The North-Carolina standard., 1837-12-25

six or seven others.
-. -5-=-s
~ FOR THE NORTH CAROLINA STANDARD.
s.. BANK CONVENTION. So
l was pleased, MI. Editor, to find in your paper
the proceedings of the late New York Bank Con-
vention. twill serve to inform the public, who
are answerabe for the continuance of the present
disordered state of our paper currency. 1t viii be
seen that eighteen States were represented in the
Convention, and that on the proposition that pay
anents in specie be resumed on the 1st Of March
nert, only three States, New York, Ohio, and n
Carolina, voted for it, tfurther appears that upon
every proposition to bring the Banks an early dis
charge of their duty, Mr.. Galatn voted in the afr
native; whilst the Delegate Of Mr.. Biddle's Bank
voted in the negative. Mr.. Gallatin has not only
the reputation of the most distinguished fnancer in
the country, but he is democrat in principle, and
feels that these Banks are created for the benefit
and convenience of the community. Whilst M.
Bidde, with his arsocratic notions, considers the
Banks as irresponsible, and the community as the
lions carcass, on which he and others are at liberty
to feast, at their free will and pleasure.
Can any one doubt that this result of the Con-
vention, hiss been produced through the manage
ment of MI. Bddle. 1t is certainly for the interest
OF his Bank to continue the present state of things
as long as possible. 1t is trading not only upon
false credit but upon dishonest capital. 1t still
has the credit of the late United States Bank and
according to its own showing, has actually issued
Votes OF that Bank since the expiration of its char
ter Tor banking purposes, upwards of Sir Millions
OF dollars. In this way it has been enabled, not
only to enter the Cotton Market, and speculate at
reduced prlces but has been able purchase all the
silver that was to be had in the southwest. No
one sees note Of the Pennsylvania United States
Bank; whilst those Of the late u States Bank are
IN daily circulation. In this way the Bank avoids
any call tor its specie, and evades the penalties of
Its new charter, in failing to pay on demand Is
tnls honest, or Is 1t not open and undisguised
knarery? Suppose the present Bank of the State
had been charged with the trust of closing the con-
Germs of the late State Bank, and it had issued the
notes of the old Bank in room of its own: Does
any one doubt that the Attorney General would
nave felt 1t his imperious duty have called upon
the judges for a writ of quo ararranto or scire
Jac'0s, against the Bank, to show cause why its
charter should not be forfeited for such gross act
OF malfeasance Nor can it be doubted, that such
an act OF dishonesty would have reused our com
munity to demand at the hands of the Legislature,
an early and efectual security against such an evil
Whilst l have supposed such case, let it not be
understood, for one moment, that / consider the
gentleman who now heads our State Bank with SO
much ability, as capable of such an act of turpitude
venture to say he not only condemns the conduct
OF Mr.. Blddie, as dishonest, but himself would as
soon be found purloining his neighbours goods as
praeticins such system of bank knavery.
And can it be possible that the Legislature. of
pennsylvania, now in session, can pass over such
an abuse of its chartered pFerogative, without any
inquiry 1t it shall, it will deserve much higher
censure than the members of that body who incor-
porated the Bank. They received large bonus
Tor their derelicion Of duty; whereas the present
Legislature has no excuse, unless its members be-
under personal obligations to the Bank.
but let the Banks beware that the patience and
of the public has an end This for
bearance has been exempli6ed in a surprising de- /
gree IN the conduct of the public towards thei
Banks. The long patience, amounting almost IN
tameness, with which the people have borne the
outrages OF these moneyed institutions is only to
De equaied by the irresistible force and unrelentinp
severity, with which they will punish the authors
OF tnese grlevances, when they shall be reused to
ac'ion' Ihe passion of the public may be slow,
out "hen once reused it is not easily extinquished:
out Is nourlshed to gigantic size and vigor under
the silent meditations Of their wrongs, until its
steady vengeance becomes terrible indeed. "Be-
ware the fury of patient man." If the Banks shall,
persist in their refusal to discharge their legal and
moral obligations, and the Legislatures of the conn
try shall fail to coerce them into prompt compi-
ance, then the People must and will act for them
sei'es. HONESTUS.
FOR THE NORTH CAROLINA STANDARD
THE NEW YORK CHARITY.
we have often heard the expression. /" intorica-
ted aetth joy," but have never heard or seen go
striking an example as the victorious wings of New
Y ork have exhibited. They remind one more of