Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-01-08
For tue standard.
TO THE MEMBERS OF THE CONVENTION


GENTLEMEN: The right of instruction being prin-
ciple Of free government and it having been found
ell in good faith in the original letter of our State
Constitution, we, portion Of the people Of Wilson
County, assuming to exercise that right with refer
to the disturbed condition of our financial af.
fairs, caused by the maladmnstraton of the federal
government: do therefore, appeal to your honorable
body, in the name of our State, setting forth, in
brief what we conceive may be provided as REM
edy for US in common with our felow-citzens of
North Carolina, against the present well future
troubles which may arise from protracted state Of
We would therefore suggest, and recommend for
your favorable consideration, that the Convention
establish uniform system Of banking in the name
of the people of North Carolina, basing it upon
the real and personal property owned by the State
and people; that the property thus pledged and
fixed as a basis of capital stock, shall be deemed
and held in bank as an equivalent to gold and silver
coin; that the principal mother bank under this
system, shall be located in the City of Raleigh N.
c. and shall be chartered with the right to establish
branch in each and every county in the State
The principal bank shall be allowed to issue and
circulate notes ranging from five dollars to one hun
dred in determination the circulation not to exceed
the SUN required to meet the States liabilities du.
ring each year the shall continue, the notes to
bear six per cent interest payable to the State or
people, as the case may be.
Let it be further provided that the capital stock
Of the branches located in each county of the State
shall be according to the pro rata of taxes paid by
the people Of the counties to the State government
in which they established. with the privilege Of
circulating notes to the value of four times the
amount OF their capital, ranging in denomination
from twenty-five cents to fifty dollars Let it be
further provided, that every tax payer in each and
every county in the State SHALL upon presenting
nd hord horr four fi,npc If he desires the
amount Of his her taxes; the bond thus discounted
shall bear six per cent interest payable semlannu-
ally, and onefourth ofthe principal ofthe note made
payable annually, until the whole debt is cancelled.
Let it be further provided, that the notes Of the
principal and branches of said banking system, shall
be made a lawful tender during the continuance of
the war, and shall be taken as gold and silver in
payment of debts taxes, the purchase of goods,
wares and merchandise; also, salt. pork, beef ba-
con, lard corn wheat -four, in fact all prime neces
siries Further providing such restrictions as will
secure the faithful performance, and honest admin
istration of the system by the officers employed to
superintend the same.
This system, in place Of making the State borrow.
from individual banks, corporations, in and out
of her own limits, incurng heavy interest debt for
the people to pay after the war, would afford the
State means to meet her liabilities, and her people
to pay their debts and taxts and instead of paying
this enormous interest debt to individual institu-
tions, would pay it to the State in the Of the
people themselves the interest thus paid falling into
the State Treasury sinking fund tolessen the
end the principal or State debt incurred by short
or protracted war with the Lincoln government
3 Hoping you may consider, when you resume yonr
deliberations again in January, our suggestions and
provide means for our meeting ours well as the
States liabilities without distress of property, We
submit our prayers MANY CITIZENS.
Wilson, N. c., Dec. 16, 1861. ''