The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-04-20


lEnasgo9oy@Ia
Monday, April %.
The communication II - Suhseri-
hrr" j. rsseisei, Lul to la'e for this
days pa?fr. Il will appear in our next.
The Petersburg lnielligeneer says that
on Monday last they had snow and hail,
bu, that, 20 FIR, the fruit had escaped in
jury; and although the Peach trees have
for several years suspended payment. yet
he thinks that this year, in spite Of Jack
Frosi, or even Nick BiddIe. they will
resume and food the country with their
delightful currency. but, alas! we fear
he has already seen the end OF his hopes
Jack Frost pail US a visit on "Wednesday
and Thursday night. and his orders were
peremplory; our Peach trees will not re-
sumo th1 year. We presume the Pc.
ters5urg Peach trees will be under the
necessity Of following the example.
The Hon. Robert Strange, in a speech
delivered in the Senate on the 9th of
March. on the sub-,reasury bill, presents,
in the form Of tabular statement, the
following very important fcts:
Losses by The G 'ssrament BY depo.
siiiag ~ banks pnaclpaI sad inte-
rest. from 1874 TO 1917, sIs92,6il
Depreciation u bills received & paid
oat. from 1914 10 1917. 1000 600
Bills Of broken haaks now IN hand,
in,srs., ihefsoa 10, computed. i7s.a7O
Bank II the Iluiish states withheld.
in dividend and interes. 253,is3
Due lay III, Treasury anil
Pnhlie ofisefs. SCI ei2,c55
Repaired ftr sn,i hr ssrre.
tafy nater act Vi ucta
her 1916, A33l 100
Average dgsrnun' G per eea'. a. sar1.
teen and 4 haii "a Iiuas # paper
ptii ant by the banks ii dcpas.ic
- had in My last, iIo1.oon
AFeFa 20 d'srauat aa ten mi llong ySt
to b. "a, /, or fur pee cent 100000
Loss ny i4diuilsls. ffum 1871 TO
1917. suPPasad equal To Govern
msn., 6,00o 600
Total, ItslI SCI
This statement is given by Mr.. Strange
to sustain a ncw-f,rmad opinion, that the
public fun!s are safer in the hands Of in
disiduals, than when deposited in banks.
And he here exhibits supp ,sed loss BY
the employment Of banks. occurring prin-
cipally between the year 1914 and 1917,
Of near fifteen millions Of dollars, while,
he says. the whole amount lost by indi-
vidual agents, from the foundation of the
government to this time. is but three mil.
lions of dollars. There seems to be some
fallacy in this statement. The twelve
millions lost TO the government and to
individuals by the depreciation of bank
bills, was not sustained in consequence
Of the future of banks. or an apprehen-
sion Of their ultimate, inability to redeem
lheir notes; but in consequence Of the
officially of converting them into avail
able funds at a distance from the places
Of their issue, in The absence of com
mon medium nf exchange, such as was
furnished by the late Bank of the United
States; and which incopvenience, as far
as individuals are concerned at least il
is not proposed to remedy BY the adop-
lion of the sub-treasury system. And
further, il the lnss Of six millions which
individuals are supposed TO have snstain-
cd by the dedication of banks. is 10 be
brought in TO swell the amount lost BY.
incorporated agencies; why should no.
some Of the hundreds OF millions which
individuals have los, BY the failure of in-
dividuals. be also brought in t. swell the
amount of loss by individual agencies!
And again, in pursuing this inquiry Of
comparative safety, i, should be remcm.
bered, tina, during The whole existence Of
this government, until within the last
year, banks have been the repositories of
The public funds, and the collectors and
other agents were required at short inter-
walls to make deposites in banks; so that
at all times there were comparatively but
small sums in their hands. We cannot,
therefore, tell by past experience, what
would be the amount lost to the govern
ment if all the public funds were permit
ted to remain in the custody of individu.
Il u e