North Carolina Newspapers

    ' f-- '1:fkrhr WiVIK&' :" ' A m - r A 'm
-K 0.980.-
, - ; TERMS ;? ...
' v .S iiC tipnos ro the cauousias
For a staple copy, if paid idvance.r annum, S2 OJ.
. - u - at the ei'jl.ot j moatns, z
" 5 -.. at the'l'i 'it mouths, 3
- ' A,' i at the en.tiifVth year, 3
- So ab8Crif; wilt be received f. Sorter period
than oue year pulcss paid in ad v . . f
- - with th ;vi r fvt nlius fe.itir'J.ilatiOtt a ad en-
Vsjilug tb a-wfulatwCT ths -papCTs proprietor of-
-TrtPthe t'oi'.twuisr remarkaWy low
rt1? '"4fv?i.?iaiia CayJ'nian, I year, 8 00 .
10 "
15 00
. . j'..- ' 4 ; ' ..Bates of AO wising i. ; . ... -
. ?iTtir itfniJoer. BniiirB of or less, for the fiZr4
v:v -.i;:ia'l -0 ooats for,each wu-funt inscrtidn
. r -7-. 1 mr " j . '. 1
vff''t .i Eor itx inohths. - . - - - t 00
All ad
Atlonirynt nw, .FayeMe-vIllf, X.C.
OtHee at the corner of How and Green streets.
Feb'y 3. 1850.
.1. . SIM-: A It.
V T T I N f) - the Jo irt- of Ctuaberlaud, Harnett
"ak-; and fohnston.
V 1 Ire-is, Too n:r. Harnett Co.. N. C.
Keb. IG. IS5I. 85-y
n nrr r 'V full e ii.
P V R T r K V I !j 5; , V, . -
Iav be consulted at the Law Oflice of Jese G. Jhcp-
herd. Esij., on Green Street.
July lit. 150.
iioriiey . i.uw.
.Having removed to PIT TSI5( Ii ), .V. C will attend
eiihulv the Courts of Chatham, Moore and Harnett
April 11, 1850. tf
Rockingham, liiehm ,id County North Carolina,
will practice in the Courts of Richmond, Anson and
Robeson. All entrusted to his care will re
ceive strict attention. July, li; 1.V-5.S
F it SALE.
Sti Veres of Lai 1. 1 vi u l' on Cape Fear River Store,
Dwelling, )ut llous -sali in .irst rate order. The Store j
is at a due U.isi.iess sta id at the Cross Iliads an 1 fi " !
.and U not Lo oe eoeil'd by a. is in North .iroUin-.. j
- Vav;i desiring to parchae can obtain further i
particulars resp.-ctin the property
by calling cn
ri tli-r of as at Villis' t'reel,
tne Yiimintoa Road
15 miles from Favetteville.
Oct. 4. lS-tf JAMES WRIGHT.
Five sevenths of the r V ii a I . r .i iuih r--
t'I"E E VN"i iu H w-.i 'It co i ity. as the 1 arKer j
1 U laid, ioi.tia,' Vai. H.vrr a.toa's laud oa j
Uppfr Littl: .tiver.' There .s oitt t id.i acres cf the j
est jiil ty oflo.v roiils ,t l f.u River. The up j
U.ils ii" i i. .ly ti n er.: I w tU pa's, and within six
mlesortht FiyotteviHw aa-l .V jslera ica iroa i.
, ,,-T.i.M iI.l.-s amdv to 1 Mc.VRI'HUR
P. ROPE'i.
V. MolvAV.
Nov. 1S5( 20,
2 tf
. A. M. Ua.iiph -II,
East side of Gillespiu street,
Faykttkviu.e, N. C.
October 1. 1S55
?I A It IS T. IZ PACT O 11 V,
."early opposite to E. V. Willkintrs" Auction Stor
N. C.
Oct. 1. 185G.
Fall ?tock,
B. F. PERCE & CO.,
YIK now receivina a large and well seb-cted stock
eousistine; in pari of:
Pluck and Figured Silks;
ngiish and French Merinoes;
Plain and Fig'tl DeLanes;
French all wool Plaids;
Alpacas of all qualities;
Black Hombnzine;
English, French and American Prints;
Chenille Shawls, (beautiful patterns;)' Cloaks of every description;
Jaconet Edgings and Insertions;
Collars and Undersleeves;
Hosiery, Gloves, Pelts;
Ribbons, Trimmings, &c;
Cloths and t 'assimeres ;
Tweeds, Jeans and Sattinets;
Wnite and Colored Flannels:
Hleuehed and brown Shirtings;
Allendale 10-4 Sheeting;
Uleaehed and IJrmvn Drillings;
Plaid Liuseys and Kerseys;
Marlboro' Stripes and Plaids;
Brown and Bleach d Table Cloths;
Towellings of all kinds;
Negro Blankets;
Extra quality Bed Blankets;
Spiral, Brass and Whalebone Hoops;
Good assortment of Hoop Skirts;
Yankee Notions of every variety, kind, and
Silk, Leghorn, and Straw Bonnets;
Moleskin, Cassimere and Wool Hats;
Boots, Shoes, Umbrellas, ifcc.
A lare and fashionable stock of
All ot which -.vill be sold low for CASH, or on our
usual time to punctnal customers either at Wholesale
or Re-ail. All persous are respectfully invited to
give us a call.
Hop. 12 189?
lOteJL-. J ''iZ. kept;ot an.f otner establ inhrant iWMe utU . J ; :,,.cl li.-r men, ! .ersir o is -niti-r t'.-,n tltit of ! of nr t !,r, ', .' This V, nrti, , i. . Mgb prices, and, up ti',. timl-aj tlT-fex Elpe a
ii , pnn l7ivr any Svi-jii South or West of S.. i:isy! v.i niu. i tention of thos wh"re wver power is not aval- onei pen.ut, oiuv inaniuaetnring, ntmen' -.rsyyvxi.. it alnio.nX
The rnderrisn.-d are now r-ceivinj? Ur&oltr WJ-lvlv10p the GenaivetMem!)1 Ajc-nt
ment of .ROCI.KtLS ,HltWiaE :lWt'fj &'tV:W for the aloi -tht-abaviPA'-Ac&-JVh
II:)lJ.OVV-Ain:,IlULs, I.CVTlItli:SAlLK-'it,,yilltuis pj. 'Zks
II V, which they will -ell nl wholet. af rmiW ad- ; r -. .JfVX JIITCIIn. .
vance on cot tor cash, or on" unaVt'ink fcpronrptv' 'MaV - V--" 4911 v
dealers - . W -WII-LIAKS CO. ' - f " 't ' - ?S
.. July 25. 1857. , 6)-tf . - f i i ' - WVfcd MTT
.,'5 . THE undersigned wonld rvspect.fitlly inform hi? old ,
-.,CjL":''da-aiid 'cittonwM .s'tuat ht can Ie .fonid -at the
; rC. E. l.eete, wmrre I;vWvill la;lad to oee
.Jan. 1718.77, - ,-33-tl-, V r .
.:Ti:-1ttG0I.U .RESTlJHAiJTv-
They y; the Maaoiift Tree if the haudsoaiest
for the iuiprecedeutel liberality they have bestowed
cn him. and would solicit a continuation.
He lias always o:, hand the VKI1V HET LIQUORS.
WIVES and CORDIALS that can be found in the
United Stat s, either by the quantity or otherwise.
Alo Ciirar. PiokLts. Sanlines. Cheese. 1'reserved
Fruits. Lemon Syrup, and many other good things.
a.l flatters hiaiself that he lias the most pollt".,fr.
acconidishcd and FR1JVK. vender to attend to
liis establishment, that can lie found either North or
S'lnth. Temperance drinks put up at the shortest
notice. He would call attention particularly to 1ms
private rooms upstair.-, wli ch are lar.ire. comfortable,
and in i-o''d order.
Yellow Tiivldinjr, Oroen St.. Favetteville. N. C.
Mav Hi. 157. 50-tf
For the Fall and Winter
.1 i: s v n k i i: i v i: d.
V soo t, Secure a Good
Ha i tra'in
and nave JWomy!!
m ol i o'otst 1 i uilsiiiiies: ;iii:l
( 'lu';tiKst Mucks if
for (ietiUf))ins icenr. ever brought to this
Jlurkef, and no ?ifn,e.
Also, a Magnificent assortment of
!?'i.Vs ;i:m! VojiUiV Uitllln'JC,
Hoy's Siiits and Extra Jackets ofal! colors of
Cloth. i
For !ail(0'id 2":is?ds Heady to
ftiniih Co. .tractors with any quality uf CiuL'i
ing, at a very low figure,
?''! 12 i t !3aiJi- A large l.t
of P Jackets and Over Coats; also, fancy Flan
nel, Over Shirts aofl Pants- rrv v ! ;n .
A very extensive assortment of
; c t l i: a i: - s s l u s ei i s a a o o s ,
Fine i licit and Fancy Marseilles Shirts and
Co hi is, U tubr-ua
t.s of heavy Silk and
Cloves, Ha ldkerchiefs,
Merino. Socks, t'rava
Snspei,.lers, and
I5!5')ts ai;l S!;,'e. from the heavi
est W.iter-Proof, to the finest Pu-up and Fair
tti tcbcil ; i'iula.t.dplua made.
-f all h'scr: ption.
Ex Ira lare s;zc Ho.i.i-i Ho-; -s: (J.-ais' E i-li-h Sole
Leather, Span:sh Iron Fraia,! and Facking TruiiKs;
i --oic Leather al ci s. and olle-i s: a new si vie
if I ravelling Ua.ifs , verv eo.i venient: 1 Gentb-iuru's
Shawls and Fsoiev Hn-trv blankets: ifeauine Havana
Sejrars; Finbr lla; Walkin-f l.'aaes; Ind.'a b'ubber
weri.-oais. iemiis auif rtn.lle.-: also. Over .iioes
for Ladies; ami a s'l'cal vaiiet d' Fancy Goods too
numerous to mention.
All which will oe sold at wfiolesfcle or retail very
low for cash or on t'me to piompt p-ivin-j: customers.
Grateful for the I beral patro.ia.ue le retofore extended
to me. I resp.-ct fully solicit a coiitiniianee of th ; same.
South Side Hav Street.
Oppos:fe (J. W Williams Co.
September 2i. 1857. (,!) tf.
i. . , v" , ,
1. n. 1 at ti. li 1 i! d .... ul j; J; . -;, .w ..
.May be found at his rooms, during his regular Office
vix: from i) A.M. to 1 1'. 11 !
1X7 " " 1'. M. ro 5 V. M.
where he will be pleased to reeeivecalls from all who
j may be in need of his professional services.
No inducement will be held out by offering to per
j form operations for a small compensation: a good
j price will be charged in all cases. And patients fa
i voring I)v J. with their conti .enci , may reiy upon Lis
' utmost exertions to perform every operation iu as ptr
j feet a manner as possible.
I ?e'?Ai,i. operations must be paid for assoon e. com-
r. S. Those who now indebted will please call
and settle.
Oct. 7, IS57- tf
January 1, ls5t. ly-pd
For preserving Fresh Fruits and Vegetables. Pints
Quarts and Half-' billons, at 2 4t). Sil 40, and 5 25,
per dozen, respectively. For sale at the Croe'iery
Store. " W. N. TI EL1XOH AST.
Also, Fresh Supplies of CHINA, GLASS
WARE and Table Knives.
June 20, l"57. 55-tf
Iamks C. Smith. Costin
1V.IES c. SMITH &. CO., v"i
Commission jMerchanls,
Have removed their ofice tc the second storv of th
building formerly occupied ly tiie Telegraph Company
where they are prepared to attend to all business in thf
Commission line.
All business entrusted to them ivill be punctually
attended to.
Wilmington, October 1 , I85fi y
-a riin gre r- Sale.
1 V-rv. Fine Carriage nnti 1 Second
for sale by E. F AIOOREC -
Sept. 2ii
0,OI0 Il-. Tall"w iiil'i.
For which the highest cash price will be paid. .
Oct. 1, 1SSG. A. M. CAMPIiELL.
- Tlte IVcusbytenan Uiiiirci
- ff:()m waht of a j,,arHr
Tlte Prciibyterian Clnirch nn ; North' CaroJIiui
serious !isaavairt!ie
nn I to ad vot'trt ' er
fiTatftirt';.it oniylOOO Pr-slteriiWefrklifs
"jnf'takeli in tle t'onn'l of-oni tKriwPrtyte-
i:ch ner oi v:iu-h has a meiiiiit'i'siup so Hrjr i
ours ,M!!isti the Cenfral, and t!ie Southern j
i resnyicnaii, ior me ociu-ni oi their people.
T he 1 itne ii;is come when the Presbyterian
Church in North Carolina should likewise do
her duty to Iter children. t is u conceded and
ini porfntil tact, that hundreds of our mem hers
wdl take a State paper who will take no other.
The Paper is needed to he the orjisti of our
Synod :md Presbyteries to elevate and en
lighten the piet" of our membership by dilfusinfr
ev:i mrtlieul kmnv! le to promote the cause
of Kdueation to davelop-e the talents of our
Alinistry, and to strengthen the attachment of
leopie to the sod and sanctuaries of their
own State
! If our Church in other States, and other
j (hurches in tiiis State, can sli : ply their inein
j hers with a religious journal, why may not we?
S Are North Carolina Presbyterians inferior in
talent, energy and patriotism to their neighbors
, on the orth or South, or to Christians of
other denominations nt hone? With the
same r better opportunities
of accojiiplishiriir
tms work, shall we leave it undone? In the
lunji-uaue of one of our most able and useful
Ministers, an adopted son of our State, "!t
ought to have been undertaken 20 years ago,
but it is not too late to begin to do rigltt." i
In the last two or three months, a' fund of
about 50(10 has been subscribed as a ncrnii-
neut capital. At a inretinir of the contributors
iw.i.1 .,, Oi-cus!
Lev. A. Baker. Chuirmn u. the Puner was un
riiinously located at Fayei leviile, under the
name and tit, of the North Ca:ioliv Purs
bytf ri .v N. IUv Win. N. Mebuue l!pv.
Geoi'ii-e !cNeil! were elected Editors; Rev.
Messrs. ih-nnif .V.-NeilL. Win. -N ALiUiiue, A.
iJ.iker and : II. Wiley, and '.Messrs. G-ore
McNeill, Sr., John II. Cook and David .Mur
phy were appointed an Executive Committee,
to establish the Paper and manage its business
It is our wis!) and des'e-ti to make the North
Carolina Prksbyterian a journal of the tirsi
class, equal to the best in the country in typo
granhic.i. appearance and in adap-tation to the
wa ins of our Churches. Its columns w ill afford
the latest intelligence, bol h foreign and domes
tic, and special care will lie taken to give h full
and accurate summary of Slate news. The
name of 1 he Paper is designed to be an expo
nent of its character and contents. From con
viction, it wdl advocate the conservative, or-
Old School doctrines and order of the
Our first appeal is to our own people to N
C. Presbyterians. Whilst we rely confidently
upon their I'.ivor, we tryst that the native sons
of North Carolina who have found homes in
other States, and the adopted citizens of our
State who form so important an element in our
Ministry and membership, will take a deep
iiiierest in this enterprise, and rive it their
hearty support.
i Terms: $2 per annum iu advance, or on de
! livery of the first number: $2 50 in six months
$3 at the end of the year
To clubs of 25 or
more, paying in advance and w hen i tlte Paper
is sent to one address, a discount , of 10 per
cent, will be allowed. Our Ministers and
Elders are earnestly desired to act as Agents,
and all others friendly to the cause will please
assist in procuring as many subscribers as possi
ble, and forward tiie names, by August 1st, to
mis vince. as soon as loUO subsci ibers are j
obtaiKed, the first number wdl be issued. If a !
taithful aiil vigorous eltort is made iu the next
two months by those II ho take a lively interest
iu this work, we will without doubt, be able to
begin the publication at the end of that time
with a paying subscription list of at least 3000.
ESS" Address, Editors of tin.- North Carolina
Presbyterian, Favetteville, N . C.
Fayetteville, Mi'v- 20, 1S5T
Heavy 4-4 Beaver Creek Sheetings.
Cottou Vara, Warp ad Filling, Nos. 5 to 10.
Belt, Picker, Roller and Lace LEATHERS.
Oils and Manufacturer's Findings.
Winter strSuiijd. Sperm. Lard and Linseed Oils.
Shuttlie's fsiiglass, French Glue, Emory, Roller
Cioth and Glass Steps.
J. H. II ALL. Pres. B. C. M.Co.
July 2fi. lS5f -lt
fresh supply of trat io i; Cl:t-rst-, Butler, Ap
ples, Chest nuts, and Oranges.
Oct 24. 73-tf foot of Hayuiouni
HCrili'ltiOlU) KAtl.KOAl) (iOMPANV.
IT is ordered by the Board ot Directors of t is Com
pany, that lor li.e ensuing year the JoIIowiug instal
ments be called tor. viz:
Third instalne ii of TWENTY per cent, to be due
and payable on ti.e iirst da of Decemler 18-7.
Fourth instabnet ot Tfc.N jer cent lo be due and
payable on the tirst day ot I? ebruary 1S5S.
if'tb instalment of TEN per cent, to be dae and pay-
abb on thetir t day ot May l"8.
Sixth instalment oi TEN per cent to be dae and pay
able on me ill uay of August im.b. . .
This call applicable only to those Counties East oi
the Pee Dee, and those West of Charlotte.
11. W. GUlON, Prest.
Oct. 31, 74-im
thotl of thanking Onr sister States on the Nortn and Soutli, '
Just received and for sale Ly
July 11. 1857. tf
The following valuably real estate, the property of
E 'C. Hall dec"d. is oil'ered for sale and cousists ot" the
following tracts : ; -" '
That desjralde place known as Rome.-"contair.las
about-2fd, acn-s with all the improvements. This
place will be sold or divided, to suit purchasers,
it Iwinar probably one of the b -st business stands in
the country, and is very desirable to those tsimiy: to
r . ,
J ;(2;V"e
enter the mercantile business.
No 2. Consists wfaiLot and Brick Store
lnents) in Pnmblelon. on Undue Street iiear ClHrcil
.... . . i :.. . ........ .i i...:ii..
-So ,3 U A vacant lots in Campb-iUn. known in City
Vo 1
Peruvi in
Kor sale )y
G. W. Wi: Li .VMS & Co
August 29
B. F. PEAltCK & CO.."
Umbrellas and Ready-31 ide Clothing,
An 1st.
j. w. 1-KARc;- ji:
. '1"tf
V UK hi -V ii V O X,
(cueral CommUsion JIri t tiant.
Wil ningf-on , N C,
u 111 sive personal attennon ro me saie or smpment 01
will be promptly attended to. " ,
April IS 1S57.
'y -
T II E undersigned havinjr executed a power of At
torney to E. F. .Moore, he is thereby authorized to make
all settlements for me ia my name, and generally to
transact all business as I might or could do were I per
sonally present. J.J.. MOORE.
Jane ti, 53-tf
; . !
f EM ! IE undersigned beg leave to make known, that I
StL tliey have lorined a copartaership. under the name
and style, of
BR CD ill N iliailD,
fo- iIm Mtw 't tttvrrv-i-5! tyn Tfr-nereiT ;ti b tei. 7 -r
in the Town oi T.umbeito.i. and are now rfce''
and laiicy Drv G mils, italv-m tde
lotblii, I'amilv i'occrij's, ycc. tv c.
To which they would respectfully invite the atleu
tloii of their friends ami the public g"t!erally.
JTsfM'UuDUCK taken in exchange for goods.
ax tars n. urowx kvkrett l.waki).
LumbertOii, Oct. 10. 71-3m
: ;
X2ff&J22&Q 48. Oi 1
IViini n?ton, . C,
0 ATjT. ;
iiusiness 111 tlie above line, entrusteo to nis care.
K?y Soccial attention will be given to the sale
Timber free of coiuiuis.-ious.
Oct. It), 1S7.
pie against tne evils ot an excessive ami irre- 'iy hutau iraction to oue dollar in live
MICDM'AL COL LEG I'. OF GEUUUIA, leemable paper currency. They are not to their circulation aid deposits in 1857 it
AT AUGUSTA responsible for the existing anomaly that a is not equal to one dollar in seven and a half
The Twenty-Sixth course of Lectures in this 1 nsti-1 government endowed with the sovereign at- of their circulation and deposit,
tution, will commence on .Monday, the 2d November tribute of coining money and regulating the r rom all tiiis statement it is easy to ac-
i"1- j value thereof should have no i)ower to pre- count for our financial history for ti e 1-ist
Emeritus Professor of Anafoniy. G.M. Newton, .M.D. I , ,i i - - 4i 4. r i, ',,.-t,- ,-..,,., 1 1- l . 1 1 , .
Anatomy. H K Caiupi.. 11. M. D. veilt others Irom driving this com out ot the ioit yeais. It lias been ahrstory of extra
Surgery" L. A. Dugas. .M. I). j country and filling up the channels, of circu- vagant expansions iu the businecs ,,f
institutes ana l ractice 01 .iieuicine, i.. iy. r-oru. .M.i) ;
ateria Mcdica, I herapeutics and Medical Jurisoru-
Materia Alcilica, 1 nerapc
dence. I P Ciavin. AL I).
Obstetrics and Diseases of Women and Infants, J. A
Eve. I . IJ.
Physiology and Patholog-ical Anatomy. H. V. M
AH Her. AI. 1.
Chemistry and Pharmacy. Alex. Means. AI D.
Demonstrator ot Anatomy. R Campbell. Al. I
Assistant Demonstrator of Anatoiiiy.s.b. Simmons.
M. D. 'wants ot internal trade and foreign exchan- izmg stock gambling. When tlie crisis j
piSSltheJac HoS-, this be either greatly above or rives, as arrive it must, the banks can ex
Fee for whole Course. 6105. i greatly below the proper standard, the tend no relief to the people. In a vain strv.o
Matrieuiat.ien ticket (to be taken once.) 35 1 marketable value of everv man's property is gle to redeem their liabilities in soicde
Eor further particulars, apply to any member of - , ... ,i- .:. i. .. i a. ..'. ' tl,,- ,.,, n,..i . . ; i ,
tie Facuitv. or to I. P. (illAV IN Dean
Sent 5th. 1837. Gti-tf ;:
THIS SEASON, embracing,
Dry i.'oods,
Siats, Ii tt, Shoes,
Axn Madk-i'p Clothing, :
To which they invite the attention of Wholesale
buyers generally.
J. D. Stahk.1 fj. AI. Wiliiams.
Oct. iO. 71-tf
W FA i.L v. WI NTKu f;i)ODs.
is now receivinr, di
rect from New York
a larjre and well selected
Stock of
Consisting of every variety
Coats, Pants, and
of the Latest and most approved Styles.
A general assortment of Shirts. Stocks &c.. Sc.
e- tie win attend as usual to Tri
v.uttinr and all business in his li,le.
September 2fi, Mm.
" AFeUmc-CUlzens of the Senate and' x
" -1 - lions? hfRrjrtTciifattres?
In oT)etlience to tlie command of the conr
cJstitution, it has now become ray duty 't.
give to Congress iniormation t ot tne statt
of the Union, and recommend to their con
sideration such measures"- as I judge to be
"necessary and expedient." .
But first, and above all, our thanks are
due toAlinighty,.God for the numerous bene
fits which He has bestowed upon this people;
and our united praVers ous-ht to assend to
lliiii tliat He would . continue, to ;W3 oar.
'. grtiut republic in time tor comer.a?iaites'
- - 'blessed it time pWjSiftfiC tkeiildjoi&iietti pBfiV
of the last: Conarre3io8rsCB3titueiit have
enjoyed an unusf!rifflegtf?-of --lieUltl I lie
:rnov a,,M. lyeclianicai occupations Have, largely 'den and-nninediatelyriin to" . a dauo-erous
M, partaken of the. general , pr asperity.. We ' amount should Ifti made upon 'it, tlK-.s.Vme
; have possessed all the elements of material proportion would certainly be inxaUicient nn-
U i:i. wealth in rich abundance, and yet, notwith- der our banking- system. l!ach of 'our four
; standino-all these advantaojes, our country, teen hundred banks has but a limited dr
inks monetary interests, is at the; present
moment in a deplorable condition. In the
midst of unsurpassed plenty in all the pro-
ductions of ao-riculture, and in all the ele-
monts of national wealth, we find our maim-
factures suspended, our public works retar-
ded, our private enterprises of different kinds
abandoned and thousands of useful laborers
thrown out of employment and reduced to
want. The revenue of the - government
which is chiefiv derived from duties? ' on im-
jiorts from abroad '"has been greatly reduced
whilst the appropriations limde by Congress
'at its last sossioiufor the current fiscal year
ire very large in amount.
Under these circumstances, a loan inay be
required beiore the close. 01 your present
session, out to be oniv a sunlit misiortune
wh" pared tli the stferinf and clis-
tress prevailing among the people.. ; ith
j this the government cannot tail deeply to
a iijpciiauz.1-, Luougii il may uo Hiiuuia; :
power to extend relief. '
It is our duty to inquire what has produc- ;
ed such unfortunate results, and whether
their recurrence can be . prevented? In all
ft inner revulsions the blame might hae
been fairly attributed to a variety of co-oper-
ating causes; but not so upon the present
occasion. It is aparent that our existing
Uiisfortnnes have proceeded solely from our
extravagant find vicious system of paper ami bank v?iit.c, erci.tig tUe.peo-
,.t., r 1 -.t;i;rr-'-rr-rrr,,.f'-' Wi,;
pn.- 1.0 vi mi ruii.iiitiit) 1:110 y.ui.uiioy 01
slocks, iiiese revulsions must continue jio
recur at successive intervals so long as the
tiuiount of the paper- currency and bank
loans and discounts of the country shall be
Jett to tne uiscretion or tourteen nunareu
I irresponsible
bankimr institutions, v nicli
I""1" i,i, 01 liivu "uiii .iii ivu-
sun un- iiiiuest 01 int-ii mucaiiuuicb i.ima
The framers of the constitution,' when they
o-ave to Cong-ress the power "to com money
and regulate iae vaiue, tiiereoi, aim pro-
hibited the States from coining monev, emit-
1 1 i il .1 1-73 1 .
ting Dills ot credit, or maKing anytning Dtit ool amomiL to one dollar lor-every six dol
gold and silver coin a tender in payment of lars and thirty three cents of their cajiital.
I debts, supposed thov had rotected the peo- In the year LS48 the specie was oounl with-
11". T 1 , 1 1 i
Jation with paper which does not represent
i i -i
o-nhl i r sil ver
ii :. .fji... t .:..i. a i , ,.a . .:
t ii is one ui uie iiiguu&u huu iiiosi lespunsi-
ble duties of government to. insure, to the
i people a sound circulating medium, the
j amount of which ought to be adapted with
! il , '11 'I IT "11 ii
' tne utmost possible wisdom and sKUi to tne
. incieaoeo (inimiiuwii'ii in uieame piopoi-
increased or amnnisiied in tne same ? proper-
i tion, ami injustice to individuals as .'.veil as
i tion, ami ninisticc to individuals as .'.veil as
incalculable evus to tne community, are tne uisuess, w uen tneir assistance-is most necd
conscqtience. . , . . i eil, they and their debtors together sink into
Unfortunately, under the construction of rnslvericy
the federal constitution, which has now pre- tlds paper system of extravagant ex-
vailed too long to be changed, this impor- r,an3Ion- raising the nominal price of every
taut and delicate duty has been dissevered article far beyond its real value, when coni
from the coinino- power, and virtually trans- , paved with the cost of similar articles in coun-
-ii-it i . . t i - -i
ferred to more than fourteen hundred State
banks, act i no- of each nfhor.
and regulating their paper issues almost ex
' iT 1 J ,
t 1 . .1 - .
clusiveh by a regard to the present interest
of their stockholders. Exercising the sov
ereign power of providing a paper currency
instead of coin, for the country, the first duty
which these banks owe to the public, is to
keep in their vaults a sufficient amount of
gold and silver the convertibility of their
notes into coin at all times and tinder all
circumstances. Xo bank ought ever to be
chartered without such restrictions on its
business as to secure this result. sA.ll other
restrictions are comparatively vain. This is
the only true touchstone, the only', efficient
regulator of a paper currency; the only one
which can guard the public against' over is
sues and bank suspensions. As a collateral
and eventual security it is . doubtless . wise,
and in all cases, ought to be required, that
banks shall hold an amount of United States
or State securities equal to their ; notes in
circulation and pledged for their redemption.
This, however, furnishes no adequate secu
rity against over issues. On the ."contrary,
fcma'beperverel o inikste ffce $r?exiw
Tndeed. if is impossible by. this meara to
'oh vert all the. debtV of, -the ..United State ,
-inct 'd&ate '.goveniaiema--iutv vaw uks,
vjtVoufe reference jfco. the specie1, required to : ;
Redeem -tKein C Howeyer'viiluable these se- y
"unties jav be ia the;nselve3 thef cnijnot .
be 'converted' intooldl and j silver, -at - the ;
moment orpressure?Jas our experience teacK
es, in' 8ufficienV-tiine io pre'Yeut.b'aut snsf.en- -"
sions and the' lepreciatierif bank notes. ;W
:vi i.
old .ajd silver 'e'qiial to "jbri'i'-third 6f its.'coiu'
binSrl-AilatioVi and fejosites. Ifthwp
re than sufficient to sect;
jh itsA7trculatin'
vbisi We" ih-ufc " ,;. '"...S?.
cnmferelice for its circulation, and in the
course of a very few' days the depositors and
note-holders mio-ht demand from such a bank
a sufficient amount in specie to compel it to
suspend, even although it had coin in its
vaults equal to one-third of its iinmcdiate
liabilities. And yet I am not awari, witi:
the exception of the banks of Louisiana, that
any State bank throughout the Union has
been required by its charter to keep (his
or anv other nronorlion of 0-1,1 d f ud .;!v
compared with the amount of its combined
circulation and deposit's. Wh::t Jias l,c.-n
the consequence In a recent repot made
j by the Treasury department on the condi-
tion of the banks throughout the ditl'erent
States, according to returns dated
to January, is.), the a'-oVe"ati- -iuk trt cf
: actual specie in their valU is 5S,4 Ibb,
! ot their circulation 2r. 1,778, 8l,L and of
their depoftites $2o0,o71,oo2. Thus it ap-
pi-ars iitau tuese oailKs m t.he ao o-i-(...-af o
have considerably less than one dollar in
seven of gold and silver cfmmaied with their
circulation and deposits
was paipn
therefore, that the very first prosure must
drive them to suspension,, and deprive the
people of a convertible ciiii encv vilb -aV its
disastrous consequences. It istru'.v wonder
ful that they should have so 'on;:- -o :tinued
to preserve th$ir cret it, wkei -u r.rd for
the payment of one-seventh of their innne-
diatc Jmtilities would nave driven th.
1 .. ' 1 , - . , ":
i:isonenc. yViui. itiia lo t l:e co . !i i i
luou of tho
banks, nocwitJistandiiig that four hundred
millions of gold from C.-ilifoniia have ilowen
in upon us within the last ei'u'it vears and
the tide still continues to fiow in.h.o.'l 'j , b
lias been tlie extravao-aiice of b-ml-
that th hnnts mm- b..!
..n, v.v.. Kjiinn.c hkjm Hum a consutera h v ess
lunvuiit oi fcpecu-, eiiner in proiiort'on to
meir capital or xj) liieir i-ircul-itboi ...w! .1
uiscovery of gold in California. While in
tne year lb4b their specie in lM-cmm-thm to
bon .oii.if.. I ....i.. .1
.pitai ivus ..more than equal to one
dollar for four and a half, in 1S57 it
4- J. J. 111
the country, followed bv ruinous e.-nt-.-e'
, u " "1,,w',fl ",1IU"1
ions. At
intervals tho
and most, ontoem-i i-.n- ....... i.
and most
-...... . j. iiicji nave
tempted to their rum by -xccssiv- bank
loans of mere paper credit, exciting them to
extravagant importations of foreign .(;ods.
n,.,,..!.;. .1 1 1 '
'umSiruu,uiuii., ami rinnnus and demoral-
ui e coaipeiieti to contract their
iv imuini iu contract Itieir loans
a!it tlic-ir issues ; and at last, in the hour
ami tucir issues ; and at last, in flu- bom- ,f
, J . i. i t ..
I tn0iS wnosc circulation is wisely regulated,
! which has prevented us from coiri ctii r in
, -
., ....tKl..... i
our markets with fore ign manufacturers, has
reduced extravagant importations, and h;;s
counteracted the effect of tho large inciden
tal protection afforded to our domestic ni?ii:u
factures by the present revenue tari.'i. Hut
for this the branches of our manufiu-ture:"
omposed of raw materials, theoroduetion of
our own country such as cotton, iron and
woolen fabrics would not only have acquir
ed almost exclusive possession of the home
market, but would have created for them
selves a foreign market throughout tho
world. ,
Deplorable, howev er, as may be our pres
ent financial condition, we may yet indulge
in bright hopes for the future. No ether
nation has ever existed which -ould have en
dnrcduch violent expansions and contradic
tions of paper credits without lasting injury;
vet the buovancy of youth, the energies of
our population, and the spirit which r.ever
quails before difficulties, w ill enable us soon
to recover from our present financial em
barrassments, end rat y even sk r ns by
'fronVtlie '.tmXis: departiiiont, vr
bf SfiktantlUvray'8l't',tee!Van -

Page Text

This is the computer-generated OCR text representation of this newspaper page. It may be empty, if no text could be automatically recognized. This data is also available in Plain Text and XML formats.

Return to page view