The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-10


they reach The hear, which has ceased 10
perform IL Office Of circulation ID The
great eoneerns 81 our body polite.
Whatever Of embarrassment EurOpe
has recently experienced may be salisfac-
torily explained By lis trade and eonnex-
ions with the United States. The de-
gree Of embarrassment has been marked.
in The commercial countries there, by The
degree Of their connection with HE Unit
ed States. All. or almost al, the great
failures in Europe have been IL houses
engaged IN the American trade. Great
Britain. which the Message Justly OBJ
serves maintains the closest relations
with Us has suffered most; France next,
and so on, in The order OF their greater or
less commercial intercourse with US
Most truly was il said by the Senator
from Georgia, that The recent embarrass-
men,s Of Europe we're the embarrass-
menls Of a creditor, from whom payment
was withheld BY the debtor. and from
whom the preeiaus metals have been ne
eessarlly Withdrawn by The policy Of the
same debtor. -,
Since the intensity Of suffering. and
The disastrous state Of things in this coun-
Try, have far .ranscended any thing thai
has occurred in Europe, we mist look
here for some peculiar and more potent
causes Than any which have been in ope-
ration there. They are 10 be found in
that series Of measures To which have
already adyerled. .~.
Isl. The veto Of the bank.
2d. The removal Of the deposiies,
with the urgent injunction Of Secretary
fancy upon the banks 10 enlarge their
accommodations.
81. The gold bill, and the demand OF
| guild Tor the foreign indemnities.
4Ih. The clumsy execution Of the de-
posile Law, and
5th. The Treasury order OF July, 1886.
Here Mr.. Clay went into an exsmi-
nation Of these measures to show that The
inflated condition of the country, the
wild speculstions, which had arisen TO
their height when they began 10 be check.
cd by the preparations Of the local banks
necessary To meet The deposite law Of
June. 1885, the final suspension of specie
payments. and the consequen. disorders
IN the currency, commerce, and general
business of The country, we're all to be
traced To the influence Of The measures
enumerated. All these causes operated
immediately, directly. and powerfully
upon US, and their effects were indirectly
ielt in Europe.
The Massage impuies 10 the deposile
law al agency in producing the existing
embaFrassments. This is q charge FREE
qnenlly made the friends Of the Admins
tra.ion against that law. Ills true that the
banks haviag increased their accommo-
cations. m eonlormitp With the orders of
Secretary fancy, Il might no, have been
convenient IN recall and pay them over
Tor public use. II is true, also. that the
manner in which The LAW was executed
hv the Treasury Department, transfer
ring large suns iron creditor 10 debtor
portions of the country, wilhou, regard
to the commerce or business of the cuun-
try, might have aggravated The inconven-
fence. But what do those who object u
the law think ought 10 have been done
with the SURPRISES which had accunulat-
ed, and we're dailv augmenung 10 such
Al enormous Amount in the hands Of The
deposite banks! We're .hey TO be incor-
poraleds with their capitals. and remain
| there for the benefit nj the stock holderss
Was it not proper and just that they
should be applied 10 the uses Of the peo-
pie from whom they were collected
And whenever and however taken from
the deposite banks. would nut inconpen-
fence necessarily happen!
The message asserts that the Bank of
the United States, chartered by Pennsyl-
vania, has not been able to save itself or
to check other institutions, notwiihstand-
ing the still greater strength il has been
said to possess under lis present eharter.'
That bank is now mere state or local
institution. Why is it referred to, more
than the Bank OF Virginia, or any other
local Institution! The exalted station
which the President fills forbids the in
diligence of the suppositlon that the allu-
sion has been made to enable the Admin
islra.ion 10 profit by the prejudices which
have been excited against il. Was il The
duty of that bank, more than any other
State bank, to check the local Institutions!
Was il not even under less obligation TO
do so than the deposi,e banks, selected
and fostered by the General Government
| But how could the message venture 10
assert tina. i, has greater strength than the
late Bank of,he United States possessed'
Whatever may be the hberall,y OF the
conditions of IFS charter. il is impossible
that any single stale could confer uponi.
F,,,,l,;as s,.,,,,l n, thrsa CraotaH Ia Tho Iato