The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

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I
The Pres.ien, of the United States,
IN S sA@2
Deorml.er 5. ISIS.
(coalinuel from our lls,.)

Se-ete rOmmeGrlal rryul.i0ns abroad
have always hercinlaTe operated 10 Dr.
mess. and of;en 10 affect tli.asirnusly. nj.
mast every hranrh nf American industry
The temporary depression of parlinu of
our ,nanuI tciuFimg Interests il the effect IL
Cnrrisn rauses. aud il Ear less severe than
has prevailed on all former similar occa-
sions.
A. . hrliered ilai. looking 10 the great
ausrraaie 81 al our iuierrsls. the whole
runnlry was never mare prosperous than
At il,e present period. and never more rap.
ills advancing ia wealth aud population.
Neither the furrign war ~ vhIrh we have
hcrn involved, nnr tho loans which have
absorbed 80 Urge u patton II our capital.
mr. The COMMERCIAL rcvulsian in Gieai
IInialn in Isi7. mar the paralysis Of ere
dit aud commerce throughout Europe in
1879. have affected injuriously 10 any
considerable extent any Vi the great inter.
csts of the country. OF arrested our on
ward march 10 greatness, wealth and pow
CT.
Had the disturbances in Europe not
occurred, our commerce would undoubl-
clIv have heen still more extended. and
would have aided still mure IN the nation
nj wealth mud public prosperity. hui not.
understanding these disturbances. the ope.
rarinns of the revenue system established
hy the tariff act Of 1916 have been 80 gs-
ncrally beneficial Ia the government and
the business Of the country, that no change
in It's provisions is demanded by wise
public policy. aud u"ne is recommended.
The operations Of the constitutional
tsaasury established by The nc. Of The sixth
Of August. 1916. in the receipt, custody,
and disbursement Of the. public money.
have continued 10 I've successful. Under
this system the public finances have been
carried through forrign war, involving
the necessity Of loans and extraordinary
expenditures, and requiring dlstan; trans.
fcrs aud disbursements, wiihou. embarrass-
meni, and no loss has occurred of any ol
the public money deposited under it, pro-
visions. Whilst i, has proved to be ssIc
and useful TO the government, lis effects
have bern mot beneficial upon the bust
ness of the country. IL has tended pow
erfulIy to secure al exemption from that
innnion aud iluclua,ion ol the paper cur
rencv 50 inlurnus TO domestic industry.
and rendering 50 uncertain the rewards ol
labor, and il is believed has largely con-
irihuied tn preserve the whole country
from serious commercial revulsion, such
as often occurred under the hank deposile
system. In the year 1917 there was n
rrvullinn in tho business Of Great Britain
Of great extent and intensity, which was
followed nv failures in that kingdom I'M
prece,lenied in number snd amoun, floss
es. This is believed io be the first in
stance when such disastrous bankruptcies,
occurring in country with which we have
such extensive commerce, produced little
or no injurious effect upon ont trade OF
currency. We remained hm little aIlcc'
ted in our money market. and our bust
ness and industry were still prosperous
and progressive.
During the present year, nearly the
whole con,inen, Of Europe has been con
vulsed by civil war and revolutions. at
tended by numerous bankruptcies. by az
unprecedented fall in their public securI
tics. and an almost universal paralysis o
commerce and industry aud yet. although
our trade and the prices Of our product:
mus, have been somewhat unfavorahly at
iccled by these causes. we have ESCAPED
a revulslon. our money market Is com
psraIively easy. and public and private
credit have advanced and improved.
Il is confidently believed that we have
been saved from their effect by the salu
,ary operation Of the constitutional treasn
~. II is certain, that if the ,wenty-fou
millions Of specie imported into the coun
Try during the fiscal year ending on IN
thirlielh of juno. 1917. had gone into th
banks. as TO a great extent il must hav
done, i. would, in the absence Of this sys
tenn, hare been made the basis Of aug
menied bank paper issues. probably 10 Al
amount no, less than sixty or tereni.
millions Of dollars. producing. az an ine'
liable consequence of an inflated currer
ey, extravagant prices for time. and vii
Speculation, which must have been fO
l"wed. on the reaux To Europe, the sue
ceeding year. of sd much If tina, specie
by the proslra,ion Of the business Of III
country, the suspension of the banks, an
mos, extensive bankruptcies. Occurring
as this would hare done, at a period whe
'he country was engaged in foreign wa
when considerable loans of specie wei
required for distant disbursements. an
when the banks. the fiscal agents OF III
govrtUmrnr, aud the dep"sllorirs ni i
n'on >, were suspended, the public cred