The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-01-03

,..eusi,v more sAfs thsa The Pssuniars
~ngage.nrnls Il Ilse sislss. fhry hare .
| aast tnxnFisma ss,ii-Kaiushle pr.adnrts
l-snsin.ls natural sdsanisgrs--un'lring -
lus,ry IN drErlspsng lhem. They have
erers th,n. bar maney--and Tar thai they
are able g pay. and ~,lliug 10 pay murh
mare Than Ihr lrss pIn,lartlEe industry
"A Europe raa .f,Ed In pay. Their
lssns. ria. instead Of being waslsd IN HaEs
AMI exIrs,aganrr. go Ia the d:EeeI lm-
aroSenrnl III The h,uowIng Slale.;-s0
thai tssre r.n b. Ra heIlrr application OF
the means Of any European capitalist Than
10 d.,uble has income hy Ameuesn invest
meats. Yet al these rsauiFr knnaledge
-lacal inE.mmauon-ihe means nf excil-
ing ranfilrner:-and il was lhnughl NEST
exarIlrsI TO establish an American agency
~ I.andan. a. Ihe ronla0n centre aud
the general snpporI Of al American seeu-
rn,rs.-where, in addition % The aPPra.
;.tlsts business nf he Bank itself, all The
,,nhllr snd corporate SHARKS Of The Slales
might fad shelter and protection.
IL Ike manarr the arrangement 81 the
currency placed the staples of the Snulh
rnlirrly al the mercy &c The foreign
purchaser. xho could have dictated she
terms OF sale g. the pros,ralrd planter.
Il was lh"nghI proper Ia avert that evil by
campaigning a large PARTON Of The capital
&C The Bank m making advances on
SaHIhern produce. This h4i two effects
the first was 10 provide remiilances
Ia pay It's ava hnnds in England. issued
TO the Nrw York merchants in their
extreme distress, for as The Bank c.'uld
nnI of cnurse purchase these staples. il
IN ale sdVaners up"n them IN the South,
receiving IN exchange bills on EuT"pe.
The secnnd eifrci Vas In introduce into
The market new competition. aud thus
prevent the unconditional suhj-ciIon 81
The planter To the fnrrign purcha.er.-
THESE advances were made. not rs in
past wears on the mere personal security
| nl the msEchanis.-Whlch the confusion
nl all private credit would have rendered
ton hszartious.-hut on Ihe actual ship
meat nl The produce la an American house
IA England, willing aud able tn pr"ucl
Amsur.n property irnm the RECKLESS.
waste With Mhlch IL las heen Io0 Ollen
IhraNn iuIa the market. with an enIirr
disregard of all American interests.
rhr combination nf these causes--ihr
application nf capital TN this side and N,
prudent reserve on the oiher-hase saved
To the planting interest an amount which
Il is difficult 10 estimate below ten or
fifteen millions af dollars. believe, in".
that nearly one-half Of the commercial
debt Of the country To Europe has berp
paid hy the mere difference between the
sensl sales OF tie securities and staples
aud the prices they would have realized
had they been thrown unprotected into
the hands OF Europeans. These measures
were essentially oi a Temporary nslurr--.
they were measures Of emergency adopt
ell IN the midst nf public ralamitv, aud
% he discontinued with the necessity.
which caused them. As snon. therefore,
as ihe capltal aud industry Of the country
had time I'D subside IuIo their accustnm.
I'd channels. tfiese operations were reIin.
pushed, and now they have totally aud
tinally ceased.
Ill. During these movements ii becsmr
mp rtant to understand distinctly the
course of The GnSernmenI. In my letter
10 you 81 the 9Th Of April lssi, | stated
NV c"nvTtnn thai there could be
go safe or permanent resumption If spsrie
payments by The Banks until The pnllcy
81 the Government towards them was
changed" THIS change VAS soon and
happily made. On the Both Of May the
Sprc.e Circular, r. quring payments in
rnln m the Land Offices, aas repealed by
Congress. On the 25th uf June the ball
called The Snb-Treasury. requiring coin
N al payments tn The Gosernmert. was
ue. allse.I. La The manlh Of July the Co
vernment agreed To receive an antlcipal-
ed Iay ment OF the bonds uf the Bank to
lie amount Of between four aud five
lmllllOns of dollars in a credit ~ tie
Treasurer an the b,oks nf the Bank aud
arrangements. we're made FOR the more
distant public disbursements in the notes
ofshe Bank. These arrangements. as
hoasrable u the Executive nfiirers.s as
they we're beneficial to the public service,
brought the GoVernmen, into efficient
c,,-uperatIon fnr tie re-eslsblIshmeni al
the currency, and opened tie way tn .
rrsumptson Of specie payments. This
resumption, accordingly. took place
throughaut the middle States On the 18Th
IF August, ami in many Of the Southern
and Western States sonn sf,er.
V. Ii remained only 10 aud some nf the
Southeastern States I"r the same object
Their sctVIls in extending their public
aud private Improvements had made them
debinr States, aud deprecated their cur
renry by lis excess. But they had
abundant resources, and perfect willing
ness, Is pay-aDd all hit was needed
seemed ~ be longer period To recruit
their exhausted means--so as To derive
from The approaching crops, BY short