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

cidcd in the affirmative, yeas 80, nays 18. The
yeas and nays demanded by Mr.. Rogers which
were as follows
Those who voted for the Bill were Messrs. AL
Brown, Burgin, Cathey, Dobson, Dockery, Ed
wards, Elliott, Hester, Jacocks, Jones, Joyner,
Larkins, Miller, Morehead, Myers, Pharr, Rea,
Reid, Ribein Shepard, Spruill, Stafford, Thomas,
Walker, Williams of Person, Williams of Frank
lin and Worth-3O.
| Those who voted against the Bill, were Messrs.
Arlington Boykin Boyd, Cooper, Emmett, Exum,
| Howard, Hodges Melvin, Mitchell, Moore, Moye,
Pasteur, Rogers, Speight, Stallings, Swinson, and
Tominson-18
On motion of Mr. Myers, the Engrossed Bill
TO lay off and establish County by the name of
Union, was taken up, and read the second time
and passed. The yeas and nays demanded by Mr..
Moye
Those who voted for the Bill were Messrs
Albright, Allison of Orange, Allison of Iredell,
Brown, Burgin, Cathey, Dobson, Dockery, Eli
ers, Pharr, Rea, Reid, Ribelin, Shepard, Spruill
Stafford, Thomas, Walker, Williams of Person,
and Worth-26
Those who voted against the Bill were Messrs
Arlington, Boykin, Boyd, Cooper, Edwards, En-
nctt Exum Howard, Hodges Jacocks, Larkins
Melvin, Mitchell, Moore, Moye, Pasteur, Rogers,
speght, Stallings Swinson, Tomlinson, and Will
llamS OF Eranklln-22.
On motion the Senate went into Committee Of
the Whole, Mr.. VIM. p. Williams in the Chair,
and took up the special order of the day, Mr..
shepard's DBiH for The reliefofMc People" The
Bill being read the second time Mr.. Shepard of
fcrcd the following amendment to the third section
of the Bill
Strike out all after the words ssBe it further en-
acted" and insert the following:
'''That the payment of one fifth of the Principal
and Interest at the end of every year. provided for
in the first section of this Bill, shall be strictly en-
forced by the Governor, and should the same not
be punctually paid the Governor shall immedi-
ately institute suit for the same; and after collec-
ton, or payment of the same he and his Council
shall invest the one-fth Of the Principal and Inter
est as it is gradually paid collected at the end
of each succeeding year, in Bank or other stock,
until the end OF the fifth year, when and not before,
the Notes hereby authorized to be issued shall be
redeemed and the fund mentioned in this section
is hereby pledged for the redemption of the same.
But no person or persons shall be compelled to re-
ceive these Treasury Notes in the payment of any
debt or debts, unless he she, or they, may respec-
lively choose so to do; nor shall any person cir
culate, attempt to circulate, the same as money
And the Loan Offices, authorized in this Act shall
be opened on or before the first day of March next
And further, any person who shall utter, forge,
or counterfeit the bills hereby authorized to be is
sued, or attempt SO to do, shall be punished with
fine and imprisonment, at the discretion ofthe
Court, and those Bills. hereby authorized to be is
sued shall not be receivable in the payment of Pub
lie Taxes, or Bank Dividends or any other debt
due the State. AuI 1t IS hereby further prorided,
that no one person shall borrow ofthese Treasury
Notes, more than Five Hundred Dollars in a.
mount And the Governor and Council are here
by made body corporate, to issue these Treasury
Notes, and they shall sue and be sued, and in all
other respects whatever, shall possess, USE and en-
Joy, the powers and privileges of incorporated bo-
dies in this State"
In defence of his Bill and amendment Mr. |
Shepard spoke as follows:
Mr.. Chairman: That the condition of the peo-
pie of this State calls for legislative ad in some
orm, and that at an early day, seems so very ap-
parent that it is scarcely necessary to enter into an
argument to prove it. What, then, it may be |
lslled, is the condition of large portion of the |
good people of this State that Legislative aid is so
mperiousy required at the present tine2 In an
wer to this question, then, would reply, that
'wing to the great revulsion in the monetary af-
airs of the world and the consequent depression in
he price of all our productions and other proper
y, very large portion of our most useful active
Ind intelligenbfellow-cIizc have suddenly found
themselves so deeply involved in debt that they
ind it impossible to meet their engagements with
'ut the most ruinous sacrifice of property. Real
nd perSonaI estate ana properly OF almost every
description have fallen below zero. 1t is estima-
ed that the Indebtedness ofthe people of N Caro-
ina at the present moment amounts to at least ten
Millions of dollars; all or the most of which will
AVE to be paid in the years l843 and 1874
Where, then, is the money to come from to pay
his enormous debt2 The three Banks in this
State according to their last returns show, that al
ogether they have, only fraction above million
n circulation, and then add what few Virginia
nd South Carolina notes together with the incon-
iderable amount of gold and silver, and this MAX
ng not two millions constitute the entire circua-
ion of N. Carolina. And when to this be added
he fact that the Banks are daily curtailing their
REGULATION, the oppression becomes still more in
Infinitely better had it been, that
We never had had Bank, than that the property
# the people acquired by long life of honest
nd unwearicd industry should be at the mercy of
uch vacillating machines. They first expand
vhen they find it to their interest to do So and
very thing goes up; they then contract and every
hing comes down to almost nothing. True it is,
hat Banks require the favor and confidence of the
legislature and people as we'll as any thing else,
nd ought TO have it, if their conduct justified it;
ut under present circumstances, they do not in
ny opinion deserve either; for they have contri-
uted more than any thing else to produce the
ri 4