The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-06-07

1885, the Secretary OF the Treasury.
by direction of the President, issued
the noted Specie Circular" direct
ing the government agents to receive
IN future only gold and silver in pay
ment for lands. The demand for spe-
ment for lands The demand for
specie was In excess OF the ability OF
the banks, and the disastrous panic
o 1887 quickly followed. In the mean
time the National debt had been paid
and the distribution of the surplus
revenue among the States. as a loan,
had been ordered. This amounted to
$4,000, 900 and was drawn from the
State Banks. These had loaned the
deposits and were forced to call in
their loans, greatly intensifying the
distress. A general suspension Of
specie payments followed.
The United States Almanac for 1919,
places the number of bank failures
at this period at 116, losses on bank
circulation and deposits s54.000.000.
and on ank capital s248. 600. 900. This
stringency in North Carolina was very
great, but there was not a single bank
failure in this State, and their sus-
pension of specie payments was only
prudential to prevent the drainage Of
specie from the State-made neces-
sary by Northern suspensions. The
severity Of the pressure upon bank
debtors was largely mitieated in this
State by the liberal policy Of the
banks. A circular was issued by the
Rank Of the State to its branches and
agents., May %, 1897. saying: None
can reasonably complain of being re-
quired to pay what they are able to
pay, while it would be oppressive on
those who are without means to re-
Guire them to make an unreasonable
sacrifice to pay their debts. Let each
debtor be required to pay what he
can. to reduce all notes at six months
to lightweight days. to renew pune
tually, and to pay on each renewal a.
much as he can. at anv rate 70 pay
the interest by way Of discount"
There may be soulless corporations,
but it is due to the memory of the
author Of that circular TO say that in
Duncan Cameron was n Bank Pres
ident who was not soulless.
The Surplus Revenue.
The distribution Of the surplus rev.
enue ceased after the third quarterly
payment in 1897. and was not renew
ed. North Carolina received $1,433,-
1873. OF tina sum $500. 600 was ap-
p~ropriated to the Literary Fund, $780,
600 for the redemption of State Stock
held by the United States Treasury,
500, 900 to the State Treasury for
public use and s533,757.39 to the
Board of Internal improvements.
The Expunging Resolutions.
fSSIilS al 1iFSi iH oShNC i4SiI
circles over the resolution Of the
United States Senate c~ensuring the re
moval Of the deposits, and the resolu-
ton to the censuring reso-
buttons. The Democratic Legislature
instructed our Senator'S to vote for
the eXpunging resolution. Senator
Mangum, who had voted for the cen
sure. refused to obey the Instructions
declaring that the Legislature had
no right to require him to become
the instrument OF his own personal
d~egradation.' Judge Strange, a Dem
ocrat, succeeded Mr. Mangum IN 1S3!
Judge Strange spoke in favor or their
adoption, and both Senators voted for
the adoption. The Legislature OF
lS38-S9 was Wing. and severely cen
sured the passage Of the expungins
resolution. Our Senators took his as
after some delay. resigned. and were
succeeded by ". p. Mangum and Will
liam A. Graham, December 10, 1910.
Cherokee Indians.
A pathetic interest attaches to the
history of these people. The create,
part Of the territory occupied by them
vas originally included In North al
DINA. In the cession OF public lands
to the General Government it was ex-
; pected that the government would ex-
tinguiSh the Indian titles to lands re
mairjng within the State. This was
made difficult bv various treaties fr
which the United States had given the
Cherokees full recognition as a nation
, and they had acquired a degree Of
/ civilization and OF ordered se1f-gnvern-
ment which rendered it impossible tr
deal with them as with avages.'
| Georgia was determined at all haz-
, ards to become possessed Of the Cher
/ okee domains and this purpose was
J not confined to Georgia. North Caro-
lima showed a more generous and toll
: Grant spirit.
Governor Stokes in Nav. 1892
called on the United States authori-
ties to remove trespa Ssers from the
, Cherokee lands. and it was done by
military force. Just as he was retiring
from Office he was called upon by
the House of Commons for Informal
ton respecting these Indians. He re-
; piled through his successor: "When
IL. cAl n-1 l.