The North-Carolina standard., 1843-11-15

they rule-then we reply, in the of republican
ireemen and In the language Of young but talented
Senator, s'LEr THEM DIE"
We 60 not pretend to deny that some of the Democrat
c party (goaded by the feeling of which we speak
may have gone into extremes upon the subject of ban-
ing, and in their zeal may have confounded the nstitu-
ton with its abuse and in striking at the one have lev
elled the other This by makes fhe party
sonsibes for the plain that the sentiment is
general win as much proPIety might the Republican
party attempt to prove that their opponents as party,
were in favor of Executive and Senate for life in
favor ofgivng the rich and WelEborn permanent share
in the Government because Mr. Hamilton the founder
of the Federal party, declared: We have never
tempted to do the Whg party that gross injustice. We
honestly believe, however, if the principles of Federal
ism are carried out, that consequences equally deri-
mental to the best interests Of the country will flow
from itor cannot conceive what possible guaranty
the minority will have either of the right of person or of
property, if the general weIfare doctrine now so in
dusrousy circulated by the leaders of the Yhg party
at the North and West be true.
Banks, to a commercial and an agricultural people
have benefits, in afording medium or means by which
exchanges produced-through which the produce of
State country is exchanged for that of another In
this their usefulness consists and from this you will see
the necessity of having uniform standard of value
with which the paper money, the representative of
'lue, should be compared. That standard We have for
by common consent it has been adudged be gold and
silver, and your Federal Constitution has recognized it
as the only thing that be made sa legal ender' in
the payment of debts.
Now for thing be suitable representative of an
other thing, it possess the essential Characteristic
of the thing processes represent ualue
which is arbitrary like price, but is conventional
that is, has been red by agreement So long, them as
Bank notes convertible into value, that is into spe-
Gle, so long they usell but ut moment they lose
this convertibty of character, that moment do they
cease to be valuable auXiliarcs in developing the
agricultural and other Of the countryhey be-
come nuisance. an excrescence upon the body polite
The end for creating them having failed, the reason for
upholdng them is withdrawing and the sooner you apply
the knife the better for in the language of Daniel Web
ser they then the very best scheme ever devised
or enrlching the rich mans field with the of the
poor mans face" For nothing is easy than to
manufacture Bank paper at pleasure-it costs nothing
than to get the plate and the labor printing and
signing. 1t is true that the notes of Banks suspend
ed condition. as in 1887 and in 1885, unfrequenty
pass current This arises not from the convertbiity of
the notes into specie, but from kind of forced conf
dence that at day they will be redeemed II is
credit which you give to their promises that mparts to
them seeming value and not any conueri5Le value
WHICH, al The Ilne, they possess and 1t you were to
tend the credit to the verest vagabond of your
country, his rotes would be equally current.
Here consists both the deception and its presumptuous
character The very credit which you have given to the
suspended Banks is claimed matter of right and es-
sentai the we'll being Of the State and he who is dis
posed to withhold, and specie payment insult
insy proclaimed only foe the Banks but an enc
my to the credit system How often have you been told
that the Democratc party have prosrated credit and
ruinei the country by 'sdestroyng confidence, as if
both credit and confidence should not rest upon some
thing more sa5staaIIhan bare promise to pay! Con-
hdence IS necessary to- extent it is true and
when given with discretion, it becomes an element upon
which the national vessel may safely ride but when ex
tended too far it will engulph the whole ships crew.
The Democratic party, therefore, while they are no
nscnsble to the usefulness fpropery conducted Banks
yet are feengiy alive to the mischiels which have
grown out of them. They wish the virtues of the sys
tenn without its vices which they hold are measureably
allowable, by the imposition of salutury charter resrc
lions, and enforcing under heavy penalties specie pay
nents. WESTERN FARMER.