The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1844-07-04

sslOst4ALy - BsakIRg . Eitn. lfssel-
lIss,, whsn ! 10y, d hare bssn PEsssai -
ira e. l7e3. Nkea drbais osesnsd -
ne Virginia Legislalurs on pEoposHacn.
ihink Il uas. 70 resev he rhaFssF q ,
bsnk II Alexandria-lhe hrsa thal ever
uas established il that stsir. and 4 Nas
warmly opposed sd earned siih some
difficulty. Afterwards. Virginia. 6ndng
herself sussonnled BY states lhsi had
Banks, and sl.al she was subject . al
MISREPRESENTATION, whaieyerthry might
| Sc, resolved 10 establish banks upon ,
more extensive scale. and accordingly dld
establish ivo prineipal banks with branrh-
ing powers. 70 secure % hsFsell whs'eser
hsnefts mighI arise from surh instiin-
ions. The same necessity thai prnmps-
ed, At thar period, the legislation Of Var
ginia, would hereafter influence states
having no hanks. bul adjacent 10 those
which had. II follows. therefore, that herr
are. and probably always viii be. lnesl
hanks. These local baHks are often r.
walls. NOT only acting without eonreri. bal
In eollisinn with earh oiher. and hasing
very imperfect knowledge nf The general
condition uf the hale circulation Of she
United States. or The State Of our none
iaty relations with foreign Powers. TIE
inevitable consequence must be. irregula-
ritz in their movements. disorder and
unsoundness in the currency. and IRE
euent explosions. The existence OF To-
cal banks, under The sulhoriiy and con-
trnl Of ihe respective States, hegeIs a'ne-
eessiiy Tor United States Bank. under
The authority and control of the General
Government The whole poser nf 60
vernment is distributed in The United
States between the States aud the Fed
rraI Government. al that 10 general
and national, spperiains TO the Federal
Government; all iha, is limited and
local 10 the State governments. The
states cannot perform the duties Of the
general government, nor ought u TO NJ
tempt 10 perform. nor can II 50 well exc.
cute, the trusts confded TO the state GO
yernmenis. We want National Army.
a National Navy, National Post Office
establishment, National Laws regulating
our foreign commerce and our coasiing
trade. above all. perhaps, We want Ma
tional Currency. The duty Of supply
ing these National means uf safety, con-
venience and prosperity must be esecu'
red By The general government, or II will
remain neglected and unlulhlled. The Sc.
veral states can no more supply national
currency, than they can provide armies
and navies for the national defence. The
necessity for q national institution does
not result merely from the existence ol
local institutions. but il arises also out oi
the fact that all the great commercial na.
tons Of the world have their banks.
England, France, Austria, Russia. Hol.
land, and all the great powers Of Europe,
have their national banks. II Is said tnai
money is power, and that to embndy an(
concentrate il in bank, il TO crea;e a grea
and dangerous power. But we may search
The records Of history, and we shall fint
no instance, since the FIRE, introduction o
banking institutions, nf any one Of then
having sought to subverl the liberties O
a country or To create confusioa and dis
order. Their well being depends upor
the stability Of laws and legitimate anC
regular administration Of The government
II il were true that the creation Of banI
is 10 embody monied power. is no, sucl
power in The hands Of the general 60
! vernment necessary to protect he peopl
/ against the mnnied power ia the form O
| banking institutions in the several states
and in the hands OF Foreign Govern
ments, Without it,, how can the com
, merce Of the United States cope and com
! pee with the commerce Of foreign Pow
, ers having national banksl In The CON
mercial struggles, which are constant,
, in operation between nations. should W
. no, labor under grea, and decided dsad
: vantage, if we, had n" bank and they ha
/, their banks! We all recollect, a fes
years ago, when il was alleged TO be tn
D policy Of the bank Of England 10 reduc
l the price Of "ur great Southern staple; i
order to accomplish that object, the pol
!, cy was adopted Of refusing to discour
p the notes and bills of any English hou'
( rs engaged in the American trade. IF
D hank OF the United States had been in e,
4 istence at that time, it could have adup
: ed some measure OF coun eraclioni b,
b, there was none, and the bank Of Englan
1 eflertrd its purpose.
4 II has been asked, what will you hay
: banks, merely because the monarchies
r Europe have them! Why not also il
$ 'roduce their King, Lords and Common
: and their arrlstoeracy! This is a yer
il shallow mode Of reasoning. | might asl
l. in turn, why have armies, navies, Law
!, regulating trade, or any other nation
d institutions or laws, because The mona
T chies of the old world have them! VIII
Il eat. or drink, clohe or house ourselv,
= because monarchs perform these oper
h ti"ns! ] suppose myself The course
d true wisdom, and of common sense, 10
= IN draw from their arts ssciencps and r