The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-17

land Tor whom else is this intended p i
should be enough 10 say, TO such credit n
The Banks lend they are ever ready 10 tax,
IN payment, or, in other words, tina, the pa
per ~ which their loans are made, is al
ways received in satisfaction for those loans
But thinking men may require a deepel
answer. To them ! world say, that Bank
do no, merely lend their credit. Thee il
always an actual loan Of gold and silver. 1
IS nol, indeed, always actually taken away
but ihisis only because the borrower hiin
sell rather chooses 10 receive paper. Mean
time the specie is al his request, kept b,
the lender, for hi- use, as means Of secur
ing the currency Of the notes he takes away
IL IS true, that the whole amount is no, al
ways so kept. lfndeed the borrower wish
rs II, 1t may he done for he has il ~ hi.
power to return the notes immediately, draw
out the whole sum IN specie, ARD replace /,
% special deposiie, subject TO his check.
Is THIS ever done! Never. And why I
Because the borrower cannot derive any
possible advantage from doing ii. II is
enough for him, thai there is always enough
Of specie 10 the Bank TO keep his notes from
depreciaiing. lie therefore does not re.
quIre that the Bank shall keep more than
experience has shown 10 be sufficient for
this purpose, and 50 long rs this IS doue, the
Bank faithfully iulhs lis engagement with
him
Bun here, :: seems, benefit results to
Banks, from the fact, that about one half Of
the specie, or less, is found, 10y experience,
10 be- sufficient for tins purpose so that they
receive interest on double the amount other
capital. Ii this were the fchoie truth, [
sec none who would complain, bot they TO
~Lom II Is gall aud NORWOOD to witness
lhe prosperity Of another. But this is not
tho rhote truth nor shall We obtain view
nl 1, without Considering the moneyed ~.
tcres, COLLECTIVELY as ONE COMMON IN.
UNIVERSAL BANNING SYSTEM, shlch is also
TO he considered collectively.
am aware tina, the nolsiesi Of the de.
chalmers against that system, viii receive
this proposition with shout Of exulung
derlsiun, as wha, they will call precious
troubled sah these ciamorous polcmics. |
have already A." answered the foot according
10 hss FOLLY, and would willingly leave hun.
Blu, the uIse King tells rs we mus, also
" answer a flol EoT according to hts folly
hest wIsc men think US like unto him.
Bear wnh me, for one momont, while
nave some more talk with this leu rned
fschan."
We hear hlm eyclaim that, by my own
showing, tho maneyed interest collectively
stands convicted Of receiving some twelve
per cent ca the whole of It's capital. Ii
tie salaries Of Bank officers, and for other
expenses, be will tell me that these officers
are n SORT az locusls fcediug on the fruits o
other meas labours. But are their office:
sISEcrREs No, They glvo as much
time aud labour IN return for their salaries
as aoy other officer. Are they supernuous
I No without them, no Bank could perform
as functions as a sort Of broker, or middle
man, between the borrower and the lender
|, Is the agent Of both, created for this pur
nose, aud paid 10y both. Every man ~ht
has money To lend, has right to lend II, I
he can find borrower. Every man II
van, OF money has right 10 borrow # b,
can find lender. 4 Bank is an office @
intelligence, whore the borrower and th
icnder hear Of each other, and where tn
lender becomes certified Of the borrower
suiiicencv. Ii Us the business OF Bank off
GERS TO collect and communicate thus inte
hgence, 10 obtain such general knowleGs
Of the affairs Of individuals as may lustIt
them 10 recommending the borrower to th
confidence Of the lender, to manage then
negotiations, and TO keep their accounts
They who pertorm this function, have
right to live bv their business. When thei
salaries, aud all other expenses are deduct
ed, the reslduum of the interest received b
the system collectively, viii be The relur
made 10 the moneyed interest collectively
for the use of its capital.
What is that The dividends give tn
answer. lf,hese do not exceed per cen
on an average, the hoidest and most mi
lignant cavlller will no, complain.
: But the average does, in roln, OF fac
amount TO Z or s per cent and this ! mai'
tain, is but fair remuneration, under
the circumstances, For, be II remembe
. ed, that the moneyed interest is UNIT, az
: tina, the banking system, its creature, Us
so n unit. Now it the moreyed mteres
G dispensing with the use of the banking sy
y ten, were to lend It's whole capital 10 So
u Gle, Il would receive 6 per cent by way
= interest, in addition 10 It's principal, oil
!. hard money, and urdeprec,aied IN valu
& But would 6 per cent. be an equal compe
e sation. if bv wear and tear, in the use