The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-10-26
From the Raleigh Standard.
-, n STATE AEEAIpS


All IN, objections to the plan OF lending
ont the funds of the State for Internal I'm.
provemeni, stated in your last paper, as.
sumo II 10 be certain that every thing Will
be fairly conducted, that the Board Will be
vigilan, in the selection of debtors, and the
debtors honest IN applying the money sole
" 10 the purposes of IaternGi improvement.
Now in all this | may have taken Too much
for granted. lie, the Board be ever So ho-
nest, they are not capable OF enforcing, and
if CAPABLE they are not clothed with suiho
r,,y 10 inquire into the application OF the /
money by companies which borrow IT.
These are specializing times, and though !
doubt no, North Carolina people are as ho'
nest as those Of any other State, yet even
tbs Assembly of North Carolina is Obliged
10 guard by their laws against knayery and
frauds, and he has lived to little purpose
who has not discovered that we also need
pray not to abe led into temptation. 1t
will occur 10 minds less asiu;e than these
h of Spectators and usurers, how easy It is
10 take the covering of ga Joint stock com.
pauy 20 construct some work for Improving
the means Of internal transportation" and
use il for the purpose of procuring a loan
for indiridual traffic. A company must
give securlty-the members OF the conpa'
nv being IN the possession Of large estates,
will be accepted by the Board--,be compa.
nv is eutl,led to the preference over lndl.
viduals-and after loan IS made at A ] per
cent. the securities beng 10 fact the com.
pany, NAV each take his share of the loan
and use j, for prirate speculation. They,
as a company, may agree to such DIVISION
of i, until the company IS ready TO CON.
meuce their works, and tina, period may ne.
yer come. In the mean time the fund TOR
Internal Improvement IS put out OF the con
troll Of the State at az interest of less than
the current rate, and used 10 the objects and
specuIa;ions of individuals. THIS may not
occur, but then il might happen, and If not
the cause will not be found IN the system
proposed, nor IN the vigilance OF those who
would adopt IT. No system could offer a
stronger temptation to the cupldlty Oi The
wealthy, and consequently II ought NO, 10
be entertalned-nor can II be amended 50
as to meet my objection. The defect is "a
deal. Ii exists 10 the principle and no. IN
the details. The Board cannot control the
application Of the fund- after they are loan
ed out, unless the Assembly appointed 9th
GERS under the Board to overlook the opera
tons Of each company which borrowed mo
ppy Of the State and the payment OF suet
officers for their services would exhaust al
or nearly all the interest received for the
loans A Board sitting in Raleigh canno
supervise al once the conduct Of companle:
in Buncombe, New Hanover and Currituck
&c. need not dwell! 90 the demoralIzins
tendency of such a state Of things.
But If none OF the objections mentioned
had any aelght-if the plan were free 0
fault 10 the points already presented, ash
the reader to elevate his view above the
calculation Of pence, and look at the system
With the eye Of a statesman, and see VIVA
viii be IT'S effects upon the Legislature 0
the State
Regulating it in this light, W may sup
pose the security for the money uBquestioD
able, the works which II is IoaDed to foster
certain Of beng executed, aud thai the Dor.
rowers will faithfully apply the money to
Inc objects contemplated, and still It Is qIes.
iIonab1e whether this system be not a bad
me. Il must be conceded that any com.
psny on OBJ aiming loan, will be seriously
embarrassed. and probably ruined BY It's
withdrawal before the completion Of their
works or soon afterwards. These borrow.
ing companies will be scattered through the
State, and each one will have IFS friends, 10
cal, political and pecuniary. Each sill re.
cure indulgence from the State, and If need
be, ALL will club together to ge, II. For
this purpose each one (afler while) will
send Its agent to electioneer with the As.
sembly, and II requires no prophet to fore.
see the fruits Of their mission. Log roll
Ing" legislation will become the order Of
the day "a the house. according TO those ar.
gumenis which have been made out Of il
during the night preceding. These debts
will 10 effect be turned INTO perpetual loans
and the money spent 10 discussing The pray.
ers for indulgence, DC. viii Consume the
interest received and probably more.
Nor 10 this the worst of H. The evil ha
| b., Of "log railing" once fixed upon the
II legislative councils Of the State Will extend
Ell 10 other topics and ultimately destroy
wholesome legislation. Tue greatest
bat can afflc, free State is to have
ople to suspect their Representatives,
pe representatives, distressing the hon.
{ each o,her-i bnIieye next 10 h..
- hat Is really cnrttIni inls may b.