The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1865-11-15
From the Richmond whig.

From the Richmond Wing.
: RESUMPTION or SPECIE PAYMENTS.
We observe that resumption of specie
Paynents At an early day is earnestly in
sisted On in certain quarters. As il is cur
settled belief that such measure. if adopt.
ed before the currency has had time to a.
right itself and to rise to something near a
specie standard, would be attended with
disastrous consequences, we take this oc-
caslon TO enter our protest against it. II
will not have the effect Of appreciating the
paper in circulation, but il will most cer-
tainly have the effect of draining off the
specie, and thereby cause another suspen-
sisn more grievous than the present.
Our condition being no novelty, let US
see what another nation did when placed in
similar circumstances.
The Bank Of England suspended specie
payments in 1877, and did net resume them
for more than twenty years. 1t suspended
in the midst Of terrible war, and resumed
in time Of profound peace. The suspen-
sion Of course caused paper to descend and
gold to rise. The former had fallen SO
low. and the latter risen SO high, by the
year 1871. as TO occasion the most serious
alarm throughout the Kingdom-6fty guin.
ess Of curreacy could command but forty
six guiness in gold-that Is to say, the
golden guinea was worth about twenty Ave
shillings, instead Of twenty -one, its nomi-
nal value. Parliament took the matter in
hand-the celebrated Bullion Gommittee
was appoinled--lhe celebrated Report Of
that Committee, and the no less celebrated
minority report were laid before Parlia-
ment-and the whole subject came up Tor
discussion. That discussion was one OF
the ablesr that has ever been known N Par
lament upon that subject. Canning and
Hutchison being on one side. and Castle
reah and vansittart on the other. II turn.
ed principally Oh proposition TO resume
the payment Of specie. which was finally
voted down, in spite OF the eloquence OF
Canning. who on that occasion surpassed
All the other performances Of his long and
brilliant parliamentary career. Parliament
refused to order the resumption Of specie
payment. notwithstanding the excessive
redundancy Of the currency. which, in the
course Of few years, became even more
redundant. 90 much SO. indeed, that finally
golden guinea commanded as much as
thirty shillings. whereas. il only represent
ed twenty -one shillings in law. This hap
pened in spite of stupid law limiting the
price Of new guineas TO their nominal va
lue. whereas, the light or old guinea was
allowed 10 take its chance in the market,
and readily sold for twenty four shillings
which law, OF course, drove out of the
kingdom. in search Of better market, eve.
~ new guinea. as fasss.as IL came from the
mint. The rejection Of the proposition we
conceive TO have been emineat's wise.
England was az that time carving on a
war AZ the annual expense OF ene hundred
million sterling. She was payi6s enor.
nous subsidies ON the Continent. she had
a large army in Spain. smother u Sicily,
tive hundred and fifty thousand men IN 10.
dia. large military establishment in Ame-
rica, and she was forced 10 bls enormous
quantities Of specie at ruinous prices, TO
supply all the demands created by these
numerous sources Of expenditures. There
were. moreover, no means af sscertanlng
when the var would end. II. under such
circumstances the bank had resumed spe- |
Gle payments, il could have stood II but
very short time. At length. however, in
1878, the peace was restored, and business
revived in all its departments. Manutac.
lures increased in an unprecedented man
ner. commerce revived and fourished 10
such degree that the fabulous stories Of
Tyre and Sidon were thrown into the shade
by The reality Of its maryels, and industry
in all trades seemed to have been gifted
with new life. Specie began 10 How 10
from all quarters. and the various pursuits
Of life absorbed the redundant currency.
which at length became scarcely able to
supply its demands. When the tide Of
prosperity had continued to set
in for several years, and The paper Of the
bank had alresdy become nearly as salua-