The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1877-11-14
FINANCIAL NEEDS.

on Congress Is for relief from their moneta,
RI troubles In spite Of abundant crops OIL
all kinds. there is no money to move them,
with the exception perhaps Of cotton and
that not to the advantage Of the planter,
bat 81 the Northern buyer. or the Boutherr
Commission Merchant; the planter being
little more than able to reimburse his fac
tor for advances made during the year; the
consequences being that very little money
gets into The general circulation. and thu
satton crop becomes simply Medium fol
paying debts contracted in its cultivation
The national banks perform their fune'
tions only to the extent Of aiding northern
business. and SO far from being an aid tc
the South, stand 10 the way Of lis progress,
BY the fayoritism o. the Government which
enables them to exclude al. local banks
from competition. This is where relief from
Congress should come in.
There is only one reoeemiDg feature in
the national bank system, and that is the
convenience Of perfect uniformity from one
end Of the country to the other. This adj
vantage is counterbalsneed BY another,
which Is the mutual dependence Of all the
national banks. the one upon the other. all
alike sensitive to the causes which affect
any one in any part Of the country, the cir
culasion Of all flowing BY compulsory grayi-
tation to any central point oftrouble these
central points being naturally aud ipevita-
bly, the great commsseial centres, into which
circulation has been gradually absorbed .
tendency abundantly illustrated. during the
last three years, and during which time
there has been no INDIGESTION Of retlrD
flow.
The management Of The national banks
IS no. the snhject Of our complaint. They
are honest enough for anything We know to
the contrary. But they are not and can.
not be 10 sympathy with the people. Their
object i to make money. 10 the South.
they are mainly based upon Northern CAPT
tai. They are independent Of public opin-
ION; they are deaf 10 complaint; they ara
disposed to be independent Of legislation
aud We have seen that they can effectually
resent interference With their prerogatiyes
But suppose them to be ever 80 kindly dis
posed, the very terms Of their existence
compel them TO a course of bard dealing
They substitute for specie basis that q
U. s. bonds. for the purchase Of hundred
dollars o. which one hundred and fifteen is
required and Of which only eighty i've il
aIlused TO 90 iusO circulation. the rest be-
ing held back as reserve. As their stocl
il quoted at par. to make dividends on thai
value. and to pay clerks. taxes &c. they
are compelled to charge high rates Of int.
rest.
As We have before said. these banks arr
unsuited to time Of peace, since they re-
tain national character and 4 national con.
troll when the time for such things has pas
ed away. Il isa continuance Of the union
OF the purse aud the sword. when the on,
should be free, the other laid 10 It's scab
bard. The time has come when financial
freedom should be restored 70 the States
They should be At liberty 10 resume. sys.
tens interrupted BY bostilities. aud to 70.
store institutions destroyed BY the war
profiing b the experience Of The past, and
cooperating with the national system e
that degree that expectancy makes proper
The taxation upon State tissues is . badg,
Of rehabilitation agains, which the wObder
i there has not been earlier protest. Waai
more ssriIe admission 81 iDferority can b.
made than the quiet submission Of States
for 80 loug to al imposition which brahdi
their credit with penalty: The inherent
right 81 State 70 authorize It's own bank
n issue Is ii veil founded IS its right TO is
90. its bonds. or as the right Of individu
ais 70 give their notes Of hand.
n this taxsiion were removed one i'm
portant step towards relief will have besl
taken. Il will occasion the creation Of I
home circulation. independent to great de
gree, o. external pgits,ions; il will origi
nate home institutions. employing home ca
pital. and consequently, 10 sympathy wit
thq whole people and in doing these things
Il will Get 10 motion industries syerywber
which arc now absolutely siSruant for th
want q some stimulus.
We Cad ir the Raleigh Observer, rla
submitted. as that Journal says. ~ one .
.hs most skilled and experienced fnaDciri
il the State. and whom We take 70 be Col
wm. johnson Of Charlotte. We submit
them without present comment:
FyrM-.,et greenbacks. gold and silye