Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-02-27
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RALEIGH. WEDNESDAY. FEB. -. 1850. !
The CuRRENcY-TnE GREENsBoRoUGHs= PA1RIoT.
A late number Of the Greensborough Patriot con-
tans the following precious morse on tho su6jectof
the currency:
"CHARaE IT TO DsxocRAcY.-We learn that some
of the farmers in neighboring counties have been
GETTING off one and two dollar bills at sacrifice,
account Of the late Currency law. They should
charge their loss to of the leaders of the Dem
ocratic party in the last Legislature. That party
had large majority in both houses of the Assem-
bly. and must therefore bear the responsibility
They had the matter entirely under their own con-
troll and the individual members should not be per-
mitted as some of them are trying to do, to shift
the responsibility on Wings, who were in the mi
nority. and could at any time be voted down. The
" Currency law, which has caused this pecuniary
loss to citizens, was introduced into the Senate by
Mr.. Asa Bggs, democratic leader, and snauggled
through democratic Legislature. Mark that, fell
low-cltizens F r.
The foregoing is altogether worthy fthc Green's
borough Patriot and is in entire keeping with the
tricks and sabterfuges to which It resorts to make
capital against its political opponents That paper,
It seems is not capable of discussing an important
nublic question on its merits; it must lug in party
in connection with subject in which all the people
are interested, and in relation to a law which had
the sanction of committee of the Legislature pos
sessed of much information on the currency, and
whose opinion is entitled, to say the least to the
respect if it does not command the approval of the
Patriot.
The Patriot is careful not to state aotat "onc and
two dollar bills the farmers in neghboring coun-
ties have been getting off at sacrifice" We
venture the assertion that the bills referred to are
those-not of bank-but of "the Greensborough
Mutual Life Insurance and Trust Company"-an
institution which, as We showed in issue of the
Goth inst not authorized to exercise banking priv
ileges but which has done and doing so in palpabc
usurpaton of powers never in contemplation of the
Legislature Wehayc heard ofno losses incurred either
by Fayetteville Bank small notes, or by the small notes
ofthe South Carolina Bank but we do know that the
one and two dollar certificates of the Greensborough
"Life Insurance and Trust Company" have been
objected to in almost every case in this community
and the same is true, no doubt as to other commu-
mites. These losses, then, on the issues of this
quasi bank, arc charged to the Democracy" and
to the "late currency law - when it is well known
that before this law passed the notes or certificates
referred to were not considered proper circulating
medium, but we're transferred with difficulty from
hanG to hand-rcfuscd in many instances, and taken
regularly only and then reluctantly, by merchants
in exchange for goods. We advise " the farmers in
neighboring counties for whose interests the Pa
triot as the representative of this Greensborough
shinpaster currency, nlanifests all at once such
deep concern-to incur no more sacrifices of the
kind, but to demand good money, in exchange for
these cert ifeatesof "the Greensborcugh Mutual Life
Insurance and Trust Company" Let them make
the demand, and thus save for themselves the per
cent. which the Patriot says they are losing, and
which goes into the pockets Of selfsaerifcing and
accommodating friends. And we now call on the
Patriot to furnish the public with information to
the operations of this Greensborough Company let
US have the amount Of certificates or notes circu-
lation-the capital in hand to redeem them-the
manner in which the company conducts its business
as bank-the points to which its one and two
dollar bills are sent to be put in circulation and
whether they are in ece'y case put in circulation
at par, shaved off at less than par, &c. Let the
public Aare the facts. This is the only institution
in the State claiming the right to furnish paper
circulation substitute for gold and silver-which
is not bound by its charter to report to the Lcgsla
ture the extent of its operation and the basis Of
its operations 1t is, in this respect, totally IRE.
.sponsible. But it has assumed the power to bank
it has flooded the country with its paper-it has
thus called the people to credit it, to confide in
it. to regard it able and willing to redeem its is
Sues; and now let the foundation on which this as.
sumption rests, be shown.
The attempt ofthe Patriot to make the Democrats
Of the Legislature more responsible than the Wings
for the passage of what it is pleased to regard as
Objectionable law, is SO fmsy and absurd as scarce.
y to require notice. We expect to show in our next
in reply to some remarks Of the Fayetteville Obser
YER that there was nothing unusual extraordina.
ry in the manner in which the currency law was
passed; and the following facts will be sufficient
answer to the Patriots charge: LIST, the Commits
soners to revise the statutes consisted of one Whie
and one Democratic wit. B. F. Moore, Esq, and
Hon. Asa Biggs; I'd, the joint committee of revisa
of the Legislature, consisted Of six Wings and four
Democrats; Sd, during all the discussions on the
subject of the currency in the Legislature there
was very little said about party, but gentlemen o
both parties went for and against small notes &C
cording to their convictions of duty, and, as gen
era rule, without reference to their particular party
principles. The Patriot might, with the same pro
prety andjustice, single out any other statute il
the Revised Code--object to its provisions, and at
tempt to hold the Democrats responsible for then,
We are not admitting, be it observed that the poll
cy established by the currency law is justly liabl
to objection. So far from this, we consider the pol
icy correct and sound; but we are showing tn