Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-11-27


banks were perfectly solvent and that when conf
dence was restored, and they could make collec-
tsonk. every thing would be right again. Nothing
was then heard OF an &c post facto law or law
"impairing 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 to
do SO. The banks did SO. admit that the Legs-
atures 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 ny 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 moneycd cap;tal
and 1t SO happens that nearly all the labor is an
P!'ed to the land. Hence, it follows that the pro-
ducls OF the SOIL constitute the chief wealth of the
country "hen the principal products, cotton and
'Uoacco' cannot be sold or made available how can
planters having no moncyed capital, paw a great
deal! They are perfectly solvent and will be able
TO meet Their obligations when they can realize from
the e9ects OF their labor and land There is not
suhc'eht banking capital in the country to afford
the necessary aid to the State and Confederate gov
ernuehtS. these are compelled to issue Treasury
notes. individuals, then cannot RELY on the banks.
we i've IN extraordinary times We are bockaded
ny snlPs which we spent our money to build, and
"h'ch nave heretofore served to protect our cou,-
merce the world over, but they are now turned
against us Tor our destruction. At present, per-
maps tne war bears more heavily upon the planter
than any body ese-because he is dependent on
foreign markets for sale of his produce. The
merchant, the Spectator, and the army officer are
making money. The planters, especially, who con-
st'tute the bone the sinew, the wealth and the
memoeIs OF the country, need relief They arc
generally safe men, by whom 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 100 heavy taxes every year. For other debts,
they ask little indulgence until they can sell their
produce. Like banks in panic, they only want a
little tlne which will benefit nearly all, and hurt
none.
So much for one smile Now for another, that
us in the waters beneath the EARTH If this
should not exactly run on afours with the Stay.
law hope that may be pardoned for its intro
ductlon as 1t is the last. \ steamer entirely sea-
worthy, advertises to take freight and passengers
Tor certain porto leave at particular time, and
to arrive about a certain time. She leaves at the
appointed time with valuable cargo but uncxpect-
eddy is soon overtaken by storm. In some dark
and boiSterous night, the noble steamer, unable to
contend with the warning elements, must 60 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 emergenc:es.-
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 destl-
nation. The delay may Cause some disappointment
TO the passengers but every body approves of what
has been done, on account of the necessity of the
thing Now, when a panic comes, shall the Legis-
ature nterpose, and banks be excused for suspend
ing, and delay granted them for meeting their OBJ
legations? When the storm shall rage and the
waves roll high, shall a steamer be excused for
making harbor and taking a respite on the voyage,
until the surface Of the shall resume its wonted
smoothness? Then, shall no untoward crcum-
stances in the world avail nothing to honest debtors
who constitute the great mass of the pcoples Shall
every prudent man, who bargained under favorable
or ordinary circumstances, and obliged himself to
pay at certain time, be forced throu III panics and
storms at 240 speed, to meet his engagements, and
allowed no respite whatever even if the wholc
try should be ruined thereby! Shall no refuge
from the raging storm be provided for this unforu-
nate class OF persons whilst wreckcrS for the sake
of spos 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 a
worse Yankee before his returny In every given
case, the aw-making power within constitutional
limits should interpoSe its authority so as TO pro-
duce the greatest good to the greatest number.
Again: North Carolina carries on considerable
trade with her neighbor States. believe that both
Virginia and South 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 tie rule
would not hold good cice rsrsa. North Carolina
should protect her citizens, and say to such State
in the language of Tamora to Titus Andronichus-
"And if thy dear to thee,
U, think my to be dear to me-"
1t is said, too that the present Stay-law affects
injuriously the CREDITOR because he may be depend
ent entirely on the money due him to purchase the
necessarieS of life There is no force in this objec-
tor. If an individual have nothing TO rely on but
moneyed resources, as a prudent man, he should
only spend the interest-thc 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 no force in this objection
Banks very justly under most favorable circumstan-
ces have acted on the principle to lend only to men
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
URAHAW.
Nov. Is, 1861.