Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-11-23

banks were perfectly solvent, and that when cond-.
dence was restored and they could make collec-
lions every tbing would be right again.. Nothing
was then beard of an &c post Jact0 law, or law
"impairng the obligation Of contracts Yet it is
manifest that the banks had obliged themselves, in
accepting their charters, TO redeem their notes in
specie on demand or to pay damages for failing 70
do 50. Tie banks did So admit that the Legis-
latures did right under the peculiar circumstances,
to Interpose. BY parity of reasoning then, it
cannot be wrong for the Legislature now to inter
pose in favor of the great debtor class. The people
are by no means bankrupt An individual now
may be worth fifty times as much as he owes, and
yet not able to pay his debts without great sacrifice
and Inconvenience. Capital, labor and land, con
stitute the wealth Of every country.
In the South, there is but little moneyed capital,
and itso happens that nearly all. the laborsjs ap-
Piled to the land. Hence, it follows that the pro-
ducts of the soil constitute the chief wealth of the
country. When the principal products, cotton and
tobacco cannot be sold or made available, how can
planters having no moneyed capital, pay great
deal! They are perfectly solvent and will be able
to meet their obligations when they can realize from
the effects of their labor and land There is not
sufficient banking capital in the country TO afford
the necessary aid to the State and Confederate gov
ernments. These are compelled to issue Treasury
notes. individuals, then, cannot rely the banks.
We live in extraordinary times. We are blockaded
by ships which we spent our money to build, and
which have heretofore served to protect our COM
merce the world over, but they now turned
against us for our destruction At present, per-
haps, the war bears more heavily upon the planter
than any body else-because he is dependent on
foreign markets for sale of his produce The
merchant the speculator, and the army officer are
making money. The planters, especially, who con-
stitute the bone, the sinew, the wealth and the
members of the country, need relief They are
generally safe men, by whom no body will be in
jured in the end. if they are not permitted to be
blown away in the storm which is now raging
They are willing to fight and some how or other to
pay too heavy taxes every year. For other debts,
they ask little indulgence until they sell their
produce. Like banks in panic, they only want
little time, which will benefit nearly ALL and hurt
none.
So much for one smile Now for another, that
ais in the waters beneath the earth" If this
should not exactly run all. tours with the Stay
law, hope that may be pardoned for its intro
ductlOn, as it is the last. steamer entirely sea-
worthy, advertiSes to take freight and passengers
for certain porto leave at particular time, and
to arrive about certain time. She leaves at the
appointed time with valuable cargo, but unexpect
eddy is soon overtaken by storm. In some dark
and boisterous night, the noble steamer, unable to
contend with the warning elements, must go to
wreck, or take refuge in some port hard by. For
tunately, beacon Is seen, which has been merci
fully provided by law to meet such emergencies
She labors hard from the raging sea, but finally
makes harbor safely. When the storm ceases, and
the pillows but gently roll, she enters upon her,
voyage again. and soon arrives safely at her desti
nation The delay may Cause some disappointment
20 the passengers, but every body approves Of what
has been done, on account of the necessity of the
thing. Now, when panic comes, shall the Legis-
lature interpOse and banks be excused for suspend
ing, and delay granted them for meeting their OBJ
legations? When the storm shall rage, and the
rnn ,,.h - ,r,l g.
making harbor and taking respite on the voyage,
until the surface of the sea shall resume its wonted
snOOthnesS? Then, shall untoward circum-
stances in the world avail nothing to honest debtors
who constitute the great mass of the people? Shall
every prudent man, who barganed under fay orable
or ordinary circumstances, and obliged himself to
pay at certain time be forced through panics and
storms at 2:40 speed, to meet his engagements, and
allowed no respite whatever even if the whole coun
try should be ruined thereby? Shall no refuge
from the raging storm be provided for this unfortu
nate class OF persons whilst wrecklrS for the sake
of spoilS shall be desiring, perhaps plotting their
destruction? Shall the poor soldier when he leaves
home in search Of the invading Yankees, have no
assurance that that home will not be invaded by
worse Yankee, before his return? In every given
case, the law-naking power within constitutional
limits should interpoSe its authority as to pro-
duce the greatest good to the greatest number.
Again North-Carolna carries on a considerable
trade with her nelShbor States. believe that both
Virginia and Carolina have sort of relief
laws. Suppose we had none. Then, debtor here
to citizen of neighboring State, could be forced
to pay under any circumstances, whilst the rule
would not hold good 0ice rersa. North Carolina
should protect her citizens and say to such State,
in the language of Tamora to Titus Andronichus-
"And if thy sons were ever dear to thee,
D, think my to be dear TO me-"
1t is said, too, that the present Stay-aw affects
injuriousy the creditor, because he may be depend
ent entirely on the money due him to purchase the
necessares of life. There is no force in this obec
tor. If an individual have nothing to rely on but
moneyed resources, as a prudent man, he should
only spend the interest-the collection of which is
not affected by the law in force. 1t is said again,
that Stay-law even Injuries the debtor class, be-
cause in view of its operation, none but the most
punctual men will be able to borrow from the
banks. There is likewise force in this objection
Banks very justly under most favorable circumstan
ces have acted on the principle to lend only to
of punctuality and good credit l now close, by
saying to the Convention, that mastery inactiv-
ity' is the true policy, in the opinion of --.a
URAHAW.
Nov. Is, 1861. ,..-..