The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-12-03

meht WIN vision true ID tl,ei
'n~ssss; and. taking sisrn a. lhe .,,,eI
y ne President On foreign espi,aI. M,
revolutionary spirit. aud dsrins g..,n.
ions, Withdrew their funds. n In. y
place 81 safety. The banks commence
eot.iling. % meet The provisions of N,
distribution ses. Bot II vas coon di.eo,,
cred that i could not, with o,her ~.
mands. Be mel; and suspension ~ spe,
G. payments ensued throughout he land
= tremendous and friahIfBl revolution. n
every branch Of business. took place: ~
credit and confidence were shaken n ~
eenirr. Money became more scarce 4
Doth hemispheres; Il seemed. indeed. a
have vanished. Interest rose. ana viii
difficulty negotiations could bs effre,ed
an any terms. Instead Of eoolly invest.
gazing the causes. and sppl, ing such Re.
iiri IS his slevsied and powerful position
might command. 10 save thousands from
ruin and distress, ilss President dsnoup.
eed lhe local banks ss wor.hIes, and
laiihless-pursned them with an iuye,e.
ss'e rancour-and turned upon Them ,he
foil iide Of public indignaiion- made
them tlIe stalking horse Of the dem..
eogue-robbed them al The peoples con.
fidence. and psralized Oh their useful
energies. Bus. By bis own act. The de.
post Of The public monies, she bank, ba 1
been s,imulsied 10 Wild expansion; ihey
were. Tor The most part. controlled by NJ
usn political friends. and we're ,hs cre,.
lures nj his deyoied states.
In the treasury circular, the President
added smother link 10 The ALREADY length.
ened HIN u executive usarpalion. This
circular required specie only 10 be re
ceiyeJ u the land Offices. which checked
sales. and, BY fnrsher alarming the eapi
talis's. adlrd analher blow 10 The already
sinkilg ersdi, Of the banks. Congress
Urnfurel IN vote Of Misrepresentation, By
large msjoriiy in both houses. repeating
the order. Bot the President placed il
10 his pocket. and thus defeated il.
The Presidents popularity was We, So
powerful ss To contribute very largely To
the election Of HE successor. the presen,
incumbent. whose other claims on The
confidence and affection Of The American
people. were certainly questionable. He
promised. however. 10 tread in The foot.
steps Of his illus,rious predecessor, and
declared that !. vas glory enough 10 have
served uader such chief; and the PEG
pie were satisfied.
The present incambent came into pow.
er 81 . period most unfortunate Tor him
self and country. A re action. 90 we
have shown. had eommeuced--in bloal.
ed and boosted prosperity; and he had
pledged himself 10 the course best calcu-
lated to urge !, on. He had. in his zeal
70 support The views Of his predecessor.
denounced Bank OF the United States
as unconstitutional. and Gu, of oil relief
from that quarter. The local banks had
been denounced as unworthy Of public
confidence; aud he sunk them yet lower
by concurring 10 their condemn alton.
The affairs Of the country had become
despers,e-money scarce and bank notes
depreciaied-,he prices Of property and
labor tumbling dowh--improvements
suspended--snd bankruptcies numerous.
Indeed. 80 gloomy we're the affairs Of
the country, that the President convened
an extra session Of Congress. TO devise
means Of relief; 10 whom he grsvely re-
commended the withdrawal of the public
monies from the former places Of depo-
site. and to lock them up 10 safes aud
vaults. a. the remedy.
As . part OF his argument for a sub
treasury, he decried institutions which
had been used, from The establishment Of
The government, a. deposilaries; and
which. in times Of emergency. respon-
ded paifio,icslly to the calls Of the CO.
vernmeat; and which had aided the
great interests of this country to enter
hnnorably the lis. ofs competition, in all
NECESSARY and valuable works Of i'm
provemenl. 9Th those Of the old world.
At the iirsl moment Of difficulty. they are
condemned as unworthy Of public conf
dence, aud even dangerous 10 liberty.
Again, in December. 1878. this sub
treasury is pressed on the consideration
Of Congress. as the grand penscea Of all
our woes.& - l
Congress was composed of smsjority
Of his friends. and i, is quite MINISTERIAL
whether they considered his project-in.
competent Cor the crisis. defective in prin-
ciple, or nerseless in expediency--it was
rejected. 800
: The President now seemed 10 take the
matter seriously 10 heart. The only
measure he hal concoe,ej, by the aid or
the Secretary Of the Treasury, must not
be treated so lightly. His forces are
ma,shsled anew--,he uafai.hful discharg-
ed, and more supple tools put in their
placer. They open their battery on the
dead bank. The dying and living banks
they represent then as the hyjra-headed
monster. against which The former Pre-
siden, had 10 exert his Herculean strength
To- keep. IN cheek. Corporations OF all