The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1839-11-07

These institutions are naelnl not only
10 he merchant, but also 10 lradesmen.
arsirans. and IN short 10 every man IN The
community uho does business al sny
sosi. "A .eordwaiarr. for inssances may
believe that he is Independent Of banksi
Ihas he AIS no fsVors and rees.ses no
profit iron her. He buys bis lealher
and makes il NJ into boots and shoes.
which ne sPlls 70 bis euslorefs 81 pro-
O. suTe;.ni 10 remuneraie bin Ear his
labor. He needs no disrosnls--as stss
No utility ie Racks. Bu, LEI The tanner
SPEAK. Of whom be purchases bic lsaih.
er. The ,anaer will say" sold you
Leather e six months credit. knowing You
70 - IN industrious and honest man. l
nss sure that in such lime you would
e. able 20 realize fair return for your
outlay. and 10 make aprompt payment.
But if bad not been enabled By Bank
discounts 20 obtain cash on your note. |
could not have afforded you . credit; |
could not have carried on my business
upon q liberal scale. Your industry
and honesty, though well known. would
have been Of no avail. Az IL 10. hoss-
yer. nop. with the facilities which Tie
Bank affords me. can accommodate
you; your good character IS . faithful
wOrkaan is your eaPi,al-yOu can draw
upon H."
Ia like manner the city purchaser is
enabled TO pay the farmer cash for his
wheat. corn. tobacco. or other produce
-which he could not do IL it were not
for Bank facilities by which he can rea-
lie ready money in anticipation OF sales.
The merchant can &c out his ship. and
draw money upon the value OF The cargo
before ], reaches It's place Of destination /;
and with this money he can pay the wa
ges Of The sailors. and Of the men whom
he employs; al By the aids which Banks
furnish. The useful class Of artisans and
others who work for wages expect cash
for their labor; but men oflsrge business
who make shipments lodlsiani countries.
or who carry on extensive manufacturing
operations, cannot look for immediate re-
turns. How are they 10 pay cash 10
their jnurneymen or wDrkmenl The
Banks supply the means on the surety
Of values which are a sufficient gusran-
" for advances made. but which are not
We, rrslized by The trader himself in each.
Thus may the la5oring man perceive
that personally he has no dealings with
Banks in The way Of receiving isSors.
yet those who employ hin, or who
grant him accom- modslions. are enabled
To DO so by means Of ihose institutions.
The notion Of doing without banks
is so prepos,erous that il hardly calls
for serious regard. They are IS necs..
sary To business as machinery is 10 the
arts. To attempt doing wiIhonI them
would be like throwing away ioils be
cause an awkward workman may some.
times. hurt himself in handling ihem.-
The wants, the convenience. the ex-
pansive growth Of commerce in modern
times, have given birth To these ins,ilu.
tons. The age must 60 back and relapse
lnio It's 6rsI elements before these crea.
lures Of our own formation can lose their
being. u were as well 10 expec, The
oak To shrink again into the acorn 40 10
look for this. Banking mus, 20 on in .
growing country like this. if not by char
tered companies il must and will by in
di'idnsls. Let the evils Of the system,
wherever they are known to exist, be re.
pressed; lei the operations OF Banks ts
subject 10 any wholesale regulations
which the sense Of the community and
past experience shall deem sslutary. but
LEI not their good be sacrificed because
rrrcrs or excuses sometimes happen.
We repeat, that in the present emsr-
gencies. the Banks are psriakers in the
suffering like individuals. The causes
81 the rsVulsion did no, originate with
hem. II the county will 90 in deb,
10 foreign nations by making cxtrava-
ysni purchases, how can the Banks
help il! II states will make heavy loans.
annual payments Of inieres. q.
broad. the consequences should mt be
visited upon institutions that bad no
hand in the matter.
The suspension Of specie payments
vas not a thing Of choice 10 them, but
II necessity; no, The necessity of insnl.
'eHcy either; but Of the times. H.
merchant Of known ability and means 10
PRESSED for ready money. which. by
'eason Of the scarcity Of specie. he can
10! obtain al the moment; If snch q
nan. with property ample and much
BEYOND his debts. should ask an exlen. |
ion 81 time, what would be said OF his
'rediiors If they should deny iil How
unreasonable and unjus, would be their
course IL they should force his proper. |
y To sale. al a sacrifice OF three lorlhs |
4 its value. and receiving a, last less
han hall their dues, should leave him
Ies'iInle. when by waiting awhile he
would have been able 10 meet his en-. /
'agements to the fulI, paying dollar for
Iollsr 10 his creditors. and to preserve
lis own estate besides! No one doubt.