The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-06-30

have fhe f,lliaslnk fesnli; Ialsl p0pul1-
Iian l2 800. D20: hanks $40: hank capital
sl45. 402 26s: baak irans $200. s5l.24s. +
ane bank rirrul.lian col .323 .S9s. Were
each item in The ratio q Ioprlsilen. lhsss
wopld be Cor every ibdivitosl OIL "a ei
hank capital; els GO II bshk lssns. snd-
90 so ~ bank cireslslion. .
In yuly ls32. President J.rkson veto
ed the bill 10 rs-chsrlsr the Bank az tbs
Unissd States. and in Sepismher 1919, re-.
moved Ihc deposilss Of public money
from tha, insli,uliop. and placed il t.r
safe keeping In The Stale banks. TIE
order Of The day then wss. 20 furnish
better currency through ihe local insiiin-,
iians and an increase Of banking capital,
That sueh Was lLs policy and design 81
The administration. We have key from
the Globe, confidential and official organ
olGen. Jackson. 10 that pspersf MsFch
~. 1888. was The following editorial pa.
rsgiaph: sl
.ssrarR BASxs.- n was snfiriPsted from
lhe zeal wilh which the respective legislatures
of Kentu,ky, Indians and Ohio. eniered urnn
The duty q establishing State ins'iis,iens. 20
secure 20 The State Governments The emo ~
meats growing cut &c the backing business,s
that each By ills time, wsud have had ineal
system 10 fuIl operation. This sesm.d indls.
pensable, ss well 20 meet The neeessfics a.
the people, ineidsnl 10 the - ding up &C ihei
United states Bank, as n enabls she States,
to appropriate % themselves. resp ciively, the
heassiis resulting from that event The gese-s
raj Nsh % the pc. pie seemed 10 reqHire front
their repr, senistisrs The prompt srcsmplsshy
sacni 81 this impostanl object. iip~ deeply
the people have been disappointed, sppeafs
from the demands now made through public
meetings Cor an immediate call 81 the Lcgis's-
tafes in some of ihsse States 10 resume tie
basiness u ehsriering State Banks" irs .s !
II appeared iha, lhe process Of grant
ing bank charters d the regular annual
sessions of the State Legislatures. 1ss
TOO slow for the administration. The
people held meetings and impormBed for
:. lspmrdiale" calls Of those bodies h,
prosecute with oil dispatch, .ihe BUSH
ness Of chsiieribg banks" II 10 Sell :
known. iha, the administration had a ma.
joriy in mos, Of the SAFES. disposed TO
exeruis the bidding Of the Pfesidem.
Bssidss The sxIairii echoes ~ The Gishe.
in favor of tnul,iplca,ion Of STATE banks.
We have as instructions from Me-. Tsnry,
Secretary of the Treasury, 20 the depo-
site banks, an exirsct iron his litter Of
Sept. 20. 1893. 20 The President Of the
Guard Bank, which Is as follows; II
sTha deaosites 81 the public money win
enable you 10 afford increased facilities 20 com.
me,ea. and 10 extend y.af accommodates 10
iadiridaais; and as the duties which arc pay .
able 10 The Government, arse from the busi-
ness and enterprise of the merchants eaeasrd
IN foreigi trade. IL Is reasonable thai they
should he preferred in the sddltioaal accon-
modalions Which the public drposics will en-
able your institution 10 give. whenever u can
be done without injustice 10 the CLAIMS Of OH.
or classes " the community
Here was direct invitation 20 indi-
siduals and merchants 10 extend their
credits in bank. an the faith II the public
money. Az al who know any thing of
the produciiveness of bank stick. will
admit that dividends are enhanced hy
large circulation of paper. IL 10 mi mat
ter Of surprise. that the deposiie banks
slnued the community with their Issues,
and ,ha, other banks sprung up. as u by
magic. 70 share The fostering aid Of The
Government, and 20 secure cxirsnrd n1ry
profit. So successful had been the erpe-
rimsn Of The administrator, in improv-
ing the currency BY an increase Of banks.
that in 1895. We have this financial
showing. viz: Total number nf hanks
704; amount of banking capital 1891 $50.
337; bank ioaus 1895. 1853 s34. and bank
notes in circulation slO3. 692. 495.
To pursue our speculanons on hi.
suhjec,. we shall add the half Of 1902,
534. being the increase Of the census Of
1910 over 1880. aud We have 1908. 1s6
souls. which would authorize for earh.
the follow ing scale IN 1885: hank capital
$3.50. exhibiting an increase Of inriv
per cent. in Ave years. beyond the rate of
population; bank losns 81 81, establishing
eighty seven per rent. 81 the like increase;
end bank circulation $500. making fifty
per cen, excess IS the frnrs % Govern -
msni policy.
We step next to 1870, and show that
the total population Of The United States
vas 1906 453: number Of banks 90l;
bank capital 35s. 442 ,692 dollars; bank
loans 49,, 500. 522. and bank circulation
Toe. Dos, 572 dollars. Another srpcsl 10 !
figures is necessary TO illustrate Gen.
Jsckson's experiment on the currency. h
and 10 piove The superior cl.ims Of the
Democratic parry 10 the gratitude &c tho -
people. for the GLORIOUS results ef bank
ing within nniel period Of ten years. q
Comrarag the census ef 1870. with the =
situation of the banks in tina, year. we
have for each individual, banking capiisl
TO the amount Of eel 90: bank loans SIT,
i2; aud bank circulation 5000. ID will
b. perceived from the foregoing, tha, 57l
new banks were chartered; tha. the pre-
portion Of bank capital was about double
10 what the rate Of population justified.
taking the banks as Gen. jackson found
them, as the safe rs,ierion; and that the
"a