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

NUM- enI ~ . trN te4Ea ~ An - 80
Dssis o. ateai s5a.e00. 900. Il @ss msn
; Ilesl lha,. II Ills ipad. 50 rapidly AGRA
muialing. Temsined N he custody Of III
: lse.I bsaks. IN conformity wilh ire Tses
. sury eireslaE. snd wish si.sir Interests. !
; would he msds Ihs basis of nee loans
see sreonnedainns. fresh BARI IaeAl
ties. ID was miailesl lhal lhe same icen
Zeal sus u s,onsy niehi. - u iB par
I'D, purchase aaay hsris Of land. ~
making aha eirepis from lhs land ofiers d
Ias banks. and from The banks la lhe Land
Offices. besides stimulating speculation n
oshss forms.
Under The operation of he measure ol
di'ifsbuiian, thai great f1ad woald hare
been applied. 1sder The difeenoa Of their
fespeetlvs Lsgisla uses. 10 various dsmes
ne and ussiul purposes. II would have
fallen DpaD the isnd. Ike The rains al
hessens in gentle. genial and general
showers, passing thrnagh a thousand rills.
andfstlilizing aud beauilfying he country.
laslesd al being employed ~ purposes Of
saeeulsilon, a. would have been applied
% The eomman benefit &c he whole peo-
Ple. Finally. when lhs fund bad aeon
inulsis d snd MAS seeomulaling in an alarm.
ing degree. il was disHibuird among the
States By The teposile art. bot 50 sudden
" distributed, 10 such large masses. and
IN q manner 50 totally 20 violslion Of
all the laws aud rules OF finance. that
The crisis az suspension in 1897 Was
greatly accelerated. This would have
been postponed. If M, altogether avoid.
ed. Il the land bill OF 1888 had been
approved and executed.
TO these three causes. fellow citizens,
the Veto Of the Bank Of United States,
with the consequent creation Of innnme-
rable local banks. the removal Of the de-
posites Of the United States, from the
Bank Of the United States and their sub
sequent free use, and the failure Of the
land bill Of 1898, verify believe, all, or
nearly alloflhe pecuniary embarrassments
Of the country are plainly attributable. IL
The Bank had been rechartered, the pub
lilo deposiies suffered TO remain undisturb-
ed where the law required them 10 be
made, and the land bill had gone into ope-
ration, II is my firm conviction that we
should have had no more individual dis
tress and ruin than is common. in ordi-
nary and regular times, 10 a trading and
commercial community.
And do just now take rapid review
OF the experiments OF our rulers. They
began with inconicstibly the best curren
cy in the world, and promised better.
That better currency was 10 be supplied
BY the local banks, and, in'the first stages
ofihe experiment, after the removal ofihe
deposites, they were highly commended,
from high authority, for the beneficial and
extensive operations in exchange. the f.
nancial facilities which they afforded 10
the Government, dc. &c. But the .day
Of trouble and difficulty which had been
predicted, for the want of United States
Bank, came. They could not stand the
shock, but gave way, and The suspension
of 1887 took place. Then what was the
course Of these same rulers! They had
denounced and pu, down the Bank ofthe |
u. States. Now, they turned round
against the objects Of their own creation
and commedation. Now they were
a brood Of little monsters, corrupt and
conupiing, with separate privileges, prey
ing upon the viials Of the State. They !
vehemently call out for divorce Of State
and Bank. And meanly retreating under
the Sab-Treasury. from the storm which
they themselves had raised, leaving the
people to suffer under all its petit
ing and piGless rage, they add insult 10
injury, by telling them that they unrea-
sonably expect too much from the Co
vernment, that they must take care of
and that it is the highest and
most patriotic duty Of free Government,
to take care Of itself. without regard to
The sufierings and distress Of the people.
They began with best currency, pro-
missed better, and end with giving none!
For we might as well resort TO the cos
tunes OF our original parents in the garden
Of Eden, as, in this enlightened age, with
the example Of the whole commercial
world before us, to cramp this energetic
and enterPrising people by circulation
exclusively Of the precious metals. Let
rs see how the matter stands with us here
IN Kentucky, and believe we stand as
well as the people do in most of the
States. We have circulation in Bank
notes amounting TO about too millions and a
lalf, founded upon specie in their vaults
lmounilng To about ore million and a
quarter, half the actual circulation. Have
We too much money! No! no! exclainl-
ID many voices. If all Banks were put
Town. and all Bank paper were annihila-
ed, we should have just half the mo-
ley that we now have. am quite sure
hat one of the immediate causes of our
resent difficulties. is a defect in quantity
> well as the quality of the circulating
Medium And il would be impossible, IL :
We were reduced to such regimen as is !.
roposed by the hard money theories, to
void stop laws, relief laws, reputation,
bankruptcies, and perhaps civil commo- :