The North-Carolina standard., 1843-11-08
Saturday, November A, lsA3.
For the North Carolina Standard
TO the Frcemen of North Carolina.


To the Freemen of North CarOIlha.
No. 10.
FELLow-c1T1zENs: The Republican party have
been proclaimed by the Wings, the enemies of the
Banking institutions of the country and the adVo-
Gates of an ercLusiUe metallic currency IL Is
somewhat difficult to command courteous Ian
guage to repel charges, so unbushIngly made
and so disingenuously resorted to by the opponents
ofdenocracy; and the difficulty is increased, when
we reflect upon the source from whence the charge
has originated for it comes from party who ar
rooate to themselves call the intelligence" and
must therefore know better. But, as we wish to
he perfectly respectful to the Whig or Federal
marty. we will repress those indignant feelings
which "hard usage has coined," and proceed to
examine into the proofs adduced in support of
such unfounded allegations.
And here we confess that we hardly know the
reasons which they bring forward. We suppose
however, that they would have you infer from the
onnosition to a National Bank, and from the re-
sirictions which the Republican party would like
to see imposed upon State institutions, docking to
the redemption of their notes in specie) that there
fore they were the advocates of hard money, and
opposed to all Banks. Now, the very reason
which is given by the Democratic party, why
they are opposed TO a National Bank, dsproves
the charge Of "opposition to all Banks;' for you
rrcolIect that those reasons rest a denial that
.
create one that the States, acO possess the right,
never parted with it to the General Government /;
and if YOU want pr00f that the Democratic party
are for erercising this right, on the part of the
States. you have it aJundautLy furnished by tie
Wigs Mea,seiccs for they say that The R"publi-
can party have created at least two-thlrds OF the
banking Institutions of the country So, out OF
their own mouths do the Whig party stand con-
denim d.
Again: The restrictions which the Democratic
party are for imposing upon the Banks, are only
such as the stockholders have DOtWntGr1ty assum-
ed when they took upon themselves (from pc
cuniary consideration the business of furnishing
paper currency. The obligation they come un-
der by charter, was to redeem their notes In spe-
Gle, whenever presented by the holders: And be-
cause the Republican party are for holding them
10 the contract, they have been again and again
proclaimed as "enemies to all Banks"l You
plainly see that they do not 8 war against the
Banks" but against the nonperformance Of their
contracts They do not war upon their char
tered rights; :" but, in the language Of one Of the
prominent democrats of the day, "they only ln-
sist upon the performance Of their charter OblgG-
fioasn And we here ask, are not Banks (altho'
they may have the associated wealthy as much
bound to pay their debts, as individuals?
Here, again, have the Whig party run into
their accustomed error of attrbuting TO their oppo-
nents principles too absolutely which true on
" in particular sense and they argue from this
supp0scd truth, without once adverng to other
Eno,on truths which qualify and explain it.
If qce know any thing Of the sentiments of the
Republican party, they are the Gd0ocGtes Of cor
rect banking, but are opposed to the Banks flood
ing the country with their irredeemable paper.
They hold that such institutions are as much
bound to pay their notes, as the farmer is to pay
the debts Of his own contracting; that the one is
no more iustifable in refusing TO pay, than the
other; and that any impedment thrown in the
way of the creditor, in either instance, is viola
ton of the law of contract They hold that for
Banks to declare dividend while in Suspended
condition, is totally indefensible and violence
done to the moral sense of the COMMUNICATIVE
short of swindling that refusal to redeem their
notes in specie, is presumptiUe proof of inability
and that this presumption, in all cases, demands
of those in power an investigation into the causes
of such refusal and that the sooner this takes
place the better both for the stockholders and fol
the people. They hold that we live in Go
vernment of law, and that this law is in accord
with public opinion, and therefore has be
come ga rule Of action" and as we have as ye
no "titled nobility" that the high and the low
the rich and the poor, alike subject to its pro
visions. The law has said that the Banks O
North Carolina shall redeem their notes in spe
cle-the public security requires it. But thu
Banks in 1887, as also in the fall of $780, openl,
set this law at defiance, and still continued to is
sue their irredeemable paper, receiving for then
the notes of solvent men, paying an interest o
something over per cent. This refusal to re
deem their notes, caused rapid depreciation o
their paper and the loss, in consequence of thi
appreciation, fell mainly upon the farmers and tht
mechanics, the producing classes of the communi
~ 1t did not fall upon the merchants as class
ior the obvious that the loss they sustained
IN making their remittances, for the purchase o
goods, was las in the instance of duties laid upor
imported goods charged as part of the invest
nent, and was paid for by their customers.
=, The loss in question did not fall on the Banks
30 far from it, they have been known IN time