The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1855-12-26
my Request ]
From the Raleigh Register,
BANKING-INTERNAL IMPROVEMENTS,

\
Mn. EprroR Banking is a valuable priv
ilege, and no one has a right To engage in
II IN North Carolina without legislative per-
mission, The advantages derived in the
use Of ones money from such associations,
with liberal charters, will be more CLEARLY
perceived by running parallel between the
rights Of private individuals and bank corpo-
rations. The. frstare prohibited under hea-
w penalties, from issuing notes for clrcala.
tion as money, or taking more than 9 per
centum per annum for loans : and out Of this
compensation for personal attention in loan
ing, renewing notes, securing and collecting
taxes due the State, lost debts and attor.
neJs' fees, &c., are to be deducted, leaving
only about ) per cent. Of clear annual profits.
On the other hand, bank associations are
placed in possession 1T all the advantages Of
aggregated wealth they have the right and
occupy the position to control almost the en-
tire exchange Of the country to receive aud
speculate on deposites; to issue and collect
interest on TWO dollars Of their notes for {, :
cry one Of their capital; appropriate profits
arising from their lost nutes; power To Ell,
/ large and cantract their circulation at pleas.
IRE; to make money plenty or scarce, and
thereby fluctuate the prices Of property in
market; 10 favor me man aud cypress an
other;-in fact, thew are invested with pow =
or over the circulating medium Of the coun.
try, and ef consequence an undue influence,
il they choose TO exert il, over the political
opinions as well as the fortunes Of the citi-
zen.
These peculiar privileges parceled out by
the Legislature to Bank corporations pro-
duce their legitimate results. While indi-
viduals are restricted, as we have shown
above, to the receipt at 5 per cent. profits,
the Banks have been able to realize, clear OF
all expense, an annual profit Of 8 per cent.
or more; for il must be remembered that the
salaries Of officers, rent Of hnuscs, insolvent
debts, attorneys fees, taxes. aud Other ex-
penscs, are always deduccd before dividends
are declared, and the income estimated al
s per cent. is clear annual profit upon the
investment.
And not only is this pecuniary income
regularly and semi-annualiy received, but
there are other very important advantages
incident 10 such connection with a m0nicd
institution. To business men who fully IN
Outstanding the use of muncy. il is worth at
least two per cent. more. lie stands, as il
we're, behind the curtain. and Is eognizant oi
the purposes IL thase who control this 20,
tent machinery. lie IS informed in advance
when they expect to enlarge and when con-
tract their issues, and consequently when
prices are likely to rise and when 10 TALL.
! Being thus iorewarned. lie is fOrearmed. lie
regulates his speculatI0ns accordingly, acts
mp to the indication. of this munied barome-
ter and lets the times be eight" or "casy"
he falls, like ] cat. upnn his leet. And hence
il was that Nnltaire wrote: Here am ly-
ing in way suited to my habits, and caring
but little fuf Tomorrow for have friend,
director in the Bank OF France, who writes
TO me whenere money is to be made in the
public funds. Sometimes he writes to Inc
desiring me to sell because the Bank Is 90
ing TO Withdraw its n0tcs at other times he
bids me buy, for we are going to issue qGan.
tlty Of notes and. 80, through The Kindness
Of friend | always make money, though
living two hundred miles from Paris"
Again when a crisis Oyertakes the com.
munlty anL iayoritc stakeholder in Bank
is from accident or unIlue caution caught out
from shore exposed 10 danger or temporary
distress, be can command loans when others
less a,oraJly situate, cannot. Money j.
made scarce with others that ii may be plen-
y with him. Collections are pressed--out-
siders forced 60 pay, 10 order to enable this
Bank farurite to weather tie storm aud sus-
tain himself And Why should they not do
so: PLACID by Legislative partiality u pus-
session Of part pl The sovereignty OF the
State, with pUwer TO furnish aud control Tie
currency-prniectcd against an increase Of
taxes, and with the right 10 speculate upon
the industry Of the country without limit
safe IN one particular, Is II expected that
they will use their power otherwise than for
the accumulation OF wealth aud the building
Up of influence and power: 10 suppose
that they will not thus act j. TO ignore past
experience aud allow TO this clas, greater
degree Ut PATRIOTISM aud lbeFality than can
be Justly claimed for the mass OF mankind
II is human nature 10 be selfish and assn.
CATIONS unrestraned. as individuals are, by
the fear oi personal accountability 20 public
upiniun, aud that sympathy far suffering hu-
manity which cOnuterdcts, to some extent,
tie inherent seiishness II tie heart, are
generally limited BY little else than catCula.
tons u interest. And hence all legislation
comforting such privileges ought 70 be- enact.
ed with the understanding that the powers
granted vii be used by tie corporation Tor
die promotion IL their nwn interests anil
public benefits, i They result al all. will be
but an incident flowing from the exercise d
the power welded primarily for tie purpose
Aforesaid.
These remarks have not been ELECTED
by personal hostility TO tits class, or .
conviction that they are worse than other
men. meat no such thing. Ia the origin.
IL creation of these institutions equal chan
ees we're offered al to become tie owners Of
tie stock. That -uiue secured il while uih-
eF. lid not, only argues that they Stood
~ more favorable position to 10 50, and
-. III Il "a Il.