The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-04-30
Pom the North Carolina star.


Mr. Doub. Dear Sir--lt il not often that
~ \ Glance At that veracious sheet, the |
Ner,h Carolina Standard, nor do often give
n,yself the trouble to contradict in any way
ANY of the statements put in print by that
r;nk If consistency, w. w. Holden. let
fhem mass. as far as am concerned, not be-
cause they are true. but because they are
generally such phappers as to satisfy all
reasonable men of their absurdity. In the
Standard of the eth, however, he puts forth |
the following query: |" Is Mr.. Gilmer Tor
or against Mr.. Caldwelps great scheme Tor
bans 70 BE- established on Railroad securities
in other words on paper?" Now, when
the editor Of the standard penned the above
paragraph, he knew he was writing palpable
and Unqualified falsehood-a malignant I'M
TRUTH gross SANDER. have never favor
ed any such measure as a great bank founded
on Railroad securities--in other words, on
naner. And this the editor of the Standard
well knew at the time he wrote the above
Gbel and SANDER. The bill had the honor
az introducing into the last Legislature was
a precise copy OF most OF the Bank charters
now in force in Virginia and South Carolina
as regards the precious metals. 1t differed
from the charters in those States, and they
lave the best banks in the Southern States,
III this one particular, to wit: Instead OF re-
curing the stockholders in the Bank pro-
posed to charter to pay $751; in gold or silver
for every hundred Of paper they were author
lied to issue, as do the Banks Of Virginia and
south Carolina. | required them to pay IN
s35 for every hundred of notes the stuck
holders could possibly but in circulation.
Still further, and in addition to all ths--and
aver and above all that is required by the
Banks in the States mentioned, my bill re-
ouired them, in addition TO the specie capri
tsl. TO deposit with the Public Treasurer the
Tall amount Gf the circulation Of the Bank
In Railroad certificates of stocks, as COLA
teral security for the ultimate redemption
of The entire circulation of the Bank, and
as a criterion for the Public Treasurer to
issue the circulation Of the corporation by.
III other wards, my bank bill was just what
the Banks Of South Carolina and Nirg MA
now are, as regards specie basis; aud as
amended. just what the present State Bank
now is as regards specie basis. i repeat
again, that the only difference in the bank
proposed to establish and the present State
Banks, was that my bill, as amended, requir-
Cd after the stockholders had paid in precisely
The same amount Of Gold and Siirsr that the
stockholders Of the other banks had done,
and sixteen and third dollars more than
lie stockholders in the Virginia and South
Carolina banks were required to do, my bill
required the stockholders to pledge and de-
posit with the Public Treasurer, the full
amount Of the circulation OF the Bank in GER
ti6cates Of stock in some North Carolina
Railroad. as collateral security to the public
for the ultimate redemption Of all its notes,
and as criterion for the Public Treasurer TO
issue the cirulation Of the institution by.
The bank Of the State gives no such security
as this 10 the public, consequently the bank
proposed 10 establish was just that much
stronger than the present Bank uf the State.
II the present Bank Of the State was 20 fail,
the stockholders would lose nothing more
than the capital they paid in, while the peo-
pie would lose two dollars for every one the
stockholders did.
In case the bill introduced had passed
and the bank gone into operation and failed,
the stockholders would not only lose their
capital, but double as much more. In other
words, the stockholders IN tie bank propos.
ed wonid have necessarily u loose 10 the
event Of its failure fifty per ceni. more than
any one else could possibly do.
The public will Judge from this simple
statement how much truth Is ~ the assertion
of the Standard that am ID favor Of q great
bank 10 be established on paper. A baser
falschood never was coined or published than
the grataitous assertion that | favored any
such scheme. have no sympathy with any
such establishments. desire to see stronger
aud better banks than ours. There i 10
-. 49, lfs.sm al. rteT nj
whose banks is at 30 heavy discount IN the
adjacent States as ours, and where the paper
IL the adjoining States Is 20 greatly sought al.
ter as IL is in North Carolina, By our present
banks Nor Is there State 10 the Union
where exchange Is sold % extrasaganiiy as
IN our good old COmmpnWealih--no not even
IN Virginia. where the State is 10 debt TO the
amount OF thirty.three millions, aud has to
raise the interest of that vast sum semi-an.
nuaiy ID gold and silver, ~ foreign exchange
--eyen under these circumstances the mer.
chants Of Virginia can procure exchange Of
the banks Of that State at from J to Il one
per cent. whereas we have TO pay IRON | J "a
: per cent. for all we need, Or take 0uI
produce 10 Charleston Or Norfolk. The cause
II this i plain enough. The capitalists Of the
STATE have m0nopollzed the banking basines,
in the State. and by skiilful management ant
accommodating the lpssuiators ihe country
Instead Of our Mechanics. Merchants, Manu-
faclDres, Farmers, &C., because they sgre'
10 Iiquidaie their bonds With northern drafts
make as high as twenty Of twenty five pei
cent. per annum. These are the men VII,
have been mo,ing heaven and earth TO ms
represent and ridicule nv bill. have il i
nv power 10 prove t,at they have done 81
IL their power d muxzle the press and keel
The trgth from lie people. that The parilcI
nov engaged in furnishing the people with
paper eareBey, may enjoy The great profit