Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-02-02
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 1t
even goes SO far as to charge that the chapter on
currency, as it appears in the Revised Code, was
concocted in the secret conclave of few designing
men and smusgled into the statutes, for the pur-
pose of effecting by ndrecton, deception and frauo,
that which they could not do in the light OF open
day!" This is gross reflection on the Commits
sioners, Messrs. Bggs and Moore, and on the joint
committee on the rcvisal of the two Houses. No
respectable man believes the charge; and We are
surprised that respectable and intelligent man,
the Editor of the Patriot is, should have preferred
it. 1t is not contended that the chapter as report
ed by the Commissioners, and printed fer the use OF
members is the that now in the Code; but
there can be no doubt that the substitute, by
whomsocver prepared and presented, underwent
the consideration scrutiny of the joint commit
tee and received their sanction. The law, as itnow
stands, was 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 smuggiing?"
While upon this subject, We beg to call the atten-
ton of the Patriot" to the following section of
chapter 81, old Revised Statutes entitled "Crmcs
and Punishmcnts." This section is as follows:
"9O If any person or persons, bodies corporate,
company or association shall, without the authority
OF the legislature first had, issue any prOmssory
notes commonly called bank notes of any value,
with intention that the should circulate and
be received 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
i'm, of ft,ac IF OrH fhrrpOf on
conviction shall be fined in the sum of two hundred
dollars, and be imprisoned at the discretion OF the
court, not exceeding six months"
We take this occasion to state. that it very
far from purpose, in our article OH currency OF
tn, sd January, to intimate that the law relating
60 small bills ought to be disregarded. The law,
whatever it may be, should always be obeyed by all
good citizens The question is not, is it convc-
nient to obey ?-but is it the law? That being set
tied, there is but course. Thus We stated that
the Bank of Fayetteville still issuing one and
two dollar notes; that these notes portable
and convenient that the Bank would most proba-
bly, continue to issue them and that its right to do
SO WIS question 20 be decided, not by the Legisa
ture, but by the Supreme Court. Let the question,
then-f this be correct view of the mattcr-be
taken up to that Court at once and be decided.
We also said we did nos believe that the crcula-
ton of small notes would be to any considerable
tent checked by this law. We intended to say at
once checktd-for We distinctly gave the opinion, in
subsequent paragraph, that it was not certain, in
case these notes banished that specie would at
once fill their places. The policy of prohibiting
small bills is undoubtedly correct; but time must
be allowed-thc Fayetteville Bank is still issuing
them-hundreds of thousands of dollars of these
small notes. of various Banks, of this State, of Gcor
gia, of South Carolina, and of Tennessee, are in
the pockets of the people, and they cannot instant
ly get clear of them and return to the gold and sill
yer standard. But these notes, out of the way,
will leave vacuum, which gold and silver will
surely till as that North Carolina produce will COM
mand the latter when offered in market. 1t is,
therefore, question Of time of positive convent
ence; and not question of obedience to dsre-
gard of law. The hard-money circulation, for all
sums under five dollars has been tested in Virginia
and Maryland and has been found all that could be
desired. Specie is abundant i'll those States, as it
must be here after time, notwithstanding the
number of new Banks, creating increased demands
for it as basis for paper issues and notwithstand-
ing the large amounts exported to foreign countries