The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-05-13

sible loT shat bIshch 70 peIfoEm IAai tsF-
vice Ellhsul an inlslrrshes 9Th lea.s
dHliss 10 Ilss injury % lbe PUbiar. u
hrsnehss should Be established. ihsiE -
silien niFhi eaable Diem IoTsmsdy s0ns
Of Ihs delseis stated. buI hey w0nid &C.
eBnllsie others Of much greaier iotes.
The inlsrlsrenoe with the r0nsiiiuh0n1
and regular duties af me EKscuiiss
woalI. n the sane degree. BE- increased.
Bot that 10 comparatively shghi esd.
"A bank thus inslilsled being under he
conRul af The executive. By The appoint
menI 0T IH aiIseioEs. and in all iss ePs-
rslions. might. in the hands Of % bad ed
minislrallon, he welded ss an insirs-
msnl 90 sap he foundslion Of The gos-
eminent from every part Of ihs union
for ils influence in obtaining discounts.
and Ihus . seduction might be PTaetssd
10 great extent Tor the worst purposes.
The influence would be reciprocal.
Those connected BY such . ne with the
eeyernmenI would be looked 10 for cup
port al elections. Who would not fail 20
render IL Thus the revenue Of the na
zion, raised By taxes on The proper OBJ
jecls 10 support their Tree 0oternmenl.
might be made an inslramenl 10 lis over.
throw.
The second alternative suggested. re-
lance ON the surplus funds. for the &C
complishmenl Of the objects conismrla.'
ed, il must be Obvious. musl fail in every
instance. The revenue Of . government
10 generally limited 10 certain speeifrd
objects, according 10 an estimate Tor each,
aud 10 which il 10 appropriated. The
fund raised sometimes falls short Of The
objects. Il seldom exceeds hin any con
siderable amount For the wsntofs sur
plus. il must lie idle in the treasury until
appropriated. and IL appropriated - .
provision for an emergeney-for war, Tor
exsmpie-ii must siill lie idle in The
Treasury until that event occurs. or be
loaned out. Il could not lie idle; The
whole nation would rssOl, against il; and
il loaned ou, j, night be impossible 10 OBJ.
tain il when called Tor. and nigh, even be
lost. In this mode. the regulation Of the
value Of The currency. Of exchange. and
and Of rendering service by fseiliIsiing
rsmiianees. would DO sbOrlive. The
third alternative which has been suggest
ed. Q reliance on the state banks, would
be equally unprodueIive. The govern
ment would require no aid except ia
time OF war. when immense sums would
be necessary, which could be produced
only by loans; and when application
should DO made 10 them. there is good
cause TO spprehsnd that each would en-
dsavor 10 obtain the best terms il could.
There 10 no particular bond between them
and the national government. aud. impel.
ed by their interests and ihs, OF The stock.
holders. il 10 natural tina, they should pur.
sue that course. Should such an emsr-
geney arise as menaeed the overthrow Of
the government. the interest thereby ex.
cited might be paramount. and force the
banks, under the direction ofihc siockhold
ers. 10 unite 10 Q common effort 10 save
the country. But the great object 10 TO
prevent such . erisis by command Of
funds. which would enable the govern.
men. to arrest il. In every other object
the state banks would fail. There being
no standard to which eli mus, adhere. no
connection between those Of The differ
en-, states, and many Of them with limit.
ed funds and in embarrassed eircums.sn-
css. they would neither regulate The value
Of coin, Of exchange, nor facili.stc remit.
iances.
A National Bank occupies . different
ground. Connected with the government,
by its charter and its capital. which con.
sis.s Of stock. in which the government
participates 10 certain degree. there Is
no instance which. on principle. there can
be difference Of interest between them,
and many powerful considerations by
which the interest Of the bank must SIT.
mulate il TO support the credit Of the 60
vernmenI in any situation in which il mar
be placed. II The credit Of the stock
should sink. the capital Of the bank would
decline in equal degree; the effect Of which
would be felt in all its operations. Its
paper would deprecia,e. and check be
given to its circulation, IL no, an entire
suspension. Standing at The head Of The
mnneyed operations Of the government. i,
is its intermediate agent in making remit.
tances 10 banks and indiyiduals through
out the Union, and likewise between in.
from which much credit and
influence are gained, if not profit. II has
the means. and may be considered the mos,
powerful agen, in raising and sustaining
the circulating medium on . par with
specie throughout the Union. and Of els.
waiting the state banks To that standard.
BY subjecIing them TO The necessity Of
reaching and adhering TO 10. 10 sustain
their credit, and even their existence
LIE. The credit Of the government sink. and
all these advantages are lost. The bank.
therefore, from Q regard to interest, is
bound to sustain il. The directors. ex