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

,,nesy proposed By lie present govern.
m,ns 4, 10 take care Of ilseli By 4 sub-srrs-
sgry. and % leave eommsree. credit, and
DE people 70 perish.
lbs nnquessi0nable that The destruction
of.n Institution. created IN 1916 by lhs
P,p.bliean party. which Mr. Madison
I'd Mr.. Manroe were u he head. has
ten effected BIZ Ihe r0-oPerslion 81 90
s,,enslTs private interest existing 10 slI
,ls slsle,. aud engaged in state banks.
ri,h a political party nov endeasofing
IN ,urn % destroy Ihem.
Prior 10 tlst. these institutions acre
,eslrsinrd BY The necessary and sslulsry
o,,rstinns of . national bank. The
p,e.snl party IN power owe lhsirexislence
a ,hs.e state banks. sud 10 The siiialed
currency produced By their excessive
;..ufs, and the inOfdlnale speculation
wbieh resulted from il. The greatest
ssiI Of this stale bank system IL. that
ous community. wiIhou, good currency,
i. subjected 10 great prissiion aud loss IN
il, intercourse sIth another having BET.
ar currency; just - msn Of industry
wuhaul credit 10 less capable TO thrive
and prosper Than one having bolh. II
one sisle has an inferior currency 10
.ua,her state, The former, in intercourse
uilh tie latter. musi Of course pay round.
Is for the difference. Some Of our states.
requiring a lssger use Of credit. suffer
more when thai credit 10 shaken than
oilers under different circumstances;
hsnts al the Eeu staiss that required the
,m7lnymrni II maIe extended credit 10
push their private aud public enterprises
10 completion. whose people. rich in lands
aud industry. usre yet deficient in active
means 10 deSelop Ihrir resources ofluiure
wealth. are Of course greater sufferers
whsn confidence Is destroyed. as al
present.
The hisiary nf exchanges. domestic or
foreign. rlrsrIy proves this. The East
now asks OF the wssrs difference Of
exchange; so The North Of the South.
saI The Northeast ol The Southwest.
And 90 vast difference 10 nov demand
ed IN some cases. - almost To put stop
10 profitable intercourse. reduce the states
20 the condition ni The confederation. and
destroy the nationality which the consiiIu.
ton intended 10 establish. Instead Of
rssmdIng ourselves 40 one nation or CON-
muniIy. interested in common and gen.
sr.l prosperity. se are endsayoring 10
exact difference Of exchange from each
other. This process Of state competition
and domestic dIscredh among ourselves -
states, in our intercourse wilh each other.
seriously diminishes the credit Of the
whole 10 the estimation Of foreign eapi-
tallsp. The finances Of = country are
made the peculiar study Of statesmen and
capitalists abroad. and II 10 10 be regretted
that these have not commanded more
ausnlion from those who are in our
national councils. aud more especially OF
the treasury department. This omission
nav, 10 some extent, be excused hereto.
fore, when IL 10 known that, during The
iweniy years Of the existence Of the Bank
OF the United States, al The interests and
rami6eslions Of industry and trade were
90 shielded from aucluslinn and disor.
ganizaIlon Of currency - 10 render any
sl'sniian NJ ihose operations unnecessary.
When . steamboat progresses on her
VOYAGE successfully, and no accident
occurs, few OF the passengers stop TO
examine The engine and machinery; bot.
when an explosion takes place, IL becomes
asuhject of deep interest, and The matter
Of high pressure and low pressure 10
discussed. So ills with our national end
state currency. No, content with the
good currency ws have, constitutional
scruples were assigned BY some for " bet
isring it," And, sgainsi the light Of all
experience. we have been hurried into
"experimen,s." Now, the party leaders
who took the ran in the cenalct agains,
analional bank and in favor Of state banks.
making one destroy the other, turn With
equal ,igor sgains, state banks. and 60
now for no banks. about for the same
reason that an incompe,en, and ignoran,
engineer. in attempting 10 alter good
engine. and finding his experiments TO
fail. announces his Incorporating
hostility" TO all engines and steamboats,.
Experience has taught Us that a national
bank. and q moderate number Of good,
sound, we'll organized state banks. have
exercised q sanitary check on each other,
Precisely 80 the general government and
state governments CO operate Tor the
general good. We have tried state go
Setnments ~ilhon, general government,
aud IL was . failure. We have tried
,,s,e banks without national bank. and
hive experienced the same disastrous
result. The fact 10, nation bank ID
the sun Of our political system. and With
out IL we shall have the darkness and
confusion which the PLANETARY system
would exhibit without the great regulator
OF The universe. II was wise maxim
Of an old sportsman. when he found
himself in doubt. To " try back"
In this crisis, the people must como Ia
the rescne The nnestion il. The cOtfn