Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-01-03

nght TO demand the shouldef OF nescuies 70 n's
In fact the substitution Of State bonds for Specie
cripples the bank in every struggle. And, with
full knowledge by the bank that it always in
terest the State to wink at its bad management and
| overtradng the bank will be tempted to proceed
with its business without due sense of that respon
sibity and accountability to the public, which are
the highest guarantees of wise and prudent action
1t is obvious, therefore that if in bank of three
millions of capital million be State bonds, deal
ing in exchange. and other specie funds, SO neces-
sary to our dependent people, and withal, source
OF much profit must be greatly curtailed, if the bank
would conGuct its business with prudence, and be
prepared for the constant prcssures which affect the
finances of the commercial world. And SO it will
happen, that just at time when the people would
most need the aid of great bank, it would be esat
able to afford it; because million of its capital
would be boxed up. And because Of the unavaia-
bility of this fund, the bank would be compelled to
call in its debts to itself from bankruptcy and
ruin the debtors in order to the bonds of the
State from sacrifice. This excuse would be urged
with too much justice to be resisted; and yet the
bank would become odious, as the accused author
of general distress.
would say. at once, that any bank going into
business on this basis, ought to treat the bonds
dead capital, so far concerned the amount of its
issues or the extent of the dealing with it's capital
In other words, it ought to be treated by its man.
ayers a bank of too, and not three millions.
What, then, would be its practical operation?
Suppose it could make eight per cent. on the g.
600, 600, and six per cent on the 81 600 OOO that
would he 81 335 per share; deduct tax Oft cts,
and the share would yield per annum, Sc 3d. State
bonds, with certain untaxabe interest of six per
cent, without possibility Of loss, would be far bet
ter investment. And the gain to the State would be,
supposing her bonds never sold at discount, 3d.,
333s per annum! This, or even double this sum,
is pitiful consideration for which to enlist the State
the side ola bad management of the bank, "a
suspension of specie payment, an unsound curren-
cy, and against the dstresses of the bank debtors
Let the experiment be tried often as it may be,
there will be found no substitute for specie And,
if bonds specie specie locked up from use can
not secure to paper the buoyant soundness which
alone can render it AN available currency.
Another word. on the substitution of State bonds
for specie. 1t will be expected of the bank that it
should have branches. Each branch must be forti-
fed with sutficcncy of specie to meet its notes.
In what pract teal mode they be divided as to
secure any branch, operating pro rata share of
them, from occasional suspension! Their fate will
hang on the will of the broker; and so the number
of branches must be lesSencd to suit the amount of
actual available specie capital.
If it be deemed unwise to exact from the bank
financial services in lieu Of, part Of the tax
which it ought to bear, tax it fixed rate on the
first six dollars of dividend, and double or treble
that tax on every dollar of dividend beyond. The
tax then will fall all taxes ought, if practicable,
the profits Of the capitalist; and you will greatly
relieve him from the temptation to make illicit
gains GALLATIN.
*The ertered capital of the banks nearly ssocoooe
of which than a million and half is unsubscribed
and the books yet liable to be opened at any time
The RECENT MASSACRE IN kENTUCKY-FuRrHER
PARrICuLARs:-Thc telegraph announced briefly, a
few days ago, that family of four persons of the
name Of Joyce living some miles from Louisville,
were all brutay murdered, and their dwelling with
their bodies, consumed by fire. The following add-
tional particulars we gather from the Louisville Cou
ricr:
The house was the property of William Joyce a
young man, who was fortunately away from home
on the night of the murder t, attend wedding He
had however, left brother, Richard Joyce, aged 49,
at the house, to take care of his property and the
family during his absence. The inmates of the
house were Mrs. Lydia Joyce, her son Richard
Joyce young man Of 10, Mrs. Welsh, her daugh-
ter widow, and the atters little daughter, a child
of three years. The oldest son. William Joyce, the
owner of the house, as before stated away from
home The house was burnt to the ground late
Thursday night, and the next morning investi-
CATION led to the horrible beeft the entire house.
cold had been murdered. The charred remains of
the two women were found near the fire place, while
those of the young lying in the place sup
posed to have been occupied by the bed.
Mr.. VIM. Joyce returned to his home to find it
mass of smoude,ing ruins and, with the assistance
of the ncishbors, instituted vigorous Investigation
of the premises, and the fthc disaster. Sus
picon at fastened upon several Of the negroes
in the vicini y, and, searching the premises of
Mr.. Pendleton, a watch, coat, pants, and other
things, the property of Mr.. Joyce, were found
secrc,ed under the house. Bill, save of NJ. PEN
dleton then arrested, and confessed that he and
three others murdered the family, plundered and
then fired the house. At this rev>la ion the grea-
test excitement prevailed, and lynch law about
to be enforced at once, but calmcr judgment over
ruled the action of the more has:y, and the three
other negroes implicated eau ,ht and tied to
stakes to make them confess, which they finally did,
and were committed to Jail. They stated that they
went to The house about midnight, broke open the
door, and encountered Richard Joyce, the brother
of William lie was Drained with club in thepre-
scnce of his mother and sister. The aged mother
seized pair of tongs to rush to the defence of her
son. but the instant was attacked by the negroes,
one of whom knocked her senselcss with a club.
The daughter, Mrs. WEIGH, attempted to escape out
of window, but was caught by the feet, dragged
back, and then beaten 10 DEATH The Infatuated
| rutfians sacked the house, took the little girl of
Mrs. Welch, threw it upon the bed, set fire to it
and Hed, the child being actually burnt alive
Excitement at LouisoiLle.
LOUISVILLE, Dec 29.-There was great excite
ment at the Court House here on Saturda during
the examination of the negroes charged with the
murder of the Joyce family. William Joyce, bro
Their Of The murdered man, proposed to burn them,
and the crowd responded, but finally they were qu.
eted by the court and the negroes were remandcd.
The presumptive evidence against them is strong,
but there is nothing direct except the confession OF
the negro.
The South CAROLINA TAX B1LL.-The following
are the provisions of the tax bill passed by the Leg
islature of South Carolina at the recent session:
On slaves, seventy cents.
On free negroes, two dollars.
On income from factorage, professions, &C., fifty
cents ON every hundred dollars.
On every hundred dollars of capital stock paid in