The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1863-10-28

0ut au aouuiutc dNststVh vHss"S f.se -
assailantss to discriminate between the
headlong inspirations Of wholesale guilt
which they have hurled against IL. and the
force Of mitigating circumstances IN ito
favor. The dictates Of reason and the
sober suggestions arising from broad and
coinprshea sive view Of the subject in its
actul relations with transporting events, are
los, sight Of or ignsrsd,'in this wild and
jealous crusade againsti Ccnsntederate
money. No effort is spared to impair pub
lie confidence in il from the Potomac TO the
Rio Grande. Even the very government
itself joins in the hue and cry against i,
But Notwithstanding this fierce and power
full combination toshake and destroy pub
lie and individual faith in the only circu-
latiag medium thatiwe have, or can have,
we will venture to say that there are con-
sideratisns which ought to temper the ul-
ira opinions aud views which are daily be-
ing expressed. touching this evil OF redan-
dancy. VI cannot be denied that the cur
rsncy 10 inflated. The imitation is to be
lamenled and remedied if practicable, but
il ought net to be saddled with more than
IFS fair share Of blame. II ought not to be
used TO shield the countless offsndrs who
are specializing upon the miseries Of their
country. Those very writers who are at
ltributing TO it. solely. the enormous rise in
the prices Of every marketable commodity.
themselves concede that il is not more than
fourfoid the aggregate amount needed Tor
1.-THE business Of the country. How then 10
liz, We ask, il this be true, that all kinds Of
lvendibles, necessaries as we'll as inxuries--
food. fuel. wearing apparel. whether home
made or imported. boots, shoes. leather.
hats. hardware, ersekery, &c.-hase ad-
vsnced from one thousand 10 FIVE thousand
per cent. IN the last two years! Accord
ing to their logic, the advance ought 70 have
been pGri passu with the increase Of mo-
Iney-and this is the true logic ia the case.
Flour, sor instance, which sold tive years
ago far seven dollars per barrel, ought. ae-
cordiug to this logic, to be selling now at
fifteen dollars per barrei-which is about
its fair value. But il 10 selling for seventy
fire dollars! Corn which sold two years
ago fer sS, so, ought nov to be selling At
81 so instead Of s50-and so on through
the whole catalogue.
Bat LET MS take another view Of the mat
ter. II our currency is redundant. that oil
the Hanktes is more redundant still. for
more than three dollars in greenb0eks 10
one of ours have been issued and are nov
in circulation at the North. And yet the
depreciation there is only fifty per cent as
compared with the gold stsndard-whilst
the advance in the markets Of agricultural
products has been but triHe aboye old
prices. IL certainly has not eqaaIled the
| advance in gold above the currency. 4
great deal will be SAID on this point about
Yankee commerce being unrestricted By
blockade, and all that-but il mast be re.
COLLECTED that Yankee commerce with To-.
reign countries IS conducted through the
medium Of bills Of exchange. For external
commercial purposes the gresnbacks are as
valusiess 20 the Yankee merchant as Gen.
federste money. There mnst be at least
tso theusand millions OF this greenback
, currency at the North, and it is daily In
tcreas.ng in a much larger ratio than our
tissues. Will il be deaied, in the face 81
this fact. that the gretnbaek currency is
not enormously iedundaati And il so
hsw Il il that articles Of prime necessity
have 10; oorespondingly advanced there
! We know that the blockade u cor cos il
strong srgumeat ~ favor Of increased
. prices 81 the south---but not Of such an 10.
. ieresse IS that which we have witaesses.
: Il is beyond all 5oahds, and although III,
currency IS responsible for Il to the erles
. OF four hundfed per cent, yet for ever,
bgure over that, speculation and erteriion
j ase chargeable.
7 There is still another view TO be taken 10
support Of our position. Between the lst o
: January and 22nd Of April last, il is vel
Z known that heavy investments were mad,
: in eight per cent. Confederate Bonds--ant
E between the a2nd 81 April and III Of Az
{ gust. large amount was Invested in pc
n cent bonds. In this way some severn
millions d the currency were absorbed
Yet 10 those two intervals, whilst The pro
ees. oi redustion was going OF. the mari e