Newspapers / The Tarborough Southerner (Tarboro, … / Nov. 28, 1840, edition 1 / Page 2
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TrWal Governments, for improving; and .ia;nn-ttii Ranks, orbv the establish ment" of a Bank of the United States, with sufficient capital assigned to each Stale to simolv theanuunt of notes tor all useiui and necessary purposes. One kind of bank notes, with a specie basis and am ple guarantees, can alone meet the object and accomplish the purpose desired. UrUn.ono it nrpeont. a lartrR v.llietV of Bank notes, issued from eight or nine hun dred Banks, are thrown into circulation, evnnripiiCP ha nmVP.i 1 ib.it thev cannot stand on equil footing actual and ficti tious circumstances will produce degrees r ttiilir f!ptrnvimr iheir worth as anutionil circulating medium. I would prefer an arrangement by which ih lnral Hunks would be remoddelled to the establishment of a B ink of the United Slates, because the renewal of their char ters could hi made to happen successively, without producing the political convulsion which his twice attended the renewal of the charter of the National Bank; because, too, some of the present institutions c )uld be adopted, and the redundant merged in to them, or allowed to expire at the end ol their charters. A Bank of the United States, of suf ficient capital to supercede all local Banks, might be made an engine of oppression, and dangerous to our political institutions, which the local Banks could not. The superceding the local Banks by a National Bank, must unquestionably produce a revo lution in the monetary affairs of the country to an immense extent and unforeseen con sequences. Capitalists in all countries, and more particular in ours, are the pioneers of their own fortunes, and look with an eye single to their interests on the selection of the managers of institutions in which they invest their funds. Nor ae they usually combined with the politician, for their no tions are antagonistical. The study and success of the one, destroys that of the oth er. Stockholders are the managers of the local Banks. The funds of these Banks, great an extent of coun- the management presents an in- divided over so try as ours, and under of their own officers, superable difficulty to the formation ol political cabals or any other, for the inju ry of the great interest of the country, with wnose we i tare Uiey are so intimately con nected and identified. A National Bank might fall into the hands of a clique, who. conscicous of their power, might be tempt ed to interfere in federal policy to the great injury of its pecuniary affairs, and inflict a stab on the liberties of the country. i ne mnks in tne norm are mucn more numerous man in any omer section, neing established in most parts where money could be usefully employed, and in such sums as were demanded by the ca pacities of the tountry; and they have been ably and successfully managed; push ing and developing the natural capacities of the country to a great state of perfection, stand high in their own sections where best known; yet we seldom ever see one of their notes in circulation in our State, and a great part of them never passes out of their immediate neighborhoods. The Banks of the Southern and Western States have partaked more of, and no doubt, have been influenced by, the char acter of the country. Many have been es tablished on false principles'and been badly managed, and the result could not be other wise than disasterous to the stockholders, who had actual capital invested; but that appears not to have been the case to any very great extent. 1 have no doubt that those which have capital, and will take warning from experience, will yet do a val uable business. The recuperative powers of these sec tions of the country are immense, and af ford great room for the employment of cap ital. Even under their recent manage ment, 1 do not know that we have more cause to lament th in to rejoice, except as to the injury our national character and credit have sustained; as it has resulted in many great and solid improvements, equal, and perhaps superior, to any thingof which we can boast. That Banks are susceptible of improve ment both in form and management cannot be doubted now, when sue.h vast and aston ishing improvements have taken place in Agriculture, Manufactories, sail and steam ship, Rail Roads and oilier inventions. The operations of the Federal Govern ment continuing to atlect the Banks, ours as well as many others, were a second time compelled to suspend specie payments, or force the collection of their debts to the injury and ruin of many of their dealers. The wisdom of their ciioice I am not dispo sed to question. Most persons seemed to acquiesce in its correctness. The few who did not, complained to cover their demands for the double interest, the penally impo ed on our Banks lor refusing specie when demanded. For political effect, thev have been sub jected to the constant fulmination of spleen and vituperation by certain partizan presses and orators, who hope to bolster up their tailing fortunes by exciting popular preju- jiiA;,anu uiverting attention trom their own misueeos m the popular clamor. And the Mselulues of these institutions have no doubt Deen considerablvcurtailprt hvthos att -.mho Surely they calculated greatly on the iguo- u, te peopie, when they expected to acquire either reputation or strength by Such a rnnrco Of .u t . J it. ii "T r.. 1 w,,dl 1 asa, consists Uan8 oi mis Male? The Slate has put into the stock about one million fifty thou- i jjUr0 nrl individuals, about two 3UIIU UUliamj l i it m;n;nn two hundred thousand dollars 'pi .,ctitutps the Bankinff canital of 11119 lUim""" i xorth Carolina, and for every dollar actu ally paid in, two may be issued when pru dent to do so, by the Banks in their notes. At this time their issues amount to about one half of their capitals. The interest they receive on loans is limited to six per pfnt npmnniim. h lOU d thev ITIUSe to pay specie when demanded, the holder of their notes isentitled to 12 per cent, inter est. Every six months they are required to pay the stockholders whatever profit may have been made; and if the individual stockholders derive any unusual advan tages, it should be recollected that the State the people, participate in about one third of the profits that being the propor tion of her stock and also a tax on the in dividual stock. This is pretty much the sum and sub stance of these much abused institutions, which, like every thing else under the management of human heads, and hands, are capable of doing good or evil, accord ing to the influences which are made to operate on them. In a country like ours, of moral honesty, the keen eye of interest will, in all probability, insure their able and correct management in the selection ol Directors of good character, skill and in tegrity. There are persons whose opin ions are entitled to the highest respect, who contend that we have a sufficiency of Bank capital. This 1 consider clearly erro- mi . . 1111 I . neons. l ne present stocunoiuers migm fear further competition in the money mar ket, it all the natural capacities ot the State had been improved, or if improve ments were worthless. But the reverse is the fact, and an immense amount is required for that purpose, independent of the dcli- ciency lor trade and commerce, uur most convenient lands arc cleared, worked, ex hausted and deserted; our dwellings are mostly of i poor and temporary kind; our water power only occasionlly occupied by small manufacturing establishments; our boundless mines and ores almost entirely neglected; and why are these things so? Because we have not in our State those fa cilities which Banking Capital abundantly affords elsewhere. We need more, not only todevelope the vast resources of our State, but to keep off the notes of other State-, and supply our entire circulation. I have been we!! situa ted to learn these facts. Many applications have been made to this office to borrow the funds of the Literary and Internal Im provement Boards. Those who contend that we have capital enough, I am pursua ded, must have confounded capital with Bank issues, and were induced to say so because the banks had suspended specie payments. I have ever understood that the more capital, either Bank or individu al, a country possessed the stronger and richer it was considered. If our banks had more capital, I am satisfied they could the sooner resume specie payments and dis counts. Can there be a question of a large floating debt in the country, subjected to the shaving process? In the place of pay ing six per cent, per annum at the Banks, many debts are made at 10, 15 and 25 per cent, between individual debtors and creditors. To obviate such an usurious shaving process, more banking capital would be valuable to the State. Our mer chants, unable to obtain discounts at home, to make their purchases in New York wilh cadi, are compelled to submit to ere (lit, and if not paid when due, have to pay seven per cent., makinga loss to the State in the regulation of tne balance of trade of one per cent. A difficulty is apprehended in obtaining subscribers, which may be so. Capitalists have had such good reason to be alarmed lor the safety of their funds, by the con stant, senseless attacks on these institutions, and the instability of our laws, that they will part with the managementof their mo ney, "doubtless, with some apprehension and reluctance. But I hone, those acts of usurpation, violence and detraction, have passed never to return; and that confidence and liberty will again take their places, and that offering fair inducements, capita! will he drawn to the State, and from its hiding places again to afford the poor, but honest and enterprising man, the means to benefit himself and his country. Whatev er might be the result to the owner of the capital, whether in the hands of individuals or stored away in Banks, its presence could not possibly do the country an- injury. The four years I have been in office the Banks, in Dividends and Taxes, have yielded to the state the sum of tvvo hun dred and fifty-three thousand two hundred and one dollars 87 els; which has been paid into the public Treasury, the most conclu sivepreofofiheirvalue to thoStale,& during which period the recepts from all other sour ces of Taxation in the State amounts lo three hundred and four thousand three hundred and G8 dollars 69 cts.; showing the advantages of a small active capital over heavy land and personal property. That the stock in the present Bank is good requires no better demonstration than that it continues at or above par, while all other property has been greatly reduced. Borrowers generally, so far as I have been able to discover, prefer an accommodation from Banks to any other source, and note holders find abundant indemnity in the penalty ot 12 per cent, if specie is refused. . . i . i ... can men uiscover no sensible reason lo doubt their utility or to circumscribe their operations, remainder in our next.) SATURDAY, NOVEMBER 2S, 1S40. Governor's Message. We are indebted to Gen. L. D. Wilson, Senator from this count', tor a pamphlet copy ot uovernor Dudley's message. It is a very lengthy locument, making 23 octavo pages, about one half of which we have inserted in this paper, and the remainder will be given in our next. I he reader will tind in the por tion we have given, a mere revival of the slale charges against Gen. Jackson and Mr. Van Buren's administrations, relative to their hostility to the U.S. Bank, State Banks, &c. and ascribing to them the late "tremendous and frightful revolution in ev ery branch of business" the only reme dy for which, (now that General Harrison is elected,) in Gov. Dudley's estimation, appears to he a large jncrease of Bank capi tal, National, State, or otherwise. The Governor's "theory" that if Congress was to assume the debts of the States, it "would not differ in principle from assistance gran ted to an ally in distress," must be certain ly regarded as an additional item in the "Republican Whig" creed; and a direct in timation of the course to be pursued by the now dominant party on that important subject. But we commend the Message to the attention of our readers, and may pur sue our remarks on it in our next number. ceived at the Executive Department, from all the counties in North Carolina, except Lenoir, and the vote stands thus: Harrison Electors 46,376 VanBurendo 33,7S2 Harrison -majority 12 5.04 Hal. Reg. Late from Eilmpe. By ihe Caledonia at Boston, we haveadvices from Liverpool to the 4th instant, and from London to the 3d. The money market was rather easier and the funds inproving. Trade, on the whole, was as good as at last advices. At the latest dates, there was an increased de mand for Cotton, and American discriptions had advanced d. The Bank of England had obtained a credit of amillion in Hamburg. The transactions in American securities were very light, and the quotations remain without much change, U. S. Bank was quo ted at 13 10 lo 14. Petersburg Market, Nov., 19. Cotton the receipts have fallen off very much this week prices are 9 cents for prime, down q S cents for common qualities. Statesman. tVashington Market, Nov. 25. Corn Wholesale,' $2 a $2 10. Bacon sides 9 a 10 cents, hams 12 cents. Naval Stores New dip, Si 90; Old, SI aO. Scrape, 75 cents. Tar, Si 15. Fish shad, Sa9. Herrings, cut, 54 00; whole, $2 50 a S3 00. Rep. DIED, In this county, a few days since, aged about three yearn, Jane, daughter of Mr. Wm. J. Andrews; THE LEGISLATURE. This body is getting slowly under weigh, nothing having been as yet done, but the usual preliminary business, which, howev er unimportant to the public, is, neverthe less, absolutely essential to the proper des pa'ch of business. The resignations of Messrs. Brown and Strange have been sent in by the Govern or, and unanimously accepted by the Le gislature.- Rat. lies:. United States Senators. Hon. Wil lie P. Mangum, the Senator from Orange, and Hon. William A. Graham, Speaker of the House of Commons, were yesterday elected Senators to the Congress of the U nited States the former six years from the 4th of March next, and to fill the unex pired term of Mr. Brown; the latter to fill the unexpired portion of the term of Mr. Strange, which is two years. The following is the state of the votes: Mangum, 99 Graham, 98 Brown, 65 Si ran ie, 64. Wm. Hill, Esq. a long tried and ful public servant, was, on Friday unanimously re-elected Secretary of tor the ensuing two years. Hamilton C. Jones, Esq. was, on Monday, elected Solicitor for the 6th Judicial Cir cuit. Raleigh Star. faith last, State J Veil: so much for Profession: Now for Facts. The "Republican Whig" Legislature met on Monday, and never was there such a scramble as this city has witnessed for office. The "Republican '7hig" office-hunters are almost as numer ous as the locusts of Egypt. They infest the streets, the rooms, the lobbies. At one of the hotels, they swarmed so thick that when a Member arrived in his sulkey, by the time the Ostler seized the horse, the "Republican Whig" office-hunters seized the rider. For example: the number of announ ced candidates for door-keener of the Commons was 17: the number of the un announced and unanoinled is about the same. Ral. Stand. Proscriptionsmall Game. For ma ny years the unceasing cry ol the gorged Federalists who were turned out, and of the hungry Federalists who sought to fat ten upon public emoluments and quarter themselves upon the public Treasury, has been Proscription. If a nublic officer. who had received a public office as the price of apostacy from Republican doc trines, was dismissed from the public ser vice, the cry was Proscription. If an old Federalist, who had bean permitted under Republican Administrations to fat ten and thrive upon official emoluments, was admonished to retire upon the accu mulations of years, to make room for abler men, the cry was Proscription. They were proscribed. Mark the sequel! (pMr. T. B. Wheeler, who has been for the last twenty years, during the alter nate ascendancy of parties, door-keeper of the Senate, has been proscribed by the Federalists. Small, small, small ! Strain ing at a gnat! drawing a sword upon a fly ! fishing with a pin hook for minnows! Gentlemen of North Carolina, are such your feelings? ib. rhomas P. M. it hews, Guardian, Ex pane. N pursuance of a decne nl the Court ol Equity, Fall Teim lS-tO, I shall sell on the premises on ihe 23d day of De cember next, the Mill and Jppnrlcnnnces, known as Grant's or Nicholson's Mill sit uated on Gieat Fi-hirs Creek. ALSO, three small True Is of Vi- ncy woods Land, lying near Ihe Mill. Terms of sale wi he one, two and three years credit. JOS. L. SIMMONS, C. M. E. November 17th, 1S40. 4S-4 JYotice. gJOMETIME about the 1st oflhis month an accusation was circulated in ihe neighborhood of Tai borough, No. Ca. by some person or persons, I ha t I was gene rally off ot my duties, and oul of the office so th. it Produce was not received, Good in the waieliouse could not be had when applied h-r, my conduct relative lo freight, &.C. when called lor. The loliowing les timony will be 1 am certain, disproof ol that calumny. The villain who pui out the repoit will, if the shallow ol a gent'e man huveis around his conscience , do nulla- justice to aciiiiowlt dge a id recall th rep..n so much calculated lo iijure the custom ol this Dpot and my character. R. II SOUTHS LI.. Bitlli boro' Depot, W.R.R.K. NoV. 1840. We, the neighbors about ihis place, and almost id ihe dail habit of being at Un it nl R.ad Office, which Mr. R. 11. South ail has lite charge of, d- testify to the con trary ol the leport above alluded to. IV. L Hunt. John IV. Pope. Jill en Taylor. John li. Joyner. James IV. Taylor. IV m. Bellamy James J Philips. RACEs fide .V (fT.0 THE fivi lht .IVieivi,. WibUMM.uru null' . the 2nd day oi 1) ce 1S40, and continue" three days i! First day A Sweent!" . . wo mile heats, $200 entrance h l Official Returns. Returns of the re cent election for Electors, have been rc- JYotice. rniIK Copartnership heretofore exist log between Henry llryan & lledmun Runn, For meicautile purposes is nowdisolvcd by mutual consent. All the claims and the entire business of the late firm, is hereby iranslencd to R.-dmun Dunn lor settlement and a final close of said co partnership. ALSO, the Estate of the late II arrod Pitlman, entiuMed lo the undersigned as join! Executo.'s, is hereby tianslened ex iuively to the care and management o Redmun Dunn, who will do all .he bui ness ol said estate, and act as the Guar dian of the children. All settlement and arrangement made by R. dmun Dunn in either of the above concerns, will be valid. HENRY BRYJIN REDMUN BUNN. Nov. 25th. 1S40. 48 4 Turner Hughes'9 NORTH CAROLINA For 1811, Just received ami lor sale at this Office at the Raleigh prices, viz: 10 cents single, 75 cents per dozen, S3 50 for half a groce, 36 for a groce, &c. Nov. 1840. l four subscribers and closed Dr. Isaac Sessums puipr k m by Felt, d..m by ''Fel Col. R. C. lliliiard enter I,. . , ranker by Felt, dam bv J ' Redmun Dunn enters bay fiiu Fell, dam by .. ' b Lawrence IS idle enters sorrel Pni met by IMi, dam by 'a- Second day -Proprietor 's Pr two mile beats, entrance, S15 ""J- 7 hird day A Handy cat ran heats three best in liv- lor S:G0 in' (5 I 1 v: IV C 1 j llltll dIC IMUUglil fr00U I i $ I 0. 4 Second race same div. n Pt, n mls heats S50 entr.u.ce. to ' 1 ill ""Uit; j, j cloe on the Lver.insr ol ih 0,1 , race. ); Sin filp nnrl I .!( lor- f,.i rr.n i 1 r 1 1 1 1 . ' ' Uu. ,n iinniMieu oralis JOHN S A RRINGTON p.' Nashville N. C ' ' ' 19th Nov. 1840. I For sale, or exchanst. II VK a neat Sulky an,l ..., nearly new a liarouche with hr: for one or two hor-es, but liitle $cjiei and a good harness Horse ill of wh I want to sell or exchange for rnule. ivm. 11. mui 12 Nov. 1840. 453 JYotice. WILL SELL OR LK.SE. f.,n ie: of years, the loliowing Real Estiie,: wit: That valuable Plantation anJ Tract T I O I- . . , if ianu on avwu L,reeK, wneteun l lumw ly lived, containing about S70 acies, t which 100 acres are Lw ground' the improvements thereon, conskiiji 0 a Dwelling house, kitchen and other cj houses, with extensive orchards ai.d; great variety of fruit tree, and one of iii; best mill seals on Ihe creek. The b; is situated in the mot healthy part oft! county, being blessed with excellent lor ami lvinr on ihe road Itadin? !r , Halifax to Raleigh, three miles westlM Hslliardslon. ALo, another Tract adjoining triers, containing 750 acres, with the imjirat ments thereon, consisting of a Dwell;; house, kitchen and smoke hou-e and or chard. This land has also 50 acres 0: low grounds. Also, one other Tract on Sfpn creek, whereon J no Lewis now l;vr. containing 200 acres. Also, my Houses and Lots in the ten of Nashviile, wilh the improver thereon, consisting of a two story Duell ing house, 80 feet in front bv 26, cn taining 15 rooms and l.'i fire places, wi-n every necessary out houe lor ?nch al establishment, together with a!l ';; household and kitchen furniture belon; ing to the ame. As no person will buy or lease, "i" out first viewing the premise, 11 ' thought that a further desciip'i them is unnecessary. The terms will be made suibiMe lop chasers, & made known on applicant JNO. II D1MKE, Sen'r- Nashville, N. C. Nov. Gib, 1S40 Important Sale. wUUoUrtli 1 loan umhi ' " , 11 the County Court of Mnin, Term, 1S40, will be sold on Ttiurs'W the 3rd day of Deer next, at the l'!e sidenre of John Long, dee'd, 'n,et!;. of Hamilton, between ihe hours ofU IO or 12 Likely ISegroes, Of both Sexes. ALSO, some articles of Merchant terms a credit 01 six , given, the purchaser giving bond two undoubted securities before l"eP 1 erty i chanored. , v, M.I RY JINN U. Avu, - lh, er.l!ent- 1 1 lh day Nov'r, 1810 47 Joticc. tT, THR subscriber wishing 10 sft!.e all his creditors, wishes tosc" A TRACT OF Anj Containing between four and e KtSr acres. There are a comfortable j. house and necessary building" 'r. y; also, one other small lr3n ,ht, 5 with a good brick chimney; on. , iof-' are orchards, &c. Those that w,5(heVJj chase will call on he subsfrinP'" yl view the premises when called II n'lpn 1 lorornin. rrf' v. - o-. D nor1- Auguss 12lh,
The Tarborough Southerner (Tarboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 28, 1840, edition 1
2
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