The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-01-13

then invest the funds of the State in an en-
terprise untried and unknown-placing this
| large amount of means in the keeping of
untried. unknown and inexperienced men.
Senators should pause. and weigh well the
operations of this thing, and its future con-
| sequences.
Idesire no favoritism, but if the necessities
ofthe State are such as circumstances seem
to indicate, it becomes US to adopt such
legislation as will the most certainly realize
the greatest amount of profit to the State
| with the least possible risk. When we
legislate so as to realize that end, / con-
ceive thct We have done nothing more nor
less thar our duty; anything less than this
would clearly be disregard of that duty.
A refusal of this charter on our part,
cannot esult favorably to the credit of the
State. 1t seriously cripples the Treasurer
in all future negotiations on account of our
foreign debt. His wants are present and
pressing. Where is it possible he will be
able to procure the large amount of ex-
change that he is compelled to have during
the first and succeeding year. 1t is idle to
suppose that if you require the old Bank
to go into liquidation, that she will or can
lend any material aid to his relief, for i'm
mediate steps must be taken for winding
| up.
Suppose you charter a new Bank with
q capital of four or five millions, and but
| s -, :,
individuals-as | am sure but little will be-,
unless it is well known who will be at the
head of the institution-can it be pretend
ed that there will not be panic! Can
gentlemen answer for such a state of things?
There is not q Senator in this chamber
but will then feel the weight of this argu-
ment. The Indebtedness of the constitu-
ency of Senators, in the aggregate, must
be large, who could without any serious
loss meet every demand with the ordinary
indulgence extended by this Bank; but if
the extraordinary demand of final settle
ment be made, it must fall with a crushing
force upon the country. l speak for my
people; and no doubt the remark will apply
|
especially so to commercial localities.
Granting that new Bank would be put
into operation with the greatest dispatch
imaginable; will not if, like all similar in
stitutions, have to take the ordinary course
of organization, which must consume a
period of perhaps six months?
Can it be pretended that in twelve months
thereafter she will be able to realize on her
Bills, &C., an amount of exchange equal to
the ordinary demands of the country! If
not, what then becomes of the commerce of
the country! 1t must languish. If a
larger amount of dividends could be real
lied to the State; if safer investment of
the stocks of the State could be made by
the proposed change, there would be some
plausibility in the argument. This, pre-
sumo, cannot be seriously insisted on even
by the most bitter opponents of this Bill.
The action of this Legislature on the
subject of Banking is watched with de-
| gree of solicitude and care by the intelligent
and accomplished Financiers and Bank
kers both in and out of the State, but little
known or understood by Senators on this
! floor. | received letter this morning
from one of the most experienced and ac-
complished Bankers in the country-a
gentleman residing out of the State but
native of North Carolina-deprecating the
course indicated by the Legislature, and
predicting unfortunate and evil results
should the currency of the State be
placed upon basis ordinarily known and
established in the history of all Bank
ing. The character of the currency that
should be given to the people should be
I" above suspicion" A bad currency
hold to be worse than bad law; bad
currency must effect all classes and sexes,
and its effects cannot be easily removed
and public confidence restored. Its bane-
full effects exists long after its apparent
cause is removed. Not so with a bad or an
imperative law; its repeal goes to the very
git of its operations; its effect is immediate,
and during its continuance there are COM
paratiyely but few that are materially
damaged thereby. 1t therefore becomes
US so to legislate on this important branch
of our duty that the greatest amount of
| good may be realized, with the least posi-
BILE hazard to the largest portion of our
| citizens.