Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-01-26
The Sh4oafa.
LEGISLATURE OF NORTH CAROLINA.

SENAIE.S
The Senate was called to order at 10 o'clock.
Reports on bills from committees were presented
by Messrs. Brown, Humphrey and Mcdonald.
! Mr.. Pool from the joint select committee on the
Cape Fear and Deep River Navigation Company
+ presented an elaborate report and substitute for
the bill introduced by Mr.. Straughan which were
ordered to be printed The bill was made the spe-
cial order for Wednesday at II o'clock.
!. Mr.. Martin, from the joint select committee on
the Yadkin River Navigation Company, presented a
report also, which was ordered to be printed. -
.ls NEW BUSINESS. -
Mr.. Flanner introduced bill to incorporate the
Newborn and Baltimore Steamship Company. Re-
ferred to the committee on corporations
Mr.. Thomas bill to establish the Miners and
Planters Bank, Murphy and Cherokee. Banks and
currency. - -
Mr.. Donncll a bill to subject chooses in action to
the payment Of debts. Judiciary.
Mr.. Blount bill to amend the charter of the
Greenville and Raleigh Pankroad Company. Same.
Mr.. Donnell was appointed on the joint select
committee on the North Carolina Railroad in place
of Mr.. Carmichael, indsposcd.
. The joint select committee on the Atlantic and
N. G. road received power to send for persons and
papers, and to examine witnesses on oath.
HON. CALVIN GRAVES
Mr.. Cunningham moved that Hon. Calvin Graves
(presenD be invited to seat within the bar of the
Senate. Unanimously agreed to, and Mr.. Speaker
Clark thereupon extended the invitation which was
accepted. - ~
: A message received from the House transmitting
a message from the Governor with accompanying
report by Com. Wilkes U. S. A., on the mineral
resources of the Cape Fear region, with PROPOSE
ton to print 20 copies for each member of both
branches of the Assembly. Concurred in.
A message from the House transmitting sundry
bills, &C., for ratification
THE BANK OF NoRrH-cARoLMA.
The unfinished business of yesterday, the bill to
establish the Bank of North Carolina was now re-
sumed. ~- -rs..
Mr.. Steele offered an additional section, as an
amendment providing that where the bank or any
of its branches shall make ademand upon any other
bank or branch, the notes of the bank or branch
making such demand shall first be used in payment
of the same Adopted
Mr. Cowper moved to ame,:d the s7th sec rela-
tive to the issues of bills low three dollars by
striking out g and inserting q.
Nj Cherry desired to see this bank placed on an
equality with the Bank of Cape Fear, which had
power to issue s. bills.
Mr.. Bledsoe took the same view. There was
provision in the bill reserving to the State the right
hereafter to restrict the issue to S. IL the Senator
(Mr. Cowper) would introduce general law prohib-
iting bills below s., the friends Of this bank could
not complain. -.
Mr. Walkup was in favor of small bills under
present circumstances. He opposed the amend
ment.
Mr. Brown thought the present an suspicious time
to commence the prohibition of small notes. The
argument used to be that Audience demanded these
issues as the States both sides of US were food
ing them in upon US. If there was any force in
that argument which he denied, the reason for it
no longer existed. Virginia, on the North, had
done away with the nuisance with the most bene-
fetal results, and South Carolina, he informed
holv <lxv o<oAv -
after 1860; therefore this could no longer be
urged. Talk about equality between the banks, he
exclaimed, it weighed but as dust in the balance in
comparison with the equality of the rights of the
people. The loss he said, on small notes. to the
people, by wear and tear, was estimated at 25 per
cent and this he regarded as q tax on the people
for the benefit of these corporations. Mr.. Brown
argued the question at some length, and in conclu-
sion said that when the banks demanded the expul-
sion of the constitutional currency from the State
as they did by these repeated acts the people were
not on an equality with them.
Mr. Edney commended that Mr. Brown was wrong
in his views on this question. He could not see
why 81 bill should wear out sooner than a IS.
If the issues of small bills were prohibited in this
State, South Carolina would food US with them.
Banks were based upon paper issues-being allow
ed to issue three dollars to one-not upon specie
system. We were not, he said and never could be-
come "hard money" people. There was not
enough of the precious metals to enable us to be-
come So This Van Buren, currency could not be
introduced. He went on to show that there were
! misers enough in the country to hoard up all the
specie and thus keep it out of circulation. Five
dollar bills would do for the rich but not for the
tempt to deprive the people of a circulating medium
was impracticable The West was filled with Geor-
gia and Tennessee "wild cat bills" to the amount
| of millions.
Nj. Brown said Mr.. Edney had set out with prom
Using to give him (Mr. B. some information on the
question under consideration; but instead of doing
this, he had convinced him that he, (Mr E) might
| profit by little information himself As he had
stated that South Carolina had recently prohibited
the issues of small bills after 1860.
| Mr. Edney said he had Just received letter from
president of q South Carolina bank in which he
was informed that the proposition had not passed
! into law in that State.
Mr. Brown had got his information from Mr.. Ashe,
who had extensive and frequent intercourse with
| we cannot introduce this Van Buren, currency;-"1
thought it was Jackson CURRENCY At all events
we don't want a hard cider currency. hope We
shah never see that again" Mr.. Brown continued
Talk of deprivng the people of circulating medium
by suppressing this nuisance of small bills! When
the banks trample upon the rights Of the people
they were the wrong places to which the people
should fly. 1t was the opinion of the most enlight
ed men in the country that small notes were nui
sance and the consideration of putting banks on AZ
equal footing weighed as nothing against it The
principle should be regarded only. The notion o.
impraeticability he considered great mistake The
examples Of other States proved it.
Mr.. Cowper concurred with Mr. Brown. The peo
pie of North Carolina were no poorer than those O
Virginia. He lived on the Virginia line and saw
the effects Of the change upon the people there Al
first, he said there was some dissatisfaction, but il
soon disappeared as specie began to flow in upor
them; and now specie was as plentiful amongst thu
poor as small bills had been before. He was oppos
ed to the small issues now and was on committee
Mr.. Edney said the Senator (Mr. B. should hav,
shown how small bills were nuisance ~,
voice.-They keep out specie.
Il Mr.. Edney denied it. The specie was not in thu
country. Mr.. E. proceeded to show how specie
| would be kent out hy ,dramsellers to pay for the