The North-Carolinian. [volume] (Fayetteville [N.C.]) 1839-1861, 1855-01-06
From the Raleigh Standard.
Ranks aud Currency.

We publish below the first of series of com.
munications on the subject of Banks and Cur
rency-a subject at this time of much nmpor-
tance to the people of the State. These com.
muncations are from the pen zone of the ablest
men of this or any other State, and will be
read with interest by all, and with approval, We
doubt not, by many of our citizens It 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 adj
vance Let free and full discussion be had
and then let the people or their Representatives
as the case may be, decide for themselves
To The Editors file Standard:
The numerous propositions pending before
the Legislature in regard to Banks-for the
renewal of charters and the increase of the capi-
tai of the existing Banks and the granting of
new charters, are calculated to excite, and have
excited in the public mind serious apprehen-
sions as to the currency. These fears are the
more alarming from what you say in four last
lpaper-"that the Committee Banking have
determined to report all the bills the sulject
| which had been referred to them, leaving to the
Legislature to decide which and how many
Banks should be established" And you further
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 char
ters for the Peoples Bank, with capital of five
milions-Bank of Goldsborongli-Ba of
Wilmington-Bank of Plymonth-Ba 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. Y on 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 arc to have five millions each l take it
the other eight cannot be SO modest as to ask
for less than quarter of million each, which
ynuI1 he fxGn mil lIn,ri ,.,n f1o
sum of t1c~ire n,llions Of Banking capital
We have now ten Banks, with a capital as re-
ported Of five millions five hundred thousand
dollars in round numbers, with authority as
believe to go to six hundred thousand.
If this is not calculated to alarm the most
hardened Bank advocate, he must indeed be
Bank mad. Grant the two charters as un-
derstand it is proposed, 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 ac-
knowledge myself false prophet. l have no
fears that the Legislature can be SO nconsder-
ate and wanting in foresight, to grant
these different applications; hut it is because
they have been made, aud as you say the Com
mittee on Banking have decided to report them
back to the body in which they originated
that have resolved to ask place in your
much crowded columns 1t is possible my facts
and arguments may startle some aud excite the
dispeasure of others; but l am resolved to
speak QUITO speak the truth, and leave to
others to examine my facts, to correct them if
erroneous, to weigh my reasoning, answer it If
fallacious--not by hard words or empty de-
nuncatien, 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 what honestly believe
to be serious injury to the currency, and con
sequent loss to the people of the State.
PUBLIUS.