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

saPissi ought "a break" he attacked aud
put dean lac United Sla,es Bank; aud
easi elssEhsI AMI Odium uPan the Issues
81 ali banks. bY his eiFeulsr requiring she
pas meat f1r lands in specie. This gave
warning % merchants. bankers and cap
ilsiisis. Who. with the instinct 0f self pre-
seFEGilOn, trimmed their calls TO the com.
ing sIoria, hHsbsnded ll,sir resources. CALI
Ell an their means. and reaction and ruin
Commenced.
. The public treasury had been deposil.
ed with Tea local banks. AMI. VITA Ihs
hopes 81 healing the wound NhIch he
had inflicted up"n the commerce aud cred
u Of The enunsry. tie President deIeTmia-
Ell On The Pet Bank system. This he
Promised should answer al The purposes
Of the Bank uf The uailed States. unsl-
tended With its evils and dangers. While
the dePosiGes Continued 60 accumulate.
these promises seemed in she way uf full
iilmeni, aud the President congratulated
the public on his success: Yet The rrac-
iI0n went or; wound had been given
To pnl..ic confidence which the healing
powers Of the PIesidenIcould tot reach;
priduee VAS pressed iRt0 market. and the
price declined; stocks went dnsn. prop
eTIy changed hands al reduced prices: the
banks euIisIled. aud in turn we're press
Ell for the payment Of their debts; Ihe de-
p0siles were Withdrawn. a further curisIl-
meni was necessary; no hope Of fslief
remained: confidence was destroyed, bu-
siness parslIzed, aud tie suspensions fol-
lowed with al us irsin:of bankruptcy and
ruin. The lnrsl Bank, 10 their AURA,
were discarded aRd Genoune, j as uh-
worthy The confidence VI the government,
or people.
They have terminated a series Of III
digcsied and rerBicIous expfrimenls--s
rarilsllng policy Of ~resched expedicnrs;
taxing to pay of the public debt and to
project home manufacturers; establishing
Bank ol the United States al one mo-
meat, and putting IL down as unconsliIu-
iional at tie nexE creating a high pro-
tseti,e tariff to-day aud destroy ing il 10.
morrow; collecting a surplus revenue
from the wants Ui tie people; patron!z.
ing, earrsslng and stimulating ihIo mad
ness aud folly The Banks Of the States.
and then denouncing them for failing to
accomplish What no rational being could
have expected from saeH. They could
not regulate tie exchanges, aud il was
equal folly Iuvxpect that they COULD with.
stand the shock. which aOol % circum-
stances beyond their control drove upon
them. They we're compelled To suspend
payments, until time placed another crop
in m.rkti Ia remit the balances Of Euro.
pesn creditors, and to repair losses al
hnme.
My confidence in our local Banks is
not impaired. They have suffered with
! the country generally, been unfortunate
. perhaps impruden,; bul they are the arms
Of our credit system, and with the i'm
prnvemenls and iimilsiions which eyPe'
rience has suggested. they are essential
10 US, and ought TO be sustained. Tho
Banks Of this State, from a comparative
examination Of their condition with the
institutions Of The other States, stood a
/ The period Of the suspension in very ia
vorable pcsi,inn; and ] was impressed
with the opinion thai they, If any, cnuil
have sustained their payments through
out the pressure. But Ihem able mana
gers. who knew their situation best, be
leved otherwise, and they followed N,
general example. They have again
with lauiable alacriiy, followed in ,ht
resumpuon, and now meet their pay
mens IN specie.
Soon alter the suspensions of the banks
the Legislatures of several States wer
convened to arrest. II possible, the down
ward course OF things. aud IN atiurd sucI
relief as circumstances might demand
Under such respectable examples. and a
the suggestion Of many respectable Cit
zens. deemed il due 10 the people to sum
mon the Council Of Sla,e To advise wul
me as TO The course which il would b,
best 10 pursue. Alter viewing the si,us
lion OF the Banks aud the wants af th
community, a convention oil the Genera
Assembly was not deemed necessary.
was believed that no assistance could b
afforded these institutions consistent witt
the rights Of the people, aud tina, ampl
protection was afforded the community
by the penal clause Of the charters. al
lowing II per cent. interest on refusing
10 redeem their notes.
The sympathy of our citizens with th
sufferers of the times, even to the hunt
ed banks. is strong evidence Of lis libe
raIity. forbearance and observation-disclosures
Demands were seldom made, and oi yer,
uncomfortable amounts. Few were found
Shylock like. to require the pound of flesh
inr the position of the banks was locke
upon as a calamity rather than crime.
The Bank Of the United States havini
been put down by one President, an,
pronounced unconstitutional by the pres
!, on, incnmhrnr: the local banks havln