The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-12-03

i @Aat HAsA - sHah assG lArhtg ~ 1Ic-
eie. which seems 70 be so dear 10 his
Feelings. He oseIlooks. or foreeis en-
finely The saeri6ces 10 which We must sub
mii 10 obtain IL in competition with those
countries. where il 10 now held. ID will
be 6rsi necessary 10 make ihe balance 0f
trade prependerale in o0r favor On snder
20 effect this. (lhe ard Of bank credit and
Our hitherto liberal and enligisened poll.
ry hasing been dispensed wilh.l We
must submiI 20 The European. and Asiai.
&c prices Of labor. their rigid economy,
their grinding slsgish hshils OF Inil. be-
lore we can successfully compete with
them in trade. agriculture and manaIac-
lures. or produce balance in our faver
10 be discharged in coin. To expect .
permsnenee Of Inc precious metals from
forced and unnatural importation. would
be about as rational ss 10 attempt a sus-
pension Of the laws Of grsviIaiion.
The President says. .. in country so
commercial as ours, banks in some form
will probably always exisi.'' and thinks
the sub-iressuiy viii deprive them Of the
character Of m0nnpolIes. and be saluis-
ry regulator and keep them in check. Ia
This expectation Of the continuance Of
banks. he may be sincere; but the recent
obstruction of these institutions in she
District Of Colambis. shows very eonclu
sively The wish and intention Of his party.
The collection OF gold and silver in the
dues Of The uaiied States may have some
influence ON The banks in the large cities.
where large disbursements are made, and
where The balance Of irads concentrates.
they win no doubt be least injured and
enabled % exisg and on New York he
mus. have had bis attention fixed, when
he made this assertion as 10 the probable
existence OF Banks: but 10 remote places.
agricultural and interior states, what 9th.
er Than deleierious influence can IL have
whence the specie must be drained con.
sisndy in payment OF the dues TO the
United States, without any probability Of
an insieora,ing reauxl ...
II Is due 10 The stale. and necessary to
rfslorsiion Of our happy. prosperous.
and honorable condition. 90 Ear ~ 10 our
power, 10 mark with unqualified reprobs.
ion, This infringement on the rights and
credit Of the sisies--ihis war on the in.
snFnsiens and capital Of the country.
For when the accumulation Of wealth il
The result ~ industry, economy and skill.
il is certainly honorable 10 the owner;
and whether il consists in land. challles
or stock, is unqursIionably eniilled 10 The
stern protection Of the law; and the per-
son, il matters no, what his standing or
position in society. who indulgrs in the
practice Of disappearing and de,racling
from the value Of either, deserves its sc.
veres. lash. lie, Us put the seal Of rep.
rotation on the unfai,hful officer who vi.
olaies the constitution in letter or spirit.
Let US inform the President that we con.
slider the purposes Of governmental mean
something more important, as the reguia.
tor Of "uade and commerce with the
s.sies.''' than merely picking ont the gold
and silver fromthe currency, in. The dis
charge Of The public dues, TO pay out to
the officers. That the currency Of the
country, no matter Of what il consists,
must be the medium Of exchange. and is
as essential to trade and commerce with
the States" as the circulation Of the blood
is 10 the animal existence, and as neces
sary 10 healthy state, TO be regulated by
q central power. as the other is TO low
from the heart. Gold and silver are tests
Of the value Of the currency be il wha, il
may, land if so applied, are valuable; but
their intrinsic value is Of small con sidera-
lion compared 10 the advantages Of bank
notes. checks. and bills Of exchange, as
a medium OF exchange. Wha. power
should apply this regulator! Certainly
the United States, for none other can. 4
. The object 10 be attained. is Uniform
currency throughout The Union. based
on specie and on The credit Of the STATES,
or Of the United Stafss. How can this
be accomplished; isthe righiful inquiry.
have no fear 10 the answer, that Il can
only be effected BY an arrangement enter
ed into by law, between the state and
Federal Governments, for improving and
using the local banks, or BY the establish
ment Of bank Of the United States. with
Sufficient capital assigned to each stale to
supply the amount Of notes for all useful
and necessary purposes. One kind Of
bank notes. mifh specie basis and am.
pie guarantees, can alone NEE, the Oh
jecl and accomplish the purpose desired.
Where, as al present, a large variety ofh
bank notes. issued from eigh. or nine
hundred banks. are thrown into circuIs-
lion. experience has proven that they
canno, stand on equal footing-sctusl and
fictitious circumstances win produce de-
grees Of value totally destroying their
worth As . national circulating medium.
/ would prefer an arrangement by
which the local banks would be remodel
ed. to the establishment Of Bank Of the
United States, because the renewal Of
their charters could be msdo to happen
successfully. without producing The pc.
i;,;r.l eonvuixion vhich has twice attain.