The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1866-02-21

Our neighbor of the Sentinel devotes
some space to the Report of the joint
select committee on Banks and Bank
ing.
The Sentinel says, it is not proposed
by Gov. Worth, or by the friends of
the plan, to divert either the Banks from
their original purposes of banking, or
the coin they possess from the use and
benefit of its rightful owners, the cred
itors of the Banks; but that the Banks
may SO employ what has been left from
the general wreck, in the legitimate
business of banking, for the special ben
eft of the creditors, and the benefit of
the stockholders and public, incidental
ly."
1t is admitted on all hands that the
Banks of the State are insolxent-sTk Tkeys
will be able to redeem their issues, one !
for four in gold, leaving nothing for the
stockholders. We do not pretend to
be accurate in the statement, but in the
main it is correct. These institutions
are, therefore, bankrupt It is not ex-
pected by any one that they are to re-
sumo and continue their business, as if
nothing had happened to them. Their
condition is such, owing to their parti-
cipation in the rebellion, whether forced
or not, that they require the aid of leg
islation in any event, whether their coin
shall be diverted into new Banks or they
shall be required to wind up. The "ori-
ginal purpose" we admit, was to bank,
but that was to be done under certain
charters with welldefned restrictions
and limitations. If the coin and other
property of the Banks should be allowed
by the Legislature to be invested in
stock in National Bank-anf this, as
we understand it, is what is proposed
then the old or former charters would
cease, and the question would arise,
whether at the termination of the char
ters, the remaining assets should not be
distributed among the creditors.
The creditors of the Banks are the
holders of their notes. The Banks prom
ised to redeem these notes dollar for
dollar in specie, but at best, as we have
stated, they can redeem only in pro-
portion of one to four. The managers
of the Banks have already disappointed
the "rightful owners" of the coin, in
that they have Suffered loss Of three
fourths of it; and now the "rightful
ownersn7that is the creditors-are ap-
pealed to to permit these same managers
to divert the remaining coin into new
Banks, operating on different principles
from the old ones, and to use it in future
on the general assurance that they, the
managers, will be able to turn it to bet
ter account than the " rightful owners"
could. Admit, for arguments sake, that
this should be done, hoU is the assent
and cooperation Of the rightfM
owmers" of the coin to be obtained? The
stockholders can meet and decide on
any question, but how is it possible for
the "rightful owners lis, the
creditors or bill-holders assemble to-
gether and decide this or any other
question? And who is to decide for
them ? Ifthey are the "rightful owners"
as our neighbor correctly says they are,
then they are entitled to the coin. The
only course is to wind up the Banks, pay
out the coin to the creditors, and let
them dispose of it as they please.
But our neighbor intimates that the
Report of the joint select committee re-
ferred to, was written by the Editor of
this paper This is not so. We never
saw the Report until copy of it was
handed to us in writing, at our request,
by A. J. Jones, Esq, chairman Of the
committee. Our neighbor compliments
US by attributing the authorship of the
Report to us. But the committee is
composed of some of the abfest members
of the Legislature, who are entirely
competent to do their own thinking and
writing.
| There are other points in the Sentineps
article which we may notice hereafter.
We see, floating around through the
papers of the country, an item which
says that a movement is on foot at
Washington to consolidate the Demo-
cratic party and Conservative Repub-
llcanS into a new ORGANIZATION. to he