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


Sarh men bank. once commenting
4 basisess, you'd form : ralIying point;
confidence would revive, exchanges be
again regulated, and ne business and
prosperity Of The country be speedily &C.
stored. And Il Is By no means certain
that there wosld be any seiusl sugmenls-
iOn Of the banking capital Of the country.
Tor Il Is highly probable that the aggre'
gaze amount ofunsound banks, which can
never resume specie payments. would be
qDite equal 70 that Of The new bank.
An auxliary resolution might be adopt.
cd with salusary eject, similar 10 that
which was adopted in 1915. Offering 10
lhe state banks. % . motive 10 resume
spe~ie payments. that their paper should
be received for the public dues; or, Is
their number has since that period great
" increased. 10 make The motive more
operative. the offer nigh. be confined 10
one or two banks 10 each state known
10 be trust worthey. Let them and q
Bank &C the United States commence
specie payments, and al he other sound
banks sould be constrained. by the unit
ed force Of public opinion and the Law,
10 follow the example.
II. in contrasting the two periods Of
1917 and 1897. some advantages for the
resumption of specie payments existed
al the former epoch. elhers which dis
tin guish the present greatly preponder-
ate. Az the fret there were none ex-
cept the existence Of public deb and a
smaller number nf banks. But then IN
exhausting war had wasted our means.
Now we have infinitely greater wealth,
our resources are vastly more develop
ed and increased. our population nearly
doubled, our knowledge Of the disease
much better. and, what is Of the utmost
importance, a remedy. IL applied now.
would be administered in much earlier
stage Of The disorder.
A general currency of s1nnd and
uniform value 10 necessary to the we'll
being 81 ali paris of the confsderacy, but
it's indispensable tn The interior states.
The sesboard states have each Of them
banks, whose paper freely circulsses with.
in their respective limits, and serves all
the purposes Of their business and COM
merce al their capitals. and throughout
their whole extent. The variations, in
the'value Of this paper. IN passing through
those states, from one commercial metro
polls TO another, are not ordinarily very
great. But how are we of The interior
70 come 10 the Atlantic cities TO purchase
our supplies Of foreign or domestic COM
modilies. without a general medium!--
The paper of our own banks will not be
received but a, ruinous discount. We
wait a general currency, which will
serve al home and enable rs to carry on
our accustomed trade with our brethren
of the Atlantic states. And such a cur
rency we have right to expect.
30 not srrogate TO myself a right 10
speak for and in behalf OF all the Western
states; bot as Senator from one Of them,
4 an entitled TO be heard. This Union
was formed to secure certain general, but
highly important objects, Of which the
common defence. commerce, and uni
orm currency were leading ones. To
the interior states none is of more impor-
tance than that ofcurrency. Nowhere is
the attachment to the Union more arden,
than in those states; but if this Govern
ment should neglect to perform lis duty
the value Of the Union will become i'm
pared. and its very existence IN process
Of In. usy become endangered. | do
belle,e that between a sound general cur
reUcy, aud The preservation of the Union
Itself To full vigor aud perfect safety,
there : the most intimate connection.
If Mr President. the remedies which
have suggested were successful, al a
former period Of our history, there is ev-
ery reason 10 hope thai they would again
prove edicacious: bu, let me suppose that
they should not, and that some unknown
cause, which could not then, should now,
ibwsrt their operation, we should have,
in any event. the consolation Of knowing
that we bad endeavored To profit by The
lessons oG experience, and if they failed
we should sand acquitted in The juds-
men. 81 The people. They are heartay
tired # visionary scheme aid w,Id *
perimen,s. They wish tn get on, Of The
woods, In;o whica thew have been con-
Quoted. back TO the plain, beaten, wide
road. which they had before irodden.
Hsw. and when. without such mea-
sures as | have suggested, are the State
banks to resume specie payments!-
They never can resume without concert;
and concert springs from confidence; and
confidence from knowledge. But what
kno Wedge can eight hundred banks, scat
tered over our vast territory. bsve OF the
actual condition Of each other! L. is m
vain that statements OF i, be periodically
published. II depends. at last, mainly
upon The solvency of the debtors 10 the
bank; and bow, whenever their names
are mi knnwn. can that be sscertained1