The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1846-07-17
THAT nRELIEFn BILL.

place, we take the following extract con.
corning would be Governor Shepard's ia.
nous " Bill for the Relief Of the People :"
The Governors comments on the Relief
Bill were a rich treat indeed. Aud as we
believe the Locoloco papers cannot be hlr.
cd 10 allude 10 that subject, we Will, with
on, attempting TO follow the speech, give
the substance Of the bill Itself, ihai those
who still think Of voting for Mr.. Shepard
NAV see what sort of monster their man
was delivered Of, only three and hall
wears ago, when he was Senator IN the
Legislature of North Carolina.
Let US premise that the year ls42 was
one OF great pecunnry embarrassment.
The circulation Of our Banks had been for
ced down by the influence Of bad national
legislation, the Sub. Treasury, low Tariff,
&c. 10 about oue.hali What il now is
" hen the Legislature met, almost every
Locofoco member had some relief scheme
to offer. Mr., Shepard presented his on the
18th Of December ls42. We have not a
copy Of the bill and amendment at hand,
I'VE wish the Register would publish them
IN full, but It provided, IN substance,
tina. the Governor, Treasurer, and Comp
troIler, should issue One Million of Dollars
unon the faith of the State, IN Bills from
$40 10 500, bearing az interest OF = per
cent. which sum was to be loaned out 10
individuals al 6 per cent upon pledge oil
Real Estate, or undoubted personal secur!-
", 10 double the amount borrowed, renew
able every twelve months upon payment Of
the interest aud one fifth of The principal !;
three Sdlaried Commissioners ol Loans, to
be appointed by the Governor and Council
in each County, and the expenses Of the
scheme to be paid, with the difference be-
tween that which the Bills bear, and that
which The borrower pays, viz 81 per Ct"
The Bills 10 be receivable in payment OF
Public Taxes aud Bank Dividends, and the
am INT to be divided among the several
Counties according 10 their Federal popu-
latIon.
The bal was introduced with a great
hourish-the author evidently expected
that it would inmorIalze him; but MI.
Edwards Of Warren, his political friend
and brother Lawyer, al once declared II
10 be a violation Of the Constitution, which
prohibits The issuing Of bills Of credit by
the State. To obylaie this fatal objection,
Mr.. Shepard after four days deiiberation,
on the 10th, introduced his amendment,
which provided that the Treasury Notes
SO issued, and bearing 3 IL per cent. IN
trrcst, shall not be circulated as money,
that no person shall be compelled to re-
ceye them in payment Of any debts that
they shall not be receivable in pay ment Of
public taxes, Hauk dividends, or any other
debt due the State"
Tue amendment further provided, that
every borrower shall pay up, ,in good mo.
ney Of coursel 10 per cent. a year 81 hi:
debt and the Governor shall Immediately
institute suit if he fails 10 pay puuctualIy
That the principal aud interest SO PAID
shall be invested IN Bank or Other stock,
until the fifth year, ,rhn and not Jtfore,
tie notes hereby ordered 10 be issued, shqL
be redeemed"
This most sage scheme was debated at
length, almost entirely by MIR. Shepard 1
own political friends, by whom II was bu.
sed and rldiculed without mercy. Mr..
Shepard mantuHy dJended il TO he last
and when the question was taken he and
four others, (eyldenly not descendants Of
King Solomon, as our shrewd old friend
Daniel Love, would saw actually voted
+ for 1t. The vote was IL to 5,-rhe five
being Messrs. Cooper, Exum, Shepard
/ Swnson, and Thomas.
! The bill needs no argument to show il
utter absurdty. Ridlcnle is the only wea
pom that can touch Il. A million Of dol
lars Of paper was to be issued by tic State
WIKI scarcely dollar Of cash in the
/ Treasury to base il Oh or redeem it with
2l0 persons were 10 be appointed through.
cut the State, each TO give bond and secu
ri,y, and 10 be paid salary, to lend GU
these SHIN pIasters to the people-no maj
TO get mora than S50O-aud ample bont
aud security, or mortgage, TO be given b.
the borrower. The borrower was to pa
. 6 per cent. interest, and to receive 2 IL
a clear loss Of 3 Z per cent. He was I
pay SlU0 every year, aud the interest i
coed money, until the whole was paid.
the mean time he was forbidden to pas
the States notes in any way for any pur
pose. lie could not buy barrel Of flou
with them, nor pay a debt, or taxes. II
could not even pay his annual nsialmer
! five years; rnt'lh lAep. Al The end Of tn
r the State principal and compound idleHi
5000 IL, for the privilege Of keeping
his pocket during those five years $500 ,
State Treasury Notes and receiving at N
end Of the five yesfs jG2 80 dollars.
Is true that the State would make lO7 G
dollars out Of each borrower by The opert
ton, but who would lose it, OF cour.
the borrower, who was to be relieved
AS he would be with vengeance
In the Course Of the five years. (proyide
a sufficient number Of fools could have bee
found to borrow the Treasury Notes, III
State would have realized upwards Of tw
i hundred thousand dollars, of which amour
the people would have been "reieyed
and provided further that the borrower
had not sense enough even 10 run awa