The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-10-25
Fran the Raleigh Register.
CHARLESTON, LOUISVILLE AND
CINCINNATI RAIL ROAD.


Baoks are opened for subscriptions 10
the Bank connected with ibis road. and
the prospect is naw certain Of its going
into operation hstnFe January neat
About one million Of dollars were sub
scTibed a. Charleston, the day The books
were opened. and The first inslslmeni
paid.
OF The benefis 10 accrue from this
South Western Rail Road Bank. lbraneh-
rs Of which will be located in this state,
Tennessee. and most probably Kenmekyl
lhe Convention. which recently mel ~
Ashesille. Buneombe county. makes an
imposing Expose. From the report Of
the Directors 10 The Stockholders. We ex-
tract the following passage:
alt cannot be doubted. that a Bank,
extending with lis branches over three
states, vii! furnish currency. which will
be Of inestimable value 10 the eiiizens Of
this staie--a currency, whose credit
would be such as 10 Command an exien.
sise circulation. not only within the
states granting the charter. but in the
neighboring states, and IN some extent
throughout The Union. Furnishing tie
ready means Of transferring funds, by
drafts and bills nf exchange. the South
anil The West will be relieved from what
10 nov ielt as an onerOus tax upan their
intercourse. The want Of common cur
rency now subjects the trader and uavrl
Ter. not merely 10 much Inconvenience,
but TO great expense. Gold and silver,
though indispensable as The basis OF
sound circulating medium. never can, 10
any erfens, be made available for the &C.
neral purposes Of commerce. No travel
Ter or trader will auempi TO cross the
mountains With bags Of specie, while he
can obtain drafts or bank bills. which will
answer his purpose equally as we'll In
proof 81 this, we still state The fact that on
our recent visit TO the West, we we're IN.
able 10 conyerI SnuIhern bank bills. even
Of specie-psyin banks, into Western pa
per. but al a premium Of 7 per CENT
while kentucky hank bills could not pro-
baby be rendered available in Charleston
without paying the same premium. thus
snbjec,ing The holders Of these bills re-
speciively. 10 q charge. in q single trans
ler Of funds between Lexington and
Charleston, equal TO a whole years in
terest on the amount Though this may
be regarded as an unusual and exiraordi-
nary state Of things, we feel warranted IN
stating. an the authority Of several expe-
rienced Western traders. that The general
condition oi the currency and of the sx-
changes, subjects the trade between the
south and the wesIto charges. which may
be safely estimated al 6 per cent. on the
whole amount employed in that trade,
which We all know amounts 10 many mil
lions Of dollars annually. The South
Western Rail Road Bank will supply an
0fectusl corrective 10 this evil. IL will
thus M. only effect vas, annual saving
TO the traders and farmers Of the South
and the West, but, by So doing, will re.
commend itself I" general favor and sup
port; aud. If conducted on safe. sound.
aud liberal principles, will at the same
lime ensure large profits to the stock.
holders.
"The failure to renew the charter OF
the Bank Of the United States has Ielt The
Southern and Westera States in the la.
menIable condition above described, from
which they never can be relieved, but by
the establishment Of such bank as ours.
The New York banks, aud the Pennsyl.
rsnia Bank Of the United States. furnish
70 the Nor,hern and Eastern states. cur
rency sufficient for their purposes. But
nothing short of bank, having a char
ter from several states, can supply our
wants."