The North-Carolina standard., 1843-11-22
saturday, November Is, 1s43.
For the North Carolina Standard.
TO the Freemen Of North Carolina


To the Freemen Of North Carolina.
No II.
Having said in our last that the Democratic
nartv acknowledge the usefulness OF Banks; that
thew wish the virtues of the system, without It's
vices: and that such, in their estimation, was at
lainnble; it may not be considered arniss, should
we devote this letter to discussion Of It's practlc-
ability
In the discussion of subject so momentoas, and
which has exhausted some of the ablest pens, and
about which there is such variety of opinion,
we confess that we approach it with no little de-
gree of embarrassment arising mainly from our
inability to do it justice still, this consideration
does not deter US; for we are yet impressed, with
the truth of our original proposition, "that IN
times when erroneous tenets are difused 1t is IN
cumbent upon all TO contribute their mites fox the
purpose of disabusing the public mind.
In the remarks which we may make that are
Of an elementary character, as to the nature off
ces, and properties of money, we claim no origin
aty and should not present them, but from a
two-fold consderation-frs 10 refresh your minds
with what are axioms OF acknowledged truths in
political economy, and as such are doubtless IA
miliar to you; and secondly, hoping that by SIM
pIfying, we may be enabled 10 present these truths
in such a home-spun dress, as that they may be
the more readily recognized, and impressed upon
the minds of those who have never bestowed
much consideration upon the subject. We will
endeavor, as far as possibly can, to withdraw
ourselves from any party bias or prejudice conse-
quent upon the formation of precenceived opfn-
ions; we will not "mould facts to ideas, but will
adopt ideas to facts" And should we depart from
this so much as even to give an opinion, we viii
at the same time give you the reason on which
that opinion is founded, so that you may judge for
yourselves.
We ask, then, what is money, and what are
its ofices2 Without proper solution to this in
terrogatory, all discussion viii be vain it is the
foundation, the very basis upon wbichsbank edif-
ces rest, and an error here will be fatal for the
reason that the mind will be suspended between
truth and error, and be left to vaciIlate impotcntly
before the unsteady current of popular opinion
Money is the instrument for facilitating the ex-
changes of the country; and when considered as
money alone this is its only office. Ifthis be the
casr it would follow that the cost or price of the
instrument used, ought to be equal to the cost or
price of the article given for it. To illustrate: If
a barrel of flour from Guilford county, be ex-
changed in the town of Fayetteville for five dol
lars IN specie, the cost of growing the wheat and
having 1t manufactured into flour and hauling it
to market, is equal, and only equal to the cost of
he Gil E L
carrying it to the place where the exchange is
made. 1t is in reality the exchanging the fruits
OF one branch of industry for another; and takes
place upon the supposion (which is the fact) that
both the Gullford farmer and the Fayetteville mer
chant has that to spare which he parts with, and
gets that which he most needs The grower of
the wheat finds it more to his interest to~raise
wheat to procure the silver, which the wants of
his family may require, than to dig it out of the
bowels of the earth And the miner, who ex-
changes 1t with the merchant and who furnished
ln the hrst instance, found it most to his interest
10 work In the mines for the precious metals, and
exchange them for whatever his necessities might
require So the merchant, in his turn, finds It to
Ills advantage to deal in his calcoes and silks and
supply Doth the wants of the farmer and of the
ll'er' ana to receive in exchange the silver or
gOla which supplies his wants This will hold
good IN every instance in which an exchange
akes place. from the selling of load of cotton
uoWn to the purchasing of one quart of pindars
II Is In familiar language swapping the fruits of
me labor of one for those of anotber; and that
"ilch IS the instrument of this swap or exchange
should bear an even proportion, in quantity, to the
fruits of the labor which it is made 10 represent
'"u lor which it is given. In other words, the
COSY measured by the standard of daily Iabor) of
procuring the money, should equal, and only
equal the cost measured by the same standardl of
producing the barrel of four the load of bacon, or