The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-02-06
NJ REQUEST
From the Raleigh Register.
BANKING-INTERNAL IMPROVEMENTS.
fSo. 5.l


(No. s..
Mn. EplToR An emergency claiming my
attention in another direction and upon ,lif.
ferent subject, admonishes me to greater bre
,ity. I will, therefore, instead Of celebrating
the principles involved in this discussion,
content myself BY sketching the outlines Of
the policy which desire to see naugurated
in North Carolina, accompanied with some OF
the reasons in support ot the system propos-
ed.
One mode of forcing the monied interest
of the State to contribute to the construction
OF useful public works, has already been
painted out, towit; demanding an cqusa
lent for all Bank charters. But in lien ol this,
/ would prefer IN all such enacments a dis
elimination in favor Of the holders Of rail
road stock. As substitute for the old
Banks, so frequently referred to, whose stock.
holders for more than fifty years have been
accumuiating fortunes from the productive
capital, without adding penny 10 the az
gregate wealth, of the State, would have
Banking privileges conferred un tie Will
mngton and Weldon and North Carolina
Rail Road companies. The first, with a
capital Of s2G0a ,OG0, and with its principal
business IN Wilmington, could have suppl.
ed the increasing wants Of that cnterpriSeng
city; and the latter with a capital 0i 81, coo,
o9O, occupying the line Of the North Caro-
lima Rail Road, would De equal, FOR while,
al least, TO the demands for Bank acCOmm0-
datiOns from i auinrt to Charlotte. With
proper guards to pre-, ent TIM great and sud-
den an increase Of Bank paper, these could
have been gradually made to suppiant the
old Banks; as the latterwiihdrcw their notes
from circulatiun. the lormercould have filled
the vacuum ndsupplcd the growIngdemands
Of trade, aud with jndciOas management and
honest purpose, the two could have been
worked in bcaaiiigl harmony, avoiding the
evil predictions aad disspating TIE fears eI
those who apprehended general pressure
from sudden diminished circulation. And
though connected with the railroad compa-
mes, tEeY shuuld form separate aud desllnct
corporations, and be under tue management
IT >cpcratr ami distinct Baarls Of Directors.
In o'hcr words, the prilirles upon which
the South. Western Rlii Road Bank was
created an agent called ntpexi.tcnce toad
enc Gf the most gigantic enterprises that
ever characterized the efforts ol any age
should prescribe the boundary separating anil
regulating the cnnnec tom between them And
he,e might suspend al lasthcr remarks, and
throw msstlf upon the uniform succr,, OF thus
Institution for period D. eighteen years, a'
pcnary pruoI of The practicabiity oi tie srs-
TEN. During this period, sufficiently long to
test the usefulness aud practIcabliity OF any
financial agent, il has been an important all
inpct 10 the Railroad with which it is cua-
ncc;rd, aud q, the same time, made a. iarsc
dividends, afforded as muc.i accommodation
10 the community, and commanded as micb o
the public confidence a. any at its cuntem'
poraries. notwithstanding the 'sound aH1
fury signlfying nnihing' that wc have snoitef
heard from Interested sources about the dan
ger Of connecting Banks and railroads. ans
banking on rail road stock, experience IN ihi
and ntilrr instances has confirmed Tie pre-
,iuusly expressed opinions, tina; such institu
tiuns are a. safe and as nsrful TO the com
munity is any others that the wit Of man lla
ever devised aud put Ia operation. In Tact IN
prnpus s.tiBn /, sell evident. The Banks here
IN recommended are 10 b. based on Specie
lie unly basis IL successful bank operation
j with al tie guards for public protcctte
, thrown around tie present Banks, aud :
addition thereto rail road stork 0i elna
amount i pledged as collateral sfcuritY II
the saYenc, ii the Banks. Aud Il Il be- ad
mitied, as il j. BY the present Blmk ahrr
Gates. il,at these lnsiltutiuns are safe, ! am 4
, luss To perceive how the pedgc Of "tig
stock n collateral security eau render the
less -. Il j. SIMPLY prernstrroa- - I" atsll
and imagine tile Injection : lHa'ie mcres
, 10 trightea tie timid aud unrefls'rt ng.
The first pniat gained by tie adoption I
such policy j. the inspiring the h1euds I
public Improvements viii confidence, By ii
assurance gwen, that t,py Iusses. ilie g."
will and sympathy 81 tie Lrgi lature. an
that IT Banks arr necessary pablo agent
ennirrrlng peculiar social, commercial al
{ political influence and pnWcr ua the UaBrj
! IL stock, The iasur, waen parted With at 81
= will be cnRtidrd 30 a ela.s VIA ha,e su
and patriotism rnUggh to ad ~ the Improve
meut vi the State. aud Struggle Inr tie i,
: quisiiiUu uf fclltirs aetnan,ied by tie III
tesslties Of tie az aBa absolutely essrntt
: tOthe ftspc,iatliii, -, S9rih CafJ'tua Sacll
: determination .tttae.ttert las m,nit,I I'M
~ just. II important powers over the ea
: rcncy ul the STATE afe IL be impaired 10
p0rtl0a ul hes eitiLens, ~ lie nail,' 81 10 ei
sfpn pUIitt lrt i; pa, To- t!as, uI 81
Iatgad ani liberal views, rather Than t. tfu
pho have contributed nnihius lur tie q,
taRrrment 0, .Brtcir: ing the srf. act Mltit
: ruttlrs tie former u iluhupui ~ tar l,aT
u stack j. q gaarniee oi gnud lltl,. aud i
Impartial. iruirnt exercise oi the power 81
winch propose q invest item.
The srruni punt achieved IS the nF.anl
tiUa. IN connections with Raj Road cums,
j. uirs, IL q convenient anti sab, iinanc,al a-et
i. iirntlied III Interest, irOm which mUta
:. advantages will arise
al Aad ~ The laird place. the state, which
/. 4 large stock holder ia ihrsu EuiaiI tnl