The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-07-28

"a q c9ANioltel ~ tu4istllsA shefeli.ll
deFs. aMA wmPloyed ~ PserssF-T apere
siea<. aadsr ia msR .sem-as 4 oliiris
ss<a1. called Fresileni. slreeEors, Cash
e.. Teller ssa ci-sks. nos ~ She's
pssssas are usnallg eilEsns 81 " umiie.
81 ties. le.i - n1eh Interested 10 ihe pre-
segEaGioa Of shs Liberties Of he eoaalry
- any eshsr ci,izsns. Hhsi earthly M
tvs rs1ld pfomra ibsn - ssek ahs de-
strpciion Il he liberty ofkhsis fsIIow-ei,i
zsns. AMI With il Iheir oval
The fate az he Bank Of ihe Unifet
Stsits eira-ly Demonstrated shsrs III.
real danger % lhs psblic libeuy exists.
Il was nos in The BsHk. lis pOpulsriIy
bad been great. and the enhsie,ion Of Il,
Eddy slroag and general. up 70 aha
period Of The BaAk Veto. UnboaRdsd Is
vas lbs induces Of General Jackson, and
aadlsguissd as bic hssiilily was 10 the
Bank. be could moi prevsni Inc passage
fhrough Congress Of hll 70 recharler
~ In such fasor and esteem was ii held,
that The Legislature Of Pennsylvania. 10
which bis friends mad uRcnnir0lleJ sway,
slmost unanimously recommended the
recnarlsr. Bot his Veto came: he blew
his whistle Tor iis destruction; IL Was
necessary 20 suslaia his parry. which
eSuld only be done By Sustaining him.
and inslsnlly. and every where. down
with The Bank aud huzza Tor The Veip,
became the walehwoTds and The rsllying
cry OF his parlIzans. That same Lsgis-
la,ufe Of Pennsylvania. nos. silh equal
Onsnimily, approved The destruction Of al
institution which they had believed 10 be
50 Indispensable 10 tile public prosperity.
and the deluded people I,ll as Il they had
forIpps'ely escaped great National
cslamityi
The Veto notwithstanding. tie House
of Representatives, by large majority.
resolved that The public depasues we're
safe IN the custody Of the Bank OF The
U lied 5 a,es. where they were placed
under lie slncIion and by the eammaad
Of the Law; and q was we'll known AZ
Washington. that this resolution vas
passed 10 anticipation and 10 prevent the
possibility Of their removal. Il The face
and in contempt Of .hls decision Of the
Representatives OF the people. and 10
violation Of POSITIVE law. the removal
was erdersd by the President a Few
mouths alter, the Secretary Of the Trea-
sury having been previously himself
removed TO accomplish lhe object. And
this brings me 10 consider The effect
produced upon The business and interests
Of The country, by The
: 81 event 10 which ! have alluded. Il
ls well knosn 70 be the usage of Banks.
10 act upon the shading average amour,
of their deposites. as upon . perma-
neat fund. The Bank Of The Uaited
} stss had so regulated iis Transactions
upon The deposilss ol The Uni,ed States.
and had granted accommodations and ex-
.ended facilities as Ear as could be SAFELY
lone on tina, b,sis. The dpposiies wee |
removed and dispersed among various
oeal hanks. which were urged by an au |
hority mol likely % be disregsrded, espe-
tally when seconding, as il dad, their
'wn pecnnisry interests, 10 discount and
freely on them. They did
.; and Tins these deposi,es rsrfnrmed .
iouble office, by beirg the basis Of Bank
aclliues. first. in the hands Of The Bank
i The United States. and sfters ards IL
he p.Isse.-iun Of tina local banks. A vast
ddinon 10 the circulation Of the cnun.
ry ensued, adding 10 ihs, already so CO
rously put forth and putting forth By
be multitude Of new Banks. which were
pringipg up like mushrooms. That spe-
ulaiion aud overtrsJlng should have fol
pwel. were i,have bsea naturally expec-
ID. IL 10 surprising that there we're no,
nnre. P,icesros enormously, as anoth-
9 consequence; and thousands were
empled. as Is always The case It an al
alcihg market, to hold on or 10 make
under the hope Of prices rising
all higher. A rush Of specula,ors was
rad. upon The public lands and the mo
ey invested IL their purchase. coming
ak 10 the depasite banks. was again
nj again l,aned nut 10 the same or other
ptculatnrs, 10 mike other and other pur
hases.
Who was 10 blame for this artificial
nd exploded stat. of things! Who for
D. speculation which w.s us natural of
pring! The policy of Government,
Inch produced II, or ihs penple! The ;
eJnccu. or The seIuced. The people.
rho only used he means so abunian,Iy
lpplIed in sirine Of the pablic auth ,rity.
r our rulers. whose unwise policy temp
d them int, rnIHous specol4iionss
81. There was measure. The pas i
zee Of WHICH would have greatly mlti- !
.tsd this unnatural slaie of things. II !
as mi dilficull 10 frresee. al.eT the Ketp q
The Bank. so ne Of the consequences ,
-, wauld follow. The multiplication 4
Banks. a superabun liant eurrrncy. rash d
I'd iDorllnate speculation, and probs- I
. ultimate suspen-ion ii specie paw n
en,s. And The pubic domain Was lsn d
iii .nt anil ismpirg prize NOT to be 0
nang the first ohj.cs that would attract a
Ia March. 1888. a bill pass n
4