The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-02-06
No. 1924.

000l could be raised without difficulty on 90,
25, or so years time, AT an interest of per
cent, to be paid semi-annualIy But at this
point, the Bank demagogue, (for be it remem-
bered there are demaSogues upon all sides Of
all questions,) affects to be pradigiously
alarmed at the idea of increasing the public
debts, and recOlnts in smoothly turned sem
tcnces the evil OF such policy. Let not this
Edeclamation, worthy of consideration when
properly applied, deter the reader from pro-
Il per discrimination. II depends entirely upon
the object in vlew--the use 10 be made ni the
money borr0wed-whether public debt Is a
burthen or blessing And in this particular
instance, the object in contracting debt Il
to get out of debt. Two millions, five hum
dred thousand dullars, or any other sum har-
rowcd At az interest Of 6 per cent, invested
in Bank Stock, yielding per cent will meet
/ the accruing interest and discharge the prin-
clpal IN % years. This position was admit
ted recently % the writer Of this article. by
two of the ahlest linanciers in the State, now
at the head of two of the most successful
Banks in operation within our limits. Each
Of them, without hesitation, stated, that il he
had the credit to barrow large sum of mo,
Iney, as the State is admitted tn have, on 20
]
cent, and the privilege Of banking upon it,
under liberal charter. he would do SO, and
be able, after paying all expenses and inter.
est, to make the principal clear in % Gears,
II, then, the judgment o these gentlemen II
to be relied on or the success 0i the Banking
institutions which have been committed 10
their Supervision is to be taken as the gauge
by which to measure future praft, irum ST.
mlar investments, no risk is incurred by the
State in extending her operations in tins as
prct, and appropriating to herself greater
amnant of profits 10 b. derived from this
source. And thu principles here insisted on,
h,ing in due time applied to the Raleigh and
Gasrau, the Wilmington, charlotte and Ru-
theff1rtl, and the Eastern and Western Ex-
teasfons. as the business created By them, and
tie expiration of other Banks, make it ne
cc,sarr, an impulse will be impaired to the
spirit at improvement, an upward tendency
gwen 10 railroad stocks, that will enable the
State 10 make available, at pat value, her
present stocks. transfer them to new compa,
nics, and thu, coupled with Iudyt, euler-
prise aad libesaity, 20 on from pniht to point,
until the barrier- 0l the AlicghaHins shall be
broken up. every section OF the State SaSdnc,l
by the power IL steam, and every neighbour
hnml accommodated ai brought int0 close
proximity with every other portion of the Old
Nurth slate-dissipatins sectional preiudces
aud uniting in all the elements Of prosperity
sncal intercourse and political and cOmmer>
cial success, every interest in tie State.
Tie vantage ground from which to COM
mand all thrse results, aud put fully into
operation this scheme IN all It's parts. was
. partially lost by The legislation uf last winter.
But an inviting iicld still spreads out beInrc
a., and &c the people will but seize the OPP
nurtanilY aud force 10 their aid an engine
ihathaS nllrii enlarged tlIrcgnimrrre oF cities,
pncrsiZcd communities to renewed efforts in
publfc enterprises. and G en- relieved Cow
crnmcnts from pergaiary emDarrassments.
the Iutare Of Nurth Carolina Is made brilliant
by the wc!l.founded hopes Of siorupS drs.
tiny. LEON.
: PSI beg to add, in support Of the fore
goiug argument, tue following paragraphs, cut
from new spapef~ Of recent date, to wit:
: The bank Of Natle.burough has declared
! dividend Of per cent, lor the past six
;, months; aud il has, besides, been able to car.
i ~ near ) per cent Ia reserved profits. lts
= new Banking House is nearly finished.
Fay 0is
;. "The Annual. Report of ,ha President of
!. the Commercial Bsnk showed highly pro-
p iita5le year business. the Bank having dc.
b, cldrcd two semi.anhuhl disldcuis Of PER
!. crut. each. Thc contingent tlul. including
! the profits If the last tire, months, are naw
equal 10 - per ccGt. net" M Ha-.
If Thus It vii be srcn. that while tae c m
II munity i'opptc,,cd, tte Banks flourish. Last
% year the prntit, nG tar Commercial Bank WrIe
ii rs pr CrHt: and ia.- yrar il d5viics 10 per
IL cent. among tue stockholders, aud increases
;, ~ reserved fund q 2!l per cent The
ID Nddesboruulh Baba has made, for the lat q
= mnutas, at the rate 0t tG per cent. per annum.
L. upon Il captial, clear IL al expenses. II the
nj Banks snu.at IL be created do as we'll, or
?. even bali as we'll, tie State will BE- able. in a
E. very sh1rt time. % fid hct.rIf Of debt, aud
4. reduce the taxes 10 the old standard.
Al ~~s~~sy~,.s~sssssssSs>
ia 0rpriAL CrRE.rnuS 81 fuE BRuoKLyN
III Navy Iasp.-Cunsdrrabir excitement ha,
d. been produced Among certain officials 10 tic
Branki,n Nayy Ward by the disclosure thai
il. the Secretary ol tie Nay Is inNestizl,irs :
d. charges us alleged corruption amuag the
50 " bis.c.." Two uf the latter, il j. said nave
i. already hern dismissed. Il is charged that
rh snuir u tlu heads If fdepartmeHt., inaiaitiun
X 10 receiving guu.i Cat salarir. FROM cur Cow
IN crumcnt, haSe been ii tie habit ol dnng some
th business un their nwD actuual Among thcil
saving operators was uHc ui hiring mechanic.
a. Tor :. .1m tiaa tie, we're +" bnuke5, and
a pariiuu VI ibe Surplus wages was gten syeiS
Il, PAYDAY To- the bead d thc department in ".
al Der tu retain tie stu iioH. PeruIativns d
long staining have ai,n been brought to li.ht
~ =~-1zsz4---ss-az-~ss
n Grnll.iy i neither in b.llIl. wealth. man