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

Ing The proportion 81 Der sfoek-aht a.
50 tex ON the indiv,dusl stock.
This Is pretty much the sum and seb-
stance of these asseh abused INSTRUCTIONS.
which. like ererg thing else under The
arrangement OF human heads and hands,
are capable Of doing good az Evil. -atcss.
ding 20 the Influences which are made 10
operate on them. Ia rannirs lie ours.
20 moral honesty. he keen sysnfirsesrsl
Will. in al probability. insure their able :
and rorreeI management IN lhe selection
Of directors af gnod character. skill ard
integrity. There are persons whose opi- !.
ninns are ensiilrd u ihe higIsss respect.
sho contend ihst ne have sbfkeirnry
81 bank espilsi. This consider clear
ly erroneous. The present sioekh.siers
might lear further cempttition IN ne
money market. IL III The natsrsi rspsci-s
Ties Of the stsls. bad been improved. o. II
Improvements were worthless. But The
reverse is the iAri, aud an immense a.
is required ier that purpose. Jude
pendenS Of Tie ds6cItney lor ra.ie and
commerce. Our most ronrsnient lands
are cleared. worked, exhausted and de-.
serted, our dwellings, ere mostly ol
poor and temporary kind; nur water pow
er only occasionally o. enpied by small
Misunderstanding establishments; our bound.
lees mines and ores almost entirety n-g-
iecled; and why are these things 81! Be-
canse we have mol IN our state those a.
ciliIies which banking capilsl ahundan,ly
aTmds rlse9h here.
We need more, mt only 10 dpvelope
the vast resources of our slaie. bu, 70
Keep off the notes Of OIhsr states. aud
supply n1r sR,ire circulation. I have
been well situated 10 learn these facts
Many applications have been made 10
this Office - borrow The fupds of the Ii.
ierary and Internal Improvement Bosrds.
Those who contend that we have capital
enough. am persuaded. must have con.
founded capital with bank issues. and
vas induced 10 say so because The banks
had suspended specie payments. have
ever understood tina, The more capital,
either bank or individual. cpuniry p,s-
sessed-ihe stronger and richer q was
considered. If our banks bad more ca
pi,sl. ! am satisfied they could the soon.
er resume specie payments and dis
counts. Can there be q question Of
large floating debt IN the country. sub
jec,ed 10 the shaving processi In The
place Of pay ing six per cent. per annum a,
, the banks. many debts are made a, 10. Is
and 25 ,prr cent. between individual nrhl
lors and crrdnors. To obYiaie such ~
usurious shaving process. more banking
capital would be valuable 20 The sts+.--
Our merchanis, unable 20 obtain discounts
al home, 10 make their purchases ~
York with cash, are compelled 10 -ah,n,
to credit, and Il no, paid when due, have
TO pay seven per cent. making loss IL
the state in The regulation OF The balance
Of trade of ona per cent. '.i 1
| A difficulty is apprehended in ob,sin,tg
subscribers. which may be So. Capital
isis have had such good reason /" be r.
larmed for the safety OF their funds, +,
the constant senseless attacks on ihese,n.
siitutions, and The instability Of our laws.
tina, they will parI with the man cement
Of their money, doubtless, with som. ~
prehension and reluctance. But l hope
those acts of nsurpstion, violence aud de-
traction. have passed never To return: aud
that confidence and liberslity will again
take their places. and Ina, offering farm
ducements, capital will be drawn tn the
state. aud from its hiding places. again u
afford the poor. but honest and enierpr,s
ing man, the means 10 benefit himsell
and his country. Whatever nigh, be the
result 10 the owner OF capital. whether
in the hands of individuals or stored !.
way in banks, its presence could no, pos.
sibly DO the country any injury,
The four years have been in office,
the Banks, in dividends aud taxes, have
yielded TO the state the sum Of ,wo hnn-
dred and ifly-three thousand two hundred
and one dollars 81 CTS; which has been
paid into the public treasury. The mos,
conclusive proof Of their value to the state,
and during which period The receipts from
oil other sources Of taxation in the state
amounts to three hundred and four thou.
sand three hundred and 6s dollars SO eis.;
showing the advantages al small acfice
capital over heavy landed and personal
property. That the stuck in the present
bank is good, requires no better demon
slration than tina, il continues al or above =
par. While all other property has been
greatly reduced. borrowers generally.
so far as have been enabled 10 discover,
prefer an accommodation from banks to
any other source, and note holders find
sbundsnt indemnity in The penalty OF 10
per cent. il specie is refused. can then
discover no sensible reason 90 doubt their
utility or 10 circumscribe their operations.
This stste participated less in specula-
lions Of the day than any other in the
Union. We felt for while The influence
Of the general prosperity Of the country.
from the institutions and means OF other
stsies more than from our own. Bank
capital has increased bat little for MANY