The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-03-21

OF that Institution has since received seven
successive renewals; and 40 apparent has
been is utility 70 lhe great cody Of The
nation. that q has nevsr assumed q party
character, in ell the violent struggles for
power between The great rival parIles in
thai country.
Look. on the other hand. 10 lhose eoun-
tries where there are no banks. and where
gold and silver 10 ihe only currency.
Look 10 Spain. once the mistress OF The
mines af Peru-degradslion and misery
70 The characteristic Of her people. The
ChaslIlisH blood Of her sneienl ehivaIry
flows dull and sluggish through The veins
Of their degenerate posierily, whom al
the efforts and improvement Of The sge
cannot rouse into aclion. Look 20 Italy;
al tie associations Of her former glory
cannot awaken her from the slumber Of
ages; perjury and want. wrelchedness
and hunger. stalk amid the ruins o( ihe
Coliseum. and handful plot their internal
schemes where. once, "s Roman Senate
sat-"
Look IN the South American states. The
very countries 10 whose mountains lie
embedded the precious metals, whose
exclusive use certain politicians believe
10 be q psHaces for all The " ills thai"
gayernmenl =. is heir No." and what do
YOU wiluess calculated 10 rejoice the hearl
of the phllanlhropisI Anarchy and re-
so!uIiun. vialence and priesierafI. are The
leading incidents in their history. With
all their gold and silver currency. aud
with the bright example We have Gel te-
FIRE them, they seen destined Ia Stun
Der in obscur,ty, and only 10 be aroused
a. intervals by The earthquake sounds Of
whence and commoliou.
Begging pardon Of The house for pur-
suing this idea so Gar, | will return more
diIecily 10 the subject. | will take IL for
granted. that with the destruction OF
banks will necessarily come the deslrue-
ton of credit. This. Z think, is easy Of
demonstration. Ia The FIRST place. credit
that -. credit in the general sense in
which It is understood. in this country
lis unknown in those countries in which
banks do no, exist: and even 10 our own
country, those sections in which credit
u most easy 10 be obtained. are also most
remarkable for The quantity OF capital in
vested in banking, as well a. for their in.
dusIury and enterprise, In fact, bank
notes are nothing but the representatives
Of credit: and a bank is nothing more than
market where credit 10 sold. In the sc,
cond place. tina, portion Of the community
who avnw their preference for The sboli
ton of all credit, and who are so loud il
their denuncia,ions Of the mercantile elias.
the very soul Of whose existence i,
credil-sre the same who are most con
spicuous in their opposition TO what they
term the monopolies and exclusive priv
leges OF the banks. Il is the same spiri
which exciies opposition to both. ant
which would destroy with the banks al
credit and confidence in the various trans
4 actions between man and man.
] Destroy credit, and you deprive enter
prize of i.s main stimulus, and indigen
merit Of IFS only heritage. Destroy ere
, dit, and. to use a remark Of an eloqnen
! Senator. " capital is boarded and labou
} starves." Wiihou, credit. what would b.
The situation Of the poor bui meri,oriou
young man. who enters upon The gres, the
{ aire Of life friendless, parentless and mo
: neyless! lie mnst anguish in obscuris.
) forever. struggling, but in vain, against th
: resistless tide Of fortune. Destroy credit
and many . young man who might, vii.
. The advantages OF credit, be able 10 wing hi
; way with an eagles flight to the highes
pinnacle in the temple OF fame, would hsv
. to pass his days in .oiling for the phys
I cal necesssries Of life, and Al last 90 dow
to the grave " forgotten and unknown.
Destroy credit. and whs, must be the 81
,ustion OF that man. who, from sffiuenc
to-day, is, by the caprice OF fortune, 70
, morrow reduced to want! He must Sc
the wife OF lis bosom deluged in tear,
: and his furnishing children crying 20
bread; and all he can do, will be to look o.
!, in sorrow and gnssh his teeth in anguish
. But. by The blessings Of credit. the you,l
, in poverty. aud the husband or father ]
: misfortune, If he has character and merit
, can easily obtain no, only supply 70
, his present wants, but also a means 20
, future enterprise. But while advoca,in
a well-regula.ed system OF banking. ! at
| not 10 be understood as defending that vii
: and ex,ravagan, system which has bee
) brought, upon US by The rash aud wicke
, measures Of this and the preceding st
; illustrations. In their zeal 10 destro
the Bank OF the United States, end TO en-
/. able The country to dispense with its ageu
e CIV, thew have deluged the country wi,
: what they now denominase "bank rags,
J. and have converted into a curse ths
y which. under wise policy. would hav
n operated as blessing. Banks can oul
$ prove beneficial so long as they are res
4 - liz;