Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1854-12-30


STANDARDIZATION and RGnsGs-ArriuGL of Gen.
Whigield-Rnoso Nothing ism1-M'. Biggs8peech
The failure of Selden, Withers & Co., better
known abroad perhaps the issuers notes of the
Exchange Bank of this City, has created much feel
ing here, and is capital specimen of the manage
ment of modern fnanciering. What the capital of
this concern was originally no body seems to know;
indeed there is great doubt whether it had any ex
cept the privileges it enjoyed in connection with the
Treasury of the United States under the Wing ad-
minstration, and the deposites of its customers and
friends. The assignment states the assets of the
concern to be something over million of dollars,
but examination discloses the fact that nearly
hundred thousand dollars of these assets consist in
deprecated stocks and the debts of the copartners
in the Bank to themselves, leaving about four hun
dred and fifty thousand dollars of assumed assets to
pay admitted liabilities to the amount of eight hum
dred thousand dollars. considerable portion of
these assets cannot be realized, it is said that the
prospect of note holders and -depostors becomes
dull one indeed Besides it is known that mistakes
have been made, perhaps Intentionally, in the state
ment of assets one individual having been put down
as indebted to the amount of $32, 900 who owed
only 81 400 which has recently been paid Anoth-
er owing $l5,2 % put down for $l525. The ndi-
vdual owners of the Bank say that they possess no
means, at least several of them. Withers, a very
wealthy man of Alexandria, has put all his proper
ty out of his hands, and Selden retired from the firm
year ago, although the public knew nothing of it,
his name still appeared of the firm. 1t is
wonder therefore, that the exposure of the con-
dition and management of this " Bank" has excited
much feeling and indignation.
The House of Representatives has devoted three
days of the present week exclusively to the business
of the District of Columbia One of the most i'm
portant measures under consideration was that pro-
hibtng the circulation of bank notes in the District
under the denomination of five dollars An effort
was made to prohibit expressly the circulation of all
bank notes, but radical change like this could not
command majority of that body. There are no
chartered Banks in the District, the few Banks of
good standing here being managed by trustees and
not by directors. Their issues of notes regard as
Unauthorized. Congress has laid down the principle
that it has authority to incorporate banking in
stutions with the privilege of issuing notes as it
might be construed into the establishment of a
rency and legal tender different from the only
recognized by the Constitution. This bill to pro-
hibt the circulation of small notes is therefore wrong
notes of larger denominations. There is no posi-
BILE necessity for the issue of any paper currency in
this District rests upon the operations of the general
government and all its disbursements made in
specie. Congress ought to set good example to
the country and adopt efficient measures to secure
q strictly constitutional currency in the Territory
over which it exercises exclusive control.
The evils attending present system of bank
ing grow principally out of the privilege of the banks
to issue small notes. These IS rs 3s, &C.. go into
the hands of laborers, mechanics, and persons of
small means generally, who have no means of ascer-
tanning their value, and who are compelled to re-
receive them nothing Small notes form the great
er part of the circulation of those banks having the
privilege to issue them they drive out the specie,
become generally difused among the people, and if
the bank stops the loss falls the poor and gno-
rant-on those unable to bear it. In the debate in
the House this subject with one exception, there
was universal concurrence among the members
from Pennsylvania, Maryland and Virginia this
subject, each of these States having prohibited by
heavy penalties the circulation of small notes. They
all agreed that the law had worked like charm,
that gold and silver had Immediately appeared and
taken the place of the banished notes. If the
States were to extend this prohibition and authotize
oil fho
become still more safe and stable. In France where
the Government lives on credit the people are Sc
cured from the evils of paper circulating medium
by prohibiting the issue of bank notes under $50
francs-somethng $50-and in England,
think no notes are issued under 95. There is an
abundance of specie in this country to make the
same rule practicable here. There about $780,
0O0 900 of specie in the banks of the United States
and it is estimated that there is 100000 in
tual circulation. Business is now rapidly going
down to a specie business, and the occasion ought
to be improved to prevent future mutations and Sc
stable and safe currency.
One of the principal evils of an inflated currency
seems to have received little attention in this
country. The Wing party attribute the expectation
of specie to overtradng, importation, and low
tariffs. more rational explanation presents itself.
The issue of large amounts of bank notes increases
the quantity of money in circulation, makes money
plenty and prices go up. This becomes immediate
ly the best market in the world for foreign manu-
acturers of all sorts. They sent here and sold
quantity and are sold abroad the rates established
by specie currency. balance against us appears,
which be settled, not by the TRANSMISSION OF our
credit currency, but by sending off the basis of the
imitation To aggravate the matter as prices $50 up
at home under the operation of this imitation, the
amount of duties paid to our own government In
creases and more specie is withdrawn from the banks
circulation, and passes into the government de-
positores. The evils complained of by the Wings
in connection with tariff and treasury system
grow out of condition of things they uphold and
sustain. Let specie become our only currency and
they will have occasion to complain of over-trad-
ing, over-mportations, of accumulatons OF coin
ia the Sub-Treasury. The currency and trade ques-
tons hang together and are mutually dependent. IT
paper currency is forbidden by law trade will reg
ulate se elf but as long paper money is sanction
ed trade will continue to suffer from expansions and
conractions, and Congress will be continually temp
ted to legislate upon and regulate what should be
left free and untrammelled. -
The principal business under consideration in the
Senate during the past week has been the bill to
tablish Board of Claims, and that to establish
department of law, or, in other words to recognize
the Attorney Generals office of the United States.
The former has passed that body and provides for
the appointment of commission in the Court of
Justice to examine all claims against the govern
ment that cannot be allowed by the Treasury De-
partment as provided by law, and to make reports
for or against them to Congress- which body
to itself the power to make the appropriation to pay
such claims as shall have received favorable report
The proceedings of the Board will be public and
similar to that of Equity Courts. Claimants will
be heard in person by Attorney in behalf of their
claims.
In the House of Representatives, speech was
read for Mr.. Benton by friend during his absence
in reply to Mr.. Maces proposition to prohibit slave
nv in the Territories of Kansas and Nebraska. Mr..
Benton opposes the bill well as the re-enactment
of the Missouri prohbition-thnks that it would af-
of those territories and