The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-03-14

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eumsnl printed ~ order II Congress. .
appesrs that he imports into lhe United
states, Coz The year ending September
1880. amounted 10 10000 900 doll.rs.
and in 1886 ihsy had increased 20 $3.50.
OOo. 900; sh0uing an increase 81 go per
cent. in the course OF six years; While
tl.r eTporIs lar ihs SANE period had
increased only Ia per eenI-eting IN
1880, s73. 900. 900. and IN 1896. sl2s.-
OOe. 900. aud in 1886. SI2s. 900. 600;
thus showing an increase Of lmPnFts over
the eEpaIls 10 Ihs amount Of niRsiy-slx
per eenL. by xhirh calculation. u will
be seen that. during The yrar~nding Sep
Iembsr 80. the Impnru exceeded lhe e.
ports N the am0unl oil eel 100000. N"
less startling Was the speculation IN the
public lands. BY official eommunIezn"ns
msar 10 Congress an Ihr subject. u xlll
be seen, Ihsl The sales &c The public lands.
which amounted IN 1888 IN about 81.
900. 900. aruse IN IS Ia 10, aud IN sc 10
the prndisinus sum III ga. 900. 900. Was
il not apparent. from This SLATE 81 Ihings,
that the country had overiraled beyond
ia wants or lis means. and hist reaction
must speedily follow! Bot still. sir. no
other cry was heard. no other SING Vas
sung. but glory! glory! ito the greatest
and best af meal"
In order 10 ObIsin basis f'r Ihesr im-
mense banking operations. sprcie was re-
quired. and 90 Obtain for the country
more than its Propori"nale part OF the
specie OF the commercial world. IL had 10
he drawn from some other quarter. But
how was this 10 be done when the b.
lance 81 trade was, and consequently the
exchanges should have been, .deri,ledly
against Us. Why, sir, Oaing g. the ar
iiticisl demand for specie here. il had To
be brought into The cOuntr, contrary u
the natural course OF trade, and was ar.
tually forced into the Country at premi.
um, whrn. according TO the usu j laws Of
commerce. it ought 10 haze b.en irasel-
lI"g in The other direcli,n.s The credit
which We had sbrold was cunyer ed in
to sPrcie, aud il brought to his coanGry
TO he used asa basis for banking opera.
ti"ns. and ca it,lisis in England .eni their
money here 10 fini 4 mIe r0li,ahle IN.
veslment in American sticks. Again.
the French indemnity. which was paid
in February. 1896 ins ead of BEN, paid
To the claimants nere, ia bills to hc Ilrawn
for sccnriingly-~hnch would have been
90 the holders more desirable anil pro.
tiIable Oper Ilinn was, by tie command
"i those in pnwer, aclu lily ,m ortel in
metal. With the vain hope OF realizing
the golden .ge. which the political ;,ro.
pheis Of the Jackson school had faretnld
as the sure result Of lis efforts to restore
" the constitutional currency "
This unnatural conversion ri the pre-.
cinus metals by the forced action Of
The Government, from the destination 20
which the laws If commerce would have
carried them. continued ill it aruussJhhe
dormant. power Of the Bank ii Engis.I
The drain fhr,spscie which gradually
had reached ils Golfers. a, length male
such heavy inro.ds upon IL. thai the man.
sgers Of that institution, Who had so lnnr
been puzzled TO arcous, for il. Il length
discovered in the summer NJ 1896, tha,
we had been draining them ui their spe.
ci",t not according To the laws Of ra,Ie,
but acIualiy on credit, and they irnme.
dia civ lnnk steps To prevent il. b. rails.
ing the rate of their interest. first 10 Juue
&c In 81, aud at length in August follow.
ing 10 5 per cent.
About the same ,ime the. Bank Of Eng
land discovered The amount II American
credits in Eng aud. and Of American paper
stinat and the immense eng ,gemrnis ii
the A1,esican houses, from this circu.n.
stance: the BsHk having raised us rate
Of interest above Ihr marker standard,
and having Oh hand certain funds winch
were thu, likely 10 lie idle and unenply-
ed. let II out upIn agency 10 the brokers
and money dealers OF London. to find IN.
vestmenI at the market rate Of Interest
~ "@""'' Nh"" FHupt Nhs surprising tUat
they could not invest 1t more prnfit1hly
Than dlcounung th" paper ii the Amrr,rAn
houses, whirh was 50 rife in market. l,t
out millions With an acrcm nods uon Equal
to The avlJity.wirh winch II was sought.
These bills thus.dIscuunt-d, were sent l.,
the Bank fnr security: aud the Bank TINS
discovering that we were not only DRAM
ing them Of their specie. but thai We were
Wiling TO purchase at high prices every
article Of manufacture and every species
ni marketable conmodny. If We could do
SO upon crediI--ImmedIsirly took steps 10
this unn,lural slsle II thInps.
The managers Of that institution disco.
vered, that Il matters thus cuntinurd, they
must suspend discounIing altogether, or
suffer their Golfers 10 be exhausled-sndI
having cause 10 donbI'ihe solveacy or the
millions Of American paper s1oat. imme-
i'aIely gaVesorjers TO rejec. il Tor The
From trial Statement from tho secrc. |