Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1856-02-06
Tbe Stanbar1*
RALEIGH, SATURDAY. FEB. 2, 1856.
TIE CURRENCY.

THE CURRENCY.
The Greensborough Patriot" continues, with
much heat and bitterness its attacks on the authors
Of the currency law of the last Legislature; and it
even goes so far as to charge that the chapter on
currency, as it appears in the Revised Code, was
concoctcd in the secret concIave Of few designing
men, and smugglcd into the statutes, for the pur-
pose of cffectng by inlrccton deception and fraud,
that which they could not do in the light of open
day." This is a gross reflection the Commits
sioners, McSsrs. Biggs and Moore and on the joint
committee the rcv<al of the two Houses No
respectable man believes the charge and we are
surprised that respectable and intelligent man, as
the Editor of the Patriot is should have preferred
it, 1t is not contcndcd that the chapter report
ed by the Commissioners, and printed for the use of
members, is the same us that now in the Code; but
there be doubt that the substitute, by
whomsocver prepared and presented underwent
the consideration d scrutiny of the joint commit
tee, and received their sanction. The law, now
stands then reported to the Assembly-was
read three times in both Houses was passed, and
duly ratified. Does this look like indirection,"
"deception, "fraud,' and 'smuggling?'
While upon this subject, we beg to call the atten-
ton Of the 'Patriot to the following section Of
chapter 81, oil Revised Statutes, entitled Grimes
and Puni<hmcnts." This section is as follows:
"90. If any person persons, bodies corporate,
company or association SHALL without the authority
of the legislature first had, issue any pronissory
notes commonly called bank notes Of any value,
with intention that the same should circulate and
be received a substitute for money, he, she, or
they, the persons composing the aforesaid bodies
corporate company or association, shall be prose-
cuted by way of indictment at the instance of the
State, in any of the of record thereof and
conviction shall be fined in the Of two hundred
dollars and be isoncd at the discretion of the
court, not exceeding six months"
We take this occasion to state. that it very
far from purpose, in article on currency OF
the 23d January, to intimate that the law relating
to small bills ought to be disrcgarded. The law,
whatever it may be, should always be obeycd by all
good citizens. The question is not, is it conve-
nient to obey ?-bu is it the law? That being set
tled there is but course. Thus stated that
the Bank of Fayetteville still issuing and
two dollar notes; that these notes portable
and convenient; that the Bank would most proba-
bly, continue to issue them and that it's right do
so was question 20 be decided, not by the Legsla
ture, but by the Supreme Court. Let the question,
then-if this be correct view of the mattcr-be
taken up to that Court at once, and be decided.
We also said we did no: believe that the circula.
ton of small notes would be to any considerable ex
tent checked by this law. We intended to say at
once cAeched-for VIC distinctly gave the opinion, in
subsequent paragraph, that it was not certain, in
case these notes banishcd that specie would al
once fill their places. The policy of prohibiting
small bills is undoubtedly correct; but time must
be allowed-thc Fayetteville Bank is still issuing
then-hundreds of thousands of dollars of these
ofy lie IF thic Stato ofE Eoor
- gia, of South Carolina, and of Tennessee, are ir
the pockets of the people, and they cannot instant
" get clcar of them and to the gold and sill
yer standard. But these notes, out of the way
will leave a VACUUM which gold and silver will a.
surely fill as that North Carolina produce will com
mand the latter, when offered in market 1t is
therefore, question Of time, of positive convent
encc and not question of obedience to dsre
gard of law. The hard-money circulation, for al
sums under five dollars, has been tested in Virgins
and Maryland, and has been found all that could bt
desired. Specie is abundant those States, as i
must be here after time, Notwithstanding tht
number of new Banks, creating increased demands
for it as basis for paper issues; and notwithstand
ing the large exported to foreign countries
a The know-nothng State council of Arkansas have
passed resolution in favor of abOli>hing the secre
feature of the order. This looks marvellously hk'
progressing Backwards" Wash Union.
The Know Nothing State council or convention o
North Carolina, which met here in October last pro
fesscd to do the same thing; but still unin
formed as to who presided over that body, and wht
were appointed representatives their national 22d
February convention The secrecy was abolished
and yet nothing is known 1t is rumored that Gen
Dockcry presided, and that Mr.. Haughton is one o
the delegates to Philadclphia-but that is all.
MEssRs Fulton AND BURH.-The Wilmington Com
mercal of Thursday states that the unfortunate diff
Guilty between Messrs. Fulton and Burr "has beer
satisfactorily adjusted" No particulars are given.