The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-30

n.FnaiEeAE AgW aH AAAa@EAs nAAaAtN 1888
- ~ Mai il issued and used 40 . para
a ,he circulating medium Of ihe country
i srsrcely voluntary sri. and Ihousahas
- !, Who have no other eoneeTn what
ere, Min me bank. Tie many ought 10
he guarded and secured By The care Of The
legislative authority; tie vigilance oi ne
few will secure item against loss.
,bipk illis provision is aesldeTainm 10
our American tanking. and lhe credit al
he FIRST embodying il in . Legislative act
i due IN lhe STATE III New York. !
4. PerleeI publicity - 10 ihe stale Of
,be Rank Al al times. including. besides
,he usual heads of information. lhe name
Of eyery debtor 10 Ihe Bank. whether as
drawer. indorser. or surety. periodically
exhibited, and open 10 public insPeenoh'
ar if,ha, should be found inc"nsenleni'
the right 10 be secuted 10 any eIiIzrn ."
ascertain Al the hank lie nature and extent
If the responsibility Of any 81 lis custom
srs. There is no necessity Ia thf""
any veil Of secrecy around the ORDINARY
transactions Of . bank. Publieliy Will
increase responsibility. TePress iaT"ri-
iism. insure he negotiation at good paper
and. when individual insolvency unior-
,una,ely occurs. will deprive the bank "l
undue advantages now enjoyed by banks
practically in The distribution Of The eiiee's
Of The snsOlveni.
5.A Limitation u The dividends so as
moi 10 authorize more Than - per cent.
Ia be struck. This will check undue ex-
mansions in the circulating medium. and
restrain improper extension Of business
in the administration Of the bank.
GA prospective reduction in the rate
Of interest, so as TO restrict the bsnk TO
six per cent. simply. or. il practicable. TO
ohly five per cent. Banks now recsl'e
a, The rate of near 6 % per cent. By
demanding the interest in advance. and
charging Tor an additional DAY. The re-
duclion nav be effected BY forbearing Ia
exact any bonus. or, when the profits are
likely to exceed the prescribed llm's o.
the Dividends, by requiring that The rate
Of Interest, shall be so lowered as that the!
shall not pass that limit.
:. A restriction upon The premicm de
manded upon pos. notes and eherks use'
. for remillances, SO that tie maximum
should not be more than. say, one and
half per cent. between any Two the reno
lest points in the Union. Although
may no, be practicable 10 regulate foreig
exchange. depending as !. dues upon com
merciaI causes not within the control q
: any one Government, ! think that II
otherwise with regard to domestic eA
> change.
|. 8. Every practicable provision again:
, the exercise Of improper influence. on Ih
, part Of the Executive upon the bank. an
I on the part OF the bank, upon the elet
lions OF the country. The late Bank {
= the United States has been believe. mos
+ uniusily charged with interference 10 III
. popular elections. There is, among III
:, public documents, evidence Of its havIn
!. scIupulOusly absisined from such int
= ference. Il never did more than To exc
!. else the natural RICH, Of sell.drience b
, publishing such reports, speeches. ar
- documents as lehdrd TO place the inst
:. tuition and its administration in fair p0I
:, ol view before The pubic. Blu, the pc
PIE entertain just jealousy against II
# danger Of any interference OF d bank vi
:, the elections Of The country, and evei
> precau,iun ought TO be taken strictly
>. guard agains, it.
-, This is brief outline Of such ne
=, Bank Of tie United States as ! think.
established, would greatly conduce TO Il
i. prosperity Of the country. Perhaps,
/. full discussion and consideration, sor
i of the conditions which have suggest
=. miah, not be deemed expedIenr, or M
IN require modification. and important a
i. di,innsl ones may be proposed by oIher
=. Twill only say word or tvs" on I
CO constitutional power. Think that 1t oug
II no longer To be regarded as an open qn'
bo zion. There ought TO be some bonn
!, 10 human controversy. Stability IS
al accessory want OF society. Among tho
= who deny the power, there are many W
mo- admi, the benefits OF Bank Of the Unit
r. States. Four times, and under the sw
Of all the political parties. have Congrt
\ deliberately affirmed its existenre. Eve
-. Department az the Government has ss;
go aud again asserted il.
We Forty years Of acquiesrenre By
ar People uniformity every where III
n value ofihc currency; facility aud ecor
IL my in domestic ex>hsnge, and unexa
,y. pied prosperity in the general business
~ the country, witt, Bank Of the Uni
ed States; aud without il, wild disorder
"a. The currency, ruiuous irregnlsrity in I
~ met,c exchange, snd general Pr"strat'
=. in the commerce and business of the I
nj lion, would seem 10 put the question
i'd rest, ifitis no, To be perpetuslly sgltal'
% The power has been sustained by Wa
40 ingion, the Father OF his Country
"A Madison, the Father Of the Constitute
in and by MARSHALL. the Father Of The 'Ju
=. ciary. lfprecedents are no, 10 be hlin'