The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-04-27

far IN durs lie aOirs nf lie H.rk ia.
United Slsles-haw al Bank no,s. =.
refused and disrrediled. Thea H. a.
yernment endeaFored 10 snsiaiA IL r.
now IL j. striving 10 DESTROY h..
Thea IL established : nen and Si.o,n-.
BANK espilal--nnw II refuses 10 ers,,.s
new Bank. and seeks n cripple ,Lo,, :.
existence. Then &c had two h.pI,s1
and sixty Banks-noW Ne have n.,,,,
nine h0ndFtd.
In shari. What reliance have lie R,rl.
now With the Executive hostile % tbs.1
What protection Ike thai e lie H..
Bank Of lhe United Slsles have lhey a
sustain them! None whatever.
The only circumstance not Hholly ~.
favorable in ihe comparison. Is lie low
rate NJ exchange with England. n,
nothing general or permanent can De- r.
frrrsa IRON This circumstance, mhie.
frequently necnrs. and on the prtssr,
occasion is ahaily accidental IN N.w
YORK. from the nnnalurzl condition iD,a
which her measures Of extreme rigorh ,ss
driven eFery thing. II under ordin.,v
circumstances, While other things under.
went no depression, exchange on Ensl,pJ
shonli decline. il nigh, be inferred lL.,
England owes - lie United States NOR.
Than we have vet drawn from her. b,
IL is not exchange alone that has fsllsn.
Exchange nn England has not fallen in
New loIk IS much as tie internal e..
chanses or stocks or real estate, or hou,s
Tral Rave fallen. This Iariseemsdeeia,,e
as To .he cause. But can this depression
continue. Certainly not. These rigo,.
Gus measures are understood 10 be only
prelininary--Oaly preparations fur an e..
pansiun By ihe Banks Of New YOf,
which il 10 restore ease and confidence.
Well. the moment this ease and cnne.
dgnce return. all lhings viii rise. AID Il.
change at course among The Runhrr.
Besides this unnsiural condition MI
. work a. own remedy, a. ali irregularlis,
are cured by their own eaeesses. To
sell every thing and to buy nothing /,
impracliesb.e. anil when the English haze
bought all the produce we have to spare,
We must of course buy from them AHA.
manufactures they have 10 spsre. A.
soon as the proceeds Of our industry are
realized in Engiand--whIle We have
gradually exhausted our supply Of English
goods-aur own merchants will eonven
their profits inGo . fresh supply 10 be
brought over: ar. il this process be too
slnw, the English manufacturers them.
selves will send their own goods Coz sale.
In either case The exchange will recover
its equilibrium. sad Of course will rise
here. tnr between two such countries as
America and England. a permanent inc.
quality Of exchange, as a basis Of the
metallic currency ri cilher. is Impossible.
Y. The state NJ the country is unfavor.
able u a resumption of specie payments;
being such that the contraction ii Issues
and accommodations BY the hanks. ne.
cessary 10 resumption. would Oecssia
immeasurable ruin aud distress in the
community. This is shown bv reference
% facts.
vi. The month Of Nay is the wOr.,
season of the year Tor resumlng. on
account uf lie state Of domestic exchanges
aud tie uon reception nj the avail, Ol The
cotton crop from Europe.
VII. The determination of the New
York Banks Ia resume in May. is no RUE
for Pennsylvania or any other Sra'e,
because il arises from the Limitations By
the act Of The Legislature Of New York,
which compels their banks 10 resume, ct
forfeit their charters.
Mr.. Buillc's advice 10 the banks gen.
orally founded on ,hls state Of the case,
is thus expressed.
On the whole. The course which in my
judgment, the Banks ought To pursue, -
| simply this:
The Banks should remain exactly IS
they arc--1rcpaung TO resume. ba! L"
yet rcSumIHc.
They should brgiu. - the Bank 81
England I,I. under similar circum>laucs:.
by paying TIE small notes, - as 20 reslp:s
cola 10 al the mrnrr channels "l rH'
cu!allnn-but 10: make any general re-
sumption Uni' they ascertain hal course
the Government will parsuc. cmployl'g
in the meantime their hnlc power to
forward the crops u market. Thr Ame'
rican Baaks should d, in SHIRT What lie
American ARMY dill q, New Orleans
stand last bchnI tltr cotton bales U''I
the e"y has lytl the country.
These are my opinions very deliberate
ly formed, and very frankIy expressed
They are thus So, forth. not tn Inlae@ce
the course Of Others, but to cxp'1n q!
own.