The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1843-07-20

tNflf AA-t 1~"A - IS Luitru Stale
is constitutional. end thai il Is not Of Fe
dsral origin. il remains for Ds 10 show 4,
s1pediney -sad practical utility. Ca
this sabjecs we have abundant testimony,
and % such kind a. ought % have grea
weight with those who honestly entertain
views in sPposiiiOn 10 Bank.
The first evidence thai we shall adduee,
iseonlained 10 sIelIerfrom President Mon.
roe % silas E. Burrows, esq. or N. ".
in 1891. We quite largely from this
lslIer. Is il presents this poini. in eonnee.
lion with Others ina. We have discussed,
in very forcibls light. lie says:
"Yos .sk ms aha, Is nv opinlan OF ne
sifeel ahleh llis Uaned ) :. Bank has
on The national currency. and as % ne
pollcy II rrnewiRg Ils ehsfleIl what the
ltlslon ol the Government. without he
I'D. during the last wall wh.l rs general
sdsart ges IN regulating exchange. IN
fIcliiistlns reiniilancss 10 individuals, aud
rs general Inpvr,sneri
When the oil Uaued States Baak
Vas tr,l instituted, | wss one Of those
whs vusrd agahsl u in The Senate.
doObed the pI~er of the Government,
undoi The Con,tish0a. - make such an
cssb islment, AID VAS fearful thar the
haisacs which q would give 20 The Gn-
yeramrR', ossr the maneyed concerns uf
tbs Union would haze very improper
sf rcl nn uui Tree system. The baak was
in.tIiu ed .aon alter The g eernmeRt Vas
sdoi ted and 4 period ~hen lhr question
Of lhe relsuye powers 81 The twn Govern
mems exclt,d gren leeiiog aud dls,dsd
che Congress of The Ua,on in,o very ira-
loss snd si,lent parties. ] vas " Inst
putty which construed .he powers VI the
NE nalonal Government surely. and
scagh. 70 nnPnse on i correspondent, 'e-
str,lnts. Ssiar as any change has tskrn
place IN my oplmon, Il has ben The re-
sulI Of experience. sad prompted by
belief ,hstsaeh change Would give strength
10 he syseR, and mol weaken or endsn-
gsrr."
Alter presenting some objections 10 the
Stale Bank system, and TO Govern nenl
Bank, or, as il might be called. Sub.
Treasury, Mr.. Monroe proceeds:
"a nanouaI bank occupies different
graund Co nec,ed With The go,ernnen,
by u. caar,er and IT'S ca,,ilaI. winch con.
si,ls u stuck, 10 wh'ca the government
Prucipsits IN . certain degtse. there -
no Instance IN which, on principle, there
can be difference OF interest between
them. aud many powerful considerations
BY when the Ia,cresi Of tho baRs anus,
stimulle il 10 support The credit II tie
government IN any siluauon IN which IL
may be placed. II The credit 9TH stock
should sink. the espit,l uf she bank would
decline ~ equal degree; The effect oi
VIII ch would be (e'I IN ill us "perst,ons.
Us paper would depreclate. and a check
be gwen 90 lis cIrcUls,ion. II not an entre
suspension. Standing a. the EeId ii the
moniej operation Of the Government, Il
is lis iateImt dls'e agent IN mskng re.
mittances 10 banks aud individuals
tnoughout The Uu'on, and lksiss be.
tween individuals, IRON which much
credit AMI influence are gained il no,
prof. Il has the mesns, aud may be
considered the mott powerful agent IN
raising and susls ning The circulating me-
dIum an a par wrh specie throughout
tue Unmn, and IL elevstlng the Staie
banks IN i, standard, by suit chng them
To the Necessity u reaching aud aiHertns
III, 10 sus am their credit, aud even ten
existence. Lee Ihs credit Of the govern
ment sink, snd all these advantages are
lmt. Tue bank, therefore, from regard
10 interest, is bound 10 sustain Il. The
directors, except The few appointed by
The government, are elected by stock
holders, ard are smenable To Them. IL
gives It's supper, therefore. T. me gov
er"ment, on principles Of ia ion4l policy,
in The support of which II Is interested,
aud would d,sdain becoming an ins'ro-
ment Tor aly utter purpos'.
"rbe view above ptesealed 10 sup
ported by txpi renee. and particularly.
by The events OF The late war. When
the war commenced, tue Government
had not The funds wGieh were netessHy
10 support it. aud was. IN consequence
forced u resort to loans. winch were
with difficulty oblaIned iiom any quarter
even 10 limited degree, aud on uniaso
rAble terms. have not the oihci'l do
cumen, before INC, and cannot state 'he
sources from which any ioaas were oo-
tanned, mr. the conduons,- with Tue De-
cline Of the public credlI as The war az
vsnced. | we'll Iemr mber, however, mat
whsnI was called by the Pre-Iien. 10 The
Department. Of War, on the Sls. August
1914. thu certificates Of Tue Isea.af,
were selling a $50 intae 800, by vine b
$40 were Lust. Il was evident 'ha' u .