The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-27

~ rausrs which hnli PASSED beH0nu ~
reach Il control from silher government
Nsiare. by mysterious and imnulsbll
Laws, has connected esnsrs WiIh ihei
rffec,s; and one i followed By The oihe
wlth al the certainty II The revolving
wear; and he Who finds eznsr sjeqnsl,
- he production II . gwen effect lollaw
ed By Ihat etFecl. may Iearlessly cnnelud'
Ihs, ihe lslIer Is The offspring Of The for
mer.
| his equally arair II sound philosophy,
Thar noIhing whleh does not IN is nature
apper adequate 10 The production Of |
given effect. Is 70 be taken a. Us cause,
haweser immediately IL NAV precede H.
N"S Whsl act If The Government va.
adequate u the destruction II confidence
The most that can be- said Is. that some
of ils acts NAV have been calculated 70
enfeeble, but not me ran be- painted ouI
sdeqaaie 10 lis desirneiion. Bot there
are two causes Immediately brlore rs,
sufficient. as | think. To account Tor the
different effects upan confidence N the
two rounlries when alarm was excited.
The first is. that England was creditor
country. aud this deblaf enunlTy. The
debtor could never draw fran the creditor
sgainsl his will. while The creditor had
a right TO draw upon the debtor 81 The
uiter,nosi fsrihing of his Indebtedness.
When. therefore. alarm was excited, The
Bank 81 England had nolhlng 10 fear but
from her own ciIlEens; Wilde in this coun-
try, the banks were threatened with q
drain from England as well as frnm their
own euunirymen. Standing as . credl'
tor, the Bank Of England WAS receiving
more Than she was paying out. and every
dav her situation was continually grow
ing better, and If she was able To meet
the engagements of to-day. she would he
still better able lnmeetIhose IT lO.anorrow.
Not so With the American banks: theirs
would he drain without repLrnishmenI;
and looking before them 10 vast chasm
yawning Tor the reception Of their specie
as fast a. lhey could tell il OUT. despair
seized upon them, confidence expired.
and they refused ~ engage in work ~
the accomplishment af which they must
perish. Grant. say they. ! am enabled
10 meet the engagements Of ta.da,; those
dfrn-Innrrow v I'll be sill more numerous
and rmporlunpte. The balance 0f trade
will give Ia our riches wings, By which
they must fly across the Atlantic, aud be
no more seen. We will take our stand
al once. then. and not voluntarily pnur
oui our own Likelihood; bui il il Is taken
from rs. le, u be by some slow and
lingering process which will nrnlung our
existence until me pruyIdeniial or
forinIiuus circumstance NAV lnlerpose TO
save Us from deslruenou. What more
could be desired to account fur the differ
enl course Of the banks on the two sides
IL ,he Ailsnuc! But YET there Is another
circumstance. which. as a cooperating
cause with the other. doubtless precIpiiai-
ed the stnppage ofspeeie payments in this
country. which had noexistence, aUh cUn-
sequensIy could have no ariiun. On The
other side Of the water. The Bank Of
England is alnne-sn unit, an autncrat.
She had hut One will to consult, and
that will could act al The critical moment
when liz action might br necessary. She
cnuld continue To pay out herfou millions
Of specie until the last million was Invad-
ed, and then, il she thoughtful expedirnt.
could cry "hnld! en"rgR" But The banks
in this country we're legion: with them il
was i Bsdenshurg race. each riraid that
the olher, in the struggl'- e. specie,
might exhaust IFS store, and rrGsh IL for
ever; mutual Tears prompted mutual fur
bearance, which could Only be granted
by general s.nppage; aud the lmPa-
tience Of each 10 escape from The danger
that threatened IL, haslened a catastrophe
which nigh, otherwise have been longer
deferred. il not altogether avoided. But
whatever apologies may he offered i"r
the failure Of the banks. they, have jailed.
signslly failed: and il. as has been strong
ly remarked by tie Senator FROM South
Carolina, il be folly 10 Try pnlried ex-
perimen,s, il is madness to repeat those
which have already tailed.
But il we shut our eyes to experience,
we must be deaf also TO the lessons Of
sound theory. if We adopt the system
proposed by the Senator from Virginia.
Not only have the banks failed. but the
principle Of failure is incorporated in their
very natures. The system Of banking,
as praclised IN this country, never can be
safe until il is radically altered. The best
Of them issue troin two and ahaIfy TO three |
paper dollars for one Of specie, and some !
have even gone a. high as seven; aud as !
long as the physical laws Of nature contin- !
ue 10 act, il is manifest that the banks must
depend upon the whim, the caprice, the !
hopes, the fears, The clemency ifyou will, |
of their bill holders. for their existence. |
And can that depository be deemed eafe