Newspapers / Southern Citizen (Asheboro, N.C.) / July 22, 1837, edition 1 / Page 1
Part of Southern Citizen (Asheboro, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
MJ I'd 5 ' Every Tturday Ilcrniaj. Two Dollars per annum to advance; or Thrco Dollaa'if not paid within three : nonths from tho date of tho 1st No. " received. . . ' ' Any s ubscribcr may discontinue within ' ' the first 3 tnon?hs of the publication. Ho subscription to be discontinued till all arrearages be paid unless at tho dis cretion of the Editor. , All letters, comraunications,6Vc to come -postpaid. . . ' Advertisements, inserted on tho usual a f 0 3 ID r a art sunt imuni r tib u ticvim a. , . as nEORQEon, n. o. : : J ?-j;?;;;,:,;.;;.wiDpw&.. f Question by a Subscriber, ; received tome months ago, but mislaid, and not recollected till now. 1 QUESTION. ; Ifa widow dissents from her husband! last Will & Testament, 3 or Q months after it has been proved, and letters tes tamentary have been granted, rand she has received all the property bequeathed to her. and has lived on it, should she be allowed on petition, a year's support from that time, or from the time the Will was Droved ! If from the time she enters her dissent, should she be held ac countable for all tho provisions she has consumed on to the time of allotting the rear's maintenance What latitude of meaning snow a, or may wo coi nmissioq ers to by off a yearY allowanco to this widow and family, give to tho word 1 . uamilyt , 'i ANSWER. j As to the first and second branch es of the foregoing inquiry. ; We think it proceeds from misconception of the law. .The provision made for a year's allow ance to the widows of husbands dying estate, is by aci of 1823,1110 whole of Much was repealed the following year, avin iW liw n it tfrtnd befimv And jiht same repealing act goes on to make "tadry additions to the year's provision "4 11 nad previously stood, uui wo can not ' find any act of Assembly, cither (ore-orsincc-1823,thorizing any "vidovr, except the widow of an inlet jie, to petition for t year's allowance. LjstprvasonablcihaLiho widow ofla. 1 . . . . . . . 1 .staidr who deaU uubcraliy with her 11 1 will, should remain destitute of tup tt, unui sne can taae wo necessary .rotcss , for! obtaining ' her distribu uuv vyi v twins iv us uiai sucu 19 w. On this point however we wish t to be too positive; our attentiori not I vint been called to it krctofcjfo in .IB U l.JW UlUI J Iff T-U U till A .r.oracci in mo ij-si place, w.i uc jicr- that 111c nusuand ieu uviug penna- y with.tlw widow; and, may bo at tcndcd id isuch other, jwfti as she I find nceessary to bring to her aid .0 mariagdinent of her dintstic con- (. In tho' junction! t .plication of term, family, tho mmmionc:rs ) exeinHn a sound dwrcCioiu If f abuse tlieirl power, cither by too leu a.iusirtMnjon on me 0110 nana, y nu cji litf atity on tho other, Couniy Cuiift'W.ll jiorrect it, when l lyjhou n, besotting nsido tlwir rt, aiul oipiMntuiotlicr commis liCVK. .r. ? ;n i. ,;s- , ixiIiTONFIlbM POLL TAX.; ( Quation by a Subscriber ) ;I wkh to knowVwhether a 3n, who, by rnkfortuac, hay bccii de AlB I IE 0 r. OUGIIj prived of tho use of any cf his limbs, so tliat ho is frco from rnu-tcri -3, wheth er such a ono b bound to pay a.Poll tax! And if not how is "ho lo proceed t ";"V AKSWEPwr:;h':.:rf A man is not . necessarily frco from paying a PolPtax, inconsequence of bo ing exempt from Military duty.' ; lie is liable until expressly ' exempted by the County Court.; r ; ' ; :trj Tlie way to proceed, is to move the Court, at any time, either M person or by Counsel, to exempt the applicant from paying a Poll-tax. Affidavit must bo made of tho facts on which the motion is founded; which may be tho affidavit of tho applicant himself, or that of any other . person or personi Tfae Court then, if they think the ground Is suffi cient, make an , order to be entered of record, eimpting.-IuW'Afid he can obtain a. copy of said brdcr'f from U10 Clerk at any time, when necessary for his defence.' In the present state of the country, when the minds of men are so general ly turned to the subject of Ranks and tho principles of banking, we have thought a general account of tho'Banking In stitutionsof the different .countries of Eu rope might not be uninteresting. Tho following is not new, being copied from an English publication made some twen ty years ago buVas far as it goesi Is probably to be relied upon. National Intelligencer. ' , ; UETROSPECTION OP THE PUB LIC BANKS OP EUROPE. 4 TIIE BANK OF VENICE r was the most ancient bank of Europe; we do not know, certainly, tho date uor the motive ofits csUblishment. History bforms us that in U71, tholRcpubiic, being hard pressed by war, levied a forced contribution on the richest ofits citizens, giving them tho engagement of a perpetual annuity of 4 per cent. The leaders established a bureau or of fice for; the receipt and reparation of this interest --v:.' ; This chamber became tho -Bank of Venice; but at what period, or on what other, basis, wo arc ignorant. 1 In tho defeat -of historic evidence,' let us en deavor to state what may be rcasona blyconjecturod of the matter. C As the interest of this loan was ahvavs pfcid punctually, every registered claim 11 tho books of this office mtghtbe con sidered a productive capital; and these claims, or tho ridit of receiving this an nuity, was probably oltcn tranicnvd by demise I or cession irpm ono to another.'- ' ' -i.-t , ; '. s. '. J r ".This practice would soon lead ' to other transfer;' and jdepiitcsi and as soon as this simple and facilo method was experienced, and ' tlie advantages felt which commerce could deri ve from such a manner of account,' the - credit and circulation of bunks were inixntcd, and their uses discovered. 'f v j This office, in cflcct,' becamo a de posito bank. In 1423, its revenues a mounted to above 200,000. chiefly re- cei vcJ -frcm thc-Xvcnaucutof -tho Ro-4 public; - ' " t ' ; i -:f Though this bank appears to have been established without, a . capital do posited, .its shares and credit wore so well .supported that its bills had at all times an agio above tho currenf money of the State. . . 1 Tho invasion of the French in 1707 was the term of its prosperity .The freedom of this" city ana tho independ enco 'oftha'Stato being lost, its "guaran- i tee, and, in consequence, the credit Of Vis ; ancient bank, vanished liko I drcani. '.v'X : :.l :;v.- THE PANIC OP AMSTERDAM i wa fouiulcd in 1609, on strictly com mercial principles and views, and not to afford any resistance or to intermix with tho fiivi..-:s of tho State. Amster dam was then fui entrepot perpetual fair, wherd tho. : products cf tho., whole earth met and wcrecxch:r red.? ; Tin's great commerce brought at tliat time, to this city tho coins of all Luropo, but often ,wora. And defaced, rsiucing ztt IX) i::pr.OFD cvrjssLrssjttm be ' ' " ' I r. C. 8 ATUHDA Y, J UL Y wear avcragu, va!U3 u per cent.1 below tiuuui on-aaj siainp imq issue. ! Tho new coins no socr r t pearcd than 1 standard, which few do. but for a profit j teres! and payable to , bearer. V It bor- -they were incited or exported. Tho on tho metal beyond this charge, pre-- rowed kt A per cent, f lent at 6. It was merchants could never, find enough of ferringat allotlier times tho bank mo 1 so well adroinistertjd, that at tho death them to pay. their acceptances and en- wy:: r ZiJiyji ?iit jofCchajlesXIt, its'capital had aug pgemcnts, and the rato or valuo of bills This bank also lends its money on : mcntcd to 5,000,000. i " -r-yp, ' y . ' , became., variable' to ' a great - degree of 1 the deposited Spanish dollar?, by gir-r Another bank was established, and . fluctuation, in spite of all the regulations kig its rccicpti payable to bearen. the I soon united to tho first' . They now -made to prevent .it i; ' ' chargo for this" accommodation is ! onlyTmadci ndvahces to the Government and i: This was the condition and inconve- 3 4d. per month, or 2 percent, per an- J to( thQ nobility, increased their paper to nlcnco of coined metallic payments two centuries ago"; ra H10 emporium, entre-J pot, and tree mart of the commerce of the globe. '; It was solely to remedy this vexation and impediment, and td fix tho value or parjof the current money of tho country, that tho merchants of Amster dam established a "bank" on the model of that of Venice. l " Its first capital was formed of Spanish ducats, or ducatobns, a silver coin wliicl Spain had struck in the war w ith Hol land, to support it, and whica . tlie tide of commcrco had caused -to overflow in the very country which it was form cd to overthrow! : "z- s T: " ' ;i . ":: ' ' Tho bank soon accepted the coin of all countries worn orjTrdsh, : at their in trinsic value, and made its own bank money pa y able in good coin of the coun try,.oi'lull weight, taki?ig;aji4br4ssaguM1 for.thiscxchangeiandgivlifga credit on its lKoka called bank money. , Jr , Tin bank professed not, to lend out any part of the specie deposited with it; but to keep in lU'Coflcrs all that was inscribed on its DO0L3.' -In 17C'i, wheu Louis XIV. penetrated to Utrecht, - al most j.all ww .had. aeccunts demanded their depositcs at oncp, and tlicy.wero delivered to tl)nn so ruadily tliat no.sus picioa could be left of the; lidolity of the administration of this' hank. j5luch"bf the coins then brought fcrth showed the marks of the conflagration which hap pened soon . after the establishment of the bank, at the Hotel dc V life. This good faitii was maintained till a- bout the middle of the last century, when the rnunrcija hianagers "sodrctly' lent their, bullion to the East India. Company and to the Government, and were fur a kaiff tinlc, . unsuspected. - The 4 usual "oatbs-of office"-were taken by a reli gious magistracy, or, rather, by tlie ma gistracy of a religious people; that all was safe. Tho event proved that oaths will not confine gold and silver always to their cells.' v; f ; ; Tho good people of Holland believed, as ad article of their ' creed, that every florin , which 'circulated as bank money had its metallic constituent in the treas ury of the bank, sealed up and secured by oaths, honesty and policy. lnis Diinaconuacucc was aissipatcu m: Bcccmbcr;117tK):bjr a, declaration that the bank would retain 10.'. per cent, of all dopOshcs, and would return none of a less amount than 2,500 florins. ' ? F.tnn tlila vnt ciilimiffvl frt nnrl fnr. ....... ..... -w . r. - I giycii. t ourycars titerwatui, on the it invasion of tho French, Uus bank was obliged to decjarethat h had advanced to the states andnc hast India uompn njr tnore than'1000,000 florins winch suni they ;werc deficient to their depos itors; to whom, however; they could as sign theso claims, to be liquidated at some fuluro time, j , ' Tus wai-L a :'metallie, 'bankruptcy. -Bank money, which bore an agio of 5 per cent. Tell to 18 per cenb bebvv cur rent money. " -tv- . This epoch marked the deday of this institution, which had so long enjoyed ajv uiiUnntodcreditr and had rendered tho greatest , services to tho country Tito amount of tho treasure of this bank, in 1755, has been estimated as high as 33,000,000 florins; but Tulgar opinion had carried this estimate much higher. ? TIIE' BANK OF HAMBURG was 1 estabHslicd in 1010. on the model of tliat f Amsterdam; its funds were M . V J. ' ..II J . lormcd oi ucrman crowns, cauea spe cie dollars, From 4750; to ,1700 this bank suffered much : from tho baso mo ney with which Germany was inunda ted after the seven "years' war, and was rcdaccd foshut up. . In 1770 it was ar: ranged that this : bank-houldlreceive bnlUoh .'as well as coin; and; it soon ceased 'altogether to keep an account in coins This bank np'v receives spef cie in Ingots or foreign coins as bullion onlv, which renders the money or paper of this bank tho least variablo standard of any in' Europe. Iti standard Is -17 of pure metal, and 1 of alloy. ! Those who deposltopay Icssithan ono-half per ccn. br-tho security, AQdona to oncaAd a wzful to onsanower 3 ' 23, i 0 37 nan pef cent, ior rcJining; when tney . ro-demand their deoosite in the crenel num. 'l ho loans are limited tov thrco months, when tho deoosite is retired or aI ' I ' i V uie wan renewed, l ' . t : i ? This practice seems to deserve imit?u tion here. Tho want of such an aecom modation with us precipitates the expor; canon, pi bullion, or forces n into tno; handfof our bahl-,T'ahd te'nds to niaB! this the worst markeCofflw world for the. I Ieciptwmetal& . The Bank of Hamburg is the best ad minnted of any iii Eoiopeiitf p'qsjtes'i and itccounts. arc the most ' oped, , and bdstknoVn to the Public. Its1 governors arcrcspovsiblo and fmuenily rcneWed. ' 1 In the nVht of tho 4th November, 1813, .; Marshall Davoust iiezed on all tlid treasure he found V. hen h(j re-took this city ; ho found tliere 7,500,OOQ Glares Banco, tlfta ' .testittuibn of . this seizure has been claimed cf Fran'c'ei ffj Till-; BAK GEXOaS the' most .ancient ? now 'exisu'ng jivas founded on shares dcrN)sted and vas independeiit 'of tho ; Cdvemment;" ut sooii, to secure its privilege?, all its funds werd placed on ; tlwi security of the rev enues of Uiq State; by tin's means its crcuii was sapped and snaken, tui a ta tal blow was riven to it by the inva sion of the Austrians in 174C; from this it, was again raised up, but. recovered yeryslowly..; -'S- :y;h: ili v ; , This invention of tho Ccncso found imitators throughout all Italy., All lad l I ... .:' . t .11. uiuir uunhs qi circuiauon, uat is, a pa per money, - Naples had seven banks.' rt THE BANK 0Pr VIENNA - 1 was founded by JIaria Theresa, in the seven years' war. J iTIie Empress issued simplffbilis of credit" tor 12,000,000 florins, ordering a proportion of the tax es to . be receivable in tjhis paper only tins regulation gave them a value higher than the mctaTic ; currency, -' The pro vincial treasuries found this paper very convenient as it avoided perpetual trans- K)rt of specie to and from the capital, lit these operations-were repeated too often, and carried so far, that all metal- ic money disappeared, and was exported At last in 1797, (a curious coinci dence,) tlie bank could pay its notes no longer,' and was freed from the oblia tion to dischargo them in metalic mo ney, and all were obliged by law to re cicve them as current monev: thev now ceased to bo a paper or bank bills ol credit, and become a forced Stato ' pa m0nC., , It3 dcpVec!atioa a iwi an soon '.loiicwed, but 4 Iff was accelerated and exageratedbrthc cjtpcdlent of creating a .copper coinage oflittlo value:. 100 pounds of copper were ; coined into 2,400 pieces, and stamped as of Uie value of COO florins, .f ,; In 1810, a florin of silver exchanged for 12 or 13 florins inpapcr.. Tho emis sion "of this papcir was carried beyond 1,000,000,000 florins, till, in February, 1811, the Austrian Government declar ed it would issuo no more; and ordered it to be liquidated at 1 -5th part ofits nom inal value, in a new paper money; called nf rndnmntion " ft sort of sinking fimTtrrnrfaTiimharm-J rnrthg-galn-pf ttA clesiastical pronertv! ' .-r-. a. , I Though this paper .was little better than the former tlie jreduction of quan tity alono served to assist its currencyi and support its value; and m Alay, laiz, 100 florins silver would exchange for only 80 of this paper, while tlie former had fallen below- 12 to 1. ; v .THE BANK OF BERLIN, founded in , 1705 issued notes of 4 to 1,000 livres. The bank livro is an ideal money, worth at par 1 5-1 0th pf tlie crown of currency. This paper has al ways been liquidated most exactly; but ajl tho -'.wisdom and good faith of the Prussian Government cqnld hot protect it from tho risks attendant on all institu tions of this order. ; -Tho capture of Ber linylho French, in 180U, suspended its' payments, which have,' however, been since entirely discharged and re-established. ' '" THE BANK OP STOCKHOLM, ; bno of" tho ' most' ancient, dates from lC57.and vrai cstaUisacd ;Iy te Pv- VOLU:m I IVU'IBEll CO. Op C3 After 3 mouths erntnent.'; its capital was 000X00 bdo- cie crowns, lit issued notes hearing in. 000,000,000 crowns of copper, or about 8,000,000. 6f our sterling.; The debts of the State swelled;, luxury and iex pense, increased; -even copper disap-; reared in bars, as in coin; 'and the bank paper! could not bo liquidated; even hi this coaf so metal; it foil to the 06th part of thai" Tor "which it was issued. Tho Government ' fit' last owed to this bank and wise measures," re:rie3iei much W more man ou,uuv,wu Sliver crovvTW, or , more than 60,000,000 ; sferhni'p,t ' . UvGustavus Til.;" for ainierby strong f this disorder, ' but ! destrod at last his own labors by niakiW - war 'oh IVo-sia I - ' f . ... .i - j r . m s irom inisumo tne country: was over- ', whelmed by the incumbrance of a' jpa- - ' -pcrmoney without value,' and was so completely stripped of riietafie lcuriren byth use notes of the' low value bf " sxpcnsel XMit.uw: ' ' i crowns. Iri 1745, in tho 10th warof its establish- , merit, it applied to the' Government to ' be relieved of tho obligaticin of dlcharg- ' irig its notes in coin: it continued still to issue its paper, and to " makeadvanccs to tho State, ; and to maYvkluak ' The . Public suffered; .but the proprietors gained; their dividend was so largo that tho shares of the bank sold Jor thrco ; times their orinal depasitc. : ; M . The bank had issued ; 1 1 ,000,000 pa per crowns; when the King returned their depositcs to tho shareholders,' and -became, himself solo .:;proprietorTbe papei' issued was twenty times tho a mount of (heir capital, which had been increased: tp"6W,000' King carried this issue to '10,000,000, specie disappeared, and they were re duced to paper notes of a single crown. ' The evil was at its acme, when some remedy was attempted.1 In 1791, all further emission was forbidden, .'and a proOTessive liquidation ordered.. A new bank, called the ? Species Bank, ?,, was created by a capital,4 in shares, r of 2,400,000 specie crowns. This bank to be indepenaent pf the Government, snd tho directors, sworn to be faithful, were, at the same time, in all that related to tho bank, relieved formally from their oatli to the sovereign. Its issuo q( pa per was limited to one and nine-tenths (less tlian double) of the "specie in Us . coflergTho formcrbankjtvos torotiro' annually 750,000 of its paper crowns. By all those means it was hoped to reheve Denmark In less than 15 years, from its oppressive load of paper money; but the event did not justify this expec tation. Wlicn onco tno gangrcne of .a forced'Siatd paper money has seized pn a couatr)vtha, Govcnuncn.and indlvu- ... als struMlc in. vain. to exurpatci 'tho, "criest4oTlho jUUcei6nomy.by:tho regimen of alterations, mild and slo w )a their opcratiorL ' Only a decided and prompt, though painful excision codd reheve and save Denmark, sunk under . an increasing depreciation. la ,1804, -the new notes lost 25 per cent in ex- change with uie currency m wnicn tney were - pavablcf - thonotes of thoold bank wero at a aiscuuui.uija, m uciooor, 1813, the depreciation was such, that I 00 crowns in paper were cred for j;. . 'e it - 1 rA-.-i one crown" of siverl ? ...... t - THE BANK OP RUSSIA. Russia, too, it is well known,' has her paper money. On the 29th or Decem ber, tho great Empress Catharine, in the commencement of tho war against tfco Turks, established tlie Bank of Assign ats, designod to issue notes or bills pay able to bo irer. . In the manifesto, tneso notes were declared in general terrns, and very inJistineily, to be payablo in "current money." i( This doubt, ho weverr was soon dis pelled... In tlie first month of their issue v I It was . ascertained that they would bo dischargea in copper oniy, in uniiauon of. the Bank of Stockholm, i But this va impossible as it was im- proper Tho value of copper wasj too small and too vnriable, ana its transport impracticable - for- this tpurpose, Onfjf ... silver could bo this basis. iyyUfU - y 4
Southern Citizen (Asheboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 22, 1837, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75