The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-07-07
4 GLANCE Az HIsTORY.

must % those Who can look osrA tory
wears. and Who hare seen The same eA-
geTimenl tried three several times. and
always with he same general result ies
three times has the same means been
employed 10 revive business and produce
= sound and equal currency. and twice
has The spirit 81 party blinded The msJO-
rily 20 lhe lessons II experience. and
preeipiaied The country hsadlong upon
the most disastrous experiments.
During lhe revolutionary war. The 60
vsrnmenl finding the difficulty ofmanag-
ing their moaey affairs. incorporated
what was called the Bank ol Norih Ame-
rica. This bank MSS located 10 the city
Of Philadelphia; and was IN important
instrument IN managing and assisting the
deranged and deficient finances Of The
country. and bringing The war 10 sue
cessiul termination.
twill be recoileeIed that this vas under
the confederation, which in reality had
no power over the States, as was fare
liOusly said By 'rrumbulI in his poem q
MeFingsl,
"what i your Congress or its cad.
But po9er % advise aad recommend
To eaIt for msa. adjust ihelE quotas.
And Vet no scat mas baand u notice
This loose connection among The states,
which had answered Us purpose when
they were pressed with danger, Was iuund
totally inadequate To the exigencies oi the
nation. The finances could not be regu-
lated without central government. with
power 10 enforce as laws, nor could
business among the several States and
with foreign nations. be regulated BY
thirteen distinct legislatures
In 1857 the present Constitution was
established. and George Washington ehO
sen PTesident.--i Thomas Jefferson was
appointed Secretary OF State, and Alex
ander Hamilton Secretary OF the TTeasu-
ry. An absolute necessity existed OF a
mnre extended system Of finance, and
Mr.. Hamilton IN his official rePsri 10
Congress gave one of the most able and
thorough views Of the situation OF The
Treasury and currency IL the nation.
which was ever written; aud which Vas
the foundation OF the iinanciai system Of
the nation, excepting a short interval,
until 1896. Mr.. Hamilton considered a
bank a. Indispensable in earring on the
mo ey altar Of the Government, and also
for the business and currency oil The ma
ton. He discussed the question whs-
ther to adopt and modify the Bank Of
North America. 10 the then present state
OF the country, or incorporate 4 new
IT, gave a preference to the
latter; ard Congress adopted his views,
aud the United States Bank was incorpo-
rated aud went into operation IN 1891.
The old Bank oG North America had
a perpetual charter under which IL still
claims TO act. although II has long ceased
TO have any concern with the national go
vernmenI, aud has also charter from the
state OF Pennsylvania. The new bank
was incorporated by Congress. many Of
The members being the same who had
formed the Constitution, aud received the
signature Of WASHINGTON, then Pre-
sIdent. which IL would seem might for
ever selIle the question Of Constitution
atty. The party opposed TO the federal
administration was also opposed 10 the
bank, il nevertheless operated like
charm in regulating the currency and
the credit and business Of the
country. and fixed the reputation OF
Hamilton as a financier, on an immove-
able foundation.
In 1900 a political revolution placed
the party in power who had opposed the
bank, it however having a charter for
twenty years. continued to perform its
usual good offices for its enemies, and so
admirably was lis machinery adapted to
the wants Of the nation, that many of
them gave Up their opposition, and when
the time arrived when its charter would
expire by its own limitation. an act for
its renewsl passed the House Of Repre-
seniatIyes, then composed OF large
majority OF the democratic party and was
lost 10 the Senate by the casting vote Of
George Clinton. then Vice President.
The public deposites were then placed
in state banks, as they have been Of late,
and every measure which the friends Of
that plan could devise, was put in opera
ton To give efficiency and uniformity; bu.
all in vain; an inequality took place IN The
currency so that the bills current in New
England we're worth more Than fifty per
cent. more than those of those of the same
denomination which were passing ia
some of the southern and western states;
and as fot specie. no banks pretended to
to pay i, for their bills south Of New Eng.
land. Exchanges we're deranged in pro-
portion to the currency, and at least the
government, found it impossible TO trans.
nit their unequal and deprecated reve-
nue. from one part Of the country to an.
other to pay the salaries Of the officers,
and the interes. on the public debt:-and
so ienrpciatad ma the eurrancv anl GRO.