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

repuIsioa. The business may be carried
on justly and imparIially. n this be IN
Infringement. IL 10 one Of . very peculiar
nature: for only those are sHselsd who
voluntarily throw themselves into iis
influence. Such an Infringement, ne shall
seldom End productive Of very great
injuries.
but lss us direct our attention IN The
benefits resulting from an Independent
national bank. whose ope'ations are
eosernrd By men IS we before proposed.
Dr.. waylsnd. while speaking on the
branches af % national bank. says. /" When
banks for brsnrhss) are in some measure
responsible for each other. they must
become acquainted with The standing Of
each n.hsr. and will. Of course. be dis
posed 10 check each others excessive
transactions" After urging many other
equally weighiy Arguments. he concludes:
Ill is by means Of iis system Of
branches. and the supervision which IL
has exsried over lien. that the late
United States Bank was enabled 10 carry
on, 50 extensively, the business Of sx-
change. with fres, profit ~ itself. and
with great benefit 20 The community"
But, aside from weighly considerations
like these. there are irrelulablc and eogenI
arguments in favor Of such an institution.
Il is . very profitable investment for an
immense amount Of money. which could
moi be used with more advantage To the
national prosperity. This investment 10
particularly convenient, fnr The widow.
orphan. The very wealthy. and for all
who either do not wish. or are not able
TO combine action with capital. Such
an Investment. moreover. leaves unmono-
polized the active smploymsnts Of life.
The rising generation, with their narrow
means. are thus stimulated 10 engage in
those occupations with activity. and The
sure hope Of success. The magnitude Of
This indirect benefit I'll must admit
Again: II we examine the nature Of our
financial system. ne shall sea that .
national bank is not only absolutely
necessary. but highly beneficial. In every
system. be il judiciary. executive or
legislative. there must be some head.
There must be some gland regulating
principle by which all The psrIs shall be
governed. II this be not the case. con.
fusion, disorder and injury must ensus.
No one vii pretend 10 dispute this
principle. Tor IL 10 engrasen on the face Of
nature. Whether ~e look into the cottage
or palace. into antiquity OF on the pressni.
into sarsge tribes OF refined society. ne
shall 6rd il fully developed. II. then.
there must be . head in every system.
there can be no reason Why ihere should
nnt be head in our moneyed system.
Henee. IRON the nature Of our moneyed
system, We see the absolute necessity Of
q national bank.
No, only is . national bank necessary.
bu, its tendencies would be highly
beneficial. II would give durability 10
the curreney. and protect IL from those
disastrous fluctuations which are now 80
prevalent. There would be such foun.
dss'on TO the circulating medium. that 10
could never be shaken. The loss and
trouble 10 which We are nov subject. on
account OF failures and suspensions OF
payments. would be wholly removed.
The bills would become 80 familiar. tha,
We should never be liable 10 deception.
The money market Of The whole country
would be kept 10 . healthy tone. There
would be no excessive issues, nor sudden
and injurious SUSPENSIONS u discounts.
Ia shori. the bank would have the mos,
petfee. knowledge Of the wants and
responsibility al The whole community.
and would 90 conduct its transactions IS
To give permaneney. regularity and pros.
perl,y To the mercantile and mechanical
pursuits Of The whole people.
Again: The rate of exchange between
different s,asss, which has been as high
az twrnty per cent. causing loss Of time.
loss Of money. and many other ineon.
venisnees. would he wholly removed by
the introduction OF national hank. Such
an institution would have all in notes sl
par. and bankable llrpug houl We country.
u would destroy this trovbIs>ome and
. expensisr rate OF exchange. TO the great
comf''st, convenience and prof, Of oil
travellers. mechanics and merchants.
Lastly: A National bank would create
confidence. both 81 home and sbrosd. in
our financial concerns. Money would
aow intn our county from ell quarters
Of the earth. Thousands and thousands
Of dollars. instrsd Of being boarded in
timidi,y. would be invested in The bank
s,ork. THIS vas, accumulation Of inone y
would be put inln active use. The
investors would be justly benefited. the
borrowers would reap vas, advantages,
and the physical and intellectual condi.
,ion Of our country would be greatly
advanced. Thus. we see. by means Of .
national bank. the fullest confidence. both
nj home and abroad. would be placed IN
our financial operations: our moneyed
system would be regarded a. honest and
| reputable, and our people would enjoy