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

Nirnl csfttal " fuftHEEAe 81 the local
banks. might be msde 81 epgine OF on.
Irrssioa. and dangerous 10 our palineal
institutions. which the local banks r0Dld
moi be. The sapsfceding 81 The heal
banks by Nalioaai Bank. must uaques-
lionsbly produce revolution in The mo-
notary affairs II the country 70 an inn
mense extent and unforeseen e0nsequen
ces.
Capitalists in all conalries. and more
particularly in ours. are Ihe pioneers Of
their osn fortunes. and look with an eye
single 20 their interests m the seleerinn
Of me managers of institutions in shich
they invest their funds. Nor are they
usually combined with The politician, for
their na,ians ere an,agnnisiieai. The
study snd success Of ihe one. destroys
that Of the uiher. Stockholders are the
managers Of The local banks. The funds
OF these banks. divided oser as great an
exlen, Of county IS ours. and under lhe
management Of their oan officers. pre-
seuts an insuperable difficulty 10 The for
nation of political esbsls. OF any other.
for The injury Of the grea, interests Of The
country, with whose welfare they are 50
intimately connected and identified. A
Nsuoasl Bank might fall into The hands
Of clique. WIN. conscious Of their pow
or. might be tempted 10 interfere in fede-
raj policy. 10 The eres, Injury Of ils peru-
MARY affairs. and innici stab on the Ii.
berries of lhe couniry.
The banks in The North are much
more numerous Than in any other soc
lion, being established in most paris
where money could be usefully employ
ed, and in such sums as were deman.
ded by the capacities Of The country; and
they have been ably and successfully
managed pushing and developing the
natural capacities Of ihe country TO a
great state of perfection. stand high in
their own sections where best known;
yet we seldom ever see one Of their notes
in circulation in our state, and greater
pariof them never pass out OF their Imms.
diate neighborhoods. The hanks Of the
Southern and Western states have paris.
ken more Of, end no doubt have been To-
fluenced by. the character Of the country.
Many have been established on false prin-
ciples. and been badly managed. and The
result could not be otherwise Than disas.
irous 20 ihe stockholders. who had sc.
iusl capital invested but that appears
mo-, 10 have been ,he case 10 any very
great extent. have no doubtihsl those
which have capital. and will take warning
from experience. viii yei do . valuable
business.
The recuperatise powers Of these sec.
lions Of The coua.ry are immense, and
afford great room far the employment Of
capital. Even under their recen, manage
ment, do no. know that We have more
cause 10 lsmen, than rrjoice, except as 70
the injury our national character and ere
Dit have sustained; as it-has resulted in
many great and solid improvements, Q.
quail. and perhaps superior. TO any thing
Of which We can boast.
That banks are susceptible Of improre.
ment both in form and management. can
not be doubled now, when such vast aud
astonishing Improvements have taken
place in agriculture. manufactures. sail
and steam ships. rail roads and other in
venilons.
The operations Of the Federal Govern
ment continuing 10 affect the Banks, ours
40 well as many others. were second
time compelled to suspend rpecie pay
men,s. or force The collection OF lheir
debts to The injury and ruin Of many Of
their dealers. The. wisdom Of their choice
| am no, disposed 10 question. Mos,
persons seemed TO acqulesce in is cor.
reciness. The few who did not, COM
planned 70 cover their demands for the
double Interest, the penalty Imposed on
our banks for refusing specie when de-
manded.
For pnlitical effect, they have been
subjected to the constant illumination Of
spleen and vilupers,ion by certain psr,i-
zan presses and orators, who hope to
bolster up their falling fortunes by excit.
ing popular prejudics. and diver,ing at
ten,ion from their own misdeeds in the !
pUIutdT anu tttG usefulness VI
these institutions has no doub, been con.
siderably curtailsd BY these st,acks.-
Surely they calculated greatly on the ig-
nnrance Of the people. when they expec-
ted 10 acquire either reputation or
strength by such q course. OF what.
ask, consists The banks Of this slate!-
The. stale has put into The stock about
one million fifty thousand dollars, and
individuals abou, two millions two hun
dred thousand dollars. This constitutes
the banking capital Of North Carolina,
and for every dollar actually paid in,
two may be issued when pruden. to do
90, by ,he banks in their notes. At this
time their issues amount TO about one
half Of their capitals. The interest they
receive on loans is limited 10 six per cent
per suuum. Should they refuse TO pay
specie when demanded. the holder of
their notes 10 entitled 10 l2 per cent. in
terest. Every six months thev ara re-