Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-03-26

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. ". w. HoLDEs, ESQ As you have the honor
Of holding seat il the Convention that has under
taken the delicate and impostsnt eas Of en0deiing
our State Constitution; request short space IN
your columns TO express one or two thoughts
should be glad, had the time to spare. and you
wouhi grant me space, to occupy the columns Of
your widely circulated journal but such a favor
will not ask of you 1t the present time *
4 To say I-have been amazed at the course adopted
and pursued by leading statesmen, on the subject
Of finances but poorly expresses my feelings, l
am absolutely COMPOUNDED. 1t may be that they
arc much better informed and in every way suPe-
rior,s and that am gropng in error--that they are
right and pursuing wise and patriotic course OF
policy, and one that viii fill this land with untold
benefits and blessings that cannot be numbered for
multitude. / say it is possible that such may be
the result in the distant future, but If our leading
men 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, l repeat | am altogether too
sAallosD Drained to make the discovery. On the
other hand, can plainly see, if am not blinded
by seLinterest, much distress and at last repudia-
ton and disgrace ahead Of us, if the present nan-
cial policy Of the State is persisted in In the fame
Of all that is patriotic how can we hope to escape
financial wreck when see our Legislators gravely ,
chartering little banks, to be 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 payment-a
great deal more And the banks are organized and
soon commence discounting in state OF suspense;
they begin their benevolent wo K of relieving the
wants Of the suffering public by boarding up all the
specie they have OH hand and can procure, even to
halfdime, and refuse to redeem one of their
many promises to pay. Not fourpence OF change
can be procured from one Of them. 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
specieP 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 puoilc
suretes and stocks, labor through their friends to
ignore every thing like the usury law, or uniform
rates of interest The favorite method of accom-
plishng this cherished object is first to prevail on
the Legislature to 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 will ac
commodate them by organizing q sinking .fund, as
has been done IN this State to speculate most prot
tably on the deranged public credit OF the State
can but mourn over the stupidity Of some who
profess to DC anxious to maintain the good faith
and credit of the State untarnshed, when | see
them pursuing the course they do-and l 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"
1t 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 no time to explain the workings
of the present irregular shacing machine now IN
operation in this State. 1t certainly is sublime
piece of mechanism, and has been constructed with
great care and little expense to the State, and
some may be charitable enough to suppose for pat
riotic purposes. ! wish it distinctly understood.
however, that am not of that claSs-nor do be-
lieve that any one who understands the workings
of our present financial system can advocate its ex-
tension continuance, and justly lay claims to any
great degree of PATRIOTISM that is when such an
one has ordinary good sense To make this as plain
as possible in few words, what would the good
sense of the country say, if they saw band of
spectators organized by acts OF incorporation,
bringing all their power and influence to bear, to
increase their money and capital and extend their
privileges, especially when they saw these specua-
tors bringing all their influence individuals, and
corporations to bear to induce each county IN
the State to fix different standard for all kinds Of
weights and measures and fix day certain when
| every thing bought Sold should be bought and
paid for in cash, and at fixed rate in the precious
metals or their equivalent Is there man in the
! State insane enough to advocate such policy,
desire to see it adoptedy apprehend there is not
one-yet strange to say this is the very thing that
our leading 6nanc;ers, and stock jobbers are labor
ing to effect Indeed, they have already accom-
Pushed the great object they have so much at heart
to no inconsidcrahie extent already. And from
present indications the Convention will SO amend
the Constitution as to facilitate this good work. II
the Convention would out amend the Constitution
so as to prohibit the Legislature, Bank other cor
poratons individuals from issuing bonds bearing
more than six per cent. interest per annum, and
the State or any other corporation in which she is
interested as stakeholder liable for the redemp.
ton of its bonds, from fixing any particular time to
redeem the same, the first great step in reform
would have been taken. The next would be, to
prohibit any bank railroad or other public corpora.
ton from declaring more than sic per cent per an
mum on the capital stock any part thereof until
thew had accumulated and had we'll secured at least
20 per cent. and above the capital stock, as
contingent fund After the banks and other corpo-
rstons had complied with this provision they should
be limited by the Constitution to per cent divi-
bends, so when they expend 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--give US sound and convertible cur
rency, cheap exchanges-st our public
credit one hundred Per cent, and give new life to
all our industrial pursuits, and force many stock.
iobbers and heartess spectators on our public
credit into more patriotic pursuits. Money in North
Carolina is not worth more than per cent, and
the risk and Inconvenience that corporations have
to encounter is not sufficient to enttle 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 tme and as 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 tn,
Presidents and Cashiers of two of our banks from
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