Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-10-07

once to repair and rebuild With industry, econo.
my, and ordinary foresight in country like this a
living If not.a competency or fortune, is always
sure Let no one, therefore, despair.
The Virginia Banks.
The Richmond Examiner of late date contains
the following remarks in relation to the Virginia
banks:
&c How will it be in Virginia? The answer is not
very difficult Our banks have never been specie
paying concerns. They have been in the habit of
manipulating their circulation that it has never
been available in specie in the hands of the people
1t has only been for the brokers, who able to
collect large amounts of the notes of single instu
tons and to 60 upon them for SPECIE that have
been specie paying banks. As to the people of the
Commonwealth, they have never been anything but
currency" banks for them the poor fellow who
goes to them for such pittance as ten dollars in
silver gold, being more apt to catch impertnence
than Obtain coin coin for his verdancy.
The question is not whether the Virginia banks
will pay specie to the people of Virginia for their
notes for that has been settled long ago in the neg
ative. TO the people they have never been in the
habit of paying specie. The question simply is,
whether the Virginia banks will continue to pay
specie to the brokers home and foreign Well, some
of them have already answered that question. The
first response came to US yesterday from Staunton,
announcing that the banks there had suspended
Their example will be followed throughout Western
Virginia. The leading business of the banks Of that
quarter of the State is their circulation and,
fortunately for them the OF trade is such as
to concentrate large portion of their notes in Bal
timore and Northern cities; while they have become
very accessible of late years to the Northern bro
kers. Of course the banks of Western Virginia
will stop specie payments to the brokers. They
stopped specie payments long ago to the people.
Some of the banks in the East will also follow
their example in suspending the payment of specie
to the brokers-tbey have also been in state of
suspension to the people. The question is as yet
too new to admit of definite answer to all Of
our banks in Eastern Virginia. We do not look up
the question of any great practical importance
to the people at large. The banking operations of
this Commonwealth are not conducted on specie
basis. They have been carried on on paper basis;
and the people of Virginia have not known what
banking on specie was since the present banking
system has been established. The idea of a sus-
pension of specie payments by our banks to the
people is "abstraction ;" and all discussions pro
and con Of the probabilities of suspension are idle
and ridiculous. We think it probable all our banks
will suspend specie payments to the brokers but
whether they will or not is matter of absolute in
difference to the Virginia people That is question
which they have more interest than in the
question whether Jew shall eat bacon Hindoo
beef" -t. ...
H We learn that Mr.. Mordecai, the President
of the State Bank, left this place on Wednesday
evening last for Richmond, Va, where he expected
to be Joined by DR.. Wright, President of the Bank
of Cape Fear for the purpose of comforting with the
heads of the Richmond banks on the present condi
ton of monetary affairs The latest intelligence is
that the Richmond and Petersburg banks are stand
ing firm, and the probability is they will not sus-
pend. Our banks will no doubt be governed to a
large extent by the course adopted by the Virginia
banks.
TIol lo}a Vorly 10
aging The authorities of the principal banks of the
| City have held meeting, and have resolved not
only to continue paying out, but to extend all the
aid they can to their customers and business men.
Their specie is increasing, and large expectations
of the article have been made for the last few days
The independent treasury is also disbursing at the
rate of some two millions per week, and the bard
cash thus poured out will prove of much service in
arresting the panic In addition to this, California
steamer expected on Thursday or Friday, with
a considerable amount of gold.
The FARMERS BANK.-We learn that the Farm
ers Bank, Elizabeth City, has suspended specie pay
ments. The notes were at SO per cent. discount in
Norfolk. The Editor of the Petersburg Express ad
vses its readers who hold the notes of this bank
to submit to no such heavy discount We have q
lew VI 'ucLn, says tue AIpFcSS, tney cannot Oe
purchased at 80 cents to the dollar. ~
The Farmers Bank was chartered in 1852 The
charter provides that, in case of suspension, its
notes shall draw twelve per cent interest-and fur
ther if not paid demand, the holder of the notes
may bring an action of assumpst against one or al
of the directors who may have consented to issue
more than twice the amount paid in. 1t is further
provided that, in case of insolvency of the bank
the "indivdual stockholders shall be liable to cred
itors in sums double the amount of stock by then
respectively held in said corporation" Holders o
the notes Of this bank should not, therefore, bt
alarmed 1t will no doubt meet all it's liabilities
Even if the institution be in serious danger of fail
iDg-and we trust it is not--the provisions of thu
charter above cited, ample for the protection o
note holders. f..,... ..
/ p. The Elizabeth City Pioneer, just received
says: "Holders Of the notes of the Bank need fee
under no apprehension regards their safety, al
we understand the suspension is but temporary"
FAIRS IN ONO Sixty: six County Fairs were t,
be held in Ohio during the months Of Septembe
and October. ~. ,asi2r sa.1@f,z z.s5 ga.a-
w-, Attention is respectfully directed to the ad
versisemepts of Messrs Brown & Virgins and Mr.
| e. L. Evans. s-glJFavs 77'7 #-' - - ~ ""}!'
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