The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-12-01

essed. bloaied and feyerisll condition, en- l
tirely Il the mercy -four foreign CREDITORS
The Bank Of Englaad had alread, taken
steps IN prevent the further extension &c
our rGediis there. and BY the sdyance in
the raie IL interest had stopped our credit |
drain npnn their bullion. before ar about |
the nnr ihe order sent into operation.
This raised The value uf money On The
seaboard. where The Europesn debt was
owing. Cr4dIls Do Western and South
western bsnks, aud individuals. whirh /
bad been greatly extended by Northern
and Eastern banks, had been checked. aud
balances were expected 70 aid in adjusting
the foreign debt. This debt. every inlelli-
gent merchant saw. must now press upon
us 70 . very considerable extent. The To-
reign exchange would have pressed upon
The seaboard; the seabOard would have
pressed upon their Western and South.
weslerndebiors. Much 0f the specie Of The
banksof this section would have gone back
10 the sesbord. from which il had been "a
ken, and gone 10 Europe. fromwhich il had
been FIRST bOrrowed. We should have had
great pressure. some bankruptcies among
merchants. and mapy failures among spe-
culalors; many Of whom, how ever, never
had any thing. and therefore could lose
nothing hni their credit. A great number
Of imprudenI and unsound banks would
also have exploded. as they should have
done: aud the impurities Of the system
would have run of. Many Of these
banks were mere fancy affsirs-ihe mere
funguses Of the 'Tressury--built up with
out capital. and managed wi,hou, pru-
dence. Banks that could not sustain
themselves under the legitimate opera
lions Of trade aud commercial demand,
should have been permitted 10 stop. The
public good, and even IL prudent aud sol
vent banks. required IT, What signiiied
q few millions nf Invaluable funds, IL a
few imprudeni deposile banks. iesen il
this measure had saved them, which ],
had not compared with the mischief and
loss resulting from breaking up the ex-
cbsuges, destroying credit, choking up
the natural channels Of commerce. and
preventing The resources Of the country
from flowing 10 those points where the
demands Of commerce required them! The
condition Of the codniry was known, and
the necessity Of preparing for heavy re.
vplsion began 10 be felt. As usual, how.
ever. in the financiering Of the ex-Presi,
dent, what was raised BY unsuccessful
experiment, must be torn down By pas
sion. Never, at any period in our hisio
tory, did we so much need the privilege
Of making the best Of our resources by Z
free and undisturbed circulation Of ouI
means. Because the patient was diseas,
ed by experiments, was this reason thai
he could not be killed by quackery! His
condition required the greater care. and q
freer CALCULATIONS; but the Presidents re.
medy was like turning the patient heels
upwards 10 cure him oil the apOplexy; OF
putting him to the rack, 10 reduce par.
oxysm Of the fever. Fifteen millions oil
specle-perhaps much Iess-.-shipped pre-.
cisely at the time, from the points and al
the rates which should have sent il 10
meet our foreign debt, would have salts.
fed our foreign creditors for the present,
maintaluej The value Of our exports, and
given us time To meet the balance, BY
economy and another crop.
Men are operated upon by the same
passions, whether acting in numbers OF
as individuals. If one man, by exuava.
vugance or bad management. becomes in.
debted To another more than be has i'm.
mediate means 10 pay, but honestly &C.
knowledges the debt, pays down. with
puncnallty, all the ready means he has
tn spare, and asks for time to collect his
means, and make another crop, the indul-
gence will be granted. But If he insult
ingly tells the creditor he had no busi-
ness to ,rus, him-that this deb, shall not
be paid, and adopts measures TO run of
his means into the wilderness, to keep
his creditor from getting hold of them;
openly boasts Of the tricks by which the
creditor is thus deirauded; the latter i'm
medialely stops all credit, and, instead Of
receiving part, he demands the whole,
and resorts to the most summary and Vi
client process to collect the debt. s..
| This was precisely the relation be-
tween England and this country when
this order went into operation. The
Bank of England ascertained early in
1896. that the United States had been
draining them of their bullion I" on Gre.
did," They adopted the most gentle
means in their power 10 restore the ex-
changes and bring back par. of their
bullion. The drain was stopped, but no.
thing or bu. very little returned to them.
BY the adoption Of the circular. specie
was dra,Un Out Of acfius circulation to