The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-01-20

weld sum quite es CREST - ongnt W %
desired. II should. moreover. be borne
IN mind. that hose governments have
been distinguished BY ihe greatest purity
Of administration. and have longest pre-
served me blessings ofliberty. in which
the governing power, no matter how
constituted. has been dependent for ils
support. on animal peeuniary lesies from
The people. To exhaust The surplus re.
venue in mainiaining ihe current expenses
Of government. OF 10 fritlsr il away By .
division among The several counties 10
replenish their treasures. IN the manner
proposed by bill referred By The House
af Commons. would be moi merely %
eampramii Ehe dignity of the slate. but
TO interrupt. Tor . time only. The re-
gular operation Of the system Of state
taxation. and 10 disaPpoint the just ex-
pectali0ns. Of nur constituents. fonr
committee. therefore. return said bill TO
the House. and recommend rs rejeeiion.
Your committee have also been IN
sirucled 10 inquire into the propriety Of
deyOliug the fnnd in question TO the es-
adjustment Of new bank. 10 be owned
wholly BY the state. A portion Of them
are confident in the belief that the estsb-
lishmenl Of such an institution would
eonuasene that provision OF the ConsIi.
tnlion Of the United States. which de-
clares that no state shall emit bills OF
credit" and which they are Informed
has been judicially expounded to extend
10 any paper medium issued By . state
for the purpose af common circulation.
Independently of the arguments against
the expediency Of such a. bank. which
have been often urged in the discussions
Of this subject heretofore. your commit
tee believe that no financial skill could
successfully manage bank founded en-
iirely ON a b,rrowed capital. demandable
in certain proportions. al the pleasure OF
The lender, which must regulate its busi-
ness according 10 The necessities Of the
federal goyernment--the tiucInatlons of
party pohsics-lhe appropriations made
by Congress--and even the movements
Of individuals Of that body, from motives
either par,lzau or patriotic.
The only remaining objects Of appro-
priation, 10 which the attention of your
committee has been called by die direc
tion of the Legislature. are eomInon
schools and internal improvements. -
These, your committee recognize - first
in importance among all the objects
which now claim the patronage Of the
public; and bu, for the fiduciary charsc.
ter Of the means in their possession,
they would meet less difficulty in dedi.
eating the whole fund Immediately and
irrevocably To these purposes They,
however, propose 10 devote il TO them;
while, at the same time, il shall be 50
invested for the present. as 10 be capa'
bic Of recall without great inconvenience.
should the state be required tn refund
anv part of the loan. They are aware
tina, public opinion is divided on the
question. whether general education. or
the improvement If the means of trans
pnrts'nn. should he first patronized. -
Some Of your committee we're inclined
10 the opinion. tina, the whole should he
expended On internal Improvements: IN
The belief that opening new avenues "a
I wealth. which are accessible to Ill elias
SEES of the community. would diifuse the
means and the disposition for education
? 10 an extent almost equal to direct ap
preparation for public schools--o,hers or
, the contrary. insist On claiming the whole
. as school fund, as the nnls mode il
which il can he made IN benefi, equally
D the whole 'onulalion. In Difference Il
this conflict Of opinion, your COMMITTED
e have been induced to recommend tina
our whole share Of The surplus revenu,
a shall he devoted equally To popular edu
= cation and internal improvements. tina
that part which is appropriated tn edu
. cation. shall be added In The fund 70
D common schools" now existing; and shal
be invested for accumulation in banl
E stock. by increasing The capital stock Il
the Bank Of Cape Fear 10 one millio
FIVE hundred thousand dollars; in whicI
D there shall be subscribed of the schor
d fund before mentioned four hundre
e thousand dollars; and BY increasing III
J, capital stock uf the Bank Of the State a
i North Carolina to two millions of dol
= lars: nv a subscription of the fund afore
d said for five thousand shares in said hank
e Your committee are fully sensible Of III
% dangers 10 he apprehended from an ex
e cess Of banking capital; and have onI
d consented to this mode Of investment
d because Of a general prevalence Of III
;. opinion, that our present capital is to
small. They propose, showever, to re
J, medy the incnnveuiences Of an excess
+ should one occur. by provision in III
IT amended charters for The reduction Of th
J. capital stocks Of both the banks. if
n shall be found too great for the real de
IS mands Of business. They also believ