The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-08-18

ir4AAN Nv Suau61s
on THE " UNTRIED EXPEDI-
EMIT"
What did Mr.. Senator Wright say Of
the State banks, on The 30.h Of January,
1894!
" The Senator fom Massachusetts has
asked-Ifyou will not reellarIer the bank.
or establish new bank, what will you
do! He mir. Wright would answer a.
an individual. expressing bis own senii-
ments. that be would support the Exeeu-
live Department Of the Government, by
al the lawful means in his power, in the
attempt now making TO substitute The
Stale banks for the United States. lie
believed them perfectly and completely
competent 10 the object, and no was
wholly unmosed by tie alarms that had
been sounded as to their insecurity and
the dangers that were u be apprehended
from the change. He held that the steps
already taken 10 effect the objec, in view
were all warranted by the Constitution
and laws Of the land. II was his firm
opinion that the steps which had been
taken would rebound TO the honor and
best interests Of the country. and ought
To be sustained by the people and their
representatives"
10 conclusion, Mr.. Wright observed:
d" lie would merely pronounce his opin-
ion that the Country would sustain the
Executive arm Of the Government in the
Experiment now making to substitute the
State institutions for the Bank Of the Uni-
Ted States. He had the most eltire con-
fideRee IN THE FULL AND COMPLETE Ste
CESS OF THE EXPERIMENT"
This was the confidenllangnagein which
Nc. Wright spoke of the SIale-Banks and
the executive experiments in 1894. Three
years have elapsed, and what does he say
nav! The prophecy Of Adams, Webster,
Binny, Calhoun. Clay, the - Panic and
Distress" Commiiiee--deri,let and scOrn-
ed rs il was by Mr.. Wright and his as
sociales--is thus chronieled by The same
otndnT ds history.
Under this same law. iIhe deposite
law. with this provision incorporated in
1t, all the existing deposite banks accept.
ed their high trust IRON The Government
and people OF the country, and received
some forty millions Of public treasure; aud
yet, strange to tell. before a single i,esire-
month had passed array, they all refuse
10 pay gold and siirer for their notes.
Nav more. and further and 'corss, they
ersn refuse 10 pay 10 the Government
any thing tM their opn irredemGbie
bank noies-.hOse notes which the law
above mentioned prohibits the officers Of
the Government from either receiving or
paying out. for the millions inlrusted To
their safe keeping. Sill further. the
draughts Of the Treasurer Of the United
States, drawn upon deposiie bank for a
mere trus, fund, belonging TO individual
citizens. which fund was by the Govern
menl imported from abroad in gold and
silver. and in gold and silver placed in
that bank for safe keeping. hare been dis
honored and returned withom payment,
because the holder Of The L'-aughis woalcl
not receiUe the irredsmatie bills of that
bank ia satisfaction.
"These violations Of law and contract
by The deposi,e banks have compelled an
extraordinary convocation OF Congress,
that measures may be adopted to relieve
the Treasury from the embarrassments
resting upon il from the provisions Of the
deposite law and the failure ofihe banks
| 10 comply With their obligations"
Such is the result Of the experiment,
of whose entire and complete success
Mr.. Wrigh. entertained no doubt. Such
has been the faith of the institutions
whose " security and safety" Mr.. Wright
endorsed with such unlimited, unques.
tionlng appreciation. The overthrow oil
the system has been more disastrous than
was anticipated by IFS worst enemies.
It's failure has been more signal than was
predicted by those who were most firm
in their advocacy Of Experience in pre-.
ference to Experiment.
And now Mr.. Wright admits that the
scheme has exploded; but comes before
the people with the recommendation Of
yet USTRIED ExPEDIENTs, to retrieve their
dlsIresses. and restore their currency.
Will The people again follow such blind
guides! Will they again submit their
prosperity and happiness to the judgment
OF such evil counsellors! Will thev bear
"Ihe ills they have" or again "hy to
Others that they knew not of" For our
own part, we are opposed to any more
Experiments. The people are no, in a
condition to endure them. i, is not right
that they should acquiese any longer in
the prescriptions Of quaeks aud charla.
tans. They demand REmEDY--not an
ExPEDIENT. Boston Atlas.