The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-07-28

y Aufl tie y ak = ne l1ite1 Stale
md ln'iY recovered from ihe err0rs AZ ii
<aIy adainislrsuaa. sd a he psrigs
~hea d was proposed 70 s~-chsflrf i. j
farnished he brst enrfsncy ga ssxl
existed possess q aarn.srsiy anbasnde.
eeakd<aes ~ me usiied Safes. b
throaghaei he Whele eonmstcisl wOfld
n smxa4ztHan va eFsr msse pse1lsr
ssd ahs si1iiy % Baak az TIE uai,-d
S'slss ga arknawlsdged 81 Pesdenl
yaekses A hls ysao message. IN uhlch
hs expressly stated. that he sould hare
ssK<ssasd 70 Congress De piss o. ~
nnsxcepsloasble ebaflef. AZ aPpheslloa
bad bsen made 10 bin. And ] state ss
ahcis shat msay.I sm snrs. sJl bers
Fsnsmbsr std sustain. that 70 he canvass
lliea saiag on lar she Prsldeney. uany
81 his frlsads 10 lbs Ssa,s gave sssnr-
aBers. that, 10 he event Of his rr-flse,ion.
Bsak % ne Uni.sd States would be
established.
ttwas hela aal iag abe people ,h3 bet
asr eurssaey sssoald be sspplisd. and .
mare s@fs snd fsiII.fal execution Of lhe
6seal dusiss towards the Government
you'd be pedaraed By The local banks.
khsp By abe Bank Of The United Slsies.
Meat was he immedisls eGect AZ the
overthrow Of that insniulisI The IS
tasllshmsal al ianamersble local banks.
Nhaeh sprung up every where. with
rapidly 40 Which sc Gamma laak bark
xisboos amazsuenl A respectable doc
.nment uh,eh now hold n nv hands, i
believe eerreesly sIstes. thals. in 1880 he
aggregate banking eapilal II The uaion
Vas Si45.l9O.2es. Within tao years
AFTER the removal of The deposiles, the
banking capital had swollen 10 1881 $50.
337. and 10 1887 !, reached $40. los,
7l0.-whilst the United States Bank
Was ~ existence. the local banks, not
aspiring 10 The regulation Of the csrsenry,
were shattered siih snail eapitals. as
occasion and business required. Alter
1855. they were chartered without ne
ces.ily and mOl,iplied beyond example.
10 December, 1887. there wers m less
ahsn JOB 5 a'e banks. Nearly four hun.
dred banks sprung up Upon The ruins Of
abe United States Bank. and $3.50. 900,
900 Of cspaai was incorporated 10 supply
ike place iornsrly discharged by The
5000. 600 capital OF the Bank of The
United States. The impulse given 10
ex'fsvsgsncs and speculation by this |
<nofmous increase Of banking capital. was !
quiekensd by the circulars Of the Trea.
sury Dspsy,msnt 10 shsse pet State banks
fhsl were made The cuslodls;s Of The Ma
fioaal Revenue. Il
A vast proportion Of these new b,nks,
mere believe Than four-Gflhs. we're char
tered BY Legislatures in uhich the de
moerstic party had the pni,spuled sscen-
daacy. ! well remember that. 10 this
Stale. the papers II that psrly made
grave charge sgsinsl me Of being lnimicsl
40 The establishment, here OF Stale bank;
and | was opposoa to their establishment,
nnlll all prospect vanished Of re ling
Bank Of the United states.
The effect upon ihe country Of this
sudden increase. 10 such an immense
smouni. Of the banking capital -of The I
esnniry. eosld net fsii 20 be very grea,, z
II not disasroas. Il threw out, m the !
utmost profu,ion, Bank sccommod4,i ms ,
IN all the variety Of FIRMS. ordinary Bank
no'ss. post notes. checks. drafts. bills, |
&r. The coEsency thus pa, fsr,h. The
peeps had been assured was better Than ;
lha, supplied BY the B,Rk OF The Uailsd
States; and. after the removal of lie de-
posiles, The I.,cal Banks were urged and !
st,nulsted. by The Secretary Of Tue Trea- :
sary. fiesly 10 discount and are mandate 9
upon the basis Vfihose deposites. Flood ]
ed as the country was. by these means I
snd IN This way. with Ill species &c Bank q
money aad facilities. 10 IL ssrprsins ihs, 9
they should have rushed into specula. 4
lion. and freely adyenlured 10 the mos, '
desperate enl-rprisesi |, would have :
been better 1, have asol,led them; it .
you'd have been better that the people t,
'heali have been si.er aud aare prudrni q
han g Uernm.n'; bur VIII ~ most 10 !
a'me, they WIN yielded 10 Temptation so a
hrnwn before them they who yielded .
sF"hAThsC w bNCiE fEutcf5 -lNEN WHO
could not see when this inoriliasle issue
y meney vas to cease. or 10 become q
'itlsie'l; or Governp 81. thai tempted, is- q
Iuced and betrayed lhe,Ds .
Apd aov. felIaw elf gems. ID le, u., in Y
'dmnsss and candnr, revert for monenl $
some of the means which we,e em pia,. y
J 10 break down HE Bank &c the United >
ststes. and 10 ina,cl upon ,Le country all o
h- sad consequences which ensned. | Il
hsll net STOP 10 expose The motives Of
he asssull upoi that institution. aud 10 .
ilny hat il WAS because il refused ta g
make, i,self basely and sersileIy in.iru- "
sen, 8 10 ihe PROMOTION " Pn!ilcL siews /"
nd ohj-cU. II
The Bank WIS denounced ss mons'er. a
ming, as was declared. 10 rob The people a
their liberties, and IN subvrrl The Gar 81
rnmsai Of the country. TIE Bank 10 m
ibverl he Guvernment Why how b.
'uld The Bank continue TO exist alser he al
rer,hros of thai Gpenment 10 which 81