The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-08-29
NATIONAL BANK


In discussing The proprIeiy OF nation
al bank. IL becomes us calmly 10 inresli.
gate the great system, and dispassionate-
" tn consider The advantages and disad.
Eanlagss arising from such an institution.
The subjec, naturally divides itself into
three questions: What 10 ns'ional bank.
What are the injuries!. And what are
the resulting benefits! Let us consider
these heads separately. and then examine
what effect national bank has upon the
whole country.
A national bank signifies fres. fiscal
institution. whose operations. by means
Of branches. extend Ihrous hOuI The nation.
II is wholly disconnected with any p"lni-
cal or religious party. aud wholly unin-
fluenced by any executive or legislative
body. except so far as they attend To the
rigid performance Of prescribed laws.
Tie business III The institution is carried
on by men selected BY the majority. and
composed OF all secls and parties. Such
an Institution We define To be national
bank.
Against such IN institution, the three
principal objections are-ihaI il is liable
10 become an INSTRUMENT Of lorrign power:
that i, 10 liable to be corrupted for pollsI.
cal purposes: anil that il 10 an infringe
menI Of republican rights. These Office.
lions sound loudly, and il they be true,
lhey may be sufiicien, cause Of an eternal
veto. Hut lei Us examine the fire.. objec-
ton. that a national bank may become an
iuslrumen, of foreign power. This can
only be the case when foreigners have
purchased The whole. or nearly 50. OF The
capital. In order TO this. they must be
willing % give more Tor each share Of the
stock Than any American.
When this is the case, the Americans
will make . more profitable use oil their
money. and consequently, the whole
country will be greatly benefited. Upon
such conditions. | think We will be wIl.
ling to sell foreigners oil sorts and kinds
Of property. But 10 treat the objection
with apparent gravity. are no. all local
banks equally liable 10 become ins,ru-
ments Of foreign power. lfthis be So. Why
have We not heard The cry. d" down with
the whole banking syslem!" The true
reason IL. because there is no more foun-
dalion for the objection in the one case
Than 10 The other. But. admitting that
national bank nav become an insirunen,
Of foreign power. how 10 This power 10 be
put importation! The board Of directors.
and other officers, from The locality Of the
bank, nus, be Americans. They are the
individuals who have the power. and they
will use il for The good Of their country
men. II they DO not. I have ye. Ia learn
tina, Americans. for the sake Of bsneli.ing
foreigners. wiIl.use a power 10 ihs desri-
menIof .hefs-own eountry's best interests.
u is like supposing an American would
use q sword 10 the injury of bis country.
because the sIeel oT which il was made
belonged 10 snEnglishman.
The second objection 10. shasa nation.
al bank 10 liable. tn be corrupted for poll.
,icsl purposes. That this has been done
| will no. deny. but is il necessary
evil! This evil is no more connected
with the bank than crime 10 with the Pc
nsl law. This evil arises from The bank
being t,o much conHecied with The exc
cutlve department, and from having too
many political men OF The sane patty
70 govern iis Transactions. But these
evils are abuses. and not necessary con.
sequences Of the banking system. A
bank could be formed wholly disconnec,-
ed with The executive, aud perfectly in
dependent Of every improper influence.
A president eould be selected. more cele-
braied Tor his fasncIal knowledge than
for his political creed. A board OF direc-
tors, and.osher officers, could be chosen
from all parties and secis. more celebrated
Tor their honesty than their parlisliiy and
intrigue. Such an institution, we maintain,
could never be corrupted Cor political pur-
poses. But sdIniising that this objection
has the appearance Of truth. eanno. The
same objection be made against all local
banks! Whatever 10 true OF the genus is
true Of the species. Few. very few men
Of sanity will maintain the Necessity Of the
annihiIaIion OF the whole banking system.
on sccoua, Of ,his liability to abuse.
The .i.isd objection is, TIA, q national
bank 10 an infringement OF republican
rights. How this Is the case. | do No,
exactly perceive. No Legislative body
ever gives a charter unless a majority OF
the people petition or al least give their
silent appreciation. lsii probable ,ha, the
people would either peuuon or silently
endure an Infringement nf their rish.s!
leave The oppossrs Of National bank ia