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

81 Bait; az. indirectly. under proper reg
ul.IinHs in 'ayor nl lie banks al he sssis.
j Ihe people very wisely gave ~ Cor
grsss lhs poSer 81 20 cnir nancy, rsgulsss
Ire v.lse iaereof, and of E,seisn eoin.
aud In tx tie sIsn4ard Of weights and
measures" Hut IL wauld rot be more
unreasonable 10 resisiri The county 10
the idenIirsl weights and measures fur
hished by the government. though ihry
afforded not one-Ienth the supply rrqsIr-
eA, than il weuld be 10 limit 10 the use sf
the e"il thus regnlaled for receipts and
Disbursements Of the general government.
If il was rlgit 10 do -. the goEefnm-Et
should feel Itself bound To furnish snih-
eienl supplies both FAR is oan amt the
. PeHI.le's uses.
! The Iealing desiga Of these grants To
Congress. Nas III rsndeF what was heinre
irregular. uncertain and deraBged-esr-
ls.n. defined aud uI.ilu-E; o;hrrHiss thr-e
cn',li be no precIsinm, M uniformity, and
hut little justice in the collection "fisSes
and duties in the various ssriInHs II The
un,nn. Iul Tire grant /" To regulate roIH-
merre With foreign pnwers. nth The
SAFES and Indian ITides." indicates very
strongly the intraiiun Of the trainers of
the constitution upoa this subject. and
their se;,se Of the Necessity anil propTIe'y
Of regulating the currency, BE- il shs, u
may.
i A National Bank being ennsidefed ua-
constitutional by the present Chef Ne
gisIrste. cannot. Of course, be established
during his trim of Office, unless eonsii-
iuuonal minority caH be obtained To con-
troll the yeiO power. Of which ] confess
| entertain no hope. The necessities Of
The country have twice called such an in
/. s,ilulan into being; and under the ansPi-
. res Of our. most enlightened and pa,riot-
ic statesmen. IT fully realized the expec-
Iati0ns Of lis friends and supplied the
warts Of the cnumry. Sill. il has been
made he stalking horse 1t the densgogue.
ans made H. bear upnn AZ our eleciions,
irum the elevated CHEF Magistrate d"wa
90 The humble constable; and yet, 50 inn
. pressed was the country with its utility.
thai. despite al the popularity Of the late
, President, who was opposed 10 il. il was
rr-charlered by Congress by decided ma
! iar:ies. aud fell "a victim Ia the veto pow
or. The cunstiiHilunsliiy Of It's estsb-
lisbment seems 10 be question never 10
\ be settled; aud il the sce"es Of lis re.char-
I ter are always to be acted over and The
p public mnd excited and disturbed hy the
misrepresentation and agiia.ions Of cor
r rupt psr,zans. il may well be questioned
: whether the advantages of such an insli-
f luton, highly as | value il, are NOT coun-
5 lerrailtd by the improper uses 10 whissl
its enemies basely prostitute II. Under
Y such circumstances. with no national cur.
/. rency and our exchanges deranged. With
!. no hope Of action BY the general govern
y menl, il becomes our duty 70 search out
h a substitute for The Na,inncl Bank.
p My preferences are with the Banks Of
h the states; and l ask your attention 10.
I. aud your candid consideration Of, my rrs-
10 sons. The Airs, chartered banks in The
o country are ye, in existence and in good
Is credit, and no one within my knowledge.
10 at respectable standing, has ever been re-
10 fused rschartr when applied fer. NJ
h iional politics have never entered into
ID their management; and their contrsclions
T. and expansions can never affect the busi-
10 ness Of the country like a National Bank
re nF large capital, ramiiying into many
/. stairs.
d A considerable reformation, alteration
n. and improvement would be necessary,
4. however, in order 10 make The local Banks
:. meet my views. They are al present
a, too numerous: their capitals generally ,oa
r small: and the variety Of their notes So
le grea, tina, il is almost impossible TO FIX
). uron the memory the character Of the
" signatures and vigneues. go as to avoid
T. the danger Of forgeries. Same Of their
location. are announcement as deposiio-
l. ries. Il will inevitably lead to rivalry
is and dissatisfaction, jealousies, and more
lie than ill. to a depreciation Of The issues Of
N The rejected banks.
A. | propose. then, that our state lead the
I. way in the reform Of our banking system.
ID ana respectfully recommend The charter
u ina ii hsak ~ilh capital nf ten mill
- i"Ds ~ hai.ass. showing the existing banks
!. In .uh.rrine Ill their capital stock into IL:
~ he remaining stuck tn be taken by indl-
?. silusl>; ia.o the details of which, il il
=, no, MA Ucrssssty to enter.
- Five asle :" transfer all its stock and
e fund. tn the sans. ard 10 offer its services
RI; Z" tie Federal 6n.-rasen, as dsposi,o-
n, ~ ii lie fas''; t,s~ safety and rorlhrorn.
ing of which in 'sc k,rd af money iepo.
l- .h'd. 10 se s"sr.a'.~d by the state in
- ouch m.a"er - saah be satisfactory In
= The tsensrsi ts".esawent, aud in the event
ID Oi me ssss hs,rs aa,hIe to meet the pay
~ msn, ut the drP"-l,es OF the General Go
e, Veramrnt, the state Ia issue stock for d.,
e. amount in favor Of the government, bear
N ing per cent. interest until the haak il