The North-Carolina standard., 1843-02-22

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tween Mcdowell and Dawson streets.
SPEECH OF MR.. J. B. SHEPARD,
In the Senate Saturday 18th of January 1S43On the
Bill offered by Mr.. Edwards substitute to that re-
ported by Mr. Brown, from the Committee on Finance
entitled II Bill to preUet the suspension of specie
payments by the Banks Of this State
Mr. SHEPARD of Wake rose and said:
Mr. SPEAKER: The Bill introduced by myself
a month since, and on motion of the Senator from
Caswell, referred to the Committee oil Finance,
of which he is Chairman, had the same object In
view as the present, while it also proposed some
practical reforms of which the present as we'll as
that reported by the Committee is entire:y desti-
tute During the discussion | shall point ont It's
manifold advantages over both the latter. The
Senator from Guilford expresses some surprise
that so much abuse is bestowed certain lnStltul-
tons and tells us of the dividends and State tax
which the Treasury receives from their Golfers.
Is he not aware that these profits whatever they
NAV be- come out of the labor and industry OF the
people, proceed from their pockets and In no view
can be considered bounty from the Bank to the
State? We are further informed by him that the
stockholders have never re :eved but per cent.
the legal interest of the country upon their funds
thus invested If the gentleman means by this
capital, he is very much mistaken. 1t is granted
that the dividends have not averaged more than 6
per CT but their own report shows that if no1o
forced into Liquidation they have bonus of $780,
600 more OF less to divide while their specie a
mounts to 675.OOO. Its existence began in 1885
and hence instead of the average dividends have
been (ifdivded) 10 or II per CT My friend has
also read US the opinion OF Chancellor Kent on
the great benefit of such corporations, and could
dnSirad him eytend his hut a few
pages further where that excellent Judg and good
man remarks tie down charter as you will and
it will still play its mSchlevous tricks. The
habit of deceivng is one OF their most mischievous
tricks ana greatest faults. In January l64l a re-
port was made to the legislature stating that COM
mittee of the other House entertained not doubt
from the stron gest assurances that the Banks would
resume that month On the contrary the resump-
ton was not until near Eighteen months thereafter
and then upon the of most important election!
1t is denied that we havethe power TO pass this meas
ure and the question exultingly asked how
one legislature pass lIw whereby the citizen in
vests his property III channel and the next re-
peal it when perhaps large amount may be sac
rifced through the reclIessness and faithleSSness
of the State2 A case has been supposed of navi-
CATION Company being incorporated for twenty
years and much capital employed by Individuals
under the express pledge that the charter should
continue for this specified period. In case ofthis
nature which might be of grievous oppression if
the welfare of the country demanded repeal of
the charter the on V mode of relief would be by
appeal to the sense of justice or generosity of
the sovereign. The remarks | intend to make
now and the objections l may urge mnst not be
considered as directed specially agains: the Banks
of North Carolina but against the system itself
These corporations should be he'll TO strict ac
countability, because in of failure the assets
of the Banks are alone liable for the payment of
their debts and not the private property OF the
stockholders who alone profted The Sena-
tor from Richmond and Robeson says that am
the only democrat who has been consistent on this
subject aluding to the fate of the amended resoIu
tions of the Senator from Halifax ImoSt sincere
ly regret that those whose defamation has been
ioudest and longest this subec were afraid to
meet the issue presented in those resolutions. LII
they believed their own charges of corruption to
be true I must be permitted to add that they betray
ed their constituents will now assign the rea
sons which induce me to vote for the present bill
however imperfect it may be. 1 am not Mr..
Speaker so visionary to suppose that we can or
ought to destroy in moment system which has
existed for centuries which has in truth lntertwined
itself with every interest in the country: on the
contrary propose to give strength and stability to
present institutions, at least to such as have
been wisely and honestly administered as we'll by
encouraging the sound and legitimate Banker
whose course mas resulted IN OcneIL 10 the people,
as by condemning the frauds, the villanies and
excesses of those which have become gambling
shops and whose tendency has been to degrade
and debase our population. Most of them have
become irresponsible-their frequent suspension
of specie payments, often without sufficient excuse
throwing upon US all the evils of deprecated and
irredeemable currency of worthless pgper, and
sometimes threatening that the policy of suspen-
sion would continue permanent, have all rendered
al g IL
age paper circulation in proportion to their amount
of specie on hand at the very time that tn y were
pretending to make every effort to permanent
resumption. Will any support this policy? ltI
was not for a want of specie in the country that
all our Banks suspended in '37 but because the a.
mount of gold and silver was a mere pittance in
comparison with the circulating medium; and
this notable difference will always exist when the
law can be evaded because the interest of the cap
ltalist and moneyed man or his proceeds and divi