The North-Carolina standard., 1842-11-16
THE GENERAL ASSEMBLY.

There are other measures of Importance in which the
people feel most pressing interest," and which like
ly to engage the attention of the Legislature We shall
touch few of them.
!, The Banks and the Literary Fund We have had oc
casion heretofore TO repel the charge often made By
opponents, that the Democratic Republican party
hostile to and desire the destruction Of all Banks
This is far untrue, that the Democratic party desire
to sustain State Institutions and to render them
far efficient to do away with any necessity for United
States Bank is true that party have been opposed
to the Suspensions by the Banks hrou the Union
and tothe disposition and policy which their sswhig
guators have pursued of making money plenty
at their pleasure We say, and expect, if the
Legislature do any thing with the Banks, will be
prevent the suspension of specie payments 1t is no
more than right, that while the community required
to respect the contract of Bank Charters the Banks
should do what they have promised the face of every
note to pay its nominal value, demand. This is
what all Banks ought to do, or be made to do
AS to the Literary Fund.- Committee will, no doubt,
investigate the state of its debts how far it is safe;
and what else should be done with it, 1t may become
question: whether its control should placed un-
der the Treasurer and Board be elected by the Less
lature themselves. This would be placing it where it
should be and render its independent of any
political considerations.
But the subject which will call more directly for the
action Of the Legislature will be to devise some system
if practicable beyond that of the whig relief Bank
rupt Law to the people from the heavy embarrass-
ment under which they now labor We have heard
several remedies One the issuing of Treasury Notes
But unless this be to large amount can do no good as
measure of relief 1t is the want of change or the
taxes that press heavily on the community but their
debts Treasury Notes would only operate to supply
the place of small change, and thus drivs out specie
without beneftting any one.
Another remedy is the suspension, for time of the
collection of debts. This mgh operate as temporary
relief But the difficulty of the matter is to know how
far the Legislature has the power CO. The act of 1912
suSpendng for twelve months the collection of any debt
by the stay OF the execution, the debtors giving two
freeholdeTs securities, pronounced by the Su
preme Court unconstitutional. A stay law is there
fore out of the question remedy for existing debts
How far it might be competent for the Legislature
10 interfere, so as TO require property sold under
execution, to bring two thirds of its appraised value or if
sold, give to the debtor the right redeem in given
term, by the payment Of the principal and interest
may be worthy of inquiry.
We hope whatever may be done, the Legislature will
not attempt to do what they authorized to do by
the Constitution But if it be practicable to ward off
the evil for the present. and to the property Of such
have become unexpectedly involved is to be hoped
it will be done. What this will be- we must leave to
wiser heads than to devise.
Before our next paper goes to press, shall have our
Legislature in session, and the Of knowing what
his Excellency has to say about the existing state of
things Should he content himself with attending more
to domestic matters and less the appropriate business
ot the National Legislature, it might be the part of
prudence aud of wisdom. We shall see.