The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-01-27

h0AkM0sEr VII 1A1AM h1A 8AA hMtFAAmAt0Hs
and leave your condition YET laore dese-
late ard ruinous
The simple inquiry then is. will yau
encounter all lhess evlls-Will Won forsgo
al these advantages epaa which ] have
descaniedi ~ win you. IN order % secure
then. grant banking privileges 10 The
company from which they are 10 be deris-
sdi
To resolve this question. 10 seems
merely necessary ~ ascertain whether
he people Of North Carolina will gain
more BY the rosd than they will lose by
The grant ola Bank charter. The advan-
tsges 0f the rad have been already pre-
senled. Let Us nov consider The Bank
charter. and see il there be any and what
evils 10 which 10 may subject your
people.
When this proposition was originally
started in South Carolina. there arose not
lItile clamor about The danger from
Bsnks-lhe arrangement Of the currency,
and host 81 other vague phan,oms were
cohiured up. wherewilhal 10 alarm the
timld. Very little observation soon made
the discovery. that The greatest portion
Of this noise proceeded from those who
were Interested in other Banks. The
inference was the same which every
farmer wonId naturally make. when he
hears the old established village Tailor
deseanling upoa the danger IN be appre-
hended from some newly arrived brother
Of The craft. who may have Sc, up his
ship across The way. The very great
regard 10 the welfare Of his customers,
which would induce the old established
professor Of The scissors. 20 advise against
snbiecling themselves 10 the practice, u
ihe new conner. would Al once be valued
n what Il Is worth. The same motives
govera mankind. whelherthey handle Ihs
needle. or occupy The parlour OF Bank,
sud every opinion from party Interest,"
ed must be received with great caution.
Be il said, however. 10 the honor Of those
gentlemen connected with Bauksin South
Caroliha, whnse opinions were originally
adverse ~ this project. that so soon as
they had given due examination 10 the
subject. most. il not all Of them. abandon
ed heir ohjecuons. and united heart and
hand in advancing the scheme. and max
ing il as perfect rs possible.
Still. wherever the scheme is presented
anew. il is bat natural to expect opposi'
iio1 from this quarter; and 10 therefore
becomes the mnre necessary that every
m n should form his own opinion. Al.
Ter all when the matter is once explained.
there is M grea, mystery about it, A
bark is no more Than an association Of
individuals. who. each having some mn.
ney to spare, agree to add il together. for
the purpose Of lending it nut to those
who want il Such a company. when
confined to this object, can do no sort Of
harm 10 the community. On the contra.
~ bath parties are beneiued--lhe Dor
rover by the accommodation. the lender
BY The interest he receives IN return. l,
is nni until this company begins 10 issue
unies. which pass as money from hand
to hand. that the public becomes interest.
ed in thei doings. There is then a
danger that the unwsry man be taken in,
If the company issues more ofthese than
they are able TO pay-and contingent
da ger NAV also arise. that BY inducing
tn people 10 take their notes when they
have ~ actual need Of money. the com
pany NAV. as the merchants call il. force
business Ii srrqu,site that care shuuld
b. .sken 10 guard agains, these evils. aud
il viii presently bs seen in the case be
fore Us. tina. The precautions are amply
sufficient.
But lnasinuch as this Bank charter is
prapnsed. merely az means and induce
meat to the making Of the Rail Road. II
further becomes US 81 provide thai. while
OF The one hand. Sufficient advantages
must be offered To induce individuals In
mske the road; So. on The other, precsu>
ii,ns must be taken 10 compel them.
while Enjoying the profits 81 the bank. Ia
take the burIhen Of completing the road
This equlpolse. il is Thought has been
fully ailaIned by the provisions Of the
present charter. as will appear by brief
consideration OF them. ~ 4
In The first place. The bank can have
no separate existence, and an interest IN
il can only be obtained by FIRST subscrib
ing 10 The railroad EIgh millions must
BE- actually subscribed 10 the rail road,
before the bank can be called into exist.
ence; and then, each subscriber TO the
rail road can only have fifty dollars in the
bank. fm every hundred he has subscrlb-
ed 10 the rail road. These subscriptions
are then made iuseparable; 50 that a
cannot sell one without the
otier. And although his rail road stock
il made liable to pay the debts Of the
ba K. he has not the corresponding ad.
vantage u making the barks liable for
Ihe Rail Road debts Neither is he per
rnitted at any time to withdraw from the
RAJ Rad company. even by forleIting
~. 4 1. 1.