said L" .?y. giarioHs.'
We now, however. said Mr.. King
have foupd that his glory had somewhat
: deprecated, like some hank rags. and
from the same cause. namely. IT, it.r~4$
found not TO rest upon j err solid basis.
/ We now. he said, beheld oar GO,ern-
ment ins 'Ivent and disgrace,i in time ii
profound peace; our young aud p-nspe-
rons nation branded as a nation of frau
dalent honknpts and s,sinliers Its mer-
eh 'nis bankrupt; its manufacturers Is,-
gushing in i.ieness and distress: rlant-
ers ruined. AMI two t'irds 0l t.r ao.,-
ing class threatened with art...l s.sr. :.
ton. So murf, said SIR. X. Tor g|y<p.
Mr.. X. thought this too much glory 10
be endured any longer.
Mr.. King called upon his political
friends to join him in restoring the con-
troll Of the finances OF the country 10 or
gress, and Tescuing them from exclusive
executive legislation Mr.. King did not
say that there hai existed no disease in
the banking sy stem; but the methods
adopted 50 cure tn" disease we're Just as
bad as PHYSICIAN wee 10 turn a man
heels ups ard in order to cure him Of an
apopIeXy.
In re!ation to the Bank of the United
States, NJ. X Rg spoke with great encr-
~ aud pointcdaess. He said the fate Of
that bank was very extraordinary. But
before he could venture to utter wori
! in favor of that institution. he felt he must
give his reasons for 50 speaking, for
whnever now woul open his NOUN in
its defence "a~ ohligo in l"Fani himself
as fife were felon a. :>~.,..
II nd grown u IF 80, boz, i 81 life
'rm oral IT. i,thu~ t,.G >~...,,.nus.
NJ. X was a drnorr Ia n..tt; q real
i nucr,. ne used ov' The N,,r,l - 3. each.
" I'd; be DIES nsed rA l-w"rd~. H.. wen.
Tor an e"onOn.ra' adm Is rapon. and no
one should fad nrm w,rI Jemncraet
on ms h"., hut f,ranur and plunder IN
ms heart! III, would b0rrpU 40 false
HCPry rom heduel 10 serre he DcrH IA
! I'll Na> drmDcrii rom III, youth, and
! when HI. fri ent"reh upon puhIlr life he
found lhr bank Of ,hr CpteJ States estah-
ilshed by The drmnrr-uc parry. lh>
party established this bank ~ 1919; tnat
wae Ibr re "ejy then proposed and inund
efficient; ami from the time uf its estab-
hshment to the period when it was PM
! down, we haj acurrrncy better thar any
Other nation was ever blessed with.
Such an institution. in fact. seemed neres-
sary 10 the ttosernment Of tie ct:uGirY.
! M country having mixed currency
/ r"nid do withonl il. Il was NECESSARY
| To. tIusi he finances Of the Country t.
same @getcE. The fate Of this bsuk,
established hv the drtnncrallc paftS Mr.
X. sad, "as exfa"rjnay; aud he pro-
reede'' To sho" he injustice AID iacoa-
'~si~t"ncy Of the ADMINISTRATION towards il.
|. Mr Biddte lay dawn, he VAS nseiess;
II he stood up, he vas ,Hpudeul; II b.
sat down. he was snspictous. II he ex-
panded, h. WAS hrlblng The cunnITy: Il
tie contraclrd, liz was rutuIns the coun-
try. II he Imported specie, be was pee
ulatlng upon The cuuntry; if he exported
specie, he was conspn,ng against he
country. In shut. whpter he passed a.
bpye or below the President, h. equally