The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-12-06

=. which gate n
esing. = sueeseted 81 length in resl,zins
Size nhJrc@ 81 ils creation. s.sur,l.d = eur.
reney sns Fate Of exchange, equal il no,
superior 10 any ever enjoyed by Ibis or
any other country. aud periUfmed is
luneii"ns as fiscal agent Of tie Geaer.l
sioysfnment 10 I.e Satisfaction Of every
predecessor of President Jackson.
. But the operations Of this unnecessary
and oppressive Tariff continued 10 draw
money from tie many To tie few. aud
Tor purposes other Than the eunenl sx-
Pensrs 81 ihe government I'LL 1886. The
credit oi The country aas stretched TO lis
n'mnsI tension. aud every mrans resort
ed Ia fnT relief. The distress Of IsI9-'2O
and - gave fearful warning of lie com
Ing danger; aud but for the lIberalily and
wise lorbsaranee Of The Bank Of Unilrd
States. the crisis would have been much
more calamIIous The relief afforded
By the bank. however. was but lempurs.
~ aud i'.liacl0us. The cause Of ruin " az
to deeply laid. and The drain continued
TO 10 It's work silently, iasidiously. but
surely. The merchants were stimulated
10 increase their impor,aiions-specula.
iIna was lnsi-Ied, and credit extended.
with the delusiVe hope Of removing en-.
harFsssments. originating in a trade bur
dfned AMI nyeTlsxcd. The banks lent
themselves 10 the madness Of the hour.
their circulation Was enlarged. their abil-
ny 10 sustain themselves DIMINISHED. and
the destruction Of the Bank Of The Uni.
Ted States completed Tie work ol RUN.
But noG Ouly was The period Tor impos-
mr The Tariff most unpropitiou', bni the
lnducemsht tor so doing tIhe pay mehl Of
the public debit most unsatisfactory aud
Gnsise. We were called upoa BY no
pfIaciple nf jnsllce. nf wisdom or OF pat
rIniism In discharge that debt al thai mo.
meat. II was q debt created by our two
wars, aud un.lsr peculiar circumstances
We entered the money market as 4 bnr-
r"wer-ynung and with impaired credit.
Dnr institutions new aud unlfIrd, aud
their stability often questioned. Capi-
islIsls assricd ihemFeIves Of al these DIS
advantages. AMI imposed upon US The
highest premium Tor the use oi their funds.
II va, mere moacv arrangement. ne
crssiIv on the me haEd, and prof, nn
the other. Involving 40 oue principle Of
pa'flo.ista or hscra,:;y.
The rcPor. al tie secretary Of lhe
treasury show that the government was
often most usuiinusly dealt by. We were
then under no obligation To the public
creditor 10 anticipate his demands. anil
II sur"lv was neither wise. patriotic ~
luss f,r any object, short Of absolute ne.
css>'v, thus 10 "ppress an alteady Ix-
hau,'eI and PROSTATE country. 49,
Considered "a financial point Of view,
~e are su'! mo'e al loss 10 understood
the unnecessary haste II The government
IN paving the pUbI'c debt. A large pur-
ton OF u bure ar interest Of 3. 4, 1 aud
3 per cent. and money, al the time II " as
discharged, Was worth The full legal in
trtesI ri the country, from 6 10 s per cent.
Drawing money IRON the people under
such circumstances To pay 10 capitalists
many ul them fnrelsHers-was iinan'
ca, optta,ion. the wisdom Of which may
well be questioned THIS tax, thus im.
posed, and thus collected and dishursed
from The many 10 the lew. soon again
sought investments 10 sincks--in iscio'
rlcs. ~ BIN Is ui merchants and s0ecul4'
tors. at an interest uf from 6 to pei
cent. A very small portion, however
found as way IN tho snJ;h. The hlgI
rate Of m,rrcs, ia New York, and hr'
great usiaraI aui iaciIous advantage:
tor uale and commerce. presented alttac
l,uns whtch we III his section could u"
bnas,. 'nd mnsl of ;he Investments con
ccn'ra'ed at that point.
|. may not hr uuprniitsb'P, anil II u
certainly interesting. to examine tor
moment, the enormous amount collected
from the people in twenty (20) years b,
the demands Of the fedora! government:
Say n ,c debt in 1916, $40 900 Co'
,cnI, Go 0On 0Ot
surplus, Ii,uoo Oo'
rweaty years s"rrr-r ~ Govern
nrnl At I ) miiuas per year, 30O'O0o,o o'
Show,ac The extraordinary sum OF 5al 900 'oo'
subrsctcd from the earnings Of industry
in 30 years III pay the public debt ant
interest; supper, the general goVernmen
and create a surplus. have dealt II
round numbers without regard 10 irac
tinns. Il is sufficiently arcura,e for ny
purpose, which is merely to EXHIBIT 'h'
astounding amount Of Taxes which u
levied on the consumers ot foreign mer
chandlze. besides the extra amount pau
on goods expelled from our market b,
the tariff. which we had 10 obtain Irou
manufactures Of this country.
This disposition Of this money in seek
ing the new investments 10 which | hav,
alluded, added TO a large line Of discoun
by the various banks, urged and Stimu
I,,J - .,,n..,,,I,nt axaanGtnpS uave