The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-01-20

different now. INSTEAD II having . tide
flowing in equal 70 thr dFain flowing our.
the drain i now both ways. The ex-
changes Row are against - instead 81 be-
ing in our favor. and instead 0f sperie
flowing iaIo The country fnom abroad Il i
flowing out. In The mean time The prre
Of stocks and Treasury noies. inslead q
being II or above par, have both fallen
below m 4 small extent. The effects OF
The deprrisnon Of Treasury notes viii
rause Them 10 pass inlo the Treasury IN
payment Of the customs and other dues
10 the Government - tie cheaper eurrea-
cy. instead of gold and silver; while The
expenses Of The war. whether paid fnT by
The transmission Of gold and silver direct
10 Mexico. or by drafts drawn in favor Of
British merchants or olhereapilallsts iheie,
will cause whatever specie may be IN The
vaults Of the Treasury 10 flow from u,
either lnr remittance direct on account OF
the ordinary transactions Of the country,
or 10 pay lie drafts which may be drawn
upon II, and which, when paid in the pre-
sent state of exchanges, will be RENTED
abroad. But this profess Of paying IN
Treasury notes instead Of gold and silver.
and gold and silver flowing on. in both di-
rections, cannot continue long without ex-
hausling It's specie. and leaving nothing to
meet the public expenditures. including
those Of the war. but Treasury notes. Can
they under such circumstances preserve
even their present value! Is there not
great danger that they win lall lower and
lower, and finally involve The finances OF
the Government and the circulation Of The
) country W the greatest embarrassment and
diiIicullys *<7 >
Il Is there mt great danger. with this
prospect before Us. nd with the necessity
Of raising by loans near forty millions, of
commercial and financial crisis-eyen
possibly suspension by the banks! l
, wish not 10 create panic; but there -
danger, which makes great difference, IN
, a financial and moneyed point ofview, be-
tween The state of things now and al the
commencement oi the last session. Look
; ing 10 The future, il is TO be apprehended
that not little difficulty win have 10 be
I encountered in raising money 10 meet the
I expenses Of the next campaign, ifcondnc-
n ted on the large scale which 10 proposed.
o Men Won may raise. but money will be
:, found difficult to obtain. Ii is even TO he
= unprecedented tina. loans will have TO be
" negotiated on very disadsan,ageous terms
IS for the pnblir. In the presen, state Of
d things, il they grow no worse, there can
], he no resort TO Treasury notes. They
e cannot be materially increased without a
- ruinous depreciation; and resort must be
!, had exclusively, or almos. entirely so.
e to borrowing, But, at the present prices
C. OF stocks, to borrow so large sum as will
ID be necessary can only be done al greatly
}. increased rate of interest on the nominal
= amount of stock. In . recent conversation
e with a gentleman well informed on this
n subject. he said that, in his opinion. If for
d ~ millions are required, loan could not
r be had for more than ninety for one hum
dred, which would be abou. at the rate OF
E seven per cent. .SS
j. These are formidable objections, but
n they are mol the only ones that are more
!. so than they were al the commencement
q of the last campaign. | hold that the
II avowed object for the vigorous prosecution
l. of the war is less certain OF being realized
Il notc than II was then; and, il it should fail
+ to be realized, il will leave our affairs in
far worse condition than they are at pre-
= sent. That object, as has been stated. is
o 10 obtain m honorable treaty; one which,
G 10 use the language Of the President, will
e give indemnity for the past and security
D for the future-that is, a treaty which will
i give us cession OF territory not only
e equal TO our present demand for indemnI-
f ". but equal TO the additional demand /;
equal 10 the entire expenses TO be incurred
in conducting the campaign, and guaranty
!. from the Government OF Mexico for its
: faithful execution. Now, Senators, | hold
: that, whether the war is successful or
/ unsuccessful, there is not only no certainty
i. that this object will be accomplished, but
A almost certainty that il will not be. If
a The war be unsuccessful; flour arms should
be baflled, as trust and believe they will
: not be; but if, from any unfortunate acci-
dent. such should be the case, il is clear
!. that we shall not be able 10 negotiate a
). treaty that viii accomplish the object in
j. tended. On the contrary. if the war
Il should be successful, it is almost equally
t certain ,hat,vin that case, the asowed OBJ
+ iect for prosecuting The war vigorously
Il win not be accomplished. might take
n higher ground, and maintain that the more
successfully the war is prosecuted the more
d certainly the object avowed 10 be accom-.
e plished will be defeated, while the sbiee,
,e disavowed would as certainly be accom-
I. plished. ....a. ..4.s...
j. What is the object of vigorous prose
in cu,ion Of the war! How CAN'T be success
g full! | can see but one way Of making j
l. so. and lha, is by suppressing all resistance
G. on the part Of Mexico; overpowering an,
y dispensing her army, and utterly over
lie throwing her Government. But If this
=, Shonld ha 1,.,. ~ a virarnua rrnsocn,, ~