The North-Carolina standard., 1837-07-12

His Ex'cy Gov. DUDLEY.
Executive Department, J
Raleigh, June rs, 1887. :
GENrLEMEN:-Th sudden change,
we learn through the ordinary channels
Sof Communication, that has taken place
] lin the pecuniary affairs of the country,
and from which our State, although as
klittIe ffected as any other, cannot expect
entirely to escape-a change from unpa-
i ralelled prosperity to great distress and
sruin-from the highest prices of proper
sty to a stagnation, in which no limit can
Ebe fixed to reduction-the fattering pros
poets of the Merchant converted into sac
sri6ces and losses to- an unexampled d
mount, and the unbounded credit and con-
s6dence enjoyed by them and the trader
Into whitening distrust and suspicion
many valuable works arrested in construc.
Etion and operation-the workmen dis
charged and without employment--the
Banks stopped in their discounts and ac-
scommodations, indeed compelled, very un-
! sexpectedIy, to suspend their own payments
4 i'm Specie, at the moment the Federal Go
vernment had held out the fattering, but
! sdelusive hope, of making Specie the cir
sculating medium of the country: at the
{. moment too when the country, it is said,
sabounds more abundantly in the precious
fmetals than at any former period, which
I ahas been demanded for expectation as an
sarticle of trade, in preference to produce
I ut reduced prices, to pay the debts of the
scountry due in Europe, and but for clos
sing the vaults of the Banks, it is said by
&many, that very little would have remain.
sed on this side the Atlantic. The circu-
Klating medium if we have any, (Bank
sNotes) has certainly become greatly de-
4ranged and no certain value can be as:
ssigned to them out ofthe immediate vi.
ssscnity ofthe Banks issuing them, and then,
abelow the Specie standard. The Agri-
cultural interest, if not already, must suf.
ssfer in the conflict The high prices oI
produce which, a short time since, pro-
Rmised to reward the labor of the Farmer,
&and on which he made his calculation in
Mhis outfit and investments, have yielded
8to the greatest depression, and must end,
laif no reaction takes place, In dlsappolnt-
ament and injury. And, gentlemen, these
Mare not the worst features in the picture.
EThe complaints and denunciations of the
sPress, Public meetings. sc. of the men
awho administer the affairs Of the General
Government 0he supposed authors by
Emany of these ills) have assumed such a
Stone of bitterness and temerity, that the
SPatriot may we'll be alarmed for the safe
eeStv of the Union itself.
g These things have occurred, as we all
sknow, in a time of profound peace with
s out the Indian squabbles can be called
Hwar;) when the National Government
8 has attained degree Of popularity which
9 has not perhaps ever been witnessed IN
3similar form of Government-Whlch has
Is Succeeded in the adoption of every mea
Hsure believed necessary for the improve
ment of the country and the happiness o
,4the citizen "as they understood 1t; wher
t&individual spirit of enterprise was neve1
s, more successfully abroad, unchecked b,
any calamity or event. over which con
e 7troiing influence could not have been ex
q ercised by the National Government
q AT such time, and under such clrcum
stances, has the change come over tn
s country! ..-..-.-. ....-.. -. sd. ->.-.
To attempt to trace the causes OF thu
81 change in this communication, is perhaps
! as unnecessary. as fear it would be un
8proftable. Such is the variety, lndee'
! Ycontrariety Of opinions, on this part OF IN
Asubject, we should in all probability agre'
-S on no valuable result. But whateve
8might be our difference of opinion ct tn
,S cause, have no doubt that none will ex
j ist in agreeing, that it will be wise to seel
7XreIief. With this view, many ofthe State
i have convened their Legislative bodies
! and Congress has been called at an cal
,3lier neriod than usual. and ! have, 70