The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1849-05-23

lurr sa1go az coffee. The Island Of Gaia
y rich. and 70 have m doubt Ia exports
exceed ils impons; ws cfrsinly import
more from Cuba Ihsn ne sxpOrl 10 her.
Az 70 Great Britain, ss all know that
she employs her iRdnsiry and regulates
her revenue laws in such manner as 70
make her sxp0ris exceed her imports. Ii
Englaad had npl always .eIed wisely n
phis respect. London might mol have hern
,l,e pivot on which Ihe great 6nsneIal con-
ems Of The world reYolve.
But 10 come nearer home. Suppose
ne were 10 be gully Of the folly Of I'M
porting in one year two hundred millions
worth Of fnTeigh goods against exports 10
the amount of only one hundred millions
Of dollars. would there not be = balance
against rs Of one hundred millions. whirh
balance. il puneinaIly paid, would require
about al the coin in The country. and leave
the subifeasnIy. the hanks. and al hands
with nothing but the bag 10 held Such
would he The result, il the banks. under
The circumstances. were 10 continue spe-
Gle payments. The large Imports under
The tariff &c 1876 would have been dis-
ssirnus % rs bur Cor The famine in Ireland.
1hlrh caused oar espor's 10 increase in
one year about fifty millions 81 daliars
and this. turning tie halanre Of The trade
in our favor. gave rs large amount q
foreign coin. We all remember that. lol
Two or three years preceding The passage
Of The tariff OF 1912. the business Of ia.
ws"le country was much depressed. nav
almost prosirale. That tariff. though no
| perfect. came with healing an ils wings
all branches of business. industry. &r. gra
dually revived. aud in one year we wrr,
all prosperous and conlenle,l. During Tia
year we imported nearly lweily five mi.
lions OF coin. and Of course the balance a
trade WINS igour favor. These do cerlainl,
J look ike =. fixed facts !" bui. lesi j. Doubt
iu" may siilf,lonbi. lei us lake him back Ii
1887. year memorable in The annals o
commerce, and finance. Ia The month 0
May IN Ihai year every bank from The ci
IS Of New York 10 the city Of New Or
leans suspended specie payments. causing
.confnsion worse COMPOUNDED" an unea
amplpd number Of failures. among mer
chants and others. paralyzing The bn,i
ness in every serlion of the Union. m,
reducing materially the value Of ever,
Thing except CON. Some estimated iii,
depreciation in all descriptions Of PROPER
IL nj two or three hundred millions o
dollars. Now. what was the cause NJ al
this trouble, Ill this loss! We answer
unhrsita,ipgly. the previous enormous i'm
ports Of foreign goods; and 10 suhslan
/ iale this we call to the wilness-siand eve
! rs practical native American merchant /,
all The cities from. New York 10 New Or
leans. They will testify to The fact TIA
The balance OF trade was greatly agains
US; sterling advanced much ahnse Par
and then followed The run on The banks
Of New York for coin 10 remit 70 Ehfop,
10 pay importers debts; and this rur
would have continued ill their vaulls wer,
4. .,.naa,laI aa,.aaa, M n 80 j,
n,,,s M ,wa !, 49, go. III. ,n,ea-
NH NJ, ,,a,s MA oar ;,nna,,. !, -,
aon,, /. !, nns, NV. G,,,am..,I M al
The day" that the terrible reyu,slon /,
which we allu,,e would No, b,ys o,ccr,,r,e,l
/, cn,ne,;on Win M. s.h;es, wa ~
tho oc,..s;inn ~ rs,.5h, - ,b,, ,he ,,Lls. :,
,oc,r,, !, W.sb;n;,,or 80 ~, ,sI;.,LI.,
~, .a,,,,a ~ -, ~ = ~ 800