The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-12-06

lac nnk na1Aa s24 A+=A
rr.s...,sss r-2asrs il. of esa''si' nj 81.
.-,,y,,, ,sn. mr. lr-s rssn iSa millaans 81
a.II,r.. a. 10 awn d~a-slioFy and the d.
e., r. a lie rrarssl EsssEnmens. and
.T,ssu..,sd hy ne PrssIdsni If Ihe Uni-
ed Sssass oGhrr bsaks iar Ihss PnsP"ss;
second b.lk hnEeEsr - m rase 10 be
eh,r,,,rI ar drsigns'ei anil the capital
so. ks, uhica shall he tie naKsmu'a
.noo,t ,hsIl he sn'irfly taken. and 50 an
A ,h;,J. fourth and 9Th. whsn necessary.
tn. n.,es al al me banks illus made de-
,o,;,o,,e,. 60 he engraved On similar pa
a., ,.S "a rsss.nhle ssch olhsr - nearly
:. possible. Esrh state shall des,gnaie
a css-rss. the particular bank Iehdrred
a. a dspasllOry. and the acceptance BY
ne r.aerIl goTsTnneni shall be under an
A., n Cangrsss. and al their lnIsreoaIse
regulated hy law. II any stale refuses 0r
n,yl.r,s 4, come into the arrangemeai,ihe
nsasy collected m sash state By The &C.
nrlal rayernment shall be transferred 10
ad,pasilory of same o'hsr state. nor shall
rs,e money collected in The refusing state
he rsce,.sd in any hing but coin.
Thus las,ered. sustained and pasroniz-
ri Nv The general government and guard
sIsy the supervisory power Of tie states
which guaranteed their fidelity. Ihese
institutions. | have M doubt. Mould a.
I'D a. NEAR an un:fnr'niiy Of currency
end Of exchange as BY any P"ssI5'li'y can
be arrived -
UuLer such high sanctions too, capital
ISIS woulJ be induced I'd invest their
fauJ, IN .uch sI"cks sih al.crity and
eoaEIsnee. And the nules Of these insIi-
t,,lnns fran the credit reflected on them
wsvl! circulate so freely anil extensively
., 10 enable then Ia supply The amounts
r-crsssry far ali The lrg'nmaIe uses oil
Ihe eunaiTy.
Aa.incrsase Of banking capital in our
e~n .ta'e is certainly necessary Ia meet
Iae wants of industry. and ~ periseI The
works OF Improvement already cammenc-
cd. 20 cay nothing Of other works equal
ly necessary 10 be made. But unless
snme arrangement can be effected /" c"E-
vert The unnatural hostility af the general
government into favur " the state bsak-
ing institutions. you nav charter bsnks.
buI capitalists sill no. BE- Induced 10 hs-
zard heir means in the stack.
To borrow money. as some OF thr
slalrs have done. in order To fnrnIsh ga
piial for their Banks, is idle. 1.-THE Sub
Treasury 10 established. bank notes in
s,aaGly become dscredlled. or their sphere
81 uyefulness 10 made 30 limited that they
xill 6nd il hazsrdnus If not impracIicsble
10 laan out more Than their capital. sad
their profits will be insufficient to sustain
thsm. The suggestions | have made Ia
you, are the results af ANXIOUS reflection
apnn an intricate AMI all important sub
ieei. and il affords the only probable out
let which has occurred n me IL exirica
tim from our 6lanrisl difficulties.
have allie pied nothing more Than . &c.
sersi ouiiiae Ut The plan: its details. should
rou lsem il wor'hy your consideration.
Fan be arranged al your convenience.
Tie subject 10 50 imPorisnt, thai | mus,
rrsJs f.s moments indulgence in max
.ae . further brief illustration of IL.
ave said thal the intercourse between the
banks and general government must b,
regulated by law. There must be n.
controlling or discretionary power in the
Officers OF ei!her government. We have
sl'esiy seen our insiriutinns seduced InIG
measures. fs which they were subss-
quendy condemned BY The authors oI
laeir errors The s,aies al have. this
s.sie al least has. deep pecunisry stake
N Two Of her banks. and yet,higher in
tpresI N ell. 10 The character they sustain,
sni in the faeIlnies they sfiurd the far
rsr in selling and the merchant in pur
chasing c0mmodI les. and We must no
allow thea to become the sport or ihs
':eam Of any power. They hold Ihtil
rights under the same sarred guarantee,
ny Which our lands and other property i,
held. and any invasion al them shnuld b
promptly and indignantly resisted. The,
must not be made The tools 0f party III
tie virIin, Of Ismssnsaes. and hence
woslj have their intercourse With IN,
government sircIly regulated by statute.
! have limited The capitals of these
banks al not less than two nor more thar
len millions OF dollars. No state or ter
IIiory will require less than Tie minimum
aid few should exceed The maximum
sn"uai. The one is large enough to in
sure sesfec.abIi.Iy and usefulness. TIN
6 YER Gould moi exert such power by con
us."nn or expansion Of lis discounts q
seriously - sdrcI the business "f III,
country, or the value Of property; an,
guarded and restricted. as | have propns
si, there could be no danger to liberty o
tie vslon.
The resp visibility Of The states is pro
posed IN order 10 afford the most unques
TONED security to the depositors aud no.'
h"Iders, and to remove all disrust from
The general gorernment that il may EN-
brace Me proposition al once and set thi
disiFsr'ing question forever al rest. Th'