Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-12-24
Banks and Currency.

$4,000
Banks and Currency.
Tho subject of currency is one of the most imno,
tant that can engage the attention of the public
circulating medium is to the body polite what n.
blood is to the human system If that medium b.
vicious the whole body will be tainted and IMPAIRED
lit be pure, the whole body will partake of II.
healthful and invigorating influences.
The first duty, in this respect, of the law.makir,
power is TO see that the substitute which is oero1
in the way of paper for gold and silver is sonnd
and rel'aoe-that 1t IS indeed substitute; and the
second duty is, to realize much as possible in div.
idends Of Banks in which the State is Interested f.,
the relief Of the State Treasury the payment of IN
terest on the public debt, &c.
The right to make a currency is next to the nov.
er delegated to the general government to coin mon.
ey, a sovereign right. 1t is certainly an exclusive
right; and all Bank stockholders are. tberefore
those persons referred to in the State Constitution
as "entited to exclusive or separate emoluments or
privileges from the community, in consideration Of
public services" At best, these "public services"
in consideration Of which these Exclusive priy;
leges are granted, are taken, not as performed.
but as to be performed and the clear inference.
therefore, is that and all men, asking for these
Exclusive privileges the State being, at that par.
ticular time, in want of these "public services" ~
entitled to receive them, the State, of course
declaring how and to what extent they shall be per-
formed as an indispensable condition of the grant
If this be so--and we do not see how it can be con-
trovertedit follows inevitably that any proposition
to bestow upon any particular class of persons the
sole right to make currency or circulating medi
um, is not in accordance with the Constitution. In
other words, no particular class can lay claim this
Exclusive privilege" Before for example, the
claim is made and granted, all classes occupy the
same footing under the Constitution; and it is only
after the making power has conferred the grant
that the f" Exclusive privilege" exists
We hear much about Banks for the people, "Peo.
Piles Bank" &c. Depend upon it, fellow. citizens,
there never was Bank, and there never will boa
Bank, peculiarly the friend Of the masses of man.
Kind However benevolent or patriotic may be the
views Of the authors of Bank schemes, the Banks,
when established, will nevertheless make all the
profits which they can make, for the State and for
the individual stockholders out of the great body Of
pcOpc. 1uc tNclsc per Ccul uuSI Uc TcditLCu,
whether the people are benefited or not; and it
therefore follows that the only relief which the peo
pie can reasonably expect from Banking operations,
must come in the acay of diridends State stock.
State Bank, based on the old and well-tried sys-
tem-al classes of persons having the right to SUBJ
scribe for lis stock-with State subscription OF
something like two millions five hundred thousand
lollo e., thoncood do1larc of
the Literary FUND.- and with subscription by in
dividuals of two Misunderstanding in all capital OF
four millions five hundred thousand dolars-is, it
seems to us, such an institution is now wanted,
and such as would meet generally the wishes OF the
people of the State. Such Bank, well managed,
and with branches judiciously located, would furn'
ish good circulating medium; and would contrib
ute annually in dividends to the State and to the
Literary Fund, not less than two hundred and fifty
thousand dollars. From the dividends of such an
institution the State might annually set apart two
per cent as sinking fund, to meet her debt on her
various bonds as they fall due; besides realizing one
hundred and sixty thousand dollars to the Treasury
which would pay the interest on nearly three mil
lions (about onehal) of her present liabilities. Ih's
would indeed be substantial relief to the people,
Peoples Bank in that it would be an institution
not Of, and controlled by, particular class, but one
in which all would be interested; and which, oy
aiding them to pay their taxes, would diminish their
burdens, and thus encourage them to further anu
more bene6cent and valuable schemes Of internal
improvement.
Mr.. Baxter, of Henderson, in the course OF his re-
marks on Saturday last, in favor of Mr. CaIdwehs
BILL made allusion to the press of the State anu
left the impression that in his opinion, the press
was not free the subject of Banks and currency
He said, as we'll as we recollect, that it "the
press could be unloosed," and the people could ge'
all the facts and arguments in favor of Mr.. CadWels
scheme. its adoption would be ensured. Now, Wha'
have to say in reply is that this reflection on 'h'
newspaper press produced no feeling of either re-
sentiment modification in our bosom, for the sn
pie reason that it did not fall upon us. This press
is absolutely free Of, and has never been bound oy
any Bank or money influences whatsoever ln'
Bank of the State of North Carolina has no peculiar
claims on US, nor have we on it. We do not owe
it, nor any other Bank cent on the contrary '"'
stead Of beirg in debt to Banks, VIC have it in our
power under the blessing of Providence, to depoS''
surplus funds in them. All dealings are WIN
the Cape Fear, and not with the State Bank; anu
we are merely and only on courteous terms I'VE ~
not refer to the Directors two of whom arc our 'n''
mate personal iends) with the officers OF the latter