The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-09-05

II @a4H - tsAMt nave We
credit o. sincerity. Ii 10 admitted by
ssery one that lhe eaGnlry q nov. ana
mas bern ever since General Jackson
complained ihsl Congress would not ash
ram Tor The scheme 81 ! nssional bank.
suffering for The want Or national cur
feney; such currency ss viii Be equal
" good a. all points Of our vast county,
and Just 50 ar better Than coin a. Il y
better adapted 10 safer transit. more sr.
pl.eahls 10 trade, and capable Of conssrIi-
olliiy into coin a al points. In The
place Of this currency ne have state bank
paper, u local credit only. and posl.noles
on time. which. for all purposes OF inter.
change. are daily dePreeialing. People
Vi one Stale are losing confidence in The
currency Of smother state. and. a. q msl-
Ter Of course. foreign capitalists are losing
confidence in The securities OF sll the
states. ] am wiling 10 believe that the
party who rule the deslinies Of this eoun.
try. shen they struck fatal blow 81 the
nsiionsl currency BY destroying the only
institution whIch had the ability 10 pre-.
serve il. had no idea Of placing our indus.
try. eapiisl, aud commerce al The mercy
Of lurrign bank.
The Bank ri England 10 now The Bank
ri The United States. go far az il concerns
I'll the leading objects Of our trade and
commerce, and il 10 not TO be eoUnleracl-
ed by individual combinations and state
banks. The capitalists Of Great Britain,
eorporsie and incorporate. al The head Of
which is the Bank Of England. know
perfectly we'll that so long as our curren.
ey 10 in . state Of arrangement. conf.
denee and credit will decline with us,
and that coin will be drawn from Europe
by every channel we can open TO obtain
IL. They know we have already large
amount thus distracted. Ten times the
amount they could spare, however, il
they take our state and other securities,
will do Ne no good compared To the harm
IL will do them. and COIN thus detained
from use and lis proper position. had bet
ter be back in the mines whence il came,
than 10 keep us indebted Tor its coat. il il
is to he locked up in a sub.uessury, By
which lie usefulness and svsilabiliiy are
destroyed. Our souIh-s esiern states are
now suffering more than any other, and
lf political demagogues can persuade them
that sub-Ieasury, instead Of . nalionsl
bank, is the true remedy. they have vet
in store q Psnjora's box Of evils which
will siilici and seourge the country 10 an
extent that no one now can IOresee.
Commerce, credit, and agriculture are
perIshing. The next great interest which
10 10 feel the withsring grasp Of sub-Irea.
sury policy is state internal improvements
Of rail roads and canals. All these must
be abandoned in their unfinished stair. so
FAR - they depend on state guarantees to
he negotiated 10 Europe. The Bank Of
Enelsnd and capitalists Of Europe. alarm
ed Al the attacks made on tho credil-sys-
TEN by high authority and high official
funciiOnaTiss, refuse to loan on the stale
bonds, and the failure Of those enierpri.
ses which were looked 10 10 return The
interest on the bonds will soon cause
them TO be ranked with the securities Of
Brazil, Columbia, Mexico. Portugal, and
Belgium. and our agents will be driven
out Of the market. Unless some remedy
be promptly applied, not one public work,
depending on loan for its completion,
will be finished. In this terrible wreck
there 10 but one good sgaius, thousand
evils, and that il, that the storm which
shakes the mountain oak will not leave
The grass untouched. Heretofore, the
measures Of the government have not
touched its principal supporters. The Irish
laborers aud German operatives. who use
the spade. When their pockets are
touched we shall soon see revolution
in the politics Of this country.
The only remedy | can see in The pre-
sen. crisis il the establishment OF ma
,ionsl bank-lhe capital adequate to the
wants Of The country. A portion oil this
capital should be open TO subscription IN
snch state bonds as shall have been Great.
ell in aid Of internal Improvements, civ
ing tno OOHue VI edCu teN PS fese
share 10 the distribution, and thus con-
veriing thirty or forty millions OF good
state bonds into so much national bank
stock. BY this plan, a very different es
innate would be placed on American Sc.
cuti,ies at home aud abroad; aud i, would
mol be wide Of the mark TO calculate that
this national bank stock, thus exchanged
for bonds, would command high premi'
um in all European markets. Capitalists
abroad. looking TO their own interests
will see that . national bank would re-
store national currency, and. with that,
all the sound channels Of industry and
; trade would DO opened, and every spe.
cies Of security enhanced in value.
To those who have imposed upon the
creduliiy OF The ignorant by representing
, the dangers OF having foreign s.ockhold'
ers in our national institutions, IL may b
answered that if we have foreign credit
ors, i. is much better in this form thar
that OF creditors holding state bonds
which. Il no. punc,ually paid a. any ant