Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-01-04
For the Standard.
TO THE MEMBERS OF THE CONVENTION
OF TIE STATE OF NORTH CAROLINA

OF TIE STATE OF NORTH CAROLINA
GENTLEMEN The right of instruction being prin-
cple of free government, and it having been found
ed 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
ence to the disturbed condition of financial af
fairs caused by the maladmnistration 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 fellow-citizcns of
North Carolina, against the present well as future
troubles which may arise from protractcd state OF
We would therefore suggest, and recommend for
your favorable consideration, that the Convention
establish a 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 basis of capital Stock shall be deemed
and held in bank equivalent to gold and silver
coin; that the principal or mother bank under this
system shall be located in the City Of Raleigh, n
c. and shall be chartered with the right to establish
q 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 hun
dred in denomination, the circulation not to exceed
the sum required to meet the States liabilities du
ring each year the war shall continue the notes to
bear six per cent interest payable to the State or
people, as the may be.
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 are 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
good bond borrow four times if he desires, the
amount of his taxes the bond thus discounted
shall bear six per cent interest payable semannu-
ally, and onefourth ofthe principal ofthe note made
payable annually until the whole debt Is cancelled.
Lett be further provided, that the notes Of the
principal and branches of said banking system, shall
be made 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, Hour, in fact all prime neces
Stiles Further, providing such restrictions as will
secure the faithful performance and honest admin
stration of the system by the officers employed to
superntend the same. .f. !i'
Z This system, in place of making the State borrow
or from individual banks, corporations, in andout
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 theirdebtsand taxes and 'insteado Of paying
this enormous interest debt to individual institu-
tons, would pay it to the State in the name of the
people themselves, the interest thus RaidfalRg into
the State Treasury as sinking fund tolessen In the
end the principal OF State debt incurred by short
or protIacted war with the Lincoln government
Hoping you may consider, when you resume your
deliberations again in January, suggestions, and
provide means for meeting ours as well as the
States liabilities without distress of propeFtys We
submit our prayers. MANY CITIZENS.
Wilson, n. C., Dec. l6, 1861.