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

formslioa extends. have sxersions been
greser Ihsa those which the banks have
generally made 10 open agsin their vaults.
ID is wondeful lhai he community sh0old
have been able 10 bear, with 30 mneh
enmp0sure and resignation, The prodl-
gious eursilmenis which have been made.
Confidence re-estsblished. the foreign
debt exinguished. and national instilu-
ton created, most Of them could quickly
resume specie payments. Some Of thsm,
4 urged BY . high sense Of probiiy, and
smarIing under severe reproaehes. viii
no dOubl make the experiment oil resum-
inc and continuing payment in specie
They may even 20 on while; but wiih-
ouI The cooperation Of The Stale Bank
generally, and without the corporation
Of National Bank. il IL 10 be apprehend-
ed that they will be again seized with
paralysis. II is my deliberase conyiclioa
that the preservation Of The existence Of
, the state banks themselves depends upon
! The institution Of national bank. II 10
as necessary TO them as the Union Is 10
} the welfare ofthe states in our political
system. Without Il. no human being
can forsee when we shall emerge from
the difficulties which surround us. Ii
has been my fnriune several times 10 see
the country involved in grea, danger; but
never before have I beheld i. encompass
sed with any more menacing and pOIen-
lous.
Entertaining the views which | have
presented. il may be asked why DO not
az once propose The establishment Of
national bank. | have already adveried
10 The cause. Constituted as Congress
now is. know that such . proposition
, would be defeated; and thai il would be
therefore useless 20 make il. | do not
desire 10 force upon the Senate. or upon
the country. against its will, il could.
. my opinion. howeversincerely and strong
" entertained. II a national bank be es-
tablIshed, It's stability and untiliIy will
; depend upon the general conviction
which lsfelt of iis necessity. And un-
Ill such \ conviction is deeply impressed
upon The people. and clearly manifested
, by them, it would. in nv judgment, be
unwise even TO propose bank.
OF the scheme Of the Senator frsm
Virginia. (Mr Rives.) | think now as |
thought in 1894 | do not believe that
any practicable connexion Of state banks
can supply a central currency. he safe
depository OF the public moneys. or set
efficiently as fiscal sgentof the General
Government was not then opposed
10 the state banks 10 their proper sphere.
| thought that they could not be relied up
on 10 form exclusively banking system
for the country, although they were es-
senlial parts Of general system.
The amendment Of the Senator, consi-
dered as a measure to bring about the re-
sumption Of specie payments so much
desired, think must lsil. The motive
which il holds out Of the receIvability in
all payments 10 the Government OF the
! paper Of such banks as may resume by a
given dsy, coupled with the conditions
| proposed. Is wholly inadequate. Il is an
offer to eight hundred banks; and the re-
venue. payment OF which 10 their notes
! is held out as the inducement. amounts
/, " some twenty or twenty-five millions.
To enlille them To the uncomfortable ex-
! tension Of their circulation, which would
result from the credit gwen by Govern
men, TO the paper Of all Of them, they are
required to submit 10 suppression Of all
notes below five dollars, and al no very
distant period 10 all below twenty. The
enlargement Of their circulation, produce
ed by making il receivable bv Govern
men,, would be much less u.an the con.
traction which woald arise from the sup
preston Of the prohibited notes. Be-
sides. Il the quality proposed again 10 be
attached To the notes OF these local banks
was insufficient 10 prevent the suspension,
how can II be effiCacious enough 10 stimu-
lsIe resumption Of specie payments!
shall, nevertheless, If called upon to
give a vote between the project of The
Administration and the amendment uf the
Senator from Virginia, vote for the LAT.
ter. because % is harmless, IL il effects no
good, and looks tn the preservation oi the
state banks; willis, The other is frsught
with ,nischIefs, as believe, and tends, if
it b. not designed, to The utter obstruction
Of those institutions. But, prefering TO
either the postponement moved By the
Senator from Georgia. | shall IN the first
= instance. woe for that.
I such. Mr. President. are the views
which entertain on the present stale Of
: our public affairs. II is with the deepest
regret that can perceive no remedy. but
such as 10 IN the hands OF the people
| themselves. Whenever they shall i'm
press upon Congress a conviction uf
: that which they wish applied, they will
/ obtain it, and not before. In the mean
time, LEI US go home. and mix with and
! consult our constituents. And do not, |
; entreat Won, le, Us carry with us the burn