Newspapers / The Durham Recorder (Durham, … / May 14, 1840, edition 1 / Page 1
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'1 vf Vol. XX. j , ; ,..Fwtke tcrr.. , . , ; , , It is a pity, said my friend Jrarton. aj we were eofi'minj on subject of seriousness,' 1 it is a Stlf tv '"'' should bate sometimes charged their course of lie, and ooi have al.o changed their heeds.?, The sul ject, of conversa tion was of asters to excite aa interest father painful. ' II expatiated on it for while with much sympathy, " Cut the parric.lars'soori were fottaight of or teemed in oecoroe trie loumutia.n of a re najl of witdom. , Out f the abunJai et of a-iicart iLatt is aensiLU t wiateer (.iadrra the hppinei of men or thtf ap peannce of the bfiuiy of truth, "my frit- nJ drew lorih a rt flection if the ki?hett im ., ponance.. , VJ,;Jt .v, t , Thmija there no want of aocibi Jitjr, I dUrotertd from the torn of hta 're starts itat there wai aorrbw at the heart of my eomptnion. It war "eiilcnt,'anJ iliertfure 1 knew it must be conaii!erLle, brraue ha M geneially pleaaed in order in mate thoa happy whft are with him. I kept in wind the more carefully Vieo tirorDtwhiVh only the depth of Lit or roar had elicited, j" The tongue o( the jt ia m choice efler." ; Tie taitha it altera are of fenerl application, and the enntiJemtion of them ia alwaye ptoCt S. ,i 1 ; fc V Si t Uf v JI be much expoted to grief, who ia ronatantly liab'e to loae hat he ea Uema jrratly. Ileare the depreaaiona'of (Hxl mall. ' The well-wuher of (.is klnJ, the man who delights in the happi. nci and irtue of others baa Ui4 ftis bo tool bare to the ehafca of gTief. Though there ia a eonarience in tlepraed man,' ain ia very eommou,' and the cup of 1m nan sonow is therefure nearly full. The ( hrari tf a uoly Unevolen man i woen ihtj eten what the wicked do ihooght lff!y, not to apeal(;i.f intentional tajus tlci. Hut the rrualieJ flower wilt some. tioTes j Uti a rich peflumt, and such f ' quentty U the wisdom reselling Cromi a christian' "patience. v s,.' - hi any thing confirm the rccua'k of my friend., ;Y hate ver is firluous and chria tian is concerneJ in the truth of it. And not only Uie eiamiiies,but ibe eucceses of tke Gospel, in human experience, will demonstrate that it is t pity, if men eer change their roure fur the better, that they do not also change their hearla." because otherwise they fail of .ahoing forth the features of the way of truth, and whatever niay be apparfnt, they re s!y" arrie not at the first boundary of duty". . ' , , , I When wo behold a christian,, therefore, like a child of the world, not applying ? his holy rules of life, nor atriving afer! sa-iciity aid virtue, we must believe he! thinks but little of tha Jiesteein he is I btinein uoon a hole eauae. Ilia own low estimate of the Salvation in Christ is ? O W f - T" I wriilen Very legibly. Many are embold esd in their rairuket, tome of the obser ving are giiwed, and perhapa not one it atrengthened in a dutiful and holy courte. If is, beridee. a 'self deception, l.kely to terminate in ruin. Is it not a pit ? What danger would have been tdiunned, and hew bright a path would hwe been fol lowed to eternal life, if the heat t had been changed w hen the enurse was! ' 1 1 When I ace that there i diflicuttv'jn diatinguishing tlie christian from his Neighbor by hia actually auperior virtue, and that neighbor amdet at the chrittian'a views,' and prides himself in his own ways, 1 apply the remark of my friend: .It it a pity. people will change their xeurse and not change their hearts." Out it is a painful thought. When smical.enrtsis w anting, and es irangemcnl) seems to hae entered within the walls of Zion, and the world cannot turn its eye of interest on the company of the faithful in Christ and ssy; "see how these ChiistUns live one another!" I say there is something wrong; and it is a pity. .... ' - - If whatever relates tn self-advantage touches people, and they are awake to ac tion,' biit as tn tlie demands of the Church, if they move ever with unwillingness, it is a pity. If they have not a willing mind for sacrifices, as the wotlJ calls the exertions it makes for truth's take, it is a pit?. tfnt if christians not only cull duty to their Master sacrifice of their interests, "but also therefore compliioingly leave the solemn doty undone, it is a greater pityi Ho" will they fare at t'n Last? D Hy UNION, THE forget they are sacrificing,:..;, .i it t - . temporal! Il it p,ty if B,ea , BO, glad t0 rfn and I anfier, and aacrifiee, tinea by I m . " InS,,te Sacrifir. the.r..l.. ' ed. h tecma like sa nawiliiiirae,, to be - V" cere of iJraUon. Ii U rartUaa.i. .f P , lr tliere sot be some who ha re. Tec thoeghl ibey had nerd tochangn their heart, ia reality? Make you a new beart, wash yoa, be clean, aeeina to be one of, tlie pliiueslVrqvisitiona of lie ,!;!. -Uf:; - lherearcaieawLich aonebtabewhoM course ia changed can commit, and he ml.oea beart ia not changed ia sure" to coramn mem.l l ere are dangers which Hone but tie externally reformed can in cur, and if their ('formation be not in beart as well aa ia life, they are sure to incur thrm. Theae penloua a;nsof thone w bust outward course it changed, are hat my friend, in bit roodnera of bert. larntBteJ. Their influenee reached, he thought, far beyond the undoing of them bo r-H into the errors. For een the inadertenries cf wiae men bcome the axgumrnu of foubt; and the slight detutions t.f a chrisu'an from hit rertttttde, the tinner will maik aa the liue of hit own couiee. It it a pity. But since it is so, we must prov iJe ajjaiutt sup porting others, by our occasion! error, in their courae of conttunt error.' It ia a litde sin, it it a slight eil, perhaps; but when that Utile ain becomes a f.ir rpeci men of l.fe, or that slight cil is of the aarae hue as 'a fellow-bring't whole courae, it is a serioue thing." The evil, instead of bting slighva two-fold and creaL , . .(The life and Uie heart ehould therefore both be changed. Tbu external reforma tion is ever impeileet in the4 proportion that the aoul it aot improved.' So cer taiuly is this true, that we might go fur- tuer tiian my fneud a ouacrutioa icacli ea, and say, it is a pity thai, men i should eer try to change their .lives without changing their hearla. The attempt to accomplish external improvement by it self alone, must fail. It it not only a pity that the outward virtu be aisumed with out the heart be changed, but that it ahould he tried, or endeavored after. The in ward deficiency will eonatantly tnanifrsi itself, to the deformity of the beauty of even the exterior of virtue. . Soon the outward goodness, beinj by itelf, is not only marred, and deficient, but wholly ab aent and lost. 27i both without thtii,trit i e'ead. cry brief ia the lime for which it can retain its symmetry, and keep itself from the power of decay. II. " 1111 - From the New Errand Farmer. ' .. - . - - neuevolcnee la Blrda-lielr Usefulness, diC. The communication of II. C. in the Farmer ol th 5tU inat. rrlatite Ui the canker worm, in which he aaj thr only effectual remedy agaiimt thtae lined known In him it thr encon ragement of birda, brings fresh tn our rerollertton aome rentinWenres Inspecting IhU pererutet, hiterrtii.g and usrful race, which we think will be p'ftntug to our readers, parlirn larly to the "younger 'nVa.' Ve cat. hardly sy with the writer of Jhe'ar. tide, tbat killing a small birOLbhuulU be placed in tlie penal rude next to killing a ihild;' but we do any that it ought to be met with a punishment kullicient lo prevent the destruction which annually takes place, in mere w antonness or sport, ainong the in nurent aongntera of our groves and orchards. Wo have been almost dis poseil in timet past to bring the boys before Ju tge Lynch, and might pro bably have done it could we have pat our hands upon thrm. ' ; " ! While res id hi g in Lancaster a few yean since, we were located near the river which runs through the town, whose banks and intervals' are orna mented with numerous tine elms and othrr trees, which? add murh 1 .the beauty of this pleasant village ; , in these trees the birds , congregate in errat numbers and rear lh-ir young. A gigantic elm, the admiration of Ira J velleis and the pride of the tillage, threw out its wide upreatltng branch es over the cottage in winch we dwelt, and while it ehieldH m from the tcmchiiig sun, afforded in its ample head fa forest alumtt in itsrlt.) a e ern retreat fo a creat variety of birds, - - - u w w hose iiiovcmcnls sffuided a - a CONSTITUTION," AND THE TIirilSD.lV, . . .. i on ui rrr a pair I r rn W black bird, w be bad .circled Ike l.f k of a partly decayed limb very blgb in tree, at a pure la build their neat and rear Ibrir youar. Jlaviee ia aav jstrttite day mme prehdirr aintt othrr depredation. I therefore view, ed ttrtn with a ampiciou rte as I jtsw them ia company from day ! My apon my neaiy planted ground. ainy ewg.geii n htij,io thrmtrliea -mtrlie 'M b,,t-: 1 "!"l.re-.;Vl,ethcr it err rela. aed .. . M,.fr, ,nat it,ey had great rate, They ao-.n found that I was no enemy to tl.em, and rone qifniiy became quite Wme aud fo.ui. liar, folittaing (be pfougb or harrow iih rally as narh confidence as Ihe domeatic foals. It apprarrd that there- was a good elate of. rrrling'n. moag the nuoteroua tribes that inha bited Ihe tree, rontisting as ihey did of many families, rmbracing the rob in, the blue-bird, finrro. eolilen robin, end a variety of others, and things err n.f dlo prosper among Ihcin and gj uej well, until the night before old fashioned -'lection' f a. fatal day . ... "la.urrru, M.i tu.i mey , (irriite. e have iieier Jr.roed. 9 evident that they were clearing my fy t iheabotf fwta, aa aomeof ihena eroauds f truts and worui t !-.ti..i ,!.. 1. r . ... .. , "imiicii - ircuun," rn tatai uyj the foathrrrd It ibe.,, Doriog lhalL night there was a very hie b wind: early in the morning I was awaken ed by an at.usual clamor among the birds, and mm lo'asrerlaio the cause. I found that the decayed limb, on Ihe fork of which was the crow black bird's nest, had been broken off br the wind,' and the nest and content (five young ones.) precipitated to the ground; end "that four of thrm wrie dead or di tng. The sun iving one a nearly fl dged. and could Oy little. I picked it, up trotn the grass and pla ced it in a secure aituation, supposing the .distressed , patents would; take care, of, iC. The old uses continued their clamor all the (Burning, which with the. sympathizing cries of the other birds, 1 formed a melancholy CUUCCrt.' -.."." --' fr, r 9 f , .' While the black birds fowl W4 upon a neighboring tree oear the road, sti."! giving vent to their sorrow, a toy pssscd with his gun, fired and brought litem both 'to tne ground and carried Ihem away in triumph . luckily for Ihe boy, did not witness the barba rune dftd. but it was noted by' one of the family and.rrporlrd to mc.Ai 1 had become aome what interested in the entortunale orphan, I proposed to my children that they should feed it with worms until it could take rat of it self, and accordingly placed it In a pen under the tree, and returned to my work hear by.' It was not long before I beard from the young Cird its peculiar, note which it uttered when its parent brought food, and on look ing up. saw that it had hopped up on In a jnist tn. which the brd, fence was lastrned, and to my delight and surprise, beheld a blue-bird in the act of reeding it. That beautiful pasge of Srripture flashed upon my mind Are tiol five sparrows sold tor two farthings? and tint one of Ihem is for gotten before God." My curiosity was raised to see what would be ti e issue, and I soon found that any far ther care n my part would be 6uiier- Hu'iut, for.lhe voung chap had fallen into better hantlj. It was with the lerpett intensl I watched the mtjve- mrnts of this devoted pair of, blue birds to their adopted one, for it ap peared that both male and female had taken part iu lliis work t disinterest-: ed beiievolenre, and devoted , them t lvea with: unremitting attention to its wants, until it was able to take care of itself.' For a couple -of daya it remained near the spot where I first saw the birds feeding it, and bring near a window, 1 had a coot! impor tunity to see how thingt went on be tween ihem. It Appeared that the young one kept hia benefactors pretty buy ; lor their incessant labors could scarcely sntisljr the young gorman dizer, as upon an estimate alter much attention, he received n portion of food every Uo and a half mtntitev during Ihe (lay, which appeared to constat of t worms and -erubs. The black bird probably weighed twice aa much as . bulk bluo-biriU( and when it opened its capacious mouth to receive lite food, it sevmrd as thuugh itakiud fi'iewds were in itnniucut danger1 if being Twallowed wholes The blue birds wppesred alternately with the f o t, and lit down a few lee t iu front of the bird on the fencJe; and viewed J'ia apparent istonisnmeni tne e . a. . a. - . JLATTS -Til ' GUARDIANS OF. .TIAV u; is 10. -' - - . trcond, k r n hopping tip, drpaitrd li.e ttfti aa quuk bark le the o obliffd 10 tufpeuvl the paraentol j- firsf. p.i.fii.n, regarding for another e,e M Hok of it. United S ie second wtiU oiarkaof satiiiartion, the jn,J th'a ''"d, it snut Lav doe a j'ct f Urtt, aa tbea away for I1" rk dd. or it woolf bae ef a new aep' !y. . " jfeeted enthing in uppirt of the govern- laafewtlavethetoaos bird foand Ibe ose of it wlngv, tad was follow, ed fro Ire 1 trte epon the premi se by its faithful providers, for near ly a wrrk: it had by thai tin e Irarn ed to Cod it own food; and anon it fell in ro.Ttfttiiy with mime rf'ilann Lilll and llni Kurt I ri.nlJ r.rnr.i.. it ,!- express its grttituje t . raosi jhz umit.or , . , , Hon. Jainrt) ClarLtnd, of Va : , , tr x bla CaaaUtacat. -.". Another ground of ohjection m this no table schema i. that it will endanger the sfrly of the p.liL money. It would seem 10 me, (.How-citizen, tlul fact , , ! . 'f lii,'n, o Suiain the truth 01 mi objection. 1 he account ol Uvea i i0 individual and bauk ?giey, ataada '!,u"! , ) , C - , " ' , , , lH',i"B,ler7 ; : . b"',? i 050 onn Dy Collector and Reeeif ft toOciober, 1837, 8.178.022 ' 'H.' '..4.428.021 Dy Banks, fs depoiitories,)4 , uuo'.;. V .... ,? Excers of lot by individu al over biink agency, to thi (y be added about $.100,000 or individual ueUleations since October, I 1837, and ileducud about. tTOO.OOO col- lentd r teemed, leaving 'a reu balance 01 wa,j8.u in 4vor ol bank depotjio-1 net. ,lheteara tlie simide .amounts as gathered fiom Uie frcaiury reports, up- UltiCed and unophiaticated by ihe mo. dero yttere of mopiifyirig and dhninuH ing arithmetical rUnoic. . s . : In reference to thit suljee'f. I find in ihe'iati annual tr cire lh 'iVteideni the following deceptive and deluti've state- wvuK-niiy I ( bv the one tided report of he Seeriarv of the Treasury; pot by a nifttaiemenl of fact, but by a supptrttion of fact -a supprettion which lead to a fa!tf conclu sion of fact.' ,Tb oiege savs: . " The'aenerarreaulitr (independent of the Tost Oflice, which jt kept separately, and will be tated by iuelf.) to far ae they bear upon this suhject,' are, that the, tostet whirh have been and ace likely to be sustained, by any elats of agent, have- been the greatest by banks, including, as i required in the resolution, their doprei i-j . 1 ' ,.,i .' : .t ated ptper received for public duet; thai ihe next l irgesi hive been by liuburting tiflieere, and the leati by collector! aud re reivers."..; " , :',...;. : . , In opposition to. this statement of the message, I place the following extract from the report of the recretary of the Treatury, made in reference to this iden tical question in 1834. li it: , ,y lia gratifying to reflect, however, that ih credit eivsn by government. whether in bank paper or bank agent t, has been accompanied by tmaller fosses in the experience under the . syttetn , of state banks, in ibis country at their tcortt periodi and under, their teverest titami- tiet, than any other kind of credit ihe go-: vernment has ever given in relation to its pecuniary 'transaction.. ... Hence, unlets the ctaie and ihe United States should boih deem it proper, gradually, and in the end entirely, to dipensa with he paper system, and which event is not an ticipated, tne government cannot escape occasional losea from that quarter, Ind can never hope to escape all lottea from bank as fiscal agents, except by the em-! pioj ineni in neir place 01 outer ami in dividual agents, who. will probably, be found lets responsible, safe, convenient. and economical " t, , ' . . ,. , And. aa a most conclusive snd trium phant refutation of it, 1 quote th follow, ing extract f a, letter from General Jack ton to William J. Duane. late Secretary of the Treatury, dated, Boston, June 26, 1833: . . " , h is unjust to the state banks? (says lie) " to attribute to them ibe embarrass ments of ha. government end country, which led to the twspension of specie pay menu, and . a depreciated paper, cur rency; all thoe evils era attributable to other cauaee.;,...,! V:)'.: ,,ir In consequence of combinations , a mong men of wcthh, opposed to the war, the reqititite loant of money coulJ not be procured- disasters overtook our arms. fur the want of necessary supplies of lundt; and others were threatened. In patriotism ever acliiiteU banks, it wss felt in the operations of many of the lo cal bank at that gloomy period. . At the hazard of heir existence, hay furnished the means of rttimg arntita snd main taining theos in the iitldj 'and.it was in i its fovUr ...... . , .wV.VIHr nrwMiiri, r V the rntrramenl hey ea far eripplrd themetr a 10 ,H,0U " " nM J " lioo (ainl the guveramenl. it cnutd nn have fuiaiahed lli lund vrhieh ih exi (eneiet of the country requited, w idiom upending the paj nteni f tptri. Io tead of hofiility and persecution, the go vcnmenl ed ih Hat bvak gratiiud ami tuppori. ' Their, credit during lh whole war'wa's at e"od a it van; and wiibool ihtir aid. tli ireaturj nut have atnnned oaemeni. 1 mtght quot further from tl.it etlebra-' ted eorretponuence,bit it it unnecettary. ..Now what i the whole eatef U'hy, le government txing engaged in an ar duous and bloody war with en of th mnl powerful nation on earth, had no money of it oo, nor uiueirot credit 10 ubiain .il. " It tried treasury note; but they depreciated to . ao great an extent that Ihey had become unavailable In this extremity the b-:ika ruthed 'o the aid of lh gnternment, and to expanded their ittue at 10 compel Ihem to riaort 10 s sut pention. With thi tuvpention hanging over them, I ke a tnn of dente cloud, their note were worth more, and ere more available ble to the g'lvernrnent jihanjitown notes: In 'pioof of thi I en the foltowing tettiibotiy 'of James ! ?nre; " , , 1 V J I well remember. however, thatwhert I wa called by the Pretideet lo ll.e De partmeot ol W ar, 00 the 311 of Aoguat, 1814, Mie eertincate 01 in treasury were telling at S() in the $1C0, by which f20 were lost. It aa evjdcnt tlial if a reli ar.ee waa placed on the aale of certificate only, a tdl foither decline would ensue, and that the worst Consequences, might be, spprt tended. I lie Country wa in- vaded through the whole inland and in a fitime frontier, an nd powerful sauadrons were st the mouth of evert ba and river leadine to' our principal ciiet, which ( were threatened ( with atiack td ruin. ,J The metropolis of our .Union had been, were Utrea ifoaed, and our public building destrov led. ' Such waa the state tf tli couniry and the fund, when' I entered ibe De partment of War. Under audi epeum tancct, ah appeal waa mad 10 lh palri iim and 1 inert! 01 ihe cities, and th bi.ls' w ilhin them," by ili Department ' Tf--tin inw ancion i in reai- dent, for fount 0 money neeesaary for tlieir own oelence, tor tt.at ol Hi mart' time frontier, and the Union, For th fir l loan thai wa obtained, one, million of dollar from' the city ol New York, which took place a few day after 1 en tered the Department, no price w a fixed. At treatory note were felling for $80 in ih $100,, that s claimed, but hot ac ceded loy Ii was left for subsequent ad justment, to be settled on fair principle Several millions of dollars were obtained from the District of Columbia, and prin- - ... 1 . cipai cities ttirougiiouv in uiiK'H, auu, scctirding to my recollection, at par.'' , Thfiv, that which is now seized hold of tn rdarge as a loss to the government,, by the oe if depieciatcd. bank v'pote, was in raidiiy, a saving; because, if th government had used it own note, they were more depreciated and let availing than bank note. . Why i it that the ac curate investigation and lynx-eyed 'saga city of the Secretary ot the Treatury did not discover tin immente and notable lot in the government by the use of de predated bauk paper, w hen he made his celrbrated, report in 1834, when , tne whole truth w impttJiil? Why is it that he coiald then axiyiba this bank de. preciatinn to the calamities ol tear, but now, by innuendo at least, to the curses of the banking system! The ohject to be elTccteu now i the reverse of what it wa then., TUt' all, . - l' , .The fosa of $750,000. which lhave stated ! accrued to the, government from bank., depotitoriea. arose entirely from those failures which were produced by, the. operation of, the war, aud the exer tion of ihe banks t aid the gnternment. Since that innek noi one dollar has been lost. Of ihe $28,000,000 on denoite in lli hank if the Kuanensinn -ill 183T.T every cent has been paid but 805.000; aud ihst is well secur. d. V hat becomes, then,' of all the predictions of immense loase lo ihe government by ihe insolven cy of the 'banks? all vanished 'inio thin sir all falsified. . " ! The relianc upon fine and imprison ment, and bond and tecurity, for the afe ly of th public money in the hand of in dividual agent, t loo uncertain to be trusted. Human rfslure i to frail, and lh seduction of temptation ao strong, thai I have no fai'h in these mean of se enriiv. W hav had too manv melan choly proof of their iosulltciency imme diately under, our own , eyes, 10 try.it sgain, and 1 have, no with to tee them muhiplied. 1. agree in, sentiment with the judge of whom the poet says: " H sent th thief wbo 'ole th gold away, And punubed him' wlo put il in hi way-" . I believe' the government i only adding to" the causes of deinor J'Zaiion which now so extensively prevad jn the coun try, by opening ti mnoy nw sluices OUR LIBERTY.. Tto. 102?. of leie tdii.a ht per frail buwas ratare" a thi trvtra it! tn. blrv demon.! i, tion and c't.'a'evtioo vti'l cee be inereatr4t and that htt l a been if tutoty el tl.a patt. will oidy te roi ra cd by that i.f ifit fuiure. ' - Tt advocate of the ob-trtury trheme. for ih purpote of exciting pah-' he prejudie af ainel li e bankieg leant, tion of the coaatry, snd throogh thai ia tiiumri.t.li y. aecurmg the adoptian of t'.eir ptt si heme, bav uniformly strrib ed lh vere revulsion abxh overlook ihe coun'ry, to t'-e everaetion ef ihe banks. A few simpl face will falsify" tt.ia charge. Oeneral Jaekon wa into. guMted on the 4ih of March, 1623. On the rt of January, 1830, there arere 330 tun bank, with a eanii of $113. 192.208, and a eireuUifon el 81.323, 603. In 1832. General JVkton eied ' ih bill lor rechartering the Dnk of t!t United Staiet, ard an etily recommend ed the u of tae bank a a fi.ca geat The policy of General Jackson vta to ue state bank ss uxiliarie in bit op-' -ra'.ion tgainti the Ilvnk of tl.e United. S'a-et; and in Septemt er. 1833. he wii drew the deptitee ol th pobiie money Irani that huutution. and employed the . state banks puMic depoaitorie. He alto, for th purMe of avoiding h cjit-' -Irets whictMl.e vMihdrawal of Hi eireu-, " lation of that bmk v.uld produce, and, the tpeedy collection of it loan, ntged' upon the state bank lo expand, thejr cie- eolation. On ihe fotof January, 1833. nnder ihe influenca of thi policy; thsV nun.ber nf atate batika had increased in' 558, wiili a capital af g33l.250.337,'lpd ' a circulatinn of S103.C32.493. Through k the years 1835 and 1836, tlile system,' wss in ih foil. lid of auccettfol experi ment: and accordingly we find that on the. Ut of January, 1837. ihe number, ofj banks had inereated to 709, with a capi- lal of S5440.I05.7l6. and a circulation, T . 8149,183.890. Thi inereaee ol brk and banking eapital, during General Jck ton' ad'ninittration, erriaio!y ;grW out of the policy of the government i!i rU - tion lo the Bank of the. United States. .It wss gresdy stimuUted, loo,'by tlie' rapid increan ol" ur(.lu revenue durinf the veart 1834-35-30. which, on th In of January,' 1837, an.ounied to the ennr nous 'sum" of f42.000.OQO, '.which the bank were authorized to discount upon,, under jh flattering provpect that it would ' not b apecdilr eated for; the price. f OUt alatiU ramauMliim-Miummt..Li i , ' particularly cotton, which constitute the lrge portion of our domestic export began to .rise in value, and gave a new impults to tha spirit of speculation and en'erprite which acted and reacted upon lh banks and speculation, until all ov or acled themselvea, and produced th revuU siorj which followed.' That revultoo,1i-' stirous as it certainly waa lo ihe cora. meice snd agriculture of the country,' awept over all interests,' and seriously af! fectrd the banks. The overtrade in fo reign productions left sn immente foreigaf debt hanging over us; the npid sod im- mens fail in the prices of cotton and 010- ' er productions rendered a lesort to some ' other remurce for payment necessary.!. This resource was tpecie. . TIh heavy V foreign demand for tpecie, ihe deposjie". act of 183G distributing the $10,000,000 ! of surplus revenue among. ths ttitet, ra injudicious execution, tlie ea.barr it:iuenis(v oi ihe country, and the alarm of deposit-. ort, produced a audden rush upon the. banks for specie, which left them eo al ternative but to suspend or add hopeless ,' ruin Jin. the embarrastmenis which had e overtakca. ihe people s and themtelrea,, t.;" lhy vtisely reso'yed upon suspension,. "' for which ihe government changed its pa-; licy, withdrew Us confidence, added 10 the protraction of the suspension, and in ; creased ihe prevailing e.abnsssment. '. In 1838. specie-payments wete generally but prematurely resumed. In IS3D,V growing out of this premature resump , tion. aided by the injudicious tperuls , tion ol the Bank of the United States, ia the great staple of the country and lie , consequent losses, a partial suspension v took place in 1839. Of the. 939 banks in the United Sutes in 1639. 343 only. . suspended; 62 suspended in part; - 493 . continued payments in specie, and 06 hrnka or. (lise..nlinued. Of lhf.ua lli.l suspended. 43 have returned, and the ba lance will resume. I bae no doubt, in ; the course of this year, uulcts the policy of ihe gnternment, prevent it. W ben we consider tho extent of the revulsion,, the ioimeute fosses which hav been u- tained, it i matter of surprise that all but 56 of these numeroua inatituiion hav. weathered the atorm, and will be. a 1 prompdy ready to lesuma iheit business. Of tha suspension of 1839, the PresuJeiit thus speaks, in hi lat message: , ,.;. , , A large and highly respectable p?rv, tion of our banking iosiituMuna , are,, it , afi)rds me unfeigned pleasure tt atate. , exempted from ail blame orv account, o( this sscond delinquency. ' .They hav. to '. their great credit, not only contiputd. to meet their engagsments, but havf em , repudiated jibe ground of suspension now f reseried to.. It ia .only by such a course , that the confidance and good-will of Ibe community can.be preserved, and, in the . sequel, the best interests of the ioatiiution thstmelves momotsd.'' , ; k.f , ,w ;4v A 1 4 Is
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 14, 1840, edition 1
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