Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-01-16

honestly intended to preserve his credit, he would
act Va legislators, representing North Carolina.
should act-practiee thrift, economy, vigilance and
industry as the only God.apponted means of avoid
ing bankruptcy-the only reliable, safe and sure
means Of exicatirg ourselves from the difficulties
which surround US.
There is risk, whatever gentlemen may say, in this
scheme of State banking The bank of the United
States stands out as solemn warning to US, which
we cannot and must not pass unheeded. With all
the advantages of the deposits of the United States,
the best management of the whole Union, or what
thought to be the best when selected. with every
thing to promise and insure success, it fell and
red gloom and desoation to nearly every freside in
the land. 1t seems to me, Mr. Speaker, if PIovi-
dence had, at the outset OF career a nation,
caused this porten TO shoot along the sky a warn
ing to all future legislation.
If, under the promise of the great profits of the
Peoples Bank, we to 60 making appropria-
tons and increasing the Indebtedness of the State,
sesms TO be the programme of the gentlemen from
Guilford if the general idea is to prevail here that
we can make what debt we please, all we have
to do to meet this Indebtedness will be 10 60 little
further into debt to buy bank sock; say, if such
are to be the ideas upon which we are to legIslate
then we had better look little into the future, and
inquire what if we are in error! What if we have
listened rather to our wishes than our judgment 3
Will it result only in the loss of few dollars will
reputation be the sum and substance of all this in
debtedness, and this running into debt pay debts
God grant We may never see the day when North
Carolina will repudiate her debts; for if an honest
man. though he be in homespun, is the nobesU work
OF God dishonest State, though every hill and valley
resound with the whistle of the locomotive, is but
like the woman of the street-her Haunting robes but
fix her shame in the public eye.
But the gentleman from Henderson, in the course
of his remarks furnished one of the strongest argu
ments against this bill He stated that much had
been said about the power of the press, but that,
with the aid and influence of these banks, with their
0fIn onH ifTTf
make financial sunshine gloom, he could set the
press at defiance. Now, sir, would ask if gentle
men are prepared to place so powerful an influence
in the hands of any party as is proposed to be built
up by this bill-will they give TO any party an in
strument which the gentleman from Henderson tells
US is more powerful Than the press? and with which
it may tamper with the free exercise of the elective
franchise, make the theory of our government IA
BILE, and IFS PRACTICAL working lie!
know ii will be said that this has been provided
aga by giving to the State but four directors odt
of ten. Ye would ask. is it impossible-nay, is it
improbable that there will be among the six drec.
tors appointed by the private stockholders two who
sympathse in political matters with the four State
directors! Will not the State then have just COM
plee control of the operations of the bank for poti
cal purposes if it had the appointment originally
of six instead OF four directors?
Mr.. Speaker, history is too full of the lessons of
the abuse of power for selfish ends TO pass unheeded
here and if we erect this political machine in North
peence says will be worked for party ends and par
ty purposes;
But as before said do not propose to 60 into the
argument upon this point unless the passage of this
bill upon the second reading, shall make it necessary
There many details which render this bill OBJ
jectionabe. Every charter which has heretofore
been granted by North Carolina, has required the
stock to be paid in gold silver its equivalent
Upon this point the Peoples Bank s 10 say the least
of it. very obscure and loose. Section ninth requires
ten per cent. to be paid in specie the notes of
specie epayng banks of other States, leaS ing the bal
ance to be paid in the directors may think best.
Section thirteenth gives the bank the unlimited
power to issue small notes. which will not here dis
cuss, the question will up in separate bill.
There is no place in this bank for the investment
of the literary fund.- one of the chief objects for
which the Governor recommended the charter of
| the State Bank or the charter of new bank-for
section twenty-second requires the profits of the
State stock to go 10 lquidating the State indebted
ness for internal improvement.
Section twenty fifth revives the old doctrine of
Imprisonment for debt for life.
desire 10 say here, Mr.. Speaker, in conclusion,
that am connected with no bank in any shape and
that have regarded this bill with prejudice, but
with desire to report favoraby, if possible seeing
the great interest the gentleman from Guiford felt in
the matter But, sir considerations Of duty and of
public policy forbid it, and require that [ should
state my belief that this is of those schemes Of
magnificent promise and poor performance, which
naturally arise in times like these of financial diff
Guilty and distress.
New YORK Dry GooDs IRADE.-The New York
correspondent of the Philadelphia Inquirer thus sums
up the dry goods market:
! Heavy brown sheetings have advanced TO cents,
but without sales. l. CHI sheetings are held firmly
at75 cents, for the home trade. BeaChed sheetlngs
have improved at corresponding rate. Brown drills
are quiet at 81 and further advance IS generally
anticipated. Bleeched steady at and blue at
10 lO3 cents. The market for osnaburgs contin.
ue firm at one cent advance over fall prices. Denms
are firm. Eagle, Oxford, Columbian and Pacific are
selling at 10 cents, and Otis 105 cents but further
advance anticipated Many descriptions OF stripes
and ticks have advanced, and the market is irregular
but generally tending upward. Cotton duck is ad
vancod 2 cents per yard Colts Clipper is now quo
ted at q a 80 cents and coasting 80 3d. Printing
cloths &c higher with sales on basis Of 55a
Sac. for oOs64.
Prints are 3al cent higher than last fall, ranging
from q to IL cents, the new sty lie of the leading
printers rule at about 10a103 cents. Lawns will
, open at 11a20 cents, according to make. Delaine
are opening al 17a23 cents. In woolens there is no
, much doing. Cloths are firm, but quiet prices will
proba bly, advance the progresses, owing tc
the relatively higher cost of wool than manufactured
goods. Fancey cassimeres are out in handsome varle
y and there has been fair business dong in sprnt
styles at 124a$l 25 the latter rrice Tor leading de
signs. Satines are in moderate stock, and are he'
fImy al full prices. Foreign goods are in good sup
. ply. Woolens are generally held higher, bu
enough has been done to establish prices. Dres
goods are generally opening frmer.
~WHIsKEY MANUFACTURE OF CINcINNATI-As al
erroneous statement of the Whiskey product of Gin
cinnati has recently gone the rounds, it may be wei
to note this:
There were in that city and vicinity thirty two dis
tilleries, the 3st of last August which manufac
lured and sent to market, during the year, 49, 200 O4
gallons proof Whiskey, in the manufacture of which
]there were consumed 6, ,420O15 bushels Indian Corn
hesides a large ouantity of Rye and ship stuff. Tht