The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-01-24

the requisite attention and Jake the response
bility Of writing out opinions where it is not
made his duty, nor any compensation provld-
ed for the service.
Iapprehend that very great difficulty will
arise, in applying to many acts passed since
Goth May, 1861, the provisions of the ordi-
nance ratified on the 18th October last, declar-
ing what laws and ordinances are in force. This
ordinance declares that such of said laws
are in force as were compatible with the al
legiance of the citizens of the State to the
government of the United States, and not
since repealed or modified, where the same
are consistent with the Constitution of the
State and of the United States.
This ordinance has the important proviso,
to which call your special attention.
"Provided however, that nothing herein
contained shall be so construed as to prevent
the General Assembly from repeating or mod
flying any of said laws and ordinances here
by ratified, which shall not form a part OF
the Constitution of the State"
Think very many of these laws, enacted in
reference to the deranged state OF the curren-
cy, and adapted to a state of war, which are
left in force under this ordinance, ought to be
repealed. 1 recommend that all the laws past
shortly before and during the war be care
fully reviewed, and such of them or such
parts of them, repealed by distinct reference
to them, as shall be deemed unsuited to our
present condition, as well as those deemed
incompatible with our allegiance and in con-
flict with the Constitution of the State and
of the United States. Doubts as to what is
and what is not in force, should be removed as
far as possible.
MILITIA.
There are probably many acts passed during
and Immediately preceding the war, relatingto
the militia, which, upon their face, may not
be unconstitutional or Incompatible with our
allegiance, which ought now to he repealed
or modified. 1t is to be hoped that the pc
Rod is not distant when the United States
will perceive that we are satisfied that we
have had enough of war, and that we are as
ready as any people can be, to perform all
our duties to the national government. When
this shall occur, it is to be hoped that civil
government will be fully restored to us. 1t
is important now that our militia laws be
revised and consolidated, and an Ineligible
and iudicious militia code adopted, under
which the militia may be organized and put
in condition to perform its appropriate
part in the government, both Federal and
State.
BANKING.
The large amount of money which the
University and Board of Literature have in
the two principal banks, and the investments
held by our citizens in all of them. Including
very many widows and orphans,) and the
great want of a circulating medium, seem to
demand of me some suggestions on these
subjects make them with much difhdence,
having never been interested in any banking
institution, and not having made the subject
a matter of much consideration. The United
States has adopted system of national bank
ing, looking to uniform currency through
out the United States 1t is our duty to
conform to this policy. The fortunes of our
capitalists have been swept away. How are
we to raise means of establishing national
banks.
By proper amendment of the charters of
our banks and railroad companies, hope it
may be done. Several of our railroads, in
which the State holds large stock, are in
a sound condition-some of them owe little
or nothing.
The reports of the banks, which were pro
cured under the orders of the Provisional
Governor, and have been printed and laid
before you, show, in round numbers. that
these banks have little above 100000 of
specie in their vaults, and that they owe to
the holders of their notes and to depositors
about $500, 900, and that there is due to
them, for discounts before the war, about
$4,000 000-and for discounts since the war
about $3000,00O.
If the banks are forced to make an assign
ment and 60 into general liquidation in Or
der to make an equitable pro rata distribu-
ton of their assets among all their creditors
(Which must be the case if nothing be done
by you,) the note holders and depositors
would receive about ten cents in the dollar
in specie, and such further dividend as col
lections from their debtors might enable
them to make Unless money become more
tie can be expected from these collections
This specie is now locked up, yielding no
benefit to anybody.
suggest that, by an amendment to their
charters, these banks and railroad companies
be allowed to subscribe for stock in nation
al bank. With the specie in possession of
the banks, and resources at the command of
the other corporations, with such subscrip-
ton on the part of individuals as might be
expected, bonds of the United States might
he bought to an amount sufficient to form
the basis of a national bank. The dividends
declared in favor of the banks should be
paid over to them and by them should be
paid out, together with the collections they
may make, to their creditors.
The benefits proposed by this scheme are !:
1st The making of the specie in the Banks,
now lying dormant, produce the interest
which would accrue on the United States
bonds in which it would be invested 2nd
The enabling of the solvent debtors to our
Banks to borrow money from the new Bank,
and pay off their notes to the present Banks,
whereby many of them would be saved from
ruin, and at the same time afford larger
dividend to the present creditors of the
| Banks. 3rd. The extension of aid to our
people by supplying circulating medium so
essential to the restoring of their shattered
fortunes. 4th. The furnishing safe depos-
itory for the funds Of theState and individuals.
9Th. The securing to the creditors of the
Banks a much larger dividend than they will
get, if the Banks be forced into immediate
liquidation. 9Th. A hope, that by good
| management in some of the Banks, some Of
the stock might be saved to the stockholders
including the University and the Literary
Fund.-
If there be not some insuperable obstacle
in the way, which l do not perceive, thi.
plan offers reasonable prospect to help &
suffering people, to aid in the revival ofpros
J perity. bring in taxes to the State, help the
debtors to the old Banks to pay their debts
increase the assets of the same. and thereby
save money to their creditors, furnish SAT-
| fiscal .Oppf to fha Cfofa- oT,6 COW, norfi ~