The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-04-21

Of cost shieb would have heen asoided
altogether, II Inc Treasury order had
never been issued. Wherever The order
has been execatsd il good faith. This pn.
necessary expense has attended 70.
But in many cases. IL is believed, uhe
order operated IS = restraint only nPon
The ignorant and unsuspscting. while u
was eyaded by the crafty and designing.
In the city af Washington. uodrr she
eve OF The Secretary ~ the Treasury. u
Is said. the same keg Of specie was made
N pass and repass between The MelroPo-
lis bank and the department, (sbont oily
yards distant from each olhsr,l unill. u
had travelled eleven hundred mlles. This
progression and reprogression must have
been very often repeated. On make uP
TIA, aggregate Of distance. 30 lar then
from The order being executed IN good
faith. II was 10 this Ease a mere hetion.
calculated 10 alarm only the crednlous
and rimid, while the cunning specnlasar'
he who understood the qulrks and suo'is
points at the law, coula always eEade u.
and perhaps frequently make enormous
prnfis hy his dexieroas illusions. IL Tins
practice existed al the seat nj Govern
ment, at the inunsain from whenee tire
order emznaied, bow much more. ! ASK.
would IL prevail al the distant land ni'i-
cesl Ianswer that its prevalence would
be infinitely greater Al the more remote
points of business: aud any rule Which
cannot be, or will moi be-, enforced. must
be iulrinsIcally defective. and ought moi
~ he established.
This order was thought by many per-
sons possessing finanrial skill and ability,
% he the cause Of The late severe pressure
in the money market la The Northern
cities. and particularly in New York. the
demand fur money has seen 50 great, that
borrowers were obliged TO give no or
three per cent. per month. for The purpose
OF meeting their engagements. Every
body knows that commercial credit cam
nut long survive such pressure. aud that
dralers, who are compelled To pay from
tweuIy fur To thirty SIX per cent. per an
um. must eventually be ruined. The pet
Banks. il is said. could have relieved the
pressure IL a great degree. by losning To
their customers a. usual; bu. instead Of
doing this. some If them are charged
wlIh lending large amounts If money To
brokers, who demanded exorbi,ani inter-
est. and divided the profits with the
banks.
In connexion with the pressure in the
money maTkeI in the great cities. u may
BE- proper 10 observe. Ibal Iher" IL gene
raj arrangement in the circulating medI-
um Of the country You will remember,
fellow eIIizens. when the deposites were
removed. Il was said that the State Banks
would give US a better currency Than tie
Bank # me United States, and could be
more safely relied on as hscal agents of
the Government However much this
argument was credited b. those who us
ell il, experir'.ce has proved it utterly
faIlarious. The evils Of deprecated
currency are beginning 10 be every where
fet. Merchants aud traders find great
difficulty 10 makIag reInItsnces from
place to place. for want 81 some standard
# universal vslue. The price Of ex-
change has risen, so 10 retard the ope-
ratons Of commerce, and often produce
serinus loss. Il has been estimated that
the aggregate loss Ia the nation, in con-
sequence Of the fluctuations produced by
the removal Of the dep"si,es. canno, Be
less than one hundred millions Of dollars.
And what, 10 the mean time. has become
Of the Specie currency which was pro-
missed US! Il has turned OUT TO be Idle
cant. a mere humbug. snd will grow
more so every day: for there.sre nov be-
tween eight hundred aud a Thousand
banks IN tie different States and T'rTl,o-
ries From the lsI Of January. 1880, 10
the beginning Of 1894. there was sn IN.
crease II Bank capital Of al leasi s5s 93I,
500; and III 1894, the increase was S26.
1852: IN 1895, S20.8l7 SIS; aud up
to the LIST Of December. 1886, there was
an increase Of al least s72 300 QUO -
The circulation Of bank psp"r was on the
LIST Of January. 1884 S94 $3.50, $40; on
The Is, OF January 1888 SI03 692. AS:
and at the COMMENCEMENT OF tho year
1885. il had reached the exlravsganl
amount Of Sl40.30l 1893, showing an is.
crease nf upw ards 81 thirty SIX millions
in one wear. Now With these facts star
ing us in the face. | should suppose eve
~ one must believe the idea uf Specie
currency q miserable delusinn. Congress
ranHot requisite the issue Of paper money
trom The State Banks. The States will
do as shas please, beng beyond our con-
troll. And yet many people talk very
gravPly about SprcIe currency, uhen we
see from the abnve statements, that in
one year. there was an increase 0f paper
circulation Of more Than thirty SIX mil.
lions of dollars.
The amount to be received by North
CarulIna In the course az this ve,r un,Ipr