Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1853-11-11
From the Journal Of Commefce, Oct. 20.

~
II is exceedingly gratifying 70 witness fe manies
tations Of approval so widely Bestowed on this inan
cia measure of the government. There's occasion
aliy an Individual who expresses wish that the
moneys paid for duties shall be deposited N banks as
the basis of further loans but the bulk ct The commu
ny plainly see that such policy weuld grea1ely ea
tend our i'm poriatons and increase present embar-
easements The present action of the sub-treasury IS
a check imposed by individuals on themselves, and
there is This peculiar advantage in IFS operations tnat
the coin is still among us; whereas. the amount
paid for duties were the basis of further loans, no
check would be imposed until an equivalent amount
of coin had gone abroad. with perhaps an OUTSTANDING
obligation 10 send vastly than we shall now De
obliged 10 do 1t is not the policy OF this country CT
of any country hoard the precious metals 70 an ex-
tent that wilt interfere with fair and reasonable m
terchange of commodities; enough, however, should
always be retained to manage conveniently the ous-
at home Owing 10 the pecnlIariiies OF me ma
tional constitution. it is impossible for individuals 10
manage their financial affairs, with convenience anu
certainty except while the paper currency IS Kept al
that safe position. when it may be exchanged readily
for gold and silver While in other countries pow
exists to legaze the suspension OF specie pay,
ments make the ordinary paper currency legai
tender for debts under our constitution this is Impossible
No State shall make anything but gold and silver
coin legal tender for debts. is an express provision
of that instrument and our local Legislature mas oeen
resiained by the constitution OF the Slafe SO 10 De
prohibited from legalizing the suspension OF specie
in precise accordance with these organic provisions
Ali the laws for the collection OF debts look 10 pay
menls in the precious metals; and when those laws
| are invoked, the whole power OF the government,
through its machinery of courts marshals and oncers
is in motion require payment in gold and silver
it would be fatal Individuals when such IS the dn-
ty and practice of government, for the latter TO lead
them into the contraction of heavy debts in currency
of paper by treating the latter money in all lis
dealings when al the moment of pressure IT lends
lis Ia nj n a tterenf
valuable medium. BY receiving gold and silver alone
the government keeps the people informed of what is
the true standard and, instead of Withdrawing from
circulation when an immoderate amount of duties is
paid large amount of bank bills the place OF which
is supplied with more-thus postponng and giving
malignty to whatever explosion, takes gold and sill
yer IN lis Golfers prevents our being wholly stripped
of those commodities, and thus check is imposed
that saves the prudent merchant from the rum which
the unchecked mprudence of others would create. In
whatever respect the sub treasury viewed IFS action is
useful. 1t may safely be affirmed that any such mag
trouble overspread The country in 836 and 1887
wholly impossible during its existence The govern
men then simulated the increase and The extravaganza
of banks in their issues by settled policy. Ii offered the
government domain 10 any spectators who should es
tablish bank. and parted with thirty millions
of acres in single year 1t held out an inducement
for lmpOra'ons by accepting duties in any bank pa
per which had the reputation of being redeemed in
gold and silver The fact that the paper OF banks
was thus treated as money gave what bad
equal reputation with what good, and its circu-
Iaton general until the famous specie circular
stopped suddenly the career of extravaganza, folly,
madness into which the country hal plunged, led
on by the financial policy of the government
| There being power to continue the currency
ut the point of expansion it had reached. owing to
the provisions of the national constitutions violent
contraction ensued to place the nks on Il specie
basis. and wide and general disaster followed
There is no duty so plain and necessary that of
keeping the currency in steady position. That
duty when the issuers numerous. is difficult; but
all that the national government do to this end
is being done in the wise provisions of the sub
treasury law 1t offers inducemen's to the banks
for the issue of paper, to be followed by whdra w
al OF its confidence, and by punshments to all who
have entered with heavy engagements. 1t treats
that alone as money at the inception Of contracts
which it enforces at their completion. In nation
al point of view. the measure is of the highest i'm
portance and value. 1t is great detriment to any
country to be in debt beyond its means of payment
The bank of England nterferes at times of suppos
ed difficulty from this to stop the accumula
| ton of foreign Indebtedness. It's interference may
! be unwise and arbitrary. Not with the sub
| treasury. When the excess commences, duties be-
| gin to accumulate, and the process continues until
Il check is accomplished It's action is gentle to II
who wisely heed it, but becomes severe to those
who disregard lis writings. The check is not i'm
posed by officers of government, by body of
bank directors, stimulated it may be by individual
objects it is applied by virtue of unerring law
it acts without favor or affection, but it acts with
| perfect efficiency, and soon rights the country.
The times not such as to produce alarm. A
steady the part of the banks is the part
of true prudence The country thanks to the sub
treasury in part, is strong and healthy, and will soon
recover from what are but temporary difficulties
The difficulties will be increased bv violent con-
fractions If one bank contracts rapidly. Others
are driven to the like policy. Concert should in
duce careful and considerate uniformity in their
course of action. The reef applied to the sails of
fhoS
try 10 pass through the storm with ease and safety
Western Railroad.
in compliance with call made by Messrs. Smith
& Colby general meeting of the Stockholders OF
the Western Railroad Company held on Thurs
day last the EaYeitey Hall. at 81 O'Clock n