The Hillsborough recorder., 1878-09-11
STATERANKS

also have long ago entertained and express.
Cd, and do not weary Of repeating them. be.
cause We believe that the creation ofdomes.
tic banking institutions will do more 20 give
relief TO tie people than almost any other
measure of finance, because. as one effect, il
puts institutions In operation in sympathy
with ourselves, free from foreign control
land free from foreign dietation. The Ma
tional banks. limited as they are in number
aud facilities. are not built upon our own
capital but are mainly investments from
abroad. the surplus ,f fosergrown northern
capital seeking profitable employment. OF
course it is the object Of this capital to make
all ;he profit il eau, to charge the highest
rate Of interest possible, to scrutinize with
the most cold blooied distrasifulness the
validity Of security, and to press with mex
orable perseverance the collection Of out :
standing obligations. In all Of which they
are justified BY the conditions oftheir exis-
tence; and only exercise functions which
are inherent in human nature. Any man
Or any corporation which occupies field
without opposition must degenerate into
monopolies. however liberal may have been
the terms Of their creation. l,ut the terms
upon which the National Banking system
came into existence discarded very decid-
edly all scntimen; of liberality. IL could
only live BY the death Of another: aud il
struck down and throttled remorselsssly
the State Bank system. which might have
lived. would have lived in formidable ri.
yslship, but for the death blow of tax Of
ten per cent.
If the National banks had gone on to live
as other banking institutions. Us simple
joint stock associations for the investment Of
surplus capital TO make profits in the usual
channels Of business. while they would not
have outliyed the odiunl attached to :heir
merciiess disregard Of tie rights of others.
they might have escaped hostility which
i now pressing inexorably on 70 their de-
structiOn. When .heir fortunes and that
Of the bond holders became ona and indiyi-
sible. then the Nationsl Banks incurred
and deserved the fate thar attached TO the
otbe-. They became the willing ibstru.
ments Of the measures by which the bond
holders have aimed at omniPotence. and
through which the country is made to suffer
all the pangs Of monetary starvation.
The destihits of the National Banks and
the bond holders are intertwined. almost
inextricably, and in their hurtful coalition
have almost siiaed out the life Of industry.
The death grip Of an ever closing contrae.
tiOn will GOO until the interest Of the bond
holders will alone be left in vigorous sur
vival. The consciousness Of this 5egpIs
that strenuous opposition 10 the Retirement
Of the National Bank notes and the subsii-
tuition Of Greenbscks. ard i At the bottom
Of the hostility arraJed against the restora.
tien Of the State Bank system which j. made
70 stand responsible for the reasonable re.
assertion Of State Rights and to contain
within them all the fruitful seeds os fu.
ture rebellion. s.- ..r.
Sectional prejudices are freely invoked
as powerful insrumepts to keep in force the
fnaricial power gained BY the bond holder
aud the national banks 10 the time Of civil
commotiUn. The bond holders il Is said we're
the patriots sho pressed forward 10 save the
life Of the nation In is dire peril and 70 GIL
is Golfers With their hid treasure; aud the
N-tional banks ~ere the inspired agency
through which ihe patriotic liberaliiy was
made operative. I, vas cheap patriotism.
and il Vas shresd Yankee thrift by which
the investment d forty cents in paper was
turned into substantial yuld dollar, with
i perpetual interest of sir per cent in gold.
But this thing must come to an end or
the country must perish. Il cannot sur.
yise. vita one small interest grown i'm
mensely rich and al The rest starved out
The Nstieasl Ii4nk notes must be subSti-
tuted BY Grernbaeks; and when this !.
done, then the tax On State issues will he
repealed because there will no longer exist
aBtagraiism Of interest. Ia truth State
Banks viii become necessity because there
will be no others to call into existence.
Aud for ,hs relief Of the people We hope
that dsy 10 MT far distant. ---
-..s-..1.sss.@-s-
The Washington Post says: The greet
back i the money of tie people; The %.
tionaI hank note II tie money Of m oligar.
rhy gold and silver are the money Of M