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


We publish below the first of a series of comInu-
nications on the subject of Banks and Currency
subject at this time of much importance to the peo
pie of the State. These communications are from
the pen of of the ablest of this any other
State, and viii be read with interest by all and with
approval, we doubt not, by, many of our citizens
1t is not to be inferred however that in giving place
to the favors of correspondents, are thereby
committed for against the views they advance
Let free and full discussion be had and then let the
people or their representatives, the may be,
decide for themselves
To the Editors Of the Standard:
The numerous propositions pending before the
Legislature in regard to Banks-for the renewal of
charters and the increase of the capital of the exist
ing Banks, and the granting of charters, are
calculated to excite, and have excited in the public
mind serious apprehensions to the currency.
These fears the alarming from what you
say in your last paper that the Committee on
Banking have determined to report all the bills on
the subject which had been referred to them, leav
ing it to the Legislature to decide which and how
many Banks should be established" And you fur
Their add, by way of information, that besides the
applications for the renewal of the charters of the
Bank Of the State and the Bank of Cape Fear there
are likewise applications for charters for the Peoples
Bank, with capital of five millionS-Bank of Colds
borough-Bank of Wilmington-Bank of Plymouth
Bank of GreensbOrough-Bank of Clarendon
Central Bank of North Carolina-Bank of Halifax,
and the Bank of Peterborough; to which may be
added general bill for Free Banking. You 90 not
state, nor have been able to learn the amount of
Banking capital which it is thus proposed to create.
As two of them to have five millions each,
take it the other eight cannot be so modest as to
ask for less than quarter of a million each, which
would be two millions matchmaking in all the sum
of t1cetce millions Of neW Banking capital We
have now ten Banks, with capital as reported of
five millions five hundred thousand dollars round
numbers, with authority l believe to go to six
hundred thousand.
If this is not calculated to alarm the most harden
ed Bank advocate he must indeed be Bank mad.
Grant the two charters, as understand it is pro-
posed, of five millions each-the one to be founded
upon stocks State bonds, and Railroad stocks, and
the other upon know not what, with branch in
each county in the State, which shall be able to
raise and subscribe two hundred thousand dollars
and if it does not end in another Mississippi bubble,
to the ruin of the currency, then shall acknowledge
myself false prophet. | have no fears that the
Legislature be so inconsiderate and so wanting
in foresight as to grant these different applications;
but it is because they have been made, and you
say the Committee on Banking have decided to
port them back to the body in which they origina-
ted that have resolved to ask place IN your much
crowded columns. 1t is possible my facts and
gumenS may starte some land excite the diSpleasure
OF others; but am resolved to speak QUITO speak
the truth, and leave to others to examine my facts
to correct them if erroneous to weigh my reason
ing, answer it if fallacious-not by hard words or
empty denunciaton, but by satisfying those who
may feel interested in the subject that am wrong
My object is the truth, and the protection of the
community against hat honestly believe to be
serious injury to the currency and consequent loss
to the people of the State. PUBLIuS.