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

IN lhs enllrcilnn Of Iissir dsbls.
The large sire Of these InsliIUlions End
Ihe enhanced sslue II their issues ws0ld
sa0n drive nut al eireUlslian the notes Of
the lesser Banks. and compel them 10
sind up BIZ hmilIag their circulation and
returning IL on them EsF specie. So Ihaa
IN the end the grrsI evil Of numberless
snail banks xiIh insufficient capital.
wauld be reme5ied. and The xhale nun
Der Of banking institutions in The country
w0ald nal exceed that Of thS URI<d States
Bank and ils branches. The use nf Ell
mIlaI kind al nnles and The issuiag them
only from ths principal banks. wou.d an
press them upon the memOrY-Teadsr
me signatures and general character Of
the bills ss yell knnwn a. those 81 the
late United Stairs Bank. and thus fseili-
lsls their circulation. aud diminish lie
chances Of iorgeries.
The receisshiliiy Of these notes IN all
the dues Of The general government.
throughout the Union. would render 10
the interest Of the banks To keep rxehan
grs Al fair rates. 10 prevent tie collection
and accumulation ol their nnIss IN large
mssses a. points where trade has q ten
dency TO concentrate. and the states mas
inlerpase statutes I'm the stead Of eOmpe-
Iilianl To guard against over issues. ln-
deed. the sphere Of competition. ii there
be any good in il. will nnly be enlarged.
Instead &c the several banks of The same
state sieing wlth and harrsssing each 9th
er. the rivalry will be- between The banks
Of the different slaies; and they will more
efIrclu.lly and unifTmly keep each 9th
er in cheek and order. whilst al home we
will have the full use and concentrated
yignr Of all our capital.
A serious AFFECTION urged against =
Bsak uf the United States ass The large
amount Of money welded by one eel ol
men. enabling them Ia contract ar expand
the currency, and then 10 operale upon
he business and politics al The country.
This ohjecIlon. in my estimation. holds
much mnre strongly against the MAIN
moth institutions now becoming common
., the nnrlh. and free Of the restraints |
have proposed. The Bank Of the United
States was responsible Ia. and controlled
nv Congress for her acts IN all the s,ales.
But these institutions, holding charters
fr"m the states. can only be controlled by
the power from which they derived their
being. and This power will never be ex-
erred except Tor acts injurious To their
own citizens aud improper within their
osn limits. Beyond their limits. IN nth.
Ter states, they are almost irresponsible.
and their conduct will be marked By the
wanion abuses of the mnst unresiained
despotisn. lf you require illustration.
turn to the Pennsylvania Bank Of the
United States dealing in cotton snd local
bank stocks. spPr"ptisIing almost exclu.
siSely the trade Of the great staples Of the
country. Pennsylvania either could not,
or would not cuntrnl her; and without
some further restraint than tha, of The
states. We will again see the legitimate
business Of our merchants wresied from
them, and the country driven to deal 10 a
appreciated currency. and the occupation
Of the merchants superseded by the agents
~ the bank.
II facts wire necessary to demonstrate
to you our urgent need Of more bank Ca
piial. would direct your attention to the
European market, overrun wuh our sp-
plicatioas for loans. | would ask you to
compare the amounts pro6iably employed
by our sister states. possessing natural
advantages requiring improvement inf
nitely inferior To our own. With The
smmnts employed by US. New York.
little short Of our IerriIorial extent. in
1890 had less number &c inhabitants. She
adopted the use az banks. aud We did not
inT number uf years. In 1900 she sur
passed US in population. She increased
her b; nks commrnsuraiely 10 her wants
and inproyements-we dId rot; and she
now numbers three times nur population
Besides other and valuable Improvements.
she has finished. commenced and charter.
ed canals and rail roads 1888 miles, cost.
ing nearly ninety millions Of dolIa;s!
For a more particular exposition Of the
advantages derived by that state from her
appropriations Tor internal improvements.
submit 30 you the documents marked e..
and d., repors Of Committees To the l.e-
gislsiure of that state, communicated 10
ne in my executive capacity.
For the btnelit and protection which
this Bank will enjoy from the State. ii
should make subscription to tie Yadkin
and Fayetteville Rail Road stock Of hall
million Of dollars.
Agriculture, as the basis anil supper, oil
all other interests, is the most important,
and merits your most deliberate conslde.
rarinn. The landed property Of or
state is held in too light an esiims,ion.
. and our attachments 10 the soil hang ton
loosely about Us. The places Of our
birth and early recolIections, the thea
/. tres Of our manly struggles and mature
associations the very grave yards Of our
. fathers. inspire no abiding attachments,