The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-09-06

sieoDinr s,one o. nank ii he l'u,iej
Ssasss, with a capital Of 50.000,0 900. Co.
Be locslsd in the CRY Of New YoIk! ]
eoalsss that wi,h ny opinions wholly I'M
changed on he general snhlesi. should
regard = bark rslsblishsd un.sE sarh su-
snsces, thus located and with such zap
iial, As an institution emiRsnaly Danger
Gus % The Liberties Of the e0nasEy. l. Will
moi disguise nv opihlan. lh.s Bank nj
The United STATES. established under the
most favorable circumstances. however
perfect a. q regulator Of the currency. -
liable On become . very dangerous insii-
tuition Ia the hands af the Federal Ex-
seulive. The old Bank Of The United
States serupulously Sustained from Poli-
lies until forced IN selfdelenee, TO shan-
don. IN some degree. lis neutral position.
| regard this - one Of its greatest merits.
But xhal would necessarily be The char
aeirr Of bark ol City millions. establish
ed in New York. under the present elf
eumslanees nf The country! Bank or
no bank IL clearly and distinctly the Is
sue which is 30 decide Ihe next Prrsi-
Dental election. and 10 be decided by H..
Such a bank would he unsFnidably a
mere engine in The hands of The ascend
ant party. q tremendous instrument 81
power and mischief. thus created and
thus wielded. You may reeollecI that
in my last speech ON The deposi'e quss'
lion, I stated as a reason fnr supporting
the existing bsnk. that its overthrow
would produce precisely such state oi
anarchy a. we now have in The currency
snd exchanges: that 10 exiricaie them
selves from sach a condition. the people
would o. inia the arms even Of a Gov
erameRI Bank, Epon the principle that
men will SEEK reiags from anarchy even
in the worst firm 0f slespolism. | fear
nv prediction has been very nearly iul-
filed. Fur the chances are that any
bank established under the prevailing au-
spices. would be. in fact. Government
Bank, whatever il might be in firm.
And here am reminded of the exlraOr-
binary speech Of Mr.. Clay. in which he
mainiains that the proposed organization
nj the Treasury, making !, independent
of banks. is 10 fact Government Bank.
Whatever other objections may be ur-
ged against this Treasury scheme, u Is
certainly free from this. II has moi one
Of The attributes Of a bank. Isnulj nei-
iher discount n0,es nor issue bills. IL
ould have no fasors to confer upon any
badly. unless the paymen, OF just debt
may be so regarded. lflhe fact Of draw
ing upon iis own funds 10 pay It's debts
will mske the Treasury Bank. every
man is a banker.
But 10 return to the subject Of Bank
Of the United States. When found the
late Bank Of the United States abandon
ed 10 its fate by all parties. came To the
conclusion that The wisest course that
conld be pursued on the subject would be
to let every other expeLIenI be fully and
fairly tried before any attempt should be
made TO incorporate another. Unless the
public mini can be brought. ~ IN Eng
land, 10 regard surh bank as national
institution. supported by all parties alike.
il will always be party engine. a par.
" contes, Cor the renewal Of the charter
at the end Of every 10 or 90 years, would
be almos, equal 10 disputed succession
in monarchy. The most painful Of all
processes is the reform of the currency,
by the agency Of National Bank. s(ier
several years Of unresirained aud exces-
sive bank issues. Such was the case in
1920, and such woult: be more deci-
| dedy the case now. Such dreadful rem.
eIies are not 10 be used every day. And
, can scarcely see with patience many
of those who cn.upera,rd with General
Jackson. in destroying the late bank
when il was unpopular. now conlendng
for The establishment Of another. when
distress has turned the public opinion ia
favor Of National Bank, under the vain
and delusive expectation tina, 1t will re-
lleve Them from their pecuuiary embar-
easements. Nothing could prove more
conclusively that distress is a bad reason.
er, than that The people wko arc lnvolv'
ed 10 debt should expect to be relieved
by such an institution. Its very first of
fee would be 10 Correct redundant eur
rency. Let US see how this would be
performed. A bank oG fifty miIlinns
would probably issue al least thirty mill.
ions OF its own bills. This would in.
crease the existing redundancy. and oI
course render IL necessary for the State
banks TO curlaIl their issues so much the
more. In fact, If a National Bank per.
formed lis duty, its entire operation a
first, would be 10 increase the pressur,
upon The state banks. and through llies,
the dis,resses Of the people.
Nothing has surprised m, more than
that the state hanks should in s,wr quar-
ters Of The Union look TO a Nauona
Bank as means Of relieving them. d,
the contrary. so far as they are concerned
the National Bank would be worse thar
an Independent Treasury, with the specie
feature as ills called. The public monte.