Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-01-24

The same at the latter 3,5S1, 229
Depth of water in the bar in June 1853 Ill feet
In January "a 1a4 -November 54, 134, and within
the last eight months IA feet. Her Tonnage in May
54 was 10000 tons, representing SIS vessels. :
Invested by citizens Of Wilmington in schemes OF
public character 81 ,2S0, 900, and in vessels and
Steamboats, $780, 800 making their expenditures for
such property exceed their present banking capital
$6sO,500 What community however devoted to the
of Internal Improvement make such a
liberal showing?
shall now proceed to show Mr.. Chairman, from
reliable statistics that the banking capital is greatly
disproportionate to her trade in comparison to 9th
or towns and cities of the Union. l have before
said her banking capital was $l,050,O00. The
amount of produce bought and sold in her market,
or her aggregate purchases, foot up to 81, OOOOO0
and her exports exceed ten millions, showing diff
ference Of nearly seven to one. In Savannah there
is like complaint of the want of more banking ia
cities, and strong efforts are being made to obtain
more but this extraordinary diSproportion as with
Wilmington does not even now exist. Banking cap
ita of Savannah is So 100 900, exports 42S, 723
In Charleston, with whom Wilmington has to COM
pete for trade common TO them both the
banking capital is 200 900, exports $40 900 O0o
Philadelphia capital $l5, 900, 900. exports $4,000
900 New York SIT, 7o4, 400 capital, exports about
$50 OOO O00 in Boston the capital is $32 $40 525,
and her exports but $lS, 35S S75. Now, Mr.. Chair
this bill proposes oincrease the present banking
capital of Wilmington $SOOOOO. Is 1t an unreason-
able proposition? Is not its necessity shown in the
large of her external trade over her pecuna
ry means? 1t is said by the best writers on polti-
cal economy that the internal cop'merce OF any city
exceeds ten times the amount of her ertertdL Take
the half of this as applicable to Wilmington, end
what extraordinary tnancering it must require not
only on the Rart of the Banks but her citizens 10
maintain this commerce Let any member OF this
body visit that place, many did during the holy
days. and you will iRd quantities Of produce lying
upon her wharves unsold except upon sixty or nine
ty days credit Is this injurious to the interest
of the producer? Our Banks usually discountlnS
ninety days paper have been compelled to restrict
their customers to thirty day drafts. This affects in
juriousy coaStwse trade and entirely preciudes
any accommodation to our foreign inportatlons
Considerable efforts being made by our mer-
chants to carry direct trade with Europe. ms
requires to DC done upon six months paper, and
unless our capita. is increased no encouragement IN
the way of banking accommodations can be exten-
ded to them.
Now, Mr. Chairman, it will be recollected by
few row among lis that when Wilmington applied
to the Legislature of 4G-7 for an increase Of $780,
600 in the incorporation of the Commercial Bank,
that boml-silcll thrown into the camp Of an I'M
suspecting cneIny would no. have produced more
excitement and apprehension than was exhibited
upon this floor Some of the most eloquent speech
es of the session were made in opposition to that
mcaS;lrc All the dread horrors of bankruptcy, re-
l,uiation and disgrace startled the imagination OF
memberships tocsin Oh alarm was sounded and the
l. SiSature warned not launch the old ship oil State
upon the vast sea Of speculation unnamed and I'M
captancd, except 10y wild and inexperienced youth
4
requested to stand aSi;e-to tarry at jericho until
the symbol Of age gave responsibility and force to
our opinions. The wealth of Wilmington repre-
senIcd to be fictitious, her commerce oversrained
and ruinouS, and her apparent prosperity but the
hectic bloom upon the consuInptlve patient, dehot-
ing only the progress of the disease and the certain
ty of its speedy and fatal termination.
Now let these experienced and financial gentlemen
examine these statistics and say if erSpredictions
were true-if her trade were oversrained and dam
frtt n0nlh her
ments but paper fabrcS biect at any time to be
blown away by by the first disastrous gale of COM
mcrcial distress? This have marked, Mr.. Chair
man, the when old fogy predictions began 20
fail and they themselves became unsuitable represent
tatvcs of the Americon character, when their pen
ny post id:as of government began to be alarmed
and supplanted by the more buoyant and cxtrava-
CANT notions of Young America. And however OK
travagant these notions and predictions there is an
element of progress in the American character that
in instance has allowed them to fail or be forfeit
cd Instead of Wilmington answering the prcdic-
tons of her old fogy ASSISTANTS, she was found to
possess within herself the elements of a safe and
healthy progress not resulting from dangerous spec
ulatioS but from the advantages of her natural ro
ston, added thereto the industry and enterprise OF
as devoted spirits as ever brcathed incense around
the altar of patriotism. might here Mr. Chairman
indulge my feelings in cuogistc praise of that
people bat when that has been better said by Others
modeSty would at least impose upon her own sons
the reserve of silence. | saw short time since in
when appealing to its village citizens in behalf of |
some contemplated project in order to excite their
emulation referred to Whining ton-that aiittle town
of three thousand inhabitants, situated on the bar
rem sand-hs of North Carolina, had actually con-
S:ructcd Railroad one hundred and sixty miles
long Yes, sir, with that arm reaching into Virgin
ia and the other to Manchester and Charlotte, with
a full, broad bosom, fronting Cape Fear and Deep
River, the Central Railroad, and all other purely
North Carolina works of internal improvement, to |
receive their into the lap of her commerce.
who does not sec in the advantages Of such posi-
ton future career of increased prosperity, to re-
ward the devotion of her and to attract the adj
miration of the heightened public spirited through
out the land Whatever schemes of internal i'm |
provcment this any subsequent Legislature may |
project they shall have for their object the deveope
ment of North Carolina resources-their cheap and
speedy transit to North Carolina market town, |
Wilmington, from the advantages of her position |
and the enterprise of her citizens will become the !
larger shareholder in their profits. Let then
peciay intreat those gentlemen upon this floor, |
constituents living not only upon these
works of improvements already completed but all |
schemes, to forward vote for this
bill-give more capital to buy year produce, and
Wilmington will go prospecting and to prosper; |
the bright arch of promise will still span her future
and grand, UNMARRIED hue pervade it's every part
INTERESTING FROM WASHINGTON. Mr.. Soule writes |
that he will leave Madrid, for the United States
wards the close of the present month.
Mr. McRae our Consul at Paris, is dangerously, !
if not hopelessly i'll.
The snecial messaoe Of the President in relation |