Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-03-22
For the Standard.


your widely circulated journal but such favor L
will not ask Of you at the present time, F-2
( 10 say have been amazed at the course adopted
and pursued by leading statesmen, on the sup1ect
of finances. but poorly expresses my feelings,
am absolutely e0nfounded. 1t may be that they
are much better informed and in every way supe-
rior and that am cropping in error-that they are
right and pursuing a wise and patriotic course of
policy and one that will fill this land with untold
benefits and blessings that cannot be numbered Tor
multitude i say it is possible that snch may oe
the result in the distant future, but 1t our leading
have optics keen enough to discern at the pres
ent that such will be the legitimate fruits that must
ultimately result from the policy that they are Ia
boring to establish, repeat am altogether too
SHALLOW Drained to make the discovery. On the
other hand, can plainly see, if am not blinded
by SELF interest much distress and az last TePudIa-
ton and disgrace ahead of us, if the present han-
cia policy of the State is persisted n In the name
OF all thSt is patriotic how can We hope to escape
the rocks and quick sands, and at last a Complete
financial wreck when we see our legislators graveiy
chartering little banks, to he located IN obscure
places on the present unsound and fictitious basis,
now in vogue in this State. These charters are
freely granted when every bank in the State Is in
state of Suspense. ! mean more by this expression
than that they have suspended specie pdyment-a
Qreat deal more And the banks are organized and
soon cosnmefce dScounting in state OF suspense;
they begin their benevolent wo OF reAeoing the
specie they have hand and can procure, even to
a halt'dlae and refuse to redeem one OF their
many promises to pay. Not four pence oil change
can be procured from one Of theT. l appeal to the
common, the good sense Of the masses and ask
them if It is polite to continue to charter banks on
the present pan and let them 90 into operation IN
a state of suspense, or when they refuse to pay
specie? But this is but of the many evils that
is likely to Cypress the producing classes hereafter
All who live and prosper by specializing on public
sureties and stocks, labor through their friends to
ignore every thing like the usury law, or uniform
rates of interest. The favorIte method Of accom-
plishing this cherished cGect is first TO prevail on
the Legislature 10 issue State bonds, bearing as
many different rates of interest and payable at as
many different times and places as possible BY
thus breaking down all uniformity they have
most glorious chance, when the Legislature VIII ac
commodate them 10y organizing sinking .Tund, as
has been done this State, to speculate most prof.
itably on the dcranged public credit Of the State.
l can but mourn over the stupidity OF some VINO
profess to be anxious to maintain the good taith
and credit Of the State untarnshed, when | see
them pursuing the course they do-and can but
think they will live to see much beauty and truth
in this one line:
Men may live fools, but fools they cannot die"
It may be they will feel this truth more forcibly
when they come TO divide their stocks, with part OF
the dividends thereof remains over to their grand
children. | have time TO explain the workings
of the present irregular sharing machine now IN
operation in dis State. 1t certainly is a sublime
piece of mechanism, and has been constructed with
great and some little expense to the Statey and
some may be charitable enough 10 suppose for pat
rioiic purposes. ] wish it distinctly understood.
however, that am not OF that claSS-nOr do he-
leve that any one who understands the workings
of our present financial system advocate its ex
tension OF continuance, aud justly lay claims to any
great degree Of patriotism, that is when such an
one has ordinary good sense. TolnSke this as plain
as possible in 4 few words, what would the good
sense of the country say, ii they saw a band OF
spectators organized by acts Of incorporation
bringing all their power and influence 10 bear, TO
increase their money and capital and extend their
privileges especially when they saw these Specula-
tors bringing all their influence individuals, and
as corporations 10 bear TO induce each county IN
the State 10 fix different standard for all kinds of
weights and measures, and fix day certain when
every thing bought or sold, should be bought aud
paid for in cash. and at fixed rate in the precious
metals or their equivalent Is there man in the
State insane enough 10 advocate such policy, or
desire to see it adopted? apprehend there is not
oueyct strange TO say, this Is the very thing that
our leading fnancerS, and stock jobbers are labor
ing TO effect. Indeed, they have already accom-
pIshed the great object they have so much at heart
to 10 uncomfortable extent already. And from
present indications the Convention will SO amend
the Constitution to facilitate this good work. II
the Convention would Sut amend the Constitution
so 10 prohibit the Legislature, Bank or other cor
poratiOnS or individuals from issuing bonds bearing
more than six per cent. interest per anHum, ana
the State or any other corporation in which she
interested stakeholder, liable for the redemp
ton Of its bonds, from liking any particular time to
redeem the same, the first great step i'll reform
would have been taken. The next would be, to
prohibit any bank, railroad or other public corpora
ton from declaring more than Sr per cent. per
Ont he nit or
they had accumulated and had well secured at least
% per cent and above the capital stock, as
contingent fund. After the banks and other corpo
ratons had complied with this provision they should
be limited by the Constitution to per cent divi-
dendS so when they eXpcnd the surplus funds on
hand when divided would give to the corporators
back their capital stock and an annual dividend
upon it for the whole time Of per cent. These
simple regulations would soon curtal the mania for
little banks--Glvc us a sound and convertible cur
rency cheap exchanges strengthen our public
credit one hundred per cent, and give new lie to
all our Industrial pursuits, and force many stock
! iObberS and heartleSs spectators on our public
credit into more patriotic pursuits Money i'll North
! Carolina is not worth more than per cent, and
the risk and Inconvenience that corporations have
to encounter is not sufficient to entte them to more
than one per cent more The Legislature ought to
have the power to alter amend the charter Of any
bank in this State at any time, and it may think
proper giving the bank three or four years to wind
up provided it does not see proper to comply with
the terms required This is the case in New York,
and believe has recently been adopted in PennSyl
vania. No one need fear that the banks will be-
| come too weak to protect themselves.
How ridiculous is the proposition to prohibit the
| Presidents and Cashiers of two of our banks from
holding seats in the Legislature, and not prohibiting
similar officers in the other banks, the Directors
of any of them from holding seats. How easily are
the people humbugged, aud what arrant cheats have
! of mil lie men UDt n he nj late had
| infinitely rather see provision engrafted in the
! Constitution of the State, prohibiting any from
holding seat in the Senate of this State, who had
not owned certificate of twenty shares Of the stock
in the Bank Of North Carolina and prohibiting any
| one from holding seat in the House of Represen-
| Lnd Enr tucelye InnnthS hold