The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-20

live. Then. is. disguise j. as you may, be-
tween diseOnnexiOn and Bank Of The
United States. This is the real issue 10
which all must cone, and ought nOw 10
be openly and fairly met.
But there are difficulties, in the nay Of
. National Bank. no less formidable Than
a recOnneeiion with the Stale banks. IL
Is u,Irri. Inpraelielble al psease:t % es-
lsblish one. There Is reason 10 believe
that majority nf the people Of the Uni-
Ted States are deliberately and unaiiera-
bly, opposed 10 il. Al al erenIs, there
is numerous, respectable, and power
fol parry. | refer To the old States rights
parry. who arc, and ever have been, IRON
The beginning of The government. appos-
ed 10 the bank. and whose opinions
thus long and firmly entertained. ought
Al least To be- 81 much respected as 10
f,ThId the creation II one without an a.
aenimsn, Of the constitution. To this
must he added the iasuperable difficulty,
thai the executive branches the govern
men, Is openly opPpsed Ia it, ara pledg-
ed 10 iGisrpose his veto. on constitutions
al grounds. should a bill pass TO icc1rpa-
rate one. For four wears al least. then.
Il will be inpraclirable To charter bank.
What must be done in the mean time!
Shall the Treasury be orgsnized to per-
form the functions, which nave been It-
Gently discharged By The b'nks. or shall
the state institutions be AGAIN employed
until bank can b. CREATE! liz the one
case, We shall have the sd much vili6ed
and denounced sub-lressurv. a. il j. cali
cd; and IN the other. difficulties insur
mounishle would grow up ~ inst the es.
enlistment Of bank. L., the state in
sutuIlons he once reinstaeh and rruni-
,eh Ia the go'ernReT as heir fiscal
gents, aud they -, BE- lound tie first
and most strenuous opponents ui a nali"n-
al bank, by which they would he nser.
shadowed and curtaileG IN heir profits.
hold il certain. that in Prosperous umes.
when the state banks are 10 full operation.
il is impossible In establish a national
bluh. Its creation, then, should the re-
ua,"n with the slate banks take place,
Will b. POSTPONED, u1ll some disaster,
similar TO the present. shall again beiall
the country. Bot ~ reqnies hlIIe OF the
spirit ut prn?hrey a. see, Ihs, such an.
other disaster would he the death Of the
whole system. Already i, has had two
paralyuc sirokes--ihe third would prove
fatal.
Bur suppose these difficulties were o.
vercome, | would still \. orp,>ed 10 The
incorporation of hank 20 lar from al.
lorlingihe relief winch many anticipated.
il would be The mus, DISASTROUS neasur"
that could be adapted. As greai IS Is
the calamity undrr WHICH 'hr e mntry is
suffering. il is n''h"a + wat would
| follow the ceraiInu ii snrh An insIIlm.
ton, under existing circumstances. In
order To compel the state w>uIutions to
| pay specie, the bank must have 4 capl-
| hl as great, or nearly as great, IN proper
ton 10 the existing institutions, as the
| late bank had when established. To those
of that dav. THIS would give il an i'm
mppse capital. NOT much less than one
hundred millions nf dollars, Of which a
Urge proportion, saw twenty millions,
must I've specie From what source is it
! tn he derived! From The state banksl
Il would emplv their vaults, aud leave
them in the most helpless condition.
: From abroad, and Va England IN parlicu-
lar; il would reproduce that revulsive cur
rent, which has lately covered the coun.
try with desnlatinn. The ude is still
running Tn Europe, anil ( forced back by
anv ar,Itirial Cause, before the foreign
deb, is paid, cannol bu, h. followed by
! tHc ms, disastrous consequences.
! VA, ,appose This officially overcome.
, aud ~. hsrk re-establishetl. | ask what
. wnuld be- t,e effects under such circum-
>,nce<, Wlere would il find room
tnr bu~Iucss, commensurate with its ex-
. tene,vc capital, without crushing the
state institutions. elleebled bv the with
drawal III their means, N order TO Gre
ate the instrument NJ their oppression!
4 few of the more vlgogous might sur
vive; bu, the far sreaser portions, with
their debtors, creditors. aud siackhold-
ers would be involved in common ruin.
The hank would, indeed, give a specie
currency. nut by enabling the existing
institutions to resume. but ny destroying
them and taking their place.
Those who take different view, and
so fondIy anticipate relief from Nation
al Bank. are deceived, by a supposed
analogy between the present situation Of
the Country, and that of 1916. when the
late bank was chartered. after the war
with Great Britain. | wa an actor in
tina, scene. aud may be permitted TO speak
10 relation to il with some little authors
ty. Between the two periods. there is
lhule or no analogy. They stand almost
Z