The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-09-15
tcoassnsss ssa Isl psss.l

a1nefenk tcfs&luns, exelustEelys nfsts an
terror q he establishment a. he 6rsf /
Bank of he United Ssales; secondly. in
The lniersal bstwsen shs termination Of |
thar lasaiinslon aad the charter q lie sue-
sessof; aal. thirdly. during he limited
period which has now 50 abruptly closed.
The connections thus repeatedly altempl-
ed. proved unsatisfactory on each success
sive occasion. notwithstanding The Esri-
Gus measures which wers adopted 10 e.
eillsate o. insure is success. DAD lssi
ocession. in The year 1898. The employ
mena of the state banks wss guarded e.
peeaslly in every say winch experience
and caution could suggest Personal se-
curisy sas required Tor me saie-keeping
and prcmpi payment 81 the moneys 70 be
received, and full returns Of their rondi-
ton wcre, from time 20 iimr. 70 be made
by he repositories. In the fret stages
The measure vas eminenlly successful.
notwithstanding The violent opposition Of
the Bank % lhe United Ssaies. and the
nneessing efforts made 20 overthrow IL.
The selected banks performed with hde-
iity. and without any embarrassment 10
themselves or 10 the community, their en-
gagemenls 20 the Government, and the
system promised 10 be permanently use
ful. But when IL bee me necessary, un-
der the act Of June 1896, 10 wrIhdraw
from them the public money, for the Pur-
pose of placing i, in additional instItu-
lions. or Of transferring il 90 The states.
they found IL, in many eases, inconyeni'
eni 10 e6mply With the demands OF the
Treasury, and numerous and pressing ap-
plicauons we're made for indulgence or
relief. As the inslalmenls under the de-
posite law became payable. their own EN-
barrassmeHIs, and the necessity under
which they lay Of curiallIng their dis
counts and calling in their debts. inereas-
cd the general distress, and contributed,
with other causes, to hasten the revision
in which. Al length, they in common
with The other banks Rere fatally invols-
ed. ~.~
Under these circumstances, il becomes
our solemn duts To inquire whether there
arc not, in any connection between the
government and banks Of issue, evils Of
great magnitude, inherent in its very ma
iure. and against which no precautions
cen effectually guard.
Unforeseen in the organization Of the
government, and forced on the treasury
b. early necessities, the practice Of en-
ploying banks, was, in truth, from the
beginning, more a measure OF emergency
than OF sound policy. When we started
into existence as nation, IN addition TO
the burdens of the new government, we
assumed all the large bur honorable load
OF ,iebt which was the price Of our liber-
*; but we hesitated TO weigh down the
infant industry Of the country BY resort
ing TO adequate taxation for the necessa-
~ revenue. The facilities of hanks in
relurn for tie privileges they acquired,
were promptly offered. and perhaps too
rea,lik received by an embarrassed ;rea-
snry. During the long continuance of
q nationai debt, and the intervening DIFF
ticuIties of foreign war, the connection
was continued from motives of convent
ence: but these causes have long since
passed awav. We have no emergencies
that make banks necessary 10 id the
wants of the treasury; we have no load
of national debt to provide for, and We
have on actusl deposiie large surplus.
M public interest, therefore, now re-
quires the renewal of a connection that
circumstances have dissolved. The COM
plete organization of our government,
the buatance Of our resources, the ge-
neal harmony which prevails between
the diffaren. states, and with for ign pow
ars, All enable us now to select the svs-
TEN mos. consis'en. with the constitution,
AMI uiost conducive to the public welfare.
Should we, hen, connect the reasury
for fourth time with the local banks, i
can only be under a conviction that pas
failures hate arisen from accidental, no
inherent defects.
A dagger, difficult, il mol impossible,
10 b. avoided in such an arrangement, is
msde .Irikinsly evident in The very event
by s.ilch il has now been defeated. A
sudu-n act of the banks inuusied with
ihr funds Of the people. deprlyes the
Treasury, without fault or agency Of The
Guss,nmen,, of the ability 10 pay ia
cre3 ors in the currency they have by
la { righi 10 demand. THIS circam
s.snrg - fucluaiion Of commetce cnulC
haze 2fadarsd. il the public revenue had
bee collected in the legal currency, ant
kept IN that form BY the officers Of the
Treasury. The cltizen whose money
was in bank, receives il back, since The
suspension, at a sacrifice in It's amount
whilst be who kept il in The legal currency
of The country. and 10 his owI, possession.
b6snes, without loss, the current Of his
the ,its, The Government, placed 10
ann.,r.ssu Of the former, is involved ID