Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-10-17

s'en, 'a S",e.;a IA ss ! general rule will
s,o, 49, rss,,l, n min and iraud. producing
great iniurv in ali the business transactions and
morals Of the community wherever they may oe 10,
Gated. But to attain this END VIII require ,'e anu
| the exercise OF sound discretion Ihc WORK mas W
be commenced, and we had as well set the example
| by commencing with the Bank Of tennessee, con.
stanily and steadily progressing an' there snan ,o'
be banking corporation lett ID 'ne Sua'c. nus w
| ing once accomplished mere hoping 'ns' WI 81. |
policy VIII De pursued anu carIIea gu. ~ ~. ~.
surrounding States '"e vacuum .''"eu II =;
withdrawal VIII DC suppneu py "e e"P. ~
| furnishing exchahSe ior 'ue eo,,ii"e'o" 49, =.
the community. anu money, III '"e props. mro'
the term sumc'ent 10 purchase az 'ne
ducts Oh tne country. in's w's ,1"o" J" -. 81,
ana as certainty as wafer wiz hnu n aS ,e'., ", 0
surrounding atmosphere supply anu III W" vacuum
"n men erea'eu. ;.,,;, ,,r ,,rroa a tho v;nd;n,
lDe strongest oolue''o" ho" u'Seu W ."e "'s
up Of the BANK Of lehhssseo ~ ',a. :; -"
as hscal agent of .ne s.a'e 70 receive ns 'o,eho
anu uisourse 'he sa''e' " pa! ,"e '''e'e' W o".
state bonds that nave oeen issued, OF may "erea.e'
DC issued. ms ooJee"oh Wne" eAa''.'eu c c"u ~
uuceu 10 PTacuca' 'eS' ee"ses W navy "''! ~ ~
solld'ly in 1t whatever. would most respectfully
suggest that all the du,ies now performed oy the
Bank OF Tennessee Us ilscal agent III RECEIVING anu
disbursng the revenue OF tue state ana paying .ne
interest upon State bonds, can be performed oy 'he
Comptroller and Treasurer, the financial otbcers Of
ana AZ nr less expense .han +" mo" cos's 70 carry
on the machinery OF the Bank oil tennessee
SMALL NOTES IN CIRCULATION.
In my last Biennial Message. | recommended the
passage of law suppressipg the issuance and cir
culaon OF bank notes or bills OF less denomination,
than 90 An act passed by the last Legislature,
10 regulate banking, 'he th'rd section Oh which,
II seems, was intended 10 accomplish 'hat PURPOSE
has wholly iaiied 10 do so IL merely prohons inc
issuance OF small notes oy the banks out does not
suppress ne circuat'on OF tAose areaay ssueo' anu
1t is oele.' that the amount IN circulation on the
passage OF l. law mas not oeeh materially aih'h'
ished. The has, no doubt, IN many instances
been evaded I'd violated IN getting notes BACK INTO
circulation, hch had been returned to the banks
by their hole rs 1t Is hoped that the Legislature
VIII 50 amen the present law as 10 prevent .he s'
suance OF 81 aller notes than 10 by all the BANKS
and, after gr ng reasonable notice. to suppress the
circulation AZ ong the people, OF all those which have
heretofore been issued, and especially those which
have been issued by other States and ma their way
here for circulation.
The vacuum created by the withdrawal oil those
change bills, which have been thrown INTO c'rsula'
ton by the numerous banks throughout the stare
VIII, at once De supplied win go'o ana s'er, iic
currency itehucd LOT the great mass Vi we Pcop'e
Banks wh,ch cannot FURNISH 'he community WIN
gold and SILVER currency, from hVe do',afS @sc
not entitled to puolc confidence ana ought 10 oe>
wound up, and inc sooner II Is done, Inc oeuc' 10,
the puohc goou III ms iet 'ne 'aw oe 80 "."'eu
I, :" ippp,;ra,;an ,i.a sS ira nrnnr;p,y or Tho
'eea - H., H. " L.. aI t,;n,s 10
| IN IL. :, :; ~, aaos".r, -; - COCO, m, orcu
az ".". - -. 80 ~ 'N'N''' "e'''' ~ o
"'"'' ~ 10 '"'
| STATE BANK AND BANKING
Governor johnson renews the recommendation
and argument of his second Message, QS56D as to
the Bank Of Tennessee, and adds:
The necessity and expedency of longer ontinuing
the Bank isca! agent for the Treasury, or, as
convenience for the people in their monetary Affairs,
would seem, after reading the able report made by
the President and Directors of the Bank, utter alb
surdity and it should be dispensed with, and there
by all connection between the State and Banks be
dissolved To carry the business Of banking is
not Of the objects for which the State created
any than it to go into the pursuits of Agri-
culture or Mechanics. 1t was not designed by those
| who framed the Constitution Of the State or OF the
United States that the States should become either
Bankers or Brokers, or Money Changers in any sense
of the term, to make any thing tender in pay
ment of debts except gold and silver This is the
currency intended by the trainers OF the Constitu.
ton Of the United States and of the States FOR the
people 1t may be assumed that this great principle
| has never been violated, so as come in conflict
with the letter Of the organic law Of the land but it
has been violated in spirit and practice since the
alton Of the first Bank in the State, and the people
have been made the sufferers in the end, by every
such violation of this fundamental principle of cur
| fency.
Within tho Last four vears mt tn po further back
in the history of banking in Tennessee ten or twelve
Of The Ranks Of the State have SUSPENDED specie
navment The failure Of these Ranks will r,snl, in
IN. loss Of millions to the peope. who dexchanecd
their nroduce for the worthless circulation The time
has arrived when the Legislation of the country
sbould he broupbt TO hear upon all these spurious
schemes and plans of originating what is commonly
called money mere paper cironlaton. which masses
for currency one day and on the next becomes val.
ueless, in the hands Of some innocent holder who
has exchanged the pr oduct of his field or shop or
days labor, for the worthless trash To the extent
that legislation can be made to bear upon currency
| IL should be IN making the circulating medium uni