Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-01-13

develope her resources and to extend in all sections
that assistance which by increasing competition
will spread like concentric circles, and eventually
include all the interests of the State; North Caro-
lima is deficient in capital in proportion to hel
means. South Carolina has 141 millions OF bank
| capital; North Carolina less than five Millions
Mr.. w. drew a comparison between North and
South Carolina, showing the superiority of the for
| mer in all the true elements of wealth. Her agrI-
cultural products, with the exception of rice, tar
exceed that of South Carolina while her banking
facilities much inferior. Mr.. w. proceeded to
present the claims of Wilmington, and showed a
greater disparity between her exports and banking
capital than could be found in any other city of her
trade, population, and resources. The city OF WIZ
mington owned more stock in internal improve
| ments than she had banking capital. Her CONNER
! cial advantages next described; and Mr.. W.
stated, the depth of water in her bar in 1853, was
III feet; June 1854 121 feet; and within the last
weeks, IA feet; and yet with this harbour in our
own State, the North Carolina Railroad had their
ro- shipped TO OF her ports instead of Wilmington
Mr. w. stated the amount of banking capital. i'll the
Northern cities, and the proportion it held to the
exports, and exhibited the great nferiority OF IL
mlngton. In this respect, Charleston had twelve
millions Wilmington only one million of capital
Mr.. Barrnger explained that the insurance OF YES
sells going to Wilmington was SO high as to prevent
the Railroad from shipping to that port
Mr.. Dortch also eXplaint d. the directors were
anxious to ship to Wilmington but it would have
cost too much.
Mr.. Williams had not spoken in censure but to
the impression that prevailed against Will
mington harbor At the last session of the Legsla-
ture application made for $4,000 for bank cap
ta the friends of the old banks exclaimed against
the application and denied capital was wanting in
Wilmington, and denounced the application
Look now at the statistics. How different from the
predictions are things at present. it illustrates od
fogyism and young America. The public spirit OF
Wilmington had brought her through. 1t was
quoted in California that Wilmington situated on a
sand bank, had built 1G0 miles of Railroad, which
stretched North and South, and opened future
Of Whatever scheme OF internal
Improvement is proposed, Wmingtons natural
advantages and public spirit enable her to seize
upon it. Give her sutficien tcapitai, and she will go
forward, prospecting herself and others.
Mr.. Mcmillan offered amendment
Mr.. Steele wished to know what caused the i'm
provement in the Harbor.
Mr.. 7. II. Williams stated Wilmington had expen-
ded sou, 900 OF her own money, and Congress mad
made appropriation for the same purpose, which
would soon come in play, and enable Whining
ton to present a IIarbor not inferior to Beau
fort
Mr.. Martin moved to strike out the word "equva-
lent" wherever it occurred after gold and silver.
Mr.. Phillips supported the amendment, as he
wished to have other basis for banking than gold
and silver, and considered it unsafe to commence
banking upon the notes of specie paying banks,
which generally issued in paper twice the amount OF
the specie in their vaults The number of charters
asked for make gool-sZed volume and uneSs;spc-
Gle is made the basis Of their operation his impress
ions WERE that the Legislature, by interfering too
much in the currency might depreciate the value of
paper money and of course every other kind of
property. MIR. Phillips wished to know what was
considered an equivalent for gold and silver?
Mr.. Myers thought the motion particularly well
calculated to embarrasS the business of the State
If nothing but specie is to be taken for stock in the
new banks the Ii millions asked for in the different
charters must come out of the vaults of the other
institutions, and if drawn from them must compel
them to curtai their issues If the notes of specie
paying banks are not taken in deposit it will be i'm
possible to pr specie, and consequently stop
will be put to the growing prosperity Of the State.
He was advocate for banks without specie basis,
but thought the proposed would lead to cri-
sis the end of which cannot be foreseen.
Mr. Phillips replied to Mr.. Myers, and argued that
permitting the notes of specie paying banks to be
accepted equivalent to gold and silver, was in
creasing the banking capital of the State without
corresponding increase in specie, a measure fraught
with danger. If they could not increase their spe
Gle they ought not to increase taeir banks Mr.. p.
did not oppose the present bill, as he considered
Wilmington in want of more banking accommoda
tons
Mr.. Steele wished to know if a draft on New York
not equivalent to gold and silver.
Mr.. Phillips thought not, the value fuctuated
it could not be considered equivalent for specie.
After few rgmaIk ks from MessrS. Steele and
Caldwell,
Mr.. Phillips continued, and expressed his belief
that if the notes of specie paying banks taken
on deposc equivalent for gold and silver, a
general suspicion may at any time cause most dis
aStrouS consequence.
On motion of Mr.. Baxter, the committee rose and
the Speaker having taken the CHAIR MIR. Shepherd
reported progress and asked leave to sit again.
On motion of Mr.. Outlaw, the resolution ordering
the printing of the minority report from the
mittee on banking was rescinded.
The Speaker announced the order of the day, the
bill to rechartcr the Bank of the State.
Mr.. Shepherd having read several amendments
which he wished to insert in the bill,
Mr.. Outlaw moved the bill be referred to the COM
mttce of the whole House.
Mr.. Myers objected, he wished to expedite the
business.
Mr.. Jordan was in favor of the motion as it gave
the House opportunity to discuss the question of
banking. Mr.. Outlaws motion being adopted the
House resolved itself into committee of the whole
Mr.. Shepherd in the chair.
Mr.. Steele offered an amendment, which he stated
would have the effect of preventing banks with
branches having any undue advantage the local
banks Adopted.
Mr.. Outlaw offered an amendment prohibiting the
issue of notes of less value than S. and stated his
intention of following it up with another prohibit
ing the receipts in payment of public dues, of the
paper of any bank issuing of less value than S.
Mr. Steele stated his intention of proposing an
amendment, prohibiting the issue of notes of less
value than So.
Mr. Phillips in favor of the amendment, as
the small bills drive the specie out of circulation.
Mr. Walser opposed the amendment, as it would
admit the small notes from other States; bills of
small amount were absolutely necessary in payment
of taxes, &c.
Mr. Bullock spoke in favor of the amendment,
and hoped it would be adopted.
Mr. Waugh was in favor of the amendment, and
IL. -