The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-17

Siih all The good and bad opinions and
qualities which he Possesses. You miyht
a. yell argue that The election II ! pars,-
eular person 10 the office Of Chief Maeis-
iraie Implies tba, HE 6gnre, form, AID
appearance exhibit The standard ol human
perfection, - 10 contend thai il sanctions
and approves every opinion which he
may have publicly expressed On public
affairs. IL - somrwhaI ungralelul to the
people 10 suppose. that The particular opl-
Mum Of Mr.. Van Buren,. in regard "a =
bank Of The United States. construed
any. much less The chief recommendation
Of hlm 10 their suffrsges u would be
more honorable n him and e. them 10
suppose thai il proceeded from his esni.
neni abilities. and his disIinR uished SEE
vices al home and abroad II we are 10
lock beyond Ihem aud beyond him, many
believe that the mos. influential rsuse 81
his election was the endorsement 0f that
IlluslrIous predecessor, in whose innlsteps
he stands pledged TO follow.
No, Elf. no; The simple and Taxed
question OF bark or no bank Of the La.,-
ted States Was not submitted 20 the P~p-
pie, and "Iwlse selemnly and wnsc, leo
edtiy" decided agsIns, by tLeu. ira
ly believe that Il such a qursuuu xrts
DOs submiIied In them. N, fsspous. af
a vast majority Mould he 10 'he atfirma.
i've. hope, howeser. that 30 hank val
be established Or proposed. aides. th.r,
should be clear aud uudispus,d r,ar -
~ al the people aud If the siste. - h."r
OF such an institution. II llute D. ne
wanted, and an unequiFoeal manifestation
be made Of The popular will thai I, - d..
sired. bank Will br established tie
Presidents oppOsIlinn 60 u - fOunted
principally upon he presumed opposuua
Of the people Let ihem demonstrate
thai he is InlsIskea, ard he III not sepa-
rate himself from them. He u ino good
a democrat. and the tenor oi hIs VI. le
lie shows that, Mha,eyer other divorces
he may recommend. the lasl tia, he
would desire would be one between hun
and tie people. Shnuld This not Prove
10 be The case. md il a majority should
not exist sufiicieclly large To pass bank
charter IN spite "f Tie veto, the ulumsts
remedy will remain In the Pcoit~ 10
change their rulers. ir their rulers vail
not change thrT opinions.
But, during this debate. IL has been
consended thu, The establIshmert nl atrw
Bank Of the United States wouiu a.rra.
vale existing disHesses: and that the II -
Gle necessary Ia put 1t 10 operamnn 70 ID
not b" obtained without prejudice Ia be
local banks
What Is The relief Tor whIch III beats
are now so anxiUusv lhrubbuug! ID o
put the bsnks again IA motion; a. Iestnre
exchanges. and IeVIEe The dropping bu.
sIness Of the country. Aud what are The
obslscles! They are. first, ,hr lurelgn
debt, aud, secondly. want nf confidence.
II the banks we're to reopen their raul.s,
1t Is apprehended that the specie would
Immediately be exported To- Europe to
discharge the foreign debt. Now. il a
Bank OF the United States were establish
ed. with a suitable capital, tue sock Of
that bank itself would form one Of the
best subjects Of remittance: and an a
mount OF II equal TO what remains Of the
foreign debt would probably be- RENTED.
retaining at home ar drawing from abroad
the equivalent in specie.
great, il not the greatest existing evil,
is the want of confidence, not merely ia
the government, but in distant banks. and
between the banks themselves. There
is no tie or connexion binding them t1
gether. aud are ofieu suspicious Of each
other. To this want Of confidence among
the banks themselves, is to be ascrlbed
that extraordinary derangemen, in the ex-
changes Of the country. How otherwise
can we account for the fact that the pa
per Of the banks Of Mississippi cannot
now be exchanged against the paper Of
the banks of Louisiana, without a dis
coun. in The former ol 10 or Is per cent;
nor that Of the banks of Nashville, with.
out discount Of 8 or 10 per cent. against
the paper OF the banks of the adjoining
state Of Kentucky! II is manifest that,
whatever may be the medium of circula-
ton, whether IL be inconvertible paper,
or convertible paper aud specie. suppos-
ing confidence to exist, the rates Of ex-
change in both cases ought to be nearly
the same. But, in times like these, no
bank will allow It's funds to accumulate,
by the operations Of exchange, at points
where no present use can be made of
them.
Now. if Bank Of the United States
were established, with a proper capital,
and il were made the sole depository Of
the public moneys. and its notes were
receivable in all government, dues. it
might commence operations forthwith
with small amour. of specie. perhaps
not more than two millions. That sum
would probably be drawn from The cam.