Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1854-10-13
Notwithstanding.

sustained in the same way.
Specfe-OvertradIng.
The export of specie, from 1st of January to the
1st of Oct inst reached the enormous amount of
$50 216, 057; being just double the exports of the
same period last year, and third more than for the
same period of 1852.
This shows to what fearful extent our country is
overtrading In nine months we nave had to pay in
gold for thirty millions of dollars worth OF foreign
goods beyond what We have sold. No wonder that
times are hard in New York, where all these opera
tons are carried on. And wonder that they are
getting to be hard In other parts of the country when
New York seeks to protect herself by looking 10
those other parts to pay up their share of the def
cheney.
As it is in the country generally, so is it, we re-
greet TO say, in North Carolina. Our people 100 have
overtraded; and they are now paying the penalty
There is little or no exchange In the Banks; and
consequently when honest men wish to pay their
debts at the North they are often obliged to send
North Carolina Bank Notes. In very few days or
even hours these notes return upon the Banks Tor
redemption; and off goes the specie The visits OF
the Northern brokers are almost daily. The
Banks, under such state of things, compelled 10
be cautious in their discounts They cannot issue
notes to-day to be returned upon them for redemp-
ton in specie next week for every such operation
costs more than it comes to- They Will be Obliged
to curtal their discounts, at time when the reylV-
ing business Of the Fall and Winter makes 1t desra-
bic that they should be extended.
We confess surprise at this state OF things.
The last year one of apparent prosperity IN our
State. We sold more breadstufs and at higher pr-
ces, than for many years Naval stores bore h'gh
prices, and shipped to greater extent than
ever before. The crop of cotton was tar, ana
brough more than an average price. Cotton manuac
lures too sold we'll And on the top of all these, the
State Treasury borrowed several hundred thousands
of dollars Yet it is all gone and our people have
to pay up heavy deficiency in gold
How long stand such system OF buying
more than sell
We call attention to these facts, in the hope that
the people may be aroused 10 the necessity of prac-
Using prudent economy. and as tar as possible con-
tracing their obligations to the North, and their de-
pendence on the Banks.-Fay. Obs.
In connection with this matter of Exchange there
is one thing noticeable. Properly speaking, Ex-
change is based upon bills drawn against produce al
ready sent forward. The timber lumber, rice and
turpentine of the East is the only portion of the
trade of North Carolina which supplies Exchange TO
It's Banks. The cotton, Hour and tobacco main
ly sold and shipped through Virginia and South Car
DINA and will continue TO do until North Carroll
ma does her own business through her own ports
We may theorize about " liberaty, expanded views,
and all that sort of thing just long please
The facts remain as we have stated them. North
She must sustain her own currency she cannot d.
that until she has the control of the Exchange found
ed upon her own exports; she cannot have that con
troll until these exports made through her owl
ports Her Banks cannot accommodate her citizen
while their issues, unsustained by Exchange, ma,
come back upon them, from the North, at any mo
ment Virginia and South Carolina Banks, strength
ened by Exchange, afford to laugh at GU
State, refuse notes, and then control trade
We do not say this in the interests of any parcula
Bank or Banks, but we suppose that Banks we wi
have, ana We suppose, too, that Our business wi
t continue to be pretty much mixed up with them.
n We believe that the exports from State hav
g fully paid for all the imports but the Exchange
in the hands of neighbor<, and while it is so,
q currency will labor under serious disadvantages.
e quite Moderate.
= Mr.. James G. Turner, Civil Engineer, has mad
Survey Of the line proposed for the extension OF tt
IS Central Rail Road, from Salisbury to the Tennessee
line, and reports that the line is quite PRACTICABLE
J., and that great portion of the Road can be built
# very moderate cost. The distance from Salisbu
to the Tennessee line, on the route surveyed is Is
l. miles. The editor Of the Hillsborough Reeord
d "has had the pleasure of conyersing with Mr. Tu
since his retcrn from the survey" and is "grat
d fled to learn that passage for the road through Il
o. mountains can be obtained by making tunnel of Of
IS y one mile and a half in length. The impressic
4 heretofore has been that tunnel of six miles wou
,r be required" Only mile and half quite tt
! fe-wont cost more than d million or so-a me
j circumstance" and not to be counted, hardly
10 THE LOST HEIREss," BY Mrs. SoUTHwoRTH-
This work was laid on table some few days sine
y by Mr.. Whitaker, but we delayed acknowledging Il
ID receipt of it until we could have an opportunity
lie forming opinion of its merits. 1t is, evidentl
- work of some considerable power, not without Il
I'd faults apparently inseparable from the attempts
a strong minded women to deal with public m
es and characters. sort of exaggerated exclamm
le tory tone-a lack of repose and, in some measu
D. of naturalness-will be too apparent to any but
re mere female politician. Its hero is certain Dan
- Hunter son of Blacksmith, who studies law, tur
ID politician and is elected Governor-he refuses o:
OLeay smother goes crazy land, having lost her own
. child steals the Governors heTess, to try how
" likes losing child, and thereby hangs tale mu
as pulled by the family papers.
y. Bagr The Bank of Fayetteville has presented
VA Silver Pitcher to Col Thos. Waddll, as a token
y gratitude for his exertions in rescuing package
Oe money, some $4,000 or IS, 900 dollars, belonging
! said Bank, from the steamer Fanny Lutterloh viii
u sunk in the Cape Fear River last Spring The Pitc
cost $lO0, and the Carolnan says it is handsol
II testimonial.
IS ------
b. Or The United States Democratic Review for O,
- 1854 is at hand, with full table of contents, gv
h. promise of interest and information The eadi
i political article is " The North and South, or
Policu of Irnnra,aca