The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1856-02-26
A RAILROAD BANK.
PUBLISHED BY REQUEST.
From the Salisbury Herald.

the North Carolina Rail Road, am sorr,
to see that you have had nothing to say il
, favor of comforting Banking privileges o.
, this great work.
Judging from the success of all the bank
that know of in this country, that are con
nected with similar works, feel conhden
if Bank was chartered nearly upon thu
terms proposed last Winter, such an insti
tuition could not fail soon TO relieve the
people of heavy taxes, and ultimately the
State of debt: while. in the meantime, i
would, in no small degree, be instrumental
in building up our own towns and the indus
trial interests of the State.
As. our Banks are now organized, they
do little or nothing to foster and stimulate
the industry of the country. You are aware
that our Banking capital is, to speak in
round numbers, not more than six millions
of dollars. This sum is altogether made
quate to the wants and necessities of our
hpeople. AS proofof this, compare our Bank
ing capital, wealth and population, with any
or all of the old thirteen States, and see how
it dwindles into mere trife when compar-
ed with any of them-especially with the
most powerful and thrifty-say Massachu-
sets, Rhode Island or Connecticut. An
other evidence of this fact, there is scarcely
day passes but there are q number of
good notes offered at all the counters of our
Banks, that they have not the ability to ac-
commodate. This being the case, they are
uniformly very choice as to the paper they
discount. Let me give you a little of my
experimental will say have had some
as an endorser and little as q borrower
and [ can now say with truth l never en-
dorsed note of a Spectator, l care not
how tight the pressure, but what his note
was discounted. They are uniformly ac-
commodated for the reason that they agree
to redeem their notes when they return
from the South with Northern drafts. And
as the Banks get as much discount from
them as any other class Of customers, and
can sell the drafts they procure from them
for one and a half per cent premium, of
course it is to their interest to accommodate
the Spectator before any other of their Gus
toners.
l could refer to many instances, in my
own personal knowledge, where men en-
gagged in manufacturing Iron, Cotton-yarn,
Cloth Leather, Mining, Sc, have been re-
fused discounts on as good paper as ever
touched the counter of any Bank, and the
next day the Spectator was furnished all he
desired, for the reason above stated Now
let US suppose, for a moment, that Banking
privileges were conferred on the n. G.. Rail
Road, and gentleman in this county en-
gagged in manufacturing Iron, Cotton goods,
Flour, or anything of the kind, needed an
accommodation from the Bank Accord
ingly he would procure his endorsers, and
after drawing his note and getting it duly
signed, he would present it for discount at
the nearest Branch of the Bank. The
Cashier would enquire what he wanted with
the money, and the applicant would inform
him that he had quite g number of hands |
employed in the manufacture of Iron, Cot
ton goods, Flour, Leather, or was engaged |
in Mining, and wished to employ hands en-
ough to raise fifty thousand tons of coal or |
copper week-would it not be to the in |
terest of the Rail Road Bank to accommo-
date this class of men, provided their paper
was of an undoubted character, before any
others? Most assuredly it would. And
why? Because they are engaged in man
ufac turing freight for the Rail Road.
Not to be tedious, | will give you an ex-
ample: Suppose, for Illustration merely,
that Mr.. Leroy Springs of the enterprising
town of Charlotte, desired a discount to go
up into Wilkes, Surry, Ashe and other Yves
tern Counties, after harvest, to purchase
wheat to supply his mill with grain during
the year; and he, instead of STIMULATING as
the Spectators do, to discharge his note in
Northern drafts, would agree, instead of
sending his Flour to Charleston, to forward
the whole of it to Wilmington or Beaufort:
would not Bank thus organized have
tendency, and apowerful one, too, to protect
md encourage internal improvement men.
md the industry and enterprise of the State;
% say nothing of the certainty Of it soon
bringing up the stock in all our Rail Roads
% favor and thus enabling the State to ex-
end them in every direction, without bur
hening our people with enormous taxes
know this has been the case in Georgia,
nd to some degree in South Carolina and
could not fail to have the same effect in
his State. At any rate, l, and many 9th
inf - e Al
nd will spare no pains to promote such men
S go for this important reform Though
one of US be personally interested as stock
olders in any of our Rail Roads, the State
y to the amount of millions; and therefore
e, as taxpayers, are interested to the same
xtent.
L hope, Messrs. Editors, you will insert
lis hastily sketched article, and that the
allsbury papers may copy the same, if no {