The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-27

@ k&tNEE ~ AAMA A4AAIN AAtA -
Ihs same idenursl money. What Then are
Ihey doing but r8nniae lhe gambling rl-k
lhal they wilI be called upon far hui me
Of these suns u time! Bot NC are
tnld, when ihey issued their naies D 4,
b add G.. they iaak 10 exchange 4. u
and C's notes, vel secured. lor Ike
SUN Grant 4 n be 81. and that A. u
and C's notes arr cerisinly ultimately
god. Is IL not manifest lhaiA. b aud c's
notes are on lime. and are moi immediate
~ convertible. and in fact that they
would not be given bnl on time. while
4 the notes Of The hank are psyshle The
moment they are issued. and all .lhTse
/ sets might be Immediately demanded,
I And Why shonld they mt be! The
| gambling hazard Is taken aha, they wlll
not Bat furthermore, Is q not pereerii-
Die lhsl this increase Of The circulating
medium must greally increase the nani-
nal value Of property. and thai properly
holders viii thereby acquire false
reputation for wealth, whirh. acting npan
themselves and Others. must lead them
into speculaiians which. upon any sud.
den dea0Eemtlf Of affairs. hringing-ISo-
perry 10 the specie standard of value. and
even below il. IRON the sudden panic
produced will leave the banks moi only
unable TO meet promptly the demands Of
the depOsilOr, but even. sfier a. great
lapse Of time. able only bu. partially 10
return The principal SUN! .~=
The banks have not only failed, then,
but from their very nature are prane 10
failure, and q still further objection o. the
plan proposed, is drawn on, Of the na,nr-
al liability Of all the banks IN tie country
to be operated upon by any cause injurl-
ously affecting one. So that however
scattered your treasure may be. the same
fell swoop which robs you Of il in New
York. does the same Tor you in New
Orleans--lhe same reversed alchemy
which converts your gold and silver 10
inconveruble and worthless paper. in The
one city, does so At nearly the same mo-
menI in the other. Your loss is not
partial. but comes upon you inone sweep
Ing desnlsIion.
Again: il ihesmisforiunes before refer
red 90 were most likely to happen al
those tines When The Government could
best bear disappointment, !. might be
less inprudenI 20 encounter the hazard.
But the rererse precisely Is the case. |,
Isin times ri difficulty and public distress.
when the means oil replenlshIng from 9th
er sources the failing supply OF revenue
are cut off, thai The banks will he most
likely To disappolni YOU IN their engage
menIs. A war. for instance, is iOreseen,
and the Government has been boarding
it, revenue 10 meet the exigency. II has
laid up It's millions in the leposiIe banks,
and is only waiting until they have ae-
complishcd suilirieni 10 proclaim def
anre. and chas,ise the insuI,ers Of the
national dag: il 10 dune. The cost has
been counted. and II has been found that
we have money enough and To spare for
the proieeler. enterprise. The slar.span.
gled banner is given To the breeze. and
the heart Of every American is bound
ing with The pride Of country. But
alas! the treasure upon which Ne had I
counted is deposited in the banks, and |
they have discounted freely upon it,
War and cqmmerce cannot 90 together, !
and commerce is the sole stay Of inflated !
credit. BIll-holdeTs become alarmed;
and each one rushes in with brealhless
haste. fearful Of being the last to present .
his claim. The banks in their best con- ,
tition, can do no more than pay about !
fnrly per cent upon their circulation; and
their specie, OF course, must be Immedi- d.
steIy swept. or they must take deter ;
mined stand. and refuse payment. In
this state Of things the Government draws
upon the banks for some large sum to
pay for the outfit Of her army aud her ma
w. The banks offer il in paper; but /.
this will not answer, and they have no
thing else that they are both able and viii !
ling to give you. leave imagination TO |
finish the picture.
The banking system. as pracIised in !,
this cnuntry, is. IN my judgment, one |
vast bubble; and il is not improbable that !
those now living will witness its burst
ing; and when the explosion has taken |
place, as without reform at IN very dis
tant day il must. the men who succeed |
US will look back upon DOR present infai- |
ua,iun with as much smazement as we |
DO upon that Of the adventures in The
South Sea scheme. '<
But | object farther 10 the plan pro-
posed. on account Of ts tendency TO |
place the Government in the power Of |
par,y. You have seen The natural effect |
Of foreign war upon commerce and The |
banks. Is il to be expected then that a
community could be calcuIa- !
ted on as friendly TO a war even when /
necessary ant jnsl' ! am the son of