The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16


/ iodividuaIs N large cities enjoy the
aeiden.sl use OF more money. n Is simply
eeauss they psy more money. IL %
n. H. ease Of credit on duty bonds.
whoever Imports goods with me ofnehi
4 swing bonds Tor duties, instead Of
n,iing present payment, enjoys certain
,ene6,. and Ibis benefit, in direct sense.
: IN proportion 70 The amount Of goods
imporIed-lhe large importer having Gre
an Cor . large sum. The small importer
having credit Cor . smaller sum. but The
advantage. The bene6,. or ihe indulgence
or whaIeEer we call il. Is. nsssrsheless'
entirely equal and impartial.
How, then. does The collection Of re-
venue through the banks " eenlralize
the action Of The commercial system! IL
seems 10 me. sir. the cause - mistaken
for The effect. The greatest amount ol
revenue is collected in the greatest city.
because IL is already the greatest city;
because its local advantages. rs popuis-
lion, lis capital and enterprise. draw on-
siness towards IL. constitute II central
point in commercial operations. and have
made il The greatest city. IL Is the
Capitalization Of commerce BY these Just
and proper causes-eauses which must
always exist in every country which
produces large collection Of revenue IN
Inc favored spot. The amount OF capital
is one very important cause. no doubt;
and leaving public moneys in the banks
iiIl wanted. allows to merchants. IN places
Of large import. a degree Of incidental
benefit. in just proportion TO The amount
Of capital by them employed IN irsde'
and no more.
suppose. sir. IL Is the natural course
Of things in every commercial country,
that some place, or few places, should
go ahead Of others in commercial business
importance. This must ever be so until
all places possess precisely equal natural
Advantages. Aud | suppose. ion. that. IN
stead Of being misehievous, IL Is rather Tor
tie common good of al. that there should
be some commercial emporium. some GEN.
rral point. for the exchanges Of trade. 60
yernmeni, certainly. should not seek Ia
produce this result by the besiowal OF un'
equal privileges; bu, surely. sir. IL would
be very strange and indelensible policy
Uhirh should lead the government "a
withhold any portion Of the capital Of The
country from useful employment, merely
because that, If employed, while all en-
joyed The benefit pr"porIionaiely, al
would not enjoy !. with the same absoluI'
mathematical equality.
So murh, sir, for concentration, arising
from derosiIing The revenues in banks
lie, Us now look To The other part Of III,
cnnnexion. viz: the receiving of banI
notes for duties. How in the world doei
this I" eenualize" the commercial system
The whole tendency aud effect. as i
seems to me. 10 directly the other way
II cuunieracis Capitalization. II givci
all possible advantage TO local currency
aud local pay menIs. aud thereby encour
ages both imports aud exports. II tend
10 make local money good every where
lf goods be imported into Charleston, th'
duties are paid in Charleston notes
New York notes are not demanded
Nothing, certainly. ran be fairer or NOR
equal than this, and nothing more favor
able TO the Charleston importers.
Bu, how would that system work
which the gentleman himself proposes!
| II his plan could prevail, he woul'
have his duties collected either in specie
or in government paper to be issue
from the treasury. lie would reject al
bank notes Whatever. II the gentleman
sir, fears Capitalization, I am asionishet
that he does not see Capitalization in al
its Ierrors in this very proposition Of hi
own. Pray sllnw me 10 ask. sir, wher
will this government, paper in its opera
tinns naturally cen,rel TO what poin,
will IL tend! Certainly, mos, certainly
10 the greatest points Of collection AM
expenditure; 10 the very heart of the me
iropoli,an city, wherever that city ma,
be. This is as inevitable as the fall q
water or The results Of attraction. IfiwO
thirds Of the duties be collected in Ne,
York, il will follow, Of course, that two
thirds Of any government paper receive
for duties will be there received: and i, " il
he more valuable there than elsewhere
The value Of such paper would consi.
in lis receiVabiliiy, and nothing else.
would always tend. therefore. directly I
The spo. where The greatest dernau
should exis, for il fnr iha, purpose.
il mot so at this moment with the nu
standing treasury notes! Are they abnr
dant in Georgia, in Mississippi. in IIl
nois, or in New Hampshire! No souu
er issued than they commence their marc
toward the Place where they arc most va
luea and most in demand: that is, 10 III
place of the greatest public receipt.
you want concentration, sir, aud enoug
Of it-if you desire To dry up the sma
streams Of commerce, and ill more Ia
The deep and already swollen great char
neIs, You will ac' vetylwiseIy 10 that rnt
Il YOU keep on, Of 'he::receipt Of The ire;