The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-03-01

f
slanes,onaIies, u he caHespoiilinE prlios
Il llse yeaE. expressed ; sirasg 80 -
daahling opiai0n ~ laan a lNrnsy
!. tllrs~ aniiiians wonAi proside EoT Al IL
ganss 81 he GaEerameai Ea he roo pre
seai sear. and iesss sarpaus n four MI
lssas is de srsEary on de ID of Jnls
nexss ani shsi they now inform ~ Ia
= additional Loan q sixlaea millions :
i rsqniIsd 70 e4rrx - % me Al - July,
and leave ! surplus i oaly shrre miiLans
| ID sks TrasnEy II 1hai lime insiead 4
fur. Frsm WHICH sri i iollnNs, ihas .
tie last Session. when i MAS oar doiy q
pEosids Co ihe wants e The present. EeaF
iaslesa of providing Esr them aev. DE
Exeragvr. looking - surf1Us az loal
mlllions Al The end ol llae scar. slluuld
slasn have recommended = loan az l0giy
millions insirad of l9ealg-ihTce. Nj i
lie lasi session any mensber az The nppo.
silion had vsnlHsea de opinian lhai tnrsy
millisns wes wsuhd. be would hardy
hae escaped TIE imppiaii0E n desiu 70
impair The Ppblie credit. sud in that way
..gise aid and coHsaIl'' ~ Mekieo.
Il vaanol he arniea hal his grea: mis-
gake of The Exermixe imposes On Con.
gees The imperions .luiy. which. rs faith
fal ageap % me people. We have no right
70 prrterml u We woulI. when we are
now { He'd upon agaia - open vide the
patse-ssrings Of The nalion. 10 EeruiiEizr
severely. vel canlidlr and iaihy. The re-
rommendalions upon which We are now
acting. 10 see n there be any reasonable
ground Cor apprehension oi like nnlor-
lunaie error. From ihis statement Of facts
two or three questions must force Them.
selves on the mind of every gentleman.
and every one must desire 4 sn,uiiun OF
them. How did The farmer miscalcula-
ton happen! T. me additional loan now
asked Cor The present year enough. l.
there any mistake in the estimates for
nexi yearl lie won!d eoafine himself in
what ne had row 10 say 10 discussion
of these questions. which he feared wolld
more than consume his hour. and reserve
10 himself, rs he necessarily must do, nj
answer 10 snrh objections az might he
made agains, tie principles of the bill.
By looking into The Executive estimates
OF the revenues OF the last and present
wear, and into the estimate Of the expen.
ditnres, il will be apparent that the re-
cepis were largely over estimated. and The
expenses still mIre largely undeF-esiima-
ted. And here we find ihe tue cause ol
the sad necessity which is now imposed
upon Us OF raising loan Of sixteen nil
lions Of dollars Ia balance the unfortunate
mistake; for mos: unfortunate il is both
for the Government and the people. We
all know that IL the forty millions instead
Or tweniy-three hal then been asked Tor
and put in the market il would have found
a ready purchaser; that il would have
heen purchased is proved nv the fact that
bids fT some more than fifty millions were
made for the loan when these iweniy.ihree
millions were put up for sale. Al thai
lime Of unprecedented commercial pros
prrffy fsssn sha asssoss..s--s-f -
lions conld have been taken mp without
any serious injury to the business and cur
rency Of the country; while now. by rea.
son of his own mistakes. for which il a.
lone is in fault and alone responsible, the
Government must 20 into the market for
these sixteen millions when trade il de-
pressed. whenmoney is scarce. when great
commercial distress prevails and still great.
er is anticipated.
Perhaps il would not be going too far
TO say. that putting wholly out of view
the distress aud arrangement which The
Government must produce by going now
into the money market rs borrower, FOR
every dollar ii boirows il will cause The
loss Of more than another dollar to the
business Of the country. And here he
would add. that the Government commit.
ted, If possible. still greater blunder in
The manner in Which The loan was issued
Having got what the Secretary calls a di.
vorce from The banks. which The Govern
menl had long been suing for, and whlch
took effect on the first Of The lasi year
Just al the moment when the law went in
10 operation requiring all payments 10 the
Governmen, to be made in specie, ant
which enioined il on the. Government t.
pay It's debts in cnin also, he seems Il
have been il great haste TO set up tie ha
siness Of banking in description of pa,
per credit which The records Of the war o
the revolution and of tie laie var viii
Great Bditain abuplaBlly prove TO be "a
more worthless than bank paper, if push
Ell TO any great extent hey nd what TN
aerruing revenues would absorb. Insteal
of funding the loan and issuing cersikca,e
Of stock Cor it. which could lot have beel
returned upon The Treasury in payment o
/ Government dues. he committed the grea
Oversight OF issuing in exchange for III,
specie ne borrowed Government promisso
~ notes. commonly called Treasury notes
which are receivable in plyment of al
debts dae 10 the Government. Now, a
these notes are nothing more nor less thai
all anticipation or realizing in advance tn