The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-01-13
REMARKS OF WIN. R. MYERS,
OF MEcKLENBURG COUNTY,

| 1t must be conceded that the question
now under consideration is, perhaps, one
of the most important questions that will
! engage the attention and earnest consider
alton of this General Assembly, ques-
ton involving the character and financial
condition of the State; its public credit and
it's commercial and mercantile arrange
ments, not only internally, but in its ex-
ternal operations out of the State. What
ever else may be said of the State of North
Carolina-however much she may have
been derided and DETAINED by unworthy as
pensions upon her character, political and
commercial, she has ever stood forth
| among the nations Of the earth, first in
public confidence, and first in all those
! attributes that constitute fidelity and in
tegrity in the faithful regard of her good
name and public credit. She may have
been reproached, heretofore, as a laggard
| in the race of nations to distinguished
position in commerce and in the arts and
sciences. Though we may not aspire to an
eminent distinctions distinction equal to
our more fortunate and favored sister
| States, in many things that constitute
great people-we can, at least, claim to be
equal to any in true patriotism and public
| virtue.
Intimately connected with the develop
ment of the resources of the State, lis the
establishment and maintenance of judi
| cious and equitable system of LOCALIZED
| Banking. 1t is a question of the greatest
possible import to every interest of the
State that the currency and exchanges of
the country shall remain in a perfectly
healthy and reliable condition, securing
the confidence of every class and interest
of our people. Should this confidence give
way in the public mind, the whole body
polite is Immediately deranged, distress
possesses the public mind. and commercial
ruin, to a considerable extent, follows as
necessary consequence. Could these fatal
| consequences fall upon those who are re-
| sponsible for state of things SO unfortu-
nate and unnatural, it would little matter
but too often its baneful effects falls most
heavily upon those who are the least re-
sponsible for it, and the least prepared to
stand up under its operations. 1t becomes
the Legislature to guard and protect her
people from undue and improper privileges
| to institutions that arc to furnish the cir
culating medium among her citizens. If
wild and unnatural license is granted, based
upon vague, imaginary, and untried finan-
LII, Il &c
inaugurating practices and precedents which
may end in total ruin and utter bankruptcy
of the State. There has, perhaps, been no
business or profession that has undergone
greater changes in the application of its
general principles, than that of Banking.
Its general principles in the main are
doubtless the same; but its application must
vary and conform to the incidences and
requirements of commerce in all its ramif-
| cations; hence it is that institutions hereto
fore known and recognized as Banks of
| Deposit and Discount, which was under
stood to mean place for the safe keeping
| of the Public monies of the State, or that
| of individuals to be handed out ON LONG
TIME paper, interest payable at 80 days,
| and the principal whenever the Bank goes
into liquidation. 1t is impossible for any
| Bank to sustain its credit in the present
| day with such a system. 1t is unfortu-
nately too often the case that the public
mind is carried away by prejudice or by
all imaginary, underlined evil somewhere
| lurking within the folds of Bank charter.
And it is freely argued that all Banks are
more of evil than of good to the public, and
that their officers are sharpers and swim
dlers. This prejudice nine times out of
ten arises from the resentment of disappoint-
| ed applicants for favors. An objection is
raised to the continuation of this institution
on the ground that it is creating monopoly,
that perpetuities are naturally and proper
ly odious to a republican people. That is
| simply blind prejudice, and not reason and
| legitimate argument. Banks are useful or
they are not useful. If they are useful, or
a necessary evil, as they are sometimes
called, that usefulness ought to be directed
in that channel and established upon those
| principles that have been tested by long
| experience, and consumated to perfection
and public usefulness by proper and due
application of that experience, and GER
tain avoidance of evil, if any there be.
Unfortunately the re-incorporation of
Bank too often arrays opposition based
upon imaginary evils, unfounded charges
of rottenness, favoritism, &c.
The institution now under consideration
has, doubtless, always been free and open
for the most minute inspection of its opera
tons to any one properly entitled to claim
that right. 1 will venture the assertion
that the most searching examination into
the business of that Bank, under its present
allie and efficient management, would de-
velop high order of diplomatic skill in the
financial operations of the institution. The
invention of steam, and the application of
electricity to its modern uses. has been in
I