VOL.. XVII.
PUBLISHED
BY THOMAS WATSON.
TERMS,
Three dollars per annum, payable in advance.
From the Mi lion Spectator.
RAIL ROADS AND BANKS.
No. 1.
3r. Editor.
The people arc greatly excited on the sub
ject of Rail Roads in our State. The practi
cability of making them, is now universally
admitted; and their utility when made, is too
vrell understood, now, to need a word on that
subject; the only difficulty among us i? to fix
upon the location Tor them. As a re medy for
the first difficulty Ijjropose giving charters on
conditions, whenever they, will ask them.
They cannot be made by the public funds alto
gether, for the people in the mountains will
never agree to appropriate their funds to make
3 road on the seaboard, that cannot possibly in
their day reach them. They will, therefore,
oppose arfifppropriation of the public funds,
t.-nn if yvf had thfm. to rnnkp n marl in
other man meir own section oi me tate, ex
cept they can procure a similar amount of the
public funds to be expended in their own vi
cinity. This has been proved in our State in
the prosecution of our old system of Internal
Improvement; and under it nothing but a use
less abortion of public money has been pro
duce!, or can be expected.
Then to remedy this, I would propose a
plan somewhat similar to that now adopted by
the State of Virginia, where they are doing
well. Pass a general law or resolution by the
Assembly, that the State will take two fifths of
the amount of the stock in any road after a
charter has been subscribed by individuals,
and secured to be paid by them to the company
at their order. Grant charters to each section
of the State where the Legislature may deem it
' . . i ',1' 1 - rt :
proper, an on tne same looting, and as soon as
individuals will lay out a road and comply
as above, then Jet the state become a stock
holder as above named; then we will see
what liability there is in the declarations
of those noisy rail road men. Then if
the people in any section, want road and
will do their part, they know what assisstance
they are to expect from tl e State, and if they
are not willing to risk their own money, in
their own work,' in their own neighborhood,
where they, if it succeeds are to be the princi
pal gainers, they should not be trusted with
the public money, which belongs-to all the peo
ple tof the State in common. Lt all know
that these are the conditions and no other, on
which they can get assistance from the State:
then we will see where the reality of declara
tions is to be found, for there are very many
noisy politicians that are only seeking the ex-
penmture ot public money,' .or private purpo
nes,and until your legislature adopt some svs
tern that will prevent these kind of politicians
from any chance of answering their corrupt
purposes, our beloved State will be found plod
iing along like a mule under his burthens.
beg and I beseech you, the good people of this
Mate, before we enter into this new era and
state of things, just to take a retrospective view
of the management of our public funds, and of
OUT institution fnr thp Inct 9ft
ring all of which time, all the power has been
in the hands of a few, and like all other few,
,1 1 ii . i
wuo nave, or ever naa power over tne many.
they seem to have endeavored to excel all their
predecessors, in the abuse of it. The curren
cy of the State was at the command of a few.
and made plenty or scarce as their interests
seemed to dictate, and consequently the price
of labour and property, has been regulated, not
by the voice of the many, nor for the public
good, but by the voice or power of the few,
anil for the exclusive benefit, of the few. All
attempts at Internal Improvement have been
managed and controlled in the same way,
Our judiciary system has been also under the
- controul ofa few, and, has been increased in ex-
-1.10,4,1,111 auoui 5l,5,UUO lO aDOUl W&i,VVJ.
Thus every nbove that has been made, (untillate
Jy,) has literally verified the old adage, " that men
Fwvtr anu iorget ngnt." Jf ardon thrs dis
JTressionjfrom my subject. Itis probable that at
tne ensuing session of our Legislature, appli
cations for charters to construct rail roads will
be made, and public opinion seems to be ripe
lor a trial, and really it is time North Carolina
was "up and adorns" on the subiect. as public
opinion is now satisfied of the practicability,
and utihtyof rail roads. Then as there canberio
doubt of a disposition and wish to make them,
wen the only difficulty is, how are we to pro
cure the means necessary 10 make them, both
tor the slain nnil ii i
3 necessary, and divers plans have been pro
posed by which individuals can procure the
means on their part; I have a plan, by which
th theStatp and individuals can procure the
roeans, in the way I think most republican
and most advantageously.
Some propose' a loan for the State from for
rs, or persons out of North-Carolina, to an
amount necessary; this would involve us in an
t enormous debt, which "would make the.labonr
01 tne State triKn
m - - w v j 9 ovtni'uuuijuii v ) u n u y
taxes, for many years to foreigners to pay
itrely within ourselves to effect this great
ana important work without borrowing any
K - ' anc1 ilf iny a veiT small portion of
-.large amount necessary. ; In order to avoid
.ving tribute to foreigners, and secure all the
"uis that can or may arise from this work,
or any other, in North Carolina. I nrn n -: to
stablish a Bank on the funds of the State,
belongs exclusively to the State, with a
Pital sufficiently large to authorise the issue
paper equal to the demand for thecir
, :m medium of the State, with a sufficient
oer of branches distributed over the State,
as to make it reasonably convenient to our
fcu ic capital to be renewed or dimin
i , ofc vuc ucui, mis migiH ue preiera-
to doing without the improvements; but I
n,nk, Mr. Editor, that we havp. thp. rpsniirrps
ished as the necessities of the people may re
quire, so that all the operations of this institu
tion should be controlled by the sovereign
power of the State, the people, for whose bene
fit it is created, and for whose intelligence and
political honesty, I have the highest regard
and esteem. The people of this state want
from four to ?ix million ofcurrency to carry on
their trade and commerce, and keep our prop
erty and labour at a fair valuation with our sis
ter States. We have now in circulation in
our State perhaps not more than one third of
the money is sued by our own banksf; two
thirds then of our money that we transact our
ordinary business with, we are paying tribute
for to our sister Slates, for to the source from
whence the money comes, must go the. tribute
or interest for its use. Then while we are
paying interest on, say four millions of dollars
annually to foreigners, opt of the labour of the
State, sending them two thirds of all ourrpro
duce to ship, and consequently-all the profits
on that, and purchasing from them many ol the
articles that the want of improvement, and the
use of their money among us, prevents our
supplying within our state, we cannot prosper.
The course of policy then which I would re
commend as a remedy for these evils, is a plain
republican one, arid one that all will plainly
understand and I hope adopt. In the first
place, the Legislature should charter a Bank
belongiug exclusively to the State, with a ca
pital sufficiently large to authorize the issue
ofa sufficient sum of money to fill the vacum
occasioned by the withdrawal of the present
bank paper from among us, which will all
cease to circulate in 1838, and will gradually
go out of circulation until that time. Then in
crease the capital of the Bank so as to autho
rizethc issue of a sufficient amount ofcurren
cy in the State, to make money as plenty as
it is in our sister States; that produce may
bear as good a price in our State as in our sis
ter States, which will prevent much that now
finds a market beyond our limits, from leaving
our oiaie. lhe whole amount of ripht that.
will be due for bank paper, say six millions,
which is necessary for our transactions, will
be due to the State, and the interest on that
sum will bj 3:360,000, say all of which will go
into the public treasury; now the State only
receives aoout -U,UtJU ot interest on the whole
circulating medium of the State, for public pur
poses. It may be necessary to borrow some
money to begin on, but it any, little will an
swer the purpose. The State had at the meet-
ing of the last General Assembly 8712,700 of
a
Bank stock, and some other funds amounting
to nearly one million of dollars ; she will soon
have a great quantity of Western Land: with
all these means and the great advantage of the
t M. J 7 "
gold region, irom which she can procure for
her bank paper, half a million or more of the
precious metal at par, which will amply sustain
the bank. She may be as secure as any peo
pie can be from draws upon her bank, and in a
.short time be as independent as to a good sound
currency, as any state in the Union. And re
member, Mr. Editor, that a well regulated cur
rency is as essential to the prosperity of the
people of any State or country, as industry or
improvement, or any thing else, and I beg of
you not to iorget that the control or the pow
er to manage thatcurency to make it plenty or
make it scarce, is a power that can regulate the
price ot labour, make it high or make it low
regulate the price of property of all descrip
tions, enhance its value 50 or 100 per cent, or
sink 50 or 100 per cent regulate trade and
commerce among us control all our attempts
at improvement make them prosper or pu
them down. Now Mr. Editor, I appeal to your
readers and the people of North Carolina ge
nerally, to say when this mighty power
over all your interests and prospects for im
proving our condition as a people, by which
our own, as well as the condition of those that
are to succeed us, are to be so much affected,
shall ittbe placed in the hands ofa few monied
men among us whose influence would be pow
erful by their money, and who will, if vest
ed with it, abuse it : or shall it be keot
within the sovereign power ot the countrr,
.... - . . .
the people, those who are to be the subjects
ot the effects of the good or evil that is to re
suit from a judicious exercise of it. Should
the people determine that this mighty power
should be vested in the hands ofa few monied
men for some twenty-five or thirty succeeding
years, to exercise over the people at their wil
and pleasure, all the powers above mentioned
should the people sodecidei they will no doubt,
receive forthwith from the rich and monied
men of North Carolina the same loud applause,
that the tenants of the Lords fc parishioners of
the Priests in England receive from their good
and faithful masters the tax and tythe receivers,
handed down upon the people from the plat
form and pulpits, when the people acknowl
edge these masters and promise to pay even to
the last cent tjiey have for these taxes, and di
vide even to the last sheaf or last potatoe they
raise; and thereby enable the lords to lord it in
high life in their parlors, on their labour. And
the priests, with thetr twenty thousand pounds
annually of that which should be theirs of
right, to enjoy all the salubrity of the south of
France, and drink her rich wines, while the
children of the tax and tythe paying men are
crying tor bread around their parents at home,
totally unheard by either lord or priest: or large amouatof small notes under five dollars
should the people of this State part with this ' for purposes of change, and which will not ea
power to a few who are so anxious again to get sily make its way back to the bank for pay
it, they will place themselves in the situation ment. Much of that discription of money is
that the free negro does, who for a few yards also lost and therefore never returns upon the
of red ribband, sugar candy, or sweet plums, Bank. This would be clear profit to the peo
with smiles and a thousand good promises pie at large. When the stock of the bank is
by the slave dealer, puts himself in bondage owned by individuals they pocket all that'profit,
for life. which is considerable. Itis said that the lost
Permit me, Mr. Editor, to entreat the good notes of a Bank will pay the expense of mana
people of this State to retain within their own gingit when it winds up.
hands, powers so great and liberties so dear, Increase the capital of the Bank as it rnWbe
to exercise them at their own will and plea- deemed necessary by the people, from tirjie to
sure. Surely they are not afraid of them- time. Establish branches in different sections
spIvps. nnd wbilp ihv rotnin u .1 .
- - f .... j vuiu tn u lhjw nicy
are safe from harm ; but when they part with
LIBERTY... .THE CONSTITUTION. ...UNION.
NEWBERIV, FRIDAY, OCTOBER 18,
hind, it is. 4d lid ;".y "
si -i nn . 1 . 1 . ...
" ll II Vi 1 Uf.l-
.... -
ti i gicaicr inena lanim than himsplf Tn
prove this position beyond doubt, Mr. Editor
suppose you had the disposition of the most
valuable diamond on earth, is there a man is.
ing that you would give it to, in preference to
yourself.
ONE OF THE PEOPLE.
No. 2.
Mr. Editor :
On examination, and refer
ence to experience (the sure test of all thino
it will be found that the oeoDle who aonlv
their own resources to their own benefit are
most prosperous, happy and independent. In
my first essay, I promised to point out our re
sources and means, and then show how they
might be applied. The productions of North
Carolina are various and valuable. She can
fiise Wool , make Cotton and Silk. these
are tne principal articles used as raimn&nts.
We have the water power to manufacture them.
and should steam power be preferred we have
wood to support it. We can produce bread
stuffs in great abundance We have, in fine,
internalresources, not excelled by any portion
oi uie world. Uur iron ore is rich and infe
rior to none, the iron made from it, is equal
lO me DfcSt maniltartiirpd in SSu'Pr on Our
gold mines yield from one to two millions of
-- m w VU .111 VT ! A
dollars of the precious metal annually ; all of
wzn.jt iinus ns way directly out ol our State
for the want of some safe "deposite in which it
can be lodged, or profitable stock in which
it can be invested at home. Our banks are
managed by a few individuals, and by improper
legislation and bad management their credit
has been injured, and their time to exist is too
short for them to be considered a safe deposit
for the gold obtained from our own mines and
by our own citizens. The Banks can now
under their amended charter of 1829, make an
assignment at. any time of all their means to
pay their debts, to any one or two individuals,
and put it out of the power of one holding
their notes or their checks for deposites of
gold to collect one dollar out of the corpora
tion. With such powers in the hands of a
few, and that few having for a long time
proved that they are only to be trusted when
they are to be benefitted themselves, no man
in his senses would deposite much of his trea
sure or gold in them. Other States having bv
wiser legislation made and provided safer places
of deposite, those wishing to deposite their sub
stance in the precious metals go there.
lhe State Bank of North Carolina instead of
assisting in retaining our gold here, are annu
ally sending up hundreds of thousands of dol
lars of their notes to the gold region, and pla
cing them in the hands of private individuals
to purchase up the gold, and when pur
chased, they send it directly to the northern
market and sell it at a large profit ; which is
pocketted by a few only, who by law have had
powers granted to them to do what other citi
zens equally as deserving, have not the power
to do ; and what the legislature who granted
their charter, never intended they should do
The Banks were chartered as institutions,
having for their object, the common good of
the people of this State, that was the honest
purpose or desire of most of those who woted
for them. As the servants of the people, it
was said that they would collect and keep in
their vaults the precious metals and pay them
out to the holders of their notes. They have
not done so. They collected originally the
species of the State and speculated on it in
United States Stocks, fec. instead of paying it
to us for their notes when demanded. A.id
now, while they are speculating on the gold of
our Stale, they are procuring a Spanish coin
of a description not well understood by the
people, to force upon us across their counters
for their notes, instead of the dollars and ea
gles as was pefectly understood at the time
they got their charier. By procuring and car
rying off the gold out of this State, they are
assisting those who have no interest in our wel
fare to produce the very affect upon the peo
ple of this Slate that they were created as a bo
dy to prevent, drain us of our precious metals
and 'weaken us in the main.
We have to improve our condition ask the
reflecting and honest people of North Carolina
if they have not seen the effects that have been
produced upon our State under the operation
of the power exercised by those wielding pe
cuniary concerns. The great mass of the peo
ple going down and a few rising like princes
upon their ruins. In .point of intellect and
enterprize, the citizens of our State are equal to
any in the Union, and only need encouragement
to make them bring forth their fruits.
Having enumerated the resources and pro
ductions of our State, I will now proceed to
point out the mode and manner of applying
them for the general good, as mentioned in my
first number. I propose that the Legislature
forthwith establish a Bank upon the funds of
the State exclusively with a capital sufficiently
large to furnish an ample amount of currency
in the State to place us on a level with our sis
ter States. Forbid the circulation in North
Carolina of any bills of the Banks of other
Stales under the denomination of five dollars.
This will enable the bank to keep afloat a
nf Iid fiiiA whpn necessary : and as soon as
- - j
. the present banks wind up their concerns, dis-
1833.
!!Ln " " ? " .1 J??! K.conU
now in our present uanKS are such as but few !
men can anora to oorrow money on. The
borrowers are required to pay one third every I
ninety days, together with the interest in ad-1
vance. No man can borrow money for thp
laudable purpose of making an improvement
in the country, either in Agriculture, Manu
factures, Commerce or Internal Improvement
upon those terms, for the payments will be
come due before he ean realise any profit from
any work or business. But could men borrow
money on accomodation paper, pay the inter
est in advance!, and the one twentieth every
ninety days, the industrious man with a rea
sonable share of good fortune, could Calculate,
in meeting his payments; and then the enter
Pnze of the country would be put in motion,
and the prosperity attending it would soon-be
seen and felt.
That such a bank can be created and sustain
ed, there is no doubt the State hashear a
million of funds apply them, and should it be
necessary, borrow. For by borrowing a small
amount for a bank, you may enable the State
and individuals both, to make great and exten
sive improvements. But I verily believe that
jiot a dollar need be borrowed for as soon as
the Bank shall be organized and issue its money,
the people in the gold region will gladly ex-,
change for it at par. Suppose the capital is
one million, you may safely issue three for one
without any danger. Then you readily ex
change one million for gold as soon as you
want it, artd that one million of gold will
sustain youh three million -of notes. Yon
make no profit by this exchange of paper
for gold, but you get the gold from our people,
and your paper answers their nurnoses better
i 1
than gold, and their gold answers your purpose
better than foreign capital borrowed to sustain
your bank, upon which you would have semi
annually to pay from 4 1-3 to 6 per cent inter
est l which would go to support either northern
or European capatalists; and what North Ca
rolinian would not encourage his neighbor in
preference to northern men or Englishmen.
Then you would have two millions of dollars
to loan out on interest, upon which you would
realize about 150,000 annually, which would
go directly into your public treasury, and may
be applied to whatever purpose the legislature
might think proper. I would say Rail Roads.
This sum, upon the plan I proposed in my first
number, that the State take two-fifths of the
stock, would give us annually nearly 8400,000
to apply in that way. And as soon as the pre
sent banks shall draw in all their paper, your
State Bank would double this amount annual
ly ; because six millions ofcurrency is neces
sary for us. Should we begin the system, I
have no doubt but in a few years North Caro
lina will want ten or twenty millions of money
for her purposes, and the profits of that will
make a change in our condition soon, (under
individual management,) that would gladden
the hearts of her people beyond any thing that
has been felt since the declaration of our in
dependence. In addition to all these advantages, I will
mention one other that has lately presented it
self; it is the benefit of the deposites of the
R evenue collected by the General Government.
On a reference to the monthly settlements of
the Bank of the United States, I find that at
the Fayetleville branch of that Bank, in the
month of December, 1830, the amount of the
public deposit was 40,554 and 81 cents, that
amount alone would sustain a decent bank.
Our venerable and excellent Chief Magistrate,
who has on all occasions sustained the best
interests of his beloved country as well, in
peace as in war, is now making enquiries of
the State Banks, to ascertain how safe a,nd on
what condition the public money can be depo
sited in them. This is no doubt a preparatory
measure to change the deposits of the public
revenue from the United States Bank before
the expiration of their charter, or to be pre
pared to deposit safely in the year 1836, when
their charter expires. I presume the former
supposition, as I have no doubt but that illus
trious patriot would generally prefer giving
the benefits of these deposits to the people of
the different States, for their benefit, to assist
them in making Rail Roads, Sc. to giving it
to the stockholders of the United States Bank;
as one third or nearly so of the stock in that
bank belongs to foreigners, and some of them,
(by royal favor I suppose) have names and ti
tles nearly or quite as long as a whole chapter
in the Bible ; and these and their foreign allies
own between nine and ten millions of the stock
in that Bank, and consequently draw their
proportion of the benefits of the dividends
semianually declared by that Bank, public
deposites, as well as their part of the divi
dends semiannually declared by that Bank,
all of which must be paid in gold or silver
which is a clear drain from our labour and add
to the wealth of this long named nobility in
England ; while we are made tributary to for
eigners, by their being btockholders in our
banks, and to the few monied men amono
us, for the money which we use. Can it be
supposed that we as a people can make im
provements, it is impossible; for while we pay
the interest on the currency oi the Bank into
the pockets ofa few rich men, we are at their
mercy, and we cannot move a peg without
their consent. For they will have their pound
of flesh like the old miser, and if we attempj to
improve our condition, they can by their poyer
over the currency of the country paralyze all
our efforts. Who d oes not know that interest
will soon eat out or consume the principal, and
that the interest on the circulating medium ne
cessary to carry on the trade and commerce
of a people and especially we North Caroli
nians is the last legacy in our government.
Four millions and nearly a half of clear profit
realized in North Carolina on the currency used
by the people since the year 1812, and that too
on a specific capital notexceeaing a minion oi
. ri - 'i;i. ... a x
1 dollars.
Sometning iite iwemy-uve per cent.
, . , . , . .
j annually on all the specie upon which this cur-
: - - . ' '
NO. 862.
: s based. This proEt too. nearly all
went into the pockets of a few men among us,
instead of going into your public treasury for
the benefit of all the people in common.
When the books were opened for stock to
main r-,--.i r;i r a . yh irmrv
who have made this immense sum, (and much
more if all was told) out of the labor of the
good-people of our State, were just as back
ward In subscribing for stock in this great and
important work, as those who had made no
thing, to subscribe. And these very men are
now bellowing as loud as their large eared ani
mals, at the people to compel their representa
tives in the Assembly to tax their constituents
to make Rail Roads and other improvements
in the State, instead of the bank tax that the
people now pay and have been paving for the
last twenty years; which has been about four
and a half million of dollars, and apply it to
assist companies in making roads for the bene
fit of the country, instead of permitting a few
individuals who are now wallowing in wealth
some of which was not too honestly gotten by
i-t i .
meir uank management, and mat too in a icw
years.
Without any additional taxes being levied
on the people, the country would present an
aspect at once pleasing and delightful rthc
-on wouia oe improved and increased in, va
lue emigration checked commerce increa
sed all the agricultural mechanical and manu
facturing interests greatly promoted. The
waste fields now to be seen with the bones of
our ancestors entombed within them. Yes,
the bones too of the bodies that contained the
noblest souls that God ever created Those
patriots of the revolution that by their great
and unparallelled exertions demanded and ob
tained freedom and equality of rights for them
selves and for us their 'offspring. Bhalljthat
freedom and equality of rights now be. neglec
ted by us ? and by improper legislation, a few
permitted to realise all the profits of the labouF
of the country ; and thereby produce not only
an inequality of rights among us, but thereby
prevent that improvement in Jhe country which
alone can make us prosperous and happy ?
Equality is the basis upon which republican
ism is founded, arid if by any improper legisla
tion the few have powers that the many have
not, these powers are sure to be abused, and
the many to suffer the burthens of the country,
and thes few thereby enabled to lord it over
them at their will and pleasure. The power
to control the currency of our country has
been the effect produced. All can readily
SPP HHP CnntimioI ctwnnrr nf danKIl.
tion in lhe situation of the many, and a man
agement of prosperity setting to the few, who
like all other men "feel power and forget
right." They now urge as a reason why the
power should be continued in their hands a
gain, some twenty or thirty years, to regulate
and controul the currency of the State, that
they have had it and although they have done
wrong, that they should again be trusted with
the same power. For that, we the people ac
tually arc not fit to be trusted with our own
monied matters. That we are not honest
enough to be trusted with it, and that we arc
really not capable of managing it.
Just let me ask you, Mr. Editor, and the good
people of North Carolina through your useful
paper, and especially the old grey headed ve
terans of the Revolution, if this is not the very
doctrine precisely that was preached by King
George and his good allies the tories in this
country when they were fighting for freedom &
equality of rights ? And there was then not
more charity (if any at all) for them in those
days than there is now ? For such declara
tions then the experiment had not been made
beyond a doubt that the people are not ottly
capable of managing their own matters in gov
ernment, but that they as a body are more
honest than any other that can be constituted
among them.
Corporations with power in the hands of a
few, beyond the control Of public opinion arc
as dangerous in our governmerit, if not more
so than a foreign enemy wouldtbe aided by all
the tory principles in it. I have no doubt tres
passed on your patience, I offer the impor
tance of the subject as an apology. I will
write you again when I have leisure, and endea
vor to show the difference between the situa
tion of North Carolina, and the Northern States
as regards monopolies.
With great regard, yours, &c.
One of the People.
THE PRESIDENT & THE PEOPLE AGAINST
MONIED ARISTOCRACY.
In the Removal of the Deposites, A. Jackson
has acted up to his own high character, and.
fulfilled the just expectations of the American
people. The great measure which his hones
ty and firmness has just consummated will be
remembered with gratitude so long as his coun
trymen shall prize republican virtues, and feel
a holy and zealous zeal for the preservation of
their liberties. We rejoice that he has been
spared to accomplish it. Such men as he is,
only arise at points of time far removed from
each other. History bears testimony that a
;no-lp country hardly produces a reallv o-rent
statesman in the lapse ofa whole century : and
it is fortunate for a State if such a character a
rises at a moment when a conditon of its affairs
demands the aid ofa mind of the first order.
Fortunate it is for the United States that a roan
of Andew Jackson's clear-sighted sagacity, in
flexible integrity, and straight-forward patriot
ism, has been at the head of the Government
for the few preceding years. Albany Argus.
Deposites.--When the reasons given by the
President, for his course in this measure, shall
have been read by the public, we have no
doubt but they will meet with the cordial ap
probation, of the honest of all parties. Ve
shall, also, lay before our readers, next weeK,
the " Report of the Government DlTectJ
tht UnitSd States Bankr ia compliance