The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15


aE-ahe momeas when most wanted, the
use Of those very means which were
treasured up 20 Pfomoss the naiipnal wei
fare and guard cor national fighel To
such embaTassmsnis and 20 such dangers
win this Government be alssys exposed.
whilst a takes the moneys raised Tor, and
necessary 10. The public service, out 81
he hands Of iis own officers, and converts
lhem into q mere right Of action against
corporations inuusled with the posses
sion Of them. Nor can such results Dc |
efFecluaIly guarded against q such
system. without investing Ihe Executive
with control over The hanks themselves.
whether State or National. that might
with reason Be objected 10. Ours .,
probably. The only Government IN the
world thai is liable. in The management
of ils fiscal concerns. 20 occurrences Ike
these. But. this imminent risk Is not
the only danger attendant on the snrrend.
er OF The public money 10 the custody and
control of local corporations. Though
the ohieci is and 10 the Treasury. rs CT
nav be 90 introduce into Ihe operations al
The Government influences the must
subtle, founded on interests the most
selfish.
The use blythe banks for their own
heueti, Of the money delnsiIed with them,
has received the sanction ofthe govern
ment from the eOmmencemeni OF this
connection. The money received from
the people, instead Of being kept oil il is
needed for their use, Is. in consequence
Of this authority. a fund on which dis
counts are made for the profit Of these
who happen 10 be owners Of stock IN the
banks selected as repositories The
supposed and often exaggerated advsnia-
ge. III such boon, will always canse IL
To be sought for with ayidity Twill not
stop lo consider on whom the patronage
incident 20 il is 10 be conferred; whether
the selection and control be trusted 10 Com
gress or 10 The executive, either viii be
subjected % appeals made in every form
which the sagscily Of interest can sng-
gest. The banks under such . system.
are stimulated 10 make the most of their
fortunate acquisition: the dep1siles are
treated a. an increase Of capital: loans and
circulation are rashly augmented: and,
when he public exigencies require re-
Turn, il is attended with embsrrassa,enis
not provided lpr. nor foresren. The
banks thai thought themselves most
fortunate when The public funds were
received, find themselves most embaITsss-
ed when The season Of psymen, suddenly
arrives.
Unfortunately too. the evils Of the
system are not limited TO the banks. II
stimulates general rssilness Of Enterprise,
and sggravsles the auc!asuans of com.
, mtrce aud the currency. THIS result
was s,rlklnglv exhibited during HE
operaunus Of the lsge deposlie system.
aud especially IN the purchases Of public
lands. the order which ulGmaIely de
rec!rd,Ihe payment Of gold and silver in
Z such purchases greatly checked, butcuuld
/ mol altogether prevrn' the evil Specie
was indeed more dffcnlI to be procured
/, than the notes winch the banks could
/ themselves create 81 pleasure; but sull
(, being obtained from them as a loan. aud
: returned ss a depo.iie, which they we're
again at liberty 10 use, u only. passed
1 round the circle S,h Diminished speed.
This operation couid 70, ave been
performed. had The fund, ~ rhe GuveTn-
meni gone Intn the reasrv, H. be re-
gularly dIsburspd. and not into banks. TO
be loaned out Tor their own prp6t, while
they " re permitted 10 substitute for
il credit in account.
In expressing these sentiments. / de.
sire not to undertake. the benefits 81 q
saiutary credit 10 anv branch III enterprise.
The credit bestowed on prObily and
industry Is the just reward ri merit, and
an honorable incentive 10 further acquIsi-
tion. Nome oppose !, who love thslr
country and understand Is welfare.
Bnl when IL !. nnduly encouraead--wheu
it is made 10 InHame The rGl'ic mind
ailh the iemptaunns If sudden and IN.
substantial aealth---v hen il turns indus
try into paibs thai lead sooner nr later 10
disappointment and dis,ress--ii becomes
liable 10 crnsure, and needs correction.
Far nom helping prob,ly and industry,
The rum TO which u leads falls mos
severely an the grea, labourine classes,
who are THROWN suddenly out y employ.
meni. and BY The failure Of magnificent
schemes never intended Ia enrich them,
are deprived in . moment Of Their only
resource. Abuses Of credit and excesse.
in speculation will happen IN despite %
The most sslutsry laws; no Government
perhaps can altogether prevent them: bu
surely every Government can rel,air
). FROM contributing the stimulus that calls
! them iBto lite.
Since, therefore, experience has shown,
that TO lend the public money 20 the lucsl