The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-04

. wishes 10 accommodate others. - being
| sufficient Incentives 10 lend IL oul: they
we're admonished and directed 10 afford IN
creased facilities 10 eommercs. and 10 En-
tend their accommodation 10 individuals,
sinre The public moneys in their vaults
wOuld enable them 10 give such additional
! accommodation! Nov. sir. under this
bin, any officer who shall do any one OF
+ The same things. instead Of being praised.
is n be punished: he 10 10 be adjndged
guilty. Of embeZzlement, and OF high
misdemesaOr. and Is 20 be confined. for
auehl know. in cells - dark and dismal
a. tie vaults and safes which are 10 con-
lain orr meisllireurreney. But. although
| think, sir. that The acts Of Government
created Ibis expansion. yet | am reEsalnly
af opinion that there Was . very undue
expansion created. A contraction. how
ever. nal begun; and | am Of opinion.
that had il not been for The specie order
of July. 1896, and for the manner in
xhich the depnsiie law was executed. The
banks would have gone Ihroagh The crisis
without suspension. This is my full
and firm belief. | cannot. however.
discuss these points here. They were
treated with very great ability. last year.
by a gentleman who then occupied one
IL the seats Of Georgia on this lOnr.
Whomsoeger he did not satisfy. cannot
convince. Smll. sir, the question is,
whether there was an excess IN the
general amount If our circulation. in May
last, or neither there be now sueh ex
cess.
By what standard is this 10 be judged!
II the question be. whether there be ton
much paper in circulation. IL nsy be
answered by reference 10 the amount Of
coin in the banks from which the paper
issues; because | am unqaesiiOnahly of
opiniUn-sn opinion which | belieye
nothing ran ever shake-,hal the true
criterion By which TO decide the question
ofexcess. in convertible paper currency.
is the amount OF that paper. compaIed
with The gold and silver in the banks.
Such excess wOuldnol be proved. absolute
ly and certainly. in every case. BY the
mere fac. Of Ihe suspension ofspecie pay
menls; because such al event might be
produced By panic, or other sudden cause.
having power 10 disturb The best reguia,-
ed system Of paper circulation. But the
immediate question now is, whether. tax.
ing the whole circulation together, both
metallic and paper, there was an excess
existing in May, or is an excess now ex
istingl l. one hundred and thirty mil
lions an excessive or undue amount Of
circulation for the United States! Seeing
that one part Of this circulation is coin.
and the other part paper, resting upon
ruin. and intended tn be convertible, is
the whole mass more than my be fairly
Judged necessary TO represent the pro-
perry. the transactions. and tie business
Of the country! Or. in order TO sustain
such an amount Of circulation. and 10
keep that par. of il which is composed
Of paper in a safe state, should we be oblig.
cd 10 attempt 10 draw to ourselves more
than our jus, proportion OF that metallic
money. which is in the use Of all the com.
mercial nations! These questions appear
10 me 10 be bu, ligsrcni modes Of stating
the same inquiry.
! Upon this subject we may, perhaps.
form some general idea. by comparing
ourselves with others. Various things.
no doubt, exist. in different places and
countries. to modify, either by enIarging
or diminishing, the demand for momPy
Or currency in the transactions Of busi.
ness; still the amount Of trade and COM
merce may furnish general element Oi
comparison between different states or
nations. The aggregate of American
imports and expors in 1896 was three
hundred aud eighteen millions; that Of
England, reckoning the pound sterling
at 81 so, again. was four hundred aud
eighty millions. as near as ] can ascertIu;
the currency Of England being. as already
stated, sixty millions sterling, or two
hundred and eighty eight millions Of
dollars. Ii we work out q result from
these proportions, the currency Of the
| U. States, it will be found, should be one
hundred and ninety millions, in order 10
be equal 10 that of England; but, accord.
ing 10 the estimates Of The Treasury. it did
rot. even in that year, exceed one hun
dred and eighty millions.
Oar population is about equal to tina,
Of England and Wales. The amount Of
our mercantile tonnage, perhaps. one-ffh
less. But then We are TO consider that
our Country is vastly wider; and our
(sciliIes Of internal exchange. by means
OF bills Of exchange, greatly less. Ia
deed. there are branches ofuur intercourse.
IN which remiltances cannot be VT n made.
except in currency. Take one example:
The agricultural products Of Kentucky
are sold to The South; her purchases of
commodities made al the North. There
can be, therefore, very little Of direct
exchange between her and the places Of
purchase aud sale. The trade goes round