The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-03-14

nc FANttI A4ontNs sNN-se - - IHSN---N -
he unised Sss.ss Bank unless oshsrwiss
ordered by the Secretary 81 the Ihs rrea-
sury.-and that he. shsn making any
change in such plses Of deposits. should
be hsld responsible 10 Congress far his
rrssoas. The La did not hold lhs Pre-
sidesi responsible 10 Congress. aeilhsr
did 10 hald the Secretary respaasIble 10
The President. bul recognized direct TO-
lstian bsIwesn Ihe Secretary Of the Tres.
snFy and The representatives Of lhe Psa-
pie. in regard 10 his dispositions Of the
public funds. auI despite all lAsss re-
siriciinss vhish the Las had lhrOwn -
round executive inIsrfersncs. Gen. Jack
son dared. in lhs Plsniluss Of his poser.
10 drive from Office . man Of Roman
irmness. ~ho wsuld not da his bidding.
Ito pat in his place q ssrEile nisrrsanI.
who has siase been clothed With The
erimr ol justice Is the reward Of his
prostitution. thus lhruslIng his IN
hallowrd hands into The treasury af the
nation. he took Ihe psblie nancy fram
the custody Of ihs law. and placed IL 10
faToTite banks Of his Own SELECTION. Aud.
sir. for whal! Why. he says 10 his
maniieslo. "io preserve the morals Of
The people. the freedom Of the press. and
The purity Of The elective franchise"
Who constituted him The guardian of
public mnralsl Why. the great head nf
the Celestial Empire. wha styles him
self the Palher of his People. and upon
whose nod the life and death of his sub.
jec,s depend, could NOT lay claim In more
unlimited authority. But the most co
gent reason ever could end. Was that
with which he sOlsced the qnsking
wreiehes who covered around him. in
dread Of the anticipated burst Of popular
indignation which they expected IN fnl.
low. L" take the responsibility" Vas
his daring and despnlie declaration. Tan
the annals of despolism shaw an instance
nf more utter disregard for all the re.
strainls Of constitution and lawi Nero
could ma, have bid more defiance To the
popular will when setting Rome on fire;
Nicholas of Russia could say M more.
when ordering the patriotic Poles To the
mines Of Siberia.
The destruction Of the United States
Bank. as belore remarked. left vacuum
IN be filed. which snon excited spirit
Of speculation; and when u hrcame ap.
parent that the public depnsrIrs we're in
market. aud could be obtained without
interest, To be used 40 . fund for exlen.
ding their loans. the mania for banking
pervaded the county throughout It's
whole extent. This disposition fnr bank
ing speculation, received additional en-.
enlargement from the consideration. that
there would som be no United States
Bank in nPeraliun 10 requisite the con.
duct ana cheek the over.issues of the state
banks. As an evidence Of The truth "f
this position. we have only To examine
an official report ni the Secretary Of The
Treasury. in January 1897. from which
II appears that similar state IL thugs
look place in lsii-l3l5, the in,rrsal
between the expiration Of the frsI bahk
charter. and the rs-ssIahlishmenl ~ a
similar institution. In January 1911.
there we're but 50 banks IN the Union.
while IN 1915. there we're 203--sn in. /
rrease al ll9 banks ia four wears. In
1916 the late bank wen, into operation.
and alihnngh the period brtwe-n 1915
and 1890 vas one Of unusual prnsperty
IN or country. aud IN which the wants
md population of our people had nearly
J. ubled. still. al the later daie. the nun.
yer had increased 10 only 32O--an in-
.resse of but lie IN fifteen years, while
here was Bank of the United States IN
operation; whereas, IN the fur years IN
which there had been no national bank
IN existence, We have .een that the mum
ber had increased ll9.--snd that al q
period, too, when the commercial wants
hf the country required much less bank
ing capital than at any time during the
alter perinl. But. sir. let US !ouk at
lac state uf Ihings which ensued iInme-
llaIely on the removal nf the deposiIes.
We fad By reference 10 The sane report.
hat the number Of banks, which ia 1880
vas 800. with
Capitals Uf $4,000 008
Circulation, 81 ,6oO.p 900
DepnsIles. 55.OO0.O09
Loans sad Discounts, 10000. 900
lad. IN the six years ending Jan. 1896.
increased to lie enn.rtinus atnnuut of 5GT