The North-Carolina standard., 1842-12-21

moment that the Banks will pursue more lbe-
raj course by enarging the line of their discounts
and thus relieve the people by sustaining the va
lue of property, let the delusion be dismissed at
once and forever. The managers of these ma
chimes are too wise to forget their own interest
What they for the cries and distresses OF the
peopleP The Legislature created these institu-
tions for our benefit but their managers have con-
verted them into engines of the most cruel oppres-
sion. Can any one be so simple to believe that
Bank would loan money at per cent. tfor that
is in truth Bank interes) for the purpose of sus-
tanning the property of an individual, when by re-
fusng to make the loan, the property might
be bought by a third person, at one-ffth or one
tenth of its real value, and thus a Bank by this
means might make instead of per cent. at least
FIVE hundred or a thousand through speculation.
Let no man tell me this is harsh uncharitable
Judgment. l have seen too much of the world
and of human nature not to know, that man is ca
pable of almost any thing when his interest is at
stake We need not, therefore, in the present
condition of the State, expect any aid by way of
relief from the Banks. - | have already argued,
Mr.. Chairman, to show you it is not their interest
to afford any, and even if it were and they most
solemnly promised to furnish it, for one could
not and would not trust them for one moment
They have so often made promises and failed to
comply, that nave no confidence in them what
ever. Seeing then no other alternative, j! be-
COulCS LH0 uuly VI luC LCSISuIutC W sup III
rectly and screen the people from utter ruin
Pass the Bill as amended on your table, and l
have every confidence that adequate relief will be
found in this important measure 1t will lnfuse1
confidence between man and man in every quar-
ter of the State and communicate gladness and Joy
TO every honest heart. am not particularly
welded to the provisions of this Bill Ifits details
can be amended so as to give more satisfaction
without yielding the principle am perfectly con-
tent. If as think, have clearly demonstrated to
the Senate it is not the interest of Banks under the
control of selfish individuals to relieve the people
from their present embarrassmcnts, ii is not 10 be
expected that monied men who have even no con-
nexion with banks would do so; because both are
alike interested in making money as
possible so that they may have it in their power
to buy in the property of their fcllow-ctzens sold
under execution at little or nothing. Seeing then
no hope from either, whence are we to look for
aid but to the Legislature. In one sense, this bo-
dy is perfectly omnipotent 1t represents the SOW
ereign and supreme authority of the State. Its
will can create and destroy at pleasure whatever,
upon fair experiment may be found to be an in
novaton upon the constitution or the rights and I
liberties fthe great body of the people 1t never
could have been the intention of our forefathers
in framing the Constitution, which guarantees
equal rights and privileges to all to have invested
one portion of the people (simply because they |
happened to have a little more money than the
rest) with authority to Cypress and make slaves of
the others. And yet this appears to be our pre-
else condition at present. If not absolutely bond
slaves, many honest good men are afraid to speak
their sentiments because they happen to owe some
few hundred dollars; and thus by
the force of Bank achinery, in few years, if
not arrested, they will entirely destroy the indie
pendence and well being of the States Instead
of highminded Freemen, we shall become hewers
Of wood and drawers of water. One question then
recurs, what under existing circumstances ought
he Legislature to do, what will most likely
relieve them of present embarrassment and pros
pectve bankruptcy and ruin. That something
must be done is clear, and after all reflection, from
he deep and ardent solicitude which l feel, l am
perfectly convinced that no more effectual measure
IF relief can be afforded than that contemplated by
he Bill now on your table. l wish not and do
lot intend to impugn the motives ofany gentleman
IN this floor, who may think proper to oppose its
passage. doubt not in the least that every Sena-
or will give an honest and conscientious vote
,ut while l concede all this, am perfectly we'll
lware that this important measure is destined to
from certain quarters the most violent
md bitter opposition. And why 500 Because
elief is sought to be obtained Immediately from
he Legislature and not from the Banks That J
influence, then and the influence of shavers, stock
obbers and men generally who live by their wits,
md in fact all that class who fatten and grow rich
pun tuC SuHCLuS VI Will Uo LO
,ear upon and if possible to defeat this measure
'ut Mr.. Chairman, for the success of my cause ,
ely upon the virtue patriotism and intelligence of
his Honorable body. know they represent an
lonest industrious and highminded constituency, /,
re acquainted with all their wants and stand pre-
Jared TO sustain their interest. In the few obser-
'ations made the other day upon the introduction
If this Bill endeavored and hope successfully :
90, to demonstrate both the expediency and con-
ofthe measure quoted the highest ,
judicial authorities of the country to sustain my
'ositions; and as yet have heard no argument
n or cut of DOORS to impaip in the least degree
ny confidence in the soundness of those views. =,
wish not for this great measure of deliverance and
liberty to be looked upon as party measure at ALL
t is my ardent and honest desire that gentlemen +
m both sides of the two great political parties may .
ONE together upon the altar of their common y
ountry and mutual interests. But, says one this !
5 whig measure, it is going upon whig ground, >
is anti-d democratic; for they go for hard money
and no paper at all-vide the great = =
Democratic speeches delivered in Congress on the
ubtreasury scheme in 1837-'38 and 80. This r
mistake. While the Democratic party have ;
Uniformly contended that according to the Consti-
1tion, gold and siIrer are the only currency re-
ooniZed in that instrument thew never have con-