The North-Carolina standard., 1843-11-22
whatever else the farmers Of the country NAV

whatever else the farmers of the country may
grow. 7 .a -
We have in our remarks confined ourselves to
specie, preferring this course, to avoid any unne
Ieessary complaints or confusion of ideas, after
which we will speak of paper money.
Now if digging in the gold mines should be;
come so profitable in North Carolina land in or
der to avoid still further complaints, we speak Of
North Carolina as if she was perfectly insulated
and had no connexion, by commerce or other
traffic, with any portion of the globe) that the
same amount of daily labor, which it took to pro-
cure the five dollars which was given for the bar
rel of -four, should procure ten dollars, and if at
the same time the crop of wheat should be no
greater than when the exchange was made, the
consequence would be that flour would rise to ten
dollars, for the simple reason that the thing used
as the Instrument of exchange has doubled in
quantity, and being doubled it has therefore less
ened in its comparative value; for if you will
nsoa0 compare the labor necessary to procure five
dollars, you will find that it is only half as much
and of course the slver-the instrument used, and
which is made to represent the property-beimg
doubled, without any corresponding demand for
it, isscomparative value is iessened To be cor
rect representative, it must be brought back to the
standard of daily labor that is, to the cost of
that for which it is given, and into whose shoes it
steps,
Here you have, in nutshell, the mesnipg of
what the Republican party say, when they tell
you that inasmueh as Bank notes are taken in the
room of specie, they should be compelled un-
der the heaviest penalty, to redeem their notes :;
and you have also what they mean, when they
say that the Banks, by issuing their irresponsible
papeE control the productive industry of the coun-
try, and by imparting fictitious value to proper
ty generate system ofspeculation in reality un-
friendly to the agricultural interests Surely no.
thing can be more unfriendy to the thrift of far
mer, than for the price of his produce to be up
today and down tomorrow; he wants something
permanent, upon which. he may make his calcu-
! lations. .......
| If he wishes to purchase slave or a tract of
land, for which he gives his note1or 81 1000, he
does not wish to pay $4,000 for it, which he will
do, if the produce Of his farm will only bring one
half il did at the time Of making the contract
Here You have an illustration of what the Demo
cratic party mean, when they say to you that
Banks, by expanding or contracting their issues
at pleasure, make property rise OF fall
Now we ask, in conclusion is it not reasonable
that institutions capable of good, yct potent of
the virtues without being exposed 10 the vices of
the system2
How, then, can we substitute paper money,
which is the most convenient, and avoid the dam
tgerous excuses of over-banking2 We answer,
that the plan most likely to attain this end, is to
make the e"stockholders Individually liable for all
the notes of the Bank-impose the same charter
restrictions which you do now, with that super
added.
Now, what will be the cffect2 Suppose you
and you neighbor have $4,000 which you
wish TO invest in a Bank Would you not in this
case, be governed by the same prudence as in
forming mercantile connexion? Would you
not look round and hunt up discreet mem who
had substance at stake, to become your partners
Or would you join IN with the mere adventurer,
who had all to make and next to nothing to lose?
Certainly not. ESQ., the number Of Banks would
be fewer. They would not over-issue, for the
reason that the motive would be wanting and
even if they were inclined, they would not have
the ability to sustain an ovcr-issue. Their notes
would be better, for the plain reason that they
would have fewer out They would have enough
to supply the commercial and agricultural wants
of the country, for the reason that it would be to
their interest to supply them.
Now what good reason can be given why men
who are associated in banking, should not be liza
BILE for their notes ?-why men who are permitted
to issue three times the amount of their capital,
and draw interest on it. should not be liable to the
same extent that the farmer is liable for the notes
which he givesF Why should the one be allow
ed, when you present his note, to fold his arms
and say & We have suspended, sir" and the other
be compelled to pay has contracts even TO the sa-
crifcing his lands and negroes, pots and kettles
No solid reason can be given; and for ourselves,
let others do as they may, our motto shall be:
Individual liability, on the part Of the stockhOId-
ers, for all the notes they issue land we fondly
trust that every Democrat will have it inscribed
upon his banner. .....s.. ....a,res
A WESTERN FARMER