The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-20

49, A@AAa ~ sis ~ @AllrtEAE8A " AAA k4lI
spirit ofour institutions. That ihs con-
arxlon between The bank and the govern
mens The receiving and paying sway
heir notes ss cash. and The use Of the pub
lie money from 1he time Of the c0lIeelion
N me disbursement. il The source Of im-
mense pra6t % The banks cannot Be ques-
toned. II is impossible. a. | have said,
10 ascertain with any precision 20 what
extent their TISSUES and circulation depend
upon il but II certainly constitutes >
large proportion. A single illustration
may ihroS light upon this point Sup
pose The goyemment were 10 take up The
Eenesi beggar in The street. and enter in
10 . contract with him, that nothing
shnBld be received in is dues Or for The
sales Of Us public lands in future. except
gold and silver and his promissory notes.
and that he should have the use nf the
public funds from The time other cnllee-
ton until their disbursement. Can any
one estimate The wealth which such
contract would confer. His mates woald
circulate far and wide. aEer the whale
exieniof the URion: would he the medium
I through which the exchanges Of the c"ua-
try would be performed, and his ample
and exiended credit wnuld give him con-
troll over all the banking institutions and
mOnied uarsaetions at the community.
| The possession Of an bundled millions
would not give a control more etfrclual.
i ask. would IL he fair. would il he equal,
would it be consistent with the spirit of
our institutions. to confer such advantages
on any individual! And il not On one.
would il be IL conferred on any number!
And il not, why should il be conferred On
any corporate body oflndisiduals! How
can they possibly be entitled 10 benefits
50 vast, which oil must acknowledge
could not be justly conferred on any mum
Der Of unincorporaied individuals!
/ state not these views with any inien-
ton of bringing down Ohium on banking
institutions. | have no nnkind feeling
towards them whatever. do not hold
them responsible for the present stale of
things. II has grown up gradually, with
out either The banks or the community
perceiy,ng the consequences which have
followed the conneSion between them.
Ms ubject is 10 stale The facts as ihey ex-
Isl. that The truth may be seen in time by
ALL. This is ~ age Of invesrg ,llun.
The public mind IS broadly awake upon
this all important subject. II effects the
the interest and condllion uf the whole
community. and will be investigated To
the bottom. Nothing will be leit unex-
plored. and II is ior the interest of both
the banks and Of The community. that the
evils incident TO the connexion should
be fully understood in time. and the cou-
nexiou be gradually terminated, before
such renyulsions shall follow as to sweep
away the whole system, with its advan-
lages as well as disadvantages.
But il is not only between citizen aud
citizen that the connection Is unfair aud
! unequal. Il is as much So between one
portion Of the country aud another The
! connection Of the government with the
banks, whether IL be with combination
If state banks, or with a national ins,Itu-
tion. will necessarily ceniralIze the action
Of the system at the principal poini Of
collection aud disbursement. and al which
the mother bank, ar Il" "a Il uf The
league Of state banks nh~' br located.
From that point the Wl"!e system.
through the cOnBexinn with the govern.
ment, will be enabled 10 control The ex-
changes both al hume and abroad; and
with il the commerce, foreign and domes-
TIC. including exports aud imports. AZ
ter what has been said. these points will
require but little illustration. A single
one will he sufficient: and | will take. as
in the former instance, that Of an indivi.
dual.
! Suppose, then. the government, at the
, commencement Of its operation, had Sc
, lected an individual merchant, AT any one
point in the Union, say New York. aad
had connected itself with hun. as II has
with The banks. by giving HIM the use Of
the public funds from the tine Of their
COLLECTION until their disbursement. and
Of receiving and paying away. in all its
transactions, nothing but his pIomissory
notes, except gold aud silver; is il not
manifest. that decisive control would be
given TO the port where he resided. over
all the others: that his promissory notes
/, would circulate every where. through
! all the ramlications oil commerce; that
they would regulate exchanges; that they
would be the medium Of paying duty
bonds; aud that they would attract .he
imports and ex iur,s Of the country To the
! ports where such extraordinary facilities
were afforded. Ii such would clearly be
; The effects, in the case supposed, il IS
i; equally clear, that the concentration Of
the currency at'the same point, through
/ the coDnex'on IT The government with
/ The hanks, would have iquai. If not great