Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1855-01-03
BANKS AND CURRENCY.

We publish below the first of series of commu-
nications on the subject Of Banks and Currency-a
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 will be read with interest by ALL and with
approval, We doubt not by many of ou, citizens.
1t is not to be Inferred however that in giving place
to the favors of correspondents, we are thereby
committed for or against the views they advance.
Let free and full discussion be had and then let the
people their representatives, as 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 new charters, are
calculated to excite, and have excited in the public
mind serious eppsehensions as TO. the scnrrency.
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
ther 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 Pittsborough to which may be
added general bill for Free Banking. You do 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, l
take it the other eight cannot be modest as to
ask for less than quarter of million each, which
would be two millions more-makng in all the sum
of tacelre millions Of neU Banking capital We
have now ten Banks with capital as reported Of
five MILLIONS five hundred thousand dollars round
numbers. with authority as l believe to 60 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. l have no fears that the
Legislature can be so inconsiderate and so wanting
in foresight, to grant these different applications;
but it is because they have been made, and as you
say the Committee on Banking have decided to re-
port them back to the body in which they orgina-
ted, that have resolved to ask place in your much
crowded columns. 1t is possible my facts and ar
guments may startle some, and excite the dspeasure
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 denuncation, but by satisfying those who
may feel interested in the subject that wrong.
My object is the truth, and the protection of the
community against what / honestly believe to- be
serious injury to the currency, and consequent loss
to the people of the State. PUBLIUS.