The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-27

which mischief is imputed. Is the specie |
circular; and |. Tor one. am altogether
wiling lhas The present and past admins
irsiion should be made fully responsible
for il. Ifil be true. land no one. 1 fancy.
can deny it, lhas thc evils Of ihe times
are Tie offspring Of speculation and over
issues Of banks. II would seem 10 follow
lha, any lbing which bad tendency 10
check lhese Causes in lie full tide IL their
acilnn. must have miligsied De evils they
were producing. and partially avsrled The
catastrophe they were preparing. Sure
Is The land spectators have contributed
largely 10 the evils Of The times: surely
ex.rsvsgsnt bank issues have stimulated,
il they have not been The very food Of the
land speculalions, besides having been
The parent Of other great and numerous
evils. Did NOS lhe specie circular check
The land speculsiionsi Did not the specie
circular cheek The banks in their career
Of expansionl lf il did mol this, il did no
thing. and is an idle subject. either for
praise or eensure. But !, did This, to
some extent, and in 80 doing effected
good: and my ouiy regret is. IL Was cspa-
bic Of DUNG so liille. lis effects have. |
believe. been eseuaIed, both by is friends
and is enemies. - = ..
know OF no other measure which can
justly be imputed 10 The administration.
and 10 which any effect can be ascribed
10 the production Of The present crisis.
But there are two measures. which shall
notice in their order, having vast eiIieiea-
cy 10 bringing u about. The FIRST Is the
ACT of Congress passed in 1884. for alIer-
ing The relative value Of gold aud silver.
This measure met, believe. with favor
from all parties. Ia the pre-existing state
Of things, we seemed to be yielding to
other nations portion Of the gold which,
Of right. belonged 10 ourselves, aud all
parties periodically united in retaining
"ur banIshed treasure, aud cordially n
dapied he gold bill, a. il is called NJ
thing could be more speclous Than the
a1yan,ages this measure seemed 10 pro-
mise ": and | will not say vel thar lis
nlnnase effect will no, be beneficial. But
i,s primary effect vas To- disturb ihal equi-
lIbrium which he currency had found
under the existing state Of things. and
like elesallng or expanding any portion
Of fluid body, the effect was that u
came pouring aver To find its level, and
flowed freely into this country. Other
causes we're in action To produce this
tendency. American stocks aud Ameri-
can bonds were freely discounted upon in
England, and as the paper currency Of
England could mt be used here, the pro-
ceeds came over 10 gold. This influx Of
gold, in place Of occupying the channels
Of trade. which il must have done had
they not been pre-oceupied with paper
money, flowed into the banks. who, as
well from the natural struggle between
their paper and The gold In Occupy the
aforesaid channels, as from the confidence
with which the presence Of the gold in-
splted them, continually expanded their
paper issues, so that the more gold came
the more paper was thrown out 10 force
il out 0f circulation and into the banks.
Mean time the Bank OF England found
her specie leaving her, so that from 0clo-
Der /, 1888, when il was gl0. 900. 900,
IL was reduced by December %, 1896. to
f,300,0 900, making a reduction 10 lit
lie upwards Of three wears of e6, 600. 900,
or within liule more than 9300,000 OF
two thirds of its whole specie. Well
might the Bank Of England become a.
harmed; and she did become alarmed, aud
refused farther discounts Cor American
purposes. VIVA, could be more produce
tive Of dismay TO all connected with that
kind ol business, .han this determination
Of the Bank of England Not only were
expected future supplies cut off, but, as
the natural consequence of the cessation
. vi supply. return was demanded oil what
:, had been already furnished, al the frs.
moment il could lawfully be done. Can
any man fail 10 see in this abundan, cause
/ for the mercantile distress which follow
ed! IL there Is any cause Tor wonder, il
is that he distress has not been greater,
/, especially when we look 10 another mea-
sure in this country. hich must have ac-
celebrated the catastrophe, and greatly ad-
ded 10 its yiolencei This is the second
of the two measures before alluded to,
aud is commonly called the deposl,e or
distribution law. ~ a *
This was no measure Of the admins
irallon; on the contrary, the adminis,ra-
ton is known TO have been hostile TO IL;
bu. il was passed almost by reclamation
by all parties in Congress, and received
the unwilling assent of the Executive.
Here is u cause adequate TO have deran-
ged the enrreneyaof The country in the
most prosperous and tranquil times. IL
I mill h. H., ,ka nnnoastinn