The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1858-01-13
THE VIRTUES OF lizard MONEY!


The letter Of our intelligent London cor
respondent, in Mondays issue, announced a
state Of financial distress in the rich city Of
Hamburg. which far surpasses, in extent and
severity, that which has recently passed over
nearly the whole of Europe and our own
country, and from the effects Of which we
are now only slowly recovering. Hamburg.
as is well known, forms the monetary and
commercial centre Of wide and populous
district, embracing in its scope large part
&c Germany, Denmsra aud Sweden, as well as
| othe portions Of the Continent with which its
relations, il less immediate, are hardly less
important.
We have been induced To advert to this
unhappy condition of affairs in that opulent
city because it inculcates useful lesson Of
instruction for the admonition of those poll
/ tical theorists who find in a " hardmoney cur.
rency' an infallible specific for the prevention
and cure Of "panics." revulsions," and
"pressures !" for it needs not be said that
Hamburg, in contrast with most Of the great
/ financial centres Of the world, has long re-
ioiced in an exclusive metallic currency, and
is therefore found in an admirable situation
10 test both the positive aud comparative vir>
tues Of the system So earnestly commended
in certain quarters for adoption in this coun>
Il try.
What, then, is the working Of +" hard mon
ey" in Hamburgs The answer is at hand in
the concurrent statement Of all in Hamburg
and of all out of Hamburg who have business
relations with that city, that the recent mon
ey pressure has been more generally and dis
II al. al, at,at
part OF Europe. The latest intelligence from
the city, under date Of the 18th instant, pre-
sents the following melancholy exhibit:
Notwithstanding the arrival Of about 100
900 900 (francs) in silver at Hamburg during
n the past week, failures have succeeded one
another without intermission. The amount
Of bills Of exchange protested since the CON.
mencement of the crisis is estimated at one
hundred and forty TO one hundred and Eft,
millions. Yesterday the panic was at III
height. Many hitherto strong houses were
declared insolyent, though possessed Of con.
; siderable assets"
\ And in this extremity il is important "a
observe the quarters from which aid is in
yoked, and successfully invoked. by the bust
ness community OF Hamburg. The follnw,
luz stdtctHtHls viii sumCc " HiuSUutc Utis
point, and at the same time serve to suggest
! a salutary inference as to the possible con
yenience and utility ola National Bank in :
crisis like that which has overtaken this hard
money city:
"I.oSDos. Dec. l2.-It IL mentioned thai
The National Bank of Copenhagen is asking
from the Government assistance to the ex.
tent OF four or five millions Of rix dollars, IL
order to take up and renew numerous draft
on Hamburg and to grant liberal assistance
TO the Danish merchants"
And again:
"PARIs, December 1.-THE National Banl
Of Vienna has come 10 the aid Of Hamburg b,
lending 10000. 900 marks hanco, (about 90
0O0. goo francs at six per cent, repaysbIe il
a year"
Thus il will be seen that while the goot
citizens of Hamburg are not " cursed with AZ
irredeemsblc paper money" they are never
iheless not so much blessed with plethnra
Of specie as TO dis,lain the AID that may b,
furnished by National Hanks established IL
other parts Of Europe ;and IL these institutions
are found SO useful, not only as a means o
preventing panics at hume, but Of relIeyin:
panics abroad. il would not greatly supris,
Is il hereafter the worthy burghers Of Han
burg should determine to have one Of theil
own, conducted on foundation similar 10 tia
o. other liberal and enlighteJ communities.
MAJ. hfeLEgeaeer.