The North-Carolina standard., 1843-12-13

have caused and causing throughout our whole
try But you that your scheme will make them
pay their bonds Have not had law upon law made
to compel them to redeem their notes or bonds TItspe
Gle Can we not now force the Banks toPay specie for
heirnotes by aiegal process And they not more
over subject to penalties for refusal to do 50
You will say thathese laws of but little avail
much as they not enforced Are we more likely to
enforce such penal laws against Odrndvidnal neghbors
vho may happen to be Stockholders than against corpora
items The truth Is, that fyou allow an individual or
corporation one more paper dollars than they have of
gold and silver ones, they cannot redeem all of their
bonds with specie Youmay we'll say that and
make SIX as to say that bank may issue six paper dollars
for every two it has in SPECIE yet that it shall give
specie for paper, dollar for dollar when required have
no means at haRdsto show what is the present a.
mount of banking capital what specie they
own at this time But about the time of Gen. Harrison9
deah there were, in the United States four hundred mil
lions Of Bank Stock, with hervilege Of putting s cir
culation more than one thousand money
And at the time the whole amount ofspece owned
by all the banks was, according theirewn official re-
turns, less thanthiry millions ofdoars. Now my dear
sir let suppose propose that the stockholders
were made Individually responsible how could you make
them redeem these thousand millions dollars with spe-
Gle You will say that amount of paper moaey was
never IN circulation at any time in this country.
Agreed Let ussuppose, them that they issue only one
dollar in paper for each dollar of their stock or capital
This will give thirty millions of specie to redeem four
hundred millions of notes. The law says that every man
shall pay his just debts but i'll engage in trade and fall
Will this law pay my creors2 If give my bonds for
one hundred Thousand dollars, and am worth no more
than twenty thousand, will this law pay the hundred
rhousands You will say that in the of the allure
ofthe bank to redeem its notes, in other words to pay
ofts bonds, the holder your plan oiAvidual pom
sIby may sue the stockhoer, and sell bis ans slaves
&C. toPay the debt But you must Feufenber that when
the bank gave its bond, issued it's note, got colsid
Grafton for it. it took another mans bond With enloFaers
ia exchange for it. And whcn YOU the bapk the
steekholdeF, and prepare SELF s his property will
not the man who the bank pc sued aAd his property
be sold How this 10 benefit the community Skeffs
Clerks aad Lawyers may laugh at This state Of things but
the great mass Of the community will weep But as
said in the beginning apply your remedy in the wrong
place. where thereis little ne a.neHt We hear
exrry day the har times, great distress sc this
becanse bank notes not good as specie By DO
rneaps- You can no where Ia the United States with
hundred dolar4 buy hundred and Rye dollars in
bank notes, except in Alabama, and theEe you cannot
with it buy more than one hundred and ten The people
complain that they neither get specie 0rbank
Fho0san like Sterms Startling, they cry can't
get OUT we entsappedin the bank cage and we
can't get eut' ewent in debt for property that cost
US Thousand dollars, and can't sell it for five
hundred This is the finger which needs help and
which Il you will heal, thousands shower their bless
ingS you 1t proposition sefevident and ca
pable of demonstration any mathematical proposition,
that apr0pOttiOn you concentrate money and place
ro'ltF0l ira r hands, IA The degree you give the
oacer TO garSTn the price Of property You may make
hIB
issue paper dollar r each silver which he has
but you put all the money in the county under one
mans CONTROL will that control at will the value
of property Place It Dner the ceetrol oft~o three.
or twenty men, and they have the power: but the
danger Of its abuse is essened by DIVISION just pre-
fertwetve ufynen to decide rishts placing the
power in the hands ofa individual tits for this
thata United States Bank Is much more dangerous
than State Banks.
ha< been said often, and with TRUTH that to do away
paper money and return at an exclusively metal.
lie currency. would ruin the debtor part our citizens
Blu who has proposed advocated this As far my
reading and observation EXTEND such scheme has never
been proposed. Mr.. Benton, vino is one of our most
hOroughgong hard money proposes toaow twenty
years er its accomplishment. And after tat time
is willing to have banks with notes of one hundred tl-
ars An1mmediate return te old fashioned consu-
ena1 currency could not reduce the value property
more than Fifty per. cent Give twenty years forit and
heannual dminuton IN value could not exceed two and
half per cent do not believe it wsud be than
one per cent Would any honest haviRg the good of
the community heart hesitate TO have the price ofhis
property dfmiahed two and half percent per annum,
order to get back blessings hard money currency
when he has the banks, from 1897 ls41 reduce it
fifty per cent or twelve and halfper cent per anRum
Ir conclusion beg leave as a eoaborer in the same
righteous cause, respectfully to ask the fol-
lowing plain questions Do you hiak that any or
company ofmen should be legally authorised increase
or diminish at will the value ofPrepery in this country
Do not cur banks have that power, and would they
still have it if the stockholders ade individual
ly responsible for the payment Of their notes :
A PLANTER.
For the North Carolina Standard
KKilli.l NLnlnfNnEnnanu