The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1843-01-19

sN0a. EEDfoM@ 1Au&&s
c..is--. = Z: -. - sad c'--,.'a
-SsAi srpsy - The 6ssi inquiry c@a-
..,inea n he resolatinas uf he COMMITTEES.
-. :. shy Il ne rsrralaiian a. he Bam4
- asshsxedsred." &c. fallosing slals-
nest i submitsed.
hisafxrd and serlad law. ii rsgard
u the-eiFruIaiioa Of money a. currency,
-, lie currency az me market IN which
ne nrudues &c ihe coil are cold. becomes
"a shs.amauas as The sAlae fahs preducis
- sold, the currency q liai portion Of
the country. ia which Inc products we're
rsise.I Cor mask:t: The products Of he
Northern and Scaihem sections Of This
Siale, are carried almost exclusively 10
II. markets 81 Virginia and South Caro-
Inns, and are paid Cor IN he rsHreacy or
tsose states, and being brough. BY The sel-
hrs into This state. ~ Necessity excludes
f,om the circulation ! Ike amount % do
mssiie carFency.N =
Tae a.n0ant &c The prolnc 4 Of this
slale. carried 10 markets winiin the stale,
- compared with slie amount carried 10
tllose our Of the staie. il small, and afer
..she usual exchanges Cor The neeessa-
ries Of life- rellire bal little money %
nay slic dilIsrenre IN favor Of the produ.
Ger. and y the prices &c produce in Co.
reign AMI domestic markets d cline, the
amount Of currency required 70 pay Tor
consequently lessensd. In an agn-
cnIlaral community, lsurh as ours. fhe
products Of The soil constitute The only
natural o. legitimate basis 10 sustain The
circulation Of tank notes; such an amount
.sf circulation asfmay BE- necessary fer
converting Tie former into money, can
be sustained and NO more, and whenever
!. ihese is IN excess ofeiFcnlalion. ills thrown
back on The banks issuing Il, for redemp-
lion.
For several years past. The amount Of
produce raised in Ibis state, AMI. sold in
our own markets, has been progressive,
Ii reduced; while Il tlse. same time. the
prices have continued 10 fali; hence, q
mach less amount Of money has been re.
quired 10 pay for % iian in times gone
By, when there was a h.iarger amount
sfrroiucc sold in those markets and a
mach higher prices.
II does NOT sollaw, that the general cir
culalion Of bank notes in this state, In,
been reduced in proportion 10 the reduc'
lion Of The cirrrfaiiun Of this bank. or o
81 The banks OF this state, because the va
cuum created by such reduction. has beer
filed BY The notes Of the banks Of thos'
states IN which the products Of this stat
are sold, so Ear as The value Of such pro
ducts goes 10 produce that result
To the influence oflhc foregoing cause
on the circulation OF this bank and neces
sahly compelling its contraction, may b
aided the following, growing out OF IN
great and unexpected reyulsion in III
commercial and3moneiary affairs Of u
country. commencing with the suspensio
Of specie paymea, BY the banks Of Ne,
York. III May 1897, and followed By .
the banks in The United States.
Dy the 29lh section II the charter Z
tbs bark, il il enacted that on failure b
The principal bank and its branches, TO n
deem The notes respectively issued b
them. in specie on demand, they inc.
The penalty Of IL per cent. interest. A
though suspension Of specie paymen
was foiced on this bank. by the gener
suspension Of all other hanks, and mo-
especially BY those in Virginia, AMI a
though in most, II no, MI other states, .
legislatures released their respee,lyebanl
from the penalties prescribed for the fa
IRE to redeem their notes with specie, III
bank made no application to the Gener
Assembly Of this state, for the rcmissl'
or mitigation of the penalty inflicted J
not redeeming its notes IN specie on d
maad. Ii determined to abide by 4
charter and meet The difficulties by viii
II was heset as best il c,ald. The ms
c!ilcicnt means al lis command, was I
reduction of lis circulation, thereby Il
sening its liabilities 10 pay penaliniere
II was moreover compelled 10 this caaI
by the long continued suspension oil 81
Gle payments. by The banks in Virgin
sanctioned BY The Legislature Of that sta
During that period The notes ol the ban
OF that state became greatly depreciai'
brokers AID other dealers in money p
chased the notes ofthis bank in Virgin
nj premium, with the notes Of The bar
Of Virginia, land then demanded paym
inspecie, or to place them al IL per &c
lnterestuniil paid, whilethe hanssinFl'
ma were excused by law from redeem
their issues in specie, and were snblec
no other, or greater penalty. for filling
redeem, than the pa, men, Of 6 per CO
interest. -sa s.>s
In proof Of the. fareg.ing, Bro
from Richmond demanded The reder
lion Of seventeen thousand dollars OF
notes Of this bank and branches in spe
which he aIni,tesl he hal purchased
The notes Of the banks Of Virginia, pay