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THOMAS LORING, THE CONSTITUTION AND THE UNION OP THE STATES THEY "MUST BE PRESERVED. VOL. IX. -NO. 427. Editor and proprietor RALEIGH, N. C. WEDNESDAY, JANUARY 4, 1843. THREE DOLLARS PE RAN N V M. v . - . ... - . - - - -. . -n E NO It Til CAROLINA STANDARD IS PUBLISHED WEEKLY, AT THREE DOLLARS PER ANNUM, IN ADVANCE. ose persons who remit by Mail (postage paid) f 5 Will uc tuimw, ivr a. icvcit iui ? v, ui iwu ears' subscription to the Standard or two co- '!,; for one year, lor the same amount. r ice copies, . . : . : : , j, u . . . . . ten ,niv" : : : : : $12 22 40 lAe c same rate for six months. .r- of mill receive ntentinn. t.ip ui""-' .- ,,. accompanies it. f ' . i: r.oTiEME?i uu' citccuiug jufHtefn lines, (vill be insertea one time tor one aouar, ana r. r nri-ater length in Dronortion. If the number of insertions be not marked on them, thev will be continued until ordered out. urt Advertisements and Sheriffs Sales, will be charged 25 per cent, higher than the usual -wuon of 33 per cent, will be made to J those who advertise by the year. offer to the Editor must come free oj postage. ' fc- mav not be attended to. U, office on Hillsborough street, south side, be- rf.-a McDowell and Ua lawson streets. IWCCU From the Temperance Union. ANNUAL MEETING OF THE . CAROLINA STATE TEMPERANCE SOCIETY. bodv held us first annual meeting at the y oi uaieign, on e n- 16th December 1S12. fer. Esq., of Cabarrus i.intir. the rresiueni. m uvij, nic uair as taken by Uen. Allreu uocscry, o: lucnmona oneofthe Vice frequents. J . J Mr. William Stringer, oi uaieign, was chosen sistanl Secretary to uev. Mr. Lacy, the Kecoru- 9 Secretary. Delegates from Auxiliary oooeties were called to report their names, and the following gentle- en were enrolled, viz : Cabarrus Waller F. Pharr. Carteret Rev. Wm. J. Langdon. Chatham Pleasant Hill Society : W. Albright. Cleaveland Wm. J. T. Miller. Caswell Peter Scales. Davidson J. W. Thomas. Franklin Salem Society: Turner M.Jones. ouisburg: Daniel S. Hill and IX. Furmao. Granville Oxford : J. M. Stone and Rev. L. K. ftfilie. Bank Chapel Society : Turner Lawrence. Tabernacle: C. P. Green. Guilford Allen-.ance: W. Doak. Haywood J. Cathey. Johnston Saiithfield : D. M'Pherson and B. H. 'omlinson. Mecklenburg Jo. W. Ross and Caleb Erwin. New Hanover George R. French. Oranjje Edwin A. Heartt and F. R Freeman. ! Perquirnmons W. R. Skinner. Richmond Alex. Martin and Isaac Dockery. Rockingham Peter Scales. Stokes A. F. Nelson. Warren Littleton Society: Rev. Win. Burge. farrenton Society: Jo. S. Jones N. Z. Graves, dim B. Sommerville, Julius Wilcox, T. W. Row- fit, J. L. Morely and Robt. A. Eazell. Pegroin I?eu"ii2 Huuse: E J ward R. Cotton. New Hone! JT,mii.i.rk..nj. r r n r: e . u . ' I P. Gre-n. Shocco Chapel: S. G. Ward. uke.bury : E. A. Chf .-k. Shady Grove : W. K. v-arney and Whitrel A. Kennedy. Wake Soapstoue So'-iciy : Rev. J. B. Alford, luJersQii Pae, Nat. W.rren, Gi-ore L. Alston, ad John J. Lee. Wake Forest: Wm. B. Dunn, 'urnrr Pulien. David Justice and James S. Ray. II TZ'b'te: L. Horton. S. Terrt-U, II. Hodge, G. luilerhilL J. Morrill. W. Ut-buaie, H. Terrell. U. r. Scarborough. B. Marriott, Sr., B. Marriott, Jr., Horton, J. F. Cook, S. Hestei, D. Youn;, Dor f Rice, A. P. Dunn, W. Hopkins, and Alexander jutague, M. D. Holly Springs : A. R. Bramle id A. Gowers. Cedar Fork: J. W. Watkins and M. Buna. ' Mount Moriah i Johnson Busbte and las Billow, Wake Forest College: Jas. Joiner, mes Lewter, G. W. Collins, J. W. Justice. T. C. jckerv, W. R. Fleming, and W. Hunter. Ra- i2h: Rev. Drury Lacy, S. W. VV hitin?, J. R. arrison, J. Zeiijenfuss, W. Henderun, M. Mc- illiams. Wm. Peck, J. Brown, P. M'Gowan, T. . West, J. Pnhvose, J. Puttick, T. H. Snow, W. . Hill, I. E. Lumsden, L. W. Peck, J. M. Towles, reen Hill, VV. W. Gray, and Neill Brorn. North Carolina Legislative, Executive and Judi- ary Society : J. W. Thoraa, W. J. T. Miller, T. fferson, A. :,F.. Nelson, Jacob fchultz, Jonatlian tone, VV. Doak, A. LJockcry, A.Myers, William trinser. Mr. Wright reformed drunkard from Baltimore, hd the Rev. Mr. Magooo, Pastor of the 2d Baptist hurch in Richmond, were tuvited to take seats as prrespouding members. l'rayer for Divine direction and blessing, was ade by the Rev. Mr. Higsin. Asent of the Ame- Jcan Colonization Society of North Carolina. Resolved, That the Delegates from the faocieties Hepzibate and of Raleigh, although exceeding e number prescribed by the Constitution, be per ilted to retain their seats in this Society. Mr. Pharr laid before the Society a cornmuntca 0 from John Phifer, Esq., the President, in which .assigned his reasons for not being at this meet r. and respectfully declining a re-election. iJThe Society then adjourned to meet again at -lf-past 6 o'clock. Closed with prayer. I Half-past 6 o'clock, P. M. The Society met according to adjournment, and vS opened with prayer by the Rev. Mr. Langdon. 1" te house was well filled with a highly, respecta audience. . The President introduced to the audience, Mr. right of Baltimore, and Rev. Mr. Magoon from chmond, by whom addresses were delivered: J several signatures made to the -pledge. The dlence was dismissed with nraver. Immediately after the public services, the Socie- proceeded to the transaction of the annual busi- YT he report of the Treasurpr was rejd and nc- nted ; and the following officers were chosen for te ensuing year : William Hill, of Raleigh, President. Rev. Saml. Wait, President Wake Forest Col ge;".lt Vice President. Bythan Bay an, Esq., of Johnston, 2d Vice Pre- jdent.v,- . ' . - . . j William Albright, Esq., of Chatham, 3d VicV resident. ' ; ; I Gen. Alfred Dockebt, of Richmond, 4th Vice resident. . John A. Mebane, M. of GuilforcL 5th Vice 'resident. - ! Jonathan White, Eq., of Perquimons, 6th Vice Resident. - " jRev. Bennet T. Blake, of Raleigh, Corres inding Secretary. - ' Rev. Dhdry Lacy, of Raleigh, Recording Sectary- . - . VVm. P-ck, Thomas Lobixg John Primrose, C. iWET( and Thos. J. Lemay, of Raleigh, Extcu ' e Committee. . , ' V Messrs. Green, Graves-an J Albright, were ap inted a Committee to take into consideration the priety f securing "the services of a Temperance rent lorthe State of North Carolina, . - This ,hiMerian (Jhurcti ID ine cu ...oftpi-nnnn at 3 o'clock, the the absence of John Phi The Rev. Mr Langdon, with Messrs. Lemay and Biglow, were appointed a committee, to mature some plan for establishing and sustaining a Period ical, devoted to the Temperance Cause. . ' Resolved, That the Constitution be referred to the Committee on Periodicals, with iustructions to inquire into the expediency of so altering the fourth article, as to make it incumbent on all auxiliaries to forward a teport of their respective Societies to the Corresponding Secretary of the State Tempe rance Society, at least one month previous to its annual meeting. Resolved, That the Executive Committee be di rected to select some suitable person to address a circular to the dealers in ardent spirits, in North Carolina. Adjourned to meet to-morrow morning at nine o'clock. Closed with prayer. Saturday Morning, 9 o'clck A. M. The Society met according to adjournment ; and in the absence of Gen. Dockery, the Chair was taken by Rev. Mr. Burge, of VVarren. Opened with prayer. Mr. IN. Zj. Ciraves, oi warrenton, presentea me following resolutions, which were adopted, viz: 1. Resolved, That the exhibition of the physical effects of Alcoholic drink upon the human stomach, as delineated by Dr. Sewall's enlarged drawings of the same, is well calculated to alarm tne moderate drinker, to reform the drunkard, to render the friends of temperance more zealous and active, and to con firm them in the practice of total abstinence. 2. Jtesolcea therefore, i . nat in me opinion oi this Society, every county Temperance Society in the State, should be furnished with Dr. Sewall's enlarged drawings of the Drunkard's Stomach. 3. Resolved, Tnat tne wiioie series oi tnese drawings should be framed and hung up in all the Schools. Academies, colleges, ana omer places oi public instruction throughout the length and breadth of the land. 4. Resolved. That should the civil authoritie of this Slate, cause these drawings to be hung up in all our Court Houses, Jails, and poor Houses, they would wove a most poweiful auxiliaty in the di minution of poverty and crime. The Committee on f enodicais presenieu a ive Dort and a Resolution, which was adopted to wit: Thai it shall be the duty of all Societies, auxilia ry to the N. C. State Temperance Society, to make an annual report on or before the 1st October, in each and every year, of the names of their officers, and of the number of the members, to the Corres ponding Secretary of this Society. The Society then had a recess till 3 o'clock, P.M. 3 o'clock, P. M. The Society resumed its sessions, Mr. Burge in the Chair. . The Corresponding Secretary informed the So rifiv ihat owin? to the necligence of auxiliary So- cieiies, in forwarding statistical reports he was un j able to preseut such an annual report, as it was 'highly desirable should be laid before the Couimu nUy; that although only 13 counties had sent in in. iml luniv Societies of these counties had not been reported at all, yet between 7,000 and 8,000 members are lound enrotiea id mem aione , and that from these partial returns, the inference miht fairly be drawn that 70,000 or 80,000 persons had enlisted in the Temperauce cause in North Carolina. He was excused from rendering any other report at the present session. In view of the foregoing facts " was Rr so I red, That the Conesponding Secretary ad dress a eall through the public prints, on the differ ent Temperance Societies of this Stale, to furnish forthwith a statistical statement of their officers and the number of their members, ! The Committee to whom was reierreu me pro priety of employing a Temperance Agent for the Sate. made a report which was adopted and is as i follows: , . . .t . That they are unanimously of the opinion that !i an Arent IS reOUired, auu our siihu uc ciu- - .. . . . - .1.... L.. little deljv as possible : that Ill a l lie !h,,.i-t h- rnt1inan of rare qualifications one of standing, experience, and ability. As it regards the manner in which this Agent may be compen sated for his services, they are of the opinion that the Delegates from the several Societies represent ed in this Convention, obligate themselves now lo raise a definite amount of funds, to be collected from their respective Societies, which amounts shall be forwarded to the Treasurer of the Central Society in Raleigh, by the 1st of February next. And for the purpose of more speedily carrying the above object, we reco mnepd that the delegates to his Society, and all others who may feci disposed, subscribe immediately such sums as they think proper. ... i We are also of the opinion that a special com mittee should be appointed, whose duty it shall be to engage as soon as practicable the Agent above recommended. In order to effect this object, several of the Dele gates pledged some specified sum for each auxilia- ty they represented, ana aiso seversu uinuucu sub scribing for themselves, ana mus raisea me uui of S The Society had a recess till half past 6 o'clock. Half past 6 o'clock. The Society was called to order by Mr. Burge, in the Chair. . The order of the day was then taken up, viz: the Repoit of the Committee on the subject of estab lishing, and sustaining a Periodical and after a protracted discussion, was indefinitely postponed. The two foilowing resolutions, offered by Rev. Mr. Blake, in relation to this subject, were carried, viz i V. Resolved, That it is inexpedient at this time, for this Society to adopt any measures for the pub lication oi a Journal, after the expiration of the present year of the '-Temperance Union." 2. Resolved, That should any Individual enter upon the publication of a Temperance Paper, on his own responsibility, we will aid him in our indi vidual capacity, and as a Society, in giving the pa per circulation. On motion of Mr. Ziegenfuss, it was Resolved, That the Executive Committee of this Society appoint tea Delegates, and also recom mend to all our auxiliary Societies to appoint a suitable, number-of delegates, to represent their several Societies in the great Mass Convention to be held in the City of Baltimore, on the 5th day of April next. On motion of Mr. Whiting. Resolved, That a Committee of three be ap pointed by the President of this Society, to pre pare an address to the friends of Temperance in the State of North Carolina, and cause the same to be published in the "Temperance Union," and such other papers of this or any other State, as m,y be disposed thus far to aid in the Temperance refor mation. - . . Whereupon,Mr. S. W. Whiting, ReyvB. T. Blake, "and Mr. D. DuPre, were appointed that Committee. Resolved, That the Executive Committee be in structed to publish the proceedings of this Society in the Temperance Union, and in any other papers that may be friendly to the cause of Temperance. Resolved, That the thanks of this Society be tendered to the Pastor and Elders of the Presbyte rian Church for the use of their House, during the present session; - - Resolved, That the thanks of this Society be presented to the President and -Secretaries for the prompt and efficient manner in which they have discharged their respective duties. : ! The Society then adiourned ine die.-' Prayer was offered by the Rev. B.T. Blake, and the Apostolic Benediction pronounced by the Rev. Mr. Lacy; . . ; , DRURY LACY,' Rec. Sec. SUBSTANCE OF THE . REMARKS OP MR. BROWN, . OF CASWELL, In the Senate of North Carolina On the Bill introduced by Mr. Shepard, of Wake, entitled "A Bill for the relief of the People," authorizing the issue by the Go vernor, Treasurer and Comptroller, of One Million of Dollars (in the form oi Treasury Notes), upon the faith and credit of the State : Mr. Brown commenced, by saying that he had long entertained some - settled opinions, in regard to the paper system, in all its forms, which left him in no doubt as to the course which he consid ered it his duty to pursue, on the measure then under consideration. He viewed the proposition, as one to increase the public debt of the State, to the amount of the sum proposed to be issued. And for what pur pose was this public debt to be created ? Was it for any of the purposes, for which the Constitution of the State of North Carolina had committed to us the legislative powers of the State Government? Was it to aid in carrviner on the functions of the Government, for the benefit of the people at large? It proposed no object of that character ; but was a simple proposition to create a Public Debt, by is suing Treasury Notes to be loaned to individuals, to pay private debts. He maintained that it was a violation of the principles of a republican form of Government, to create a public debt, and consequently to take from the pockets of the people money, by taxation, to be loaned out to a few favorite individuals to pay their private debts. It was taking, by legislative au thority, money from one class, in order to bestow it on another and a privileged few ; and therefore was subversive of those equal rights on which a republican Government should be based. Go vernment was a trust committed to the hands of the people's agents, and nothing could justify the authorizing a Public Debt, but such an exigency as an unexpected defalcation n the public reve nue, an apprehension of war, or some over-ruling necessity. Mr. B. then argued to show, that the proposed measure was a violation of the principles of the Federal Constitution, in as much as that instru ment denied to the Slates the authority to "emit bills of credit" Mr. Madison, in one of his cele brated numbers written in favor of the adoption of the Constitution of the United States, had express ly said that one of the most important objects to be attained by it, would be the suppression of paper issues by the States. He speaks of them as ruin ous to the prosperity of a nation, as destructive of public and private morals, and of the whole paper system as "anti-republican!' in its tendency. He also read an extract from the decisions of the Supreme Court of the United States, in a case in "which the Commonwealth of Kentucky was a parly, to show that notes of a similar character with those now proposed to be issued, were de clared to be unconstitutional. He also adverted to a decision, by the same tribunal, in which the State of Missouri was a party, to show that the same principle laid down in the former case, had a grain ben recognized. Mr. B. said in having introduced these de cisions of the Supreme Court of the United States to the notice of the Senate, he felt it due to himself and the opinions which he entertained as to the obligations of Judicial decisions, to sny that while he considered every citizen in his pri vate capacity bound to obey them, unless he thought them so tyrannical as to justify the natural right of resistance ; yet, he held that in their legislative character, they were bound to give them no more respect and deference than reason and their intrin sic merits entitle them to receive. Mr. Jefferson had denominated the Judges of the Supreme Court of the United States, as formerly constituted, the "sappers and miners" of the Constitution. That eminent statesmen maintained the doctrine that the Executive and Legislative branches of the Fede ral Government, in their action, were independent of the Judiciary, and could in no wise acknow ledge their decisions as positively binding on them, without surrendering all their functions in to the hands of the former and creating a Judicial despotism, with the absolute and unchecked pow er to make and unmake the Constitution at their pleasure. These republican principles were equal ly applicable to the Judicial and Legislative branch es of the State Governments. While, therefore, he concurred in the decisions of the Supreme Court of the United States, in the cases adverted to, yet he would protest, as a. general rule, against the principle that he was bound as a legislator to a dopt the decisions of Courts, right or wrong, as his interpretation of either the State or Federal Constitution. Having, Mr. B. said, as he conceived, shown that the proposed measure was unconstitutional, he would throw out a few observations in regard to its character, as a measure for the public relief. The title of the Bill was captivating; but the promises held out by it would prove, he must be allowed to say,' and with the most entire respect for the motives of the mover deceptive 1 He feared that it would bring more of destruction, both to the prosperity of the people and the credit of the State, than of benefit : The institution of a new paper remedy, to cure evils resulting from a paper disease, he could not have much faith in How far existing establishments, having control oyer the paper system, could, in some degree, miti gate the evils inflicted on the country by that sys tem, he would, at another and a more appropriate stage of his remarks, briefly touch on. If, in the language of a distinguished writer of our country, history is philosophy teaching by example," then a recurrence to the events which took place in the United States during and after the Revolution, in consequence of the issue of paper money to the calamities brought on France, during her Revolu tion,; by the same cause and to the total prostra- tioi of credit which many yars ago ensued on adopting the same policy in Kentucky, together with the more rccentblow given to the public prosperity in Alabama and Mississippi, resulting from the same system, will afford abundant reason why we should avoid resorting to similar "relief" measures. , . . .: -'' v Public debt and paper money emitted together, under any Government, form the most dangerous despotism., If they exist to much extent in a Re public, the Government may have the forms of the former, but is without that substantial and practi cal liberty which it professes ; io have. It is the existence of these two causes in England, acting in concert with the privileged orders of that cbun- try, which makes that Government, in its opera tion on the people, the most ferocious despotism vvhich disgraces the civilized worlds The whole together form a Government machinery, by which labor is plundered of its earnings to pamper the avarice, luxury and insolence of the plunderers. And that is the model and this the system of poli cy which is often pointed to, by some of our states men, as proper ior our imitation and adoption. The distress and embarrassment prevalent in our. country, were, Mr. B. said, in his opinion. due mainly to the pernicious influences of the pa per system. It had encouraged extravagance and stimulated the speculating mania which, for some years past, had spread throughout our land. It had not only promoted speculation in private pur suits, but it had caused States to embark in vision ary and ruinous enterprizes. The enormous in debtedness of the States was, in a great measure, to be set down to this account. Bank expansions and Bank facilities had been the means of con tracting those heavy debts with foreign bankers, now requiring. twelve millions per annum as in terest on the same, of the productive labor of this country, to be sent to Europe. Another cause of the public distress, and a very heavy item it is, was the losses sustained by the people of the Uni ted States, by broken and suspended Banks and by their enormous exactions in their dealings in Bills of Exchange. He thought that the premium paid by our own citizens to the Banks of this State on Bills of Exchange, for the last three or four years, would, besides the interest on their loans, amount annually to more than the entire revenue of the State for the same period. In endeavoring to trace, in a very brief manner, "the causes of the present distress prevailing in the country the amount of taxes levied by the State Governments, the oppressive burthens imposed on labor by the high protective system, again resorted to by the Federal Government, must be set down as among the heaviest and most ruinous. The revenue de rived to the Federal Government annually, under the existing tariff, will probably amount to near twenty-five millions. The amount of bounties which will be paid to the manufacturers annually by other classes, without any precise data to form an opinion on, may oe lairiy esumatea at tnirty millions more. Here, then, on the supposition that this calculation is correct, the industry of the country is burthened with between fifty and sixty millions of dollars annually, in the shape of reve nue and bounties, under the existing tariff! Living, said Mr. B., under a republican form of Government, where, m the language of Mr. Jefferson, "labor should be lightly burthened that it may enjoy its harci earnings, we nevertheless perceive that the energies of industry are oppress ed, and that some pernicious influence is blighting the prosperity of our country. From the facts to which he had just alluded, C3n any one doubt what has produced this state of things and the consequent "hard times complained ot so uru vessallv? Can any one doubt that the people of the United States nave been uarauaea ot tne bene fits to which a republican form of Government entitled them, by unwise and unconstitutional le gislation by Congress and the State Governments, which has subjected the whole of the producing classes to the merciless and rapacious exactions of banking and tariff monopolies. Mr. B. said that he had endeavored, in a very succinct manner, at the commenccmrnt of his re marks, to point out some objections to the measure proposed by the Senator from Wake Mr. Shep ard, which, to his mind, were insuperable. H had also endeavored to trace the causes which had led to the present embarrassment of the country, and would then proceed to give his views, as to the remedy demanded by the condition ot the country. He was one of those who had but little confi dence in political nostrums. He did not believe that Legislatures, either, could or ought to pay the debts of individuals by legislative enactment. Government possessed no means of its own, and if it applied those raised trom tne pocKets oi its citi zens, for that purpose, it not only violated the first principles of free Government but it perpetrated an act of injustice. The true remedy, in his opinion, was to be found in a reduction of the oppressive system of taxation imposed by the existing tariff; m a rigid reduction of the expenditures of the State Govern ments; and in compelling Banking corporations to a faithful observance of the laws : thus prevent ing those ruinous exactions which form so" heavy an item in the general amount of injury inflicted on the country by partial and unwise legislation. With this reform in Government, economy in private life must be made to co-operate.. Mr. B. said that, in addition to the creat relief which the reduction of public burthens and the retrenchment in public expenditures Would afford to the country, 'it was the undoubted duty of the Banks of the State to endeavor to relieve the pres ent pecuniary pressure, as far as they could with out incurring the hazard of a suspension of specie payments. He was opposed to the paper system in all its forms. He considered the whole system as productive of incalculable evil, both to the lib erties, the morals and the prosperity of the people of the U. Spates. The charter given to the first Bank of the U. States, as well as those given to the different State Banks which followed in such quick succession, he considered as so many laws enacted for the expulsion of specie from our conti nent. The result was, that we are the most Banh ridden xVLoxi in the world, having even outstrip ped England in this respect.- Without a metallic currency which has thus been driven from our country by unwise legislation with heavy pecu niary embarrassments, brought on the country first by imprudent expansions of the paper'sj'stem, and then by a .sudden contraction what shall be done for the relief of the country? He considered it the duty of the Banks, he would repeat, as .they were to a great extent the authors of the mischief, to alleviate the calamities which they had so much agency in inflicting. If it were an original question- if the question was now presented .whether we shall establish any more Banks, he would op pose the system in every form. That, however was not how the question. "The Banks-had been established by law specie had, by the policy of our laws, been driven ;- almost- entirely from the country, as a circulating medium the country was much in debt, and Bank notes constituted, by an inexorable.necessity, the only other medium at this time attainable to any extent, for the payment of debts. : ' -V.' - - Mr. B. said that the statement." made ; by the Cashier '.of the Bank of the State of North Caro lina, lately, to the Public Treasurer showed that there, was upwards of five hundred thousand dol lars in its vaults in specie, .while it only had .six hundred and seventy-five thousand dollars of notes in circulation. If the principle contended for by. the advocates of the banking system be true, that two dollars of paper for every one of gold' and sil ver may be salely issued, then the State Bank, large portion of the capital of .which is owned by the State, is wantonly withholding relief from the country at a period oi almost unprecedented, dts tress, and is bound to come forward, in a manner safe to itself, and extend some relief to the coun try. If this principle of banking be unsound, and a Bank cannot issue notes to a much greater ex tent than it has specie, then the whole system is delusive, and should be abolished as a public nuisance. - - . Mr. B. said that the Legislature of this State, doubtless, had in view, as the principal motive for cnartering tsanks, the furnishing a circulating medium to the people of the'State, convertible into specie, rhe Banks, and the State Bank, in par ticular, seemed to consider this public duty as subordinate to their own interests. Instead of re lying on loans to individuals, their business-had sought -another channel dealing in Bills of ex change.. By this means, the amount of their notes in circulation was much lessened, and the princi pal object for which they were charted by the Le gislature aeleated. The proht derived from deal ing in exchanges, had made, it their interest to keep their notes more below par. than the notes ot Banks which honestly redeem their notes with specie should be in the great Commercial cities.' By a suspension of specie payments their notes de preciated ; and, taking advantage of their own wrong, they had then charged from five to seven per cent, premium on bills of exchange. : Since their resumption, they were charging from one to. two per cent, premium on bills on New York. If it was a resumption in good faith, the premium ought not to be more than from a half to one per cem. on Dins on iNew roric. ine premium charged by some of our State Banks, a few years since, did not exceed that amount. If the Bunks will keep their credit up near par, in the great commercial cities, and . discontinue the practice of depreciating their notes, which charging the pre sent premium on exchanges is calculated to do, their notes would not so soon return on them for specie, and they could sustain a larger circulation than at present, unless the entire system is founded in fallacy. The practice of charging excessive premiums on exchanges was, in fact, shaving their own notes, which were depreciated in the Nor thern cities, precisely to the extent, of the premi um charged by the Banks on bills of exchange. Mr. B. said he considered it a high and impera tive duty of the Legislature before it adjourned, to re-assert the supremacy of the law in regard to Banking Corporations. These lawless institutions had, for years past, dt fied the majesty of the People's laws and tram- pli'd them under foot. It was due to the sove reignty of the people, which had been thus danger ously attacked, to bring the moneyed power into subordination to their laws. THE BILL Offered by Mr. Brown, to prevent the suspen sion of - Specie Payments by the Banks of this Slate: Sec. I. Be it enacted by the General Assembly ofthe State of North Carolina, and it is hereby enacted by the authority of the same. That if any Banking institution in this State, shall at any time hereafter continue for the period of thirty days in any one year, whether the period consists of con secutive days or not, to refuse payment of its notes in gold or silver, it shall be deemed and held a for feiture of its charter, and it shall be the duty of any Judge ofthe Supreme "Court of this State, up- on tne application in writing, oi tne Attorney General. (whose duty it shall be to make the ap plication) to issue a writ of mandamus, directed to the Sheriff of any County in this State, requiring him to close said Bank forthwith, and deliver over to three Commissioners, to be named in said writ, who shall not be Stockholders, or in any wise con nected, directly or indirectly, with such Banking institution, full possession of the books, monies, keys, property and effects of said Bank, which said Commissioners shall give a Bond payable to the State of North Carolina, in such sum and -with such security, as the said Judge may .direct, for the faithful performance of these duties us herein after stated, and should any Commissioners so ap pointed as aforesaid die, rGsign,' be removed, or refuse to act, the .Judge issuing said writ, or any other Judge of said Court, shall appoint a person or persons to fill such vacancy, and the Bond of said Commissioner, shall be filed with the CJerk of the Supreme Court, and may be sued on in the name of the State of North Carolina, for the use of any person or persons aggrieved. In case the said Commissioners, or either of them, shall fail to perform the " duties of this Act, and it shall be the duty of said Judge to issue also a Subpoena, directed to the President and Cashier of such Bank ing Institution, to be served by said Sheriff, noti fying and commanding them to appear on the re turn day of said Writ, to answer the allegations contained in the application of the Attorney Gen eral,7 and it shall be sufficient service of said Sub poena, if such President or Cashier cannot be found, to leave a copy thereof at the Banking house ot said Bank; and the said Judge shall also cause publication to be'made in some . Newspaper print ed in the City of Raleigh, giving notice ofthe said application. Sec. II. Be it further enacted, That the Com missioners, aforesaid shall be invested, for the time being, with all the power of slid Bank, which may be necessary to a faithful discharge of the du ties enjoined by this Act, except the power lo make new loans or discounts; they shall have power to sue for and collect any claims, or recover any property in the name of said Bank, for the use of its Creditors, in the same way and to the same ex lent, that the said Bank could sue and recover. The said Commissioners may be removed for mis conduct, and others appointed in their stead, at the discretion'; of the r said- Court ; They shall report to the Court at every ierrh in writing, giving a de tailed statement of their doings in the premises ; they shall occupy the Banking house of said Bank ; and keep the same open tor- business muring tne usual business hours,, iflhe same , shall be neces sary ; they shall at all times, besubject to such or ders and decrees as the ; Court shall make touch ing the object of the trust,: and the said Commis sioners and Sheriff shall be allowed such reasona ble compensation for their, services as the' Court may determine, to be paid out of the trust Funds. : Sec. III. Be it further enac fed, issued in conformity, witli ihefirst Section of this Act, shall be returnable at Raleigfvott a day cer tain within thirty, days," before ihe-: Judges ofthe Supreme Gcurt, whose" duty it shall be to attend on that day for that purpose, and the Judge issuing the Writ, shall notify his associates thereof, and ! the re'turn ofthe Sheriff aforesaid, shall be accom panied by an accurate schedule of the property, real, personal and mixed, and choses in action and money by him delivered to said Cotnmis ' sioners, which said schedule should be signed by said Sheriffand attested by said Commissioners, and remain on the files of the said Supreme Court, for the benefit of all persons interested therein, and upon the return of said Writ, the Court afore said, shall proceed to hear and determine upon tho ' allegations made by the Attorney General, in hi application for the Writ aforesaid and the facts in . reference thereto, and if necessary, to continue the hearing from day to day for that purpose, and up on satisfactory evidence to the Court, that such Banking institution, has continued for the period of thirty days in any one year, whether the peri od consists of consecutive days or not, to refuse the payment of its notes in gold or silver," the Court aforesaid, shall so decree and proceed to make such rules and orders, and take such proceedings as may be necessary and expedient, for the adjustment, and closing the affairs of said Bank at as early A period as practicable under their power as a Court of Equity, and the provisions of this Act, y caus ing the Commissioners aforesaid '-to . collect the debts due said Bank, and to dispose ofthe proper ty thereof, and to apply the assets after drducting all expenses: First, to the payment ofthe Note holders ; secondly, to the , Depositors and ' other Creditors of said Bank, and the balance, if any, to be paid over to the Stockholders, in proportion to their interest therein ; but, in case the facts alleged by the Attorney General, are not substantiated to the satisfaction ofthe Court aforesaid," the said Court will dismiss the proceedings, and the cost accruing, with a reasonable compensation to tho Sheriffand Commissioners aforesaid, to be deter mined by the Court, shall be paid out of the Statu Treasury. Sec. IV. Be It farther enucleJ, -Tint the Com missioners aforesaid shall, in no mnnnrr, dinctly or indirectly, engage in purchnsing, or otherwise obtaining, at a discount, any Note or Notes, or other clai'r.s, on the Banking Institution, the af fairs of which they have thus been appointed to close and adjust. No Stockholder of a B.mk in this State shall be appointed a Commissioner, un der any ofthe provisions of this Act; and it shall not be lawful for the said Bank Commissioner, or either of them, directly or indirectly, to pur chase, or, in any manner whatever, to be concern ed in any Bank Stock in this State, or elsewhere, during the term they may hold such appointment. And any such Commissioner, violating any of th provisions of this section, shall be guilty of a mis demeanor, and. upon conviction, shall be fined or imprisoned, or both, at the discretion of the Court, the imprisonment not to exceed Six Month?. Sec. V. Be it further enacted, That if any President, Cashie, or other officer or agent, of any Banking Institution in this State, or any Stock holder therein, shall wilfully and fraudulently conceal, or in any manner dispose of, any of th Funds, Notes, Bonds, or other Assets of such Bank, with the drsign of preventing the same from coming into possession of any ofthe said Commis sioners, appointed-under the provisions of this Act, such Piesident, Cashier. Agent, or other person, so offending, shall be deemed guilty of a misde meanor, and, upon conviction thereof, shall be im prisoned,, not Tess than six months, nor more than two years. - . ' ' Sec. VI. Be it further enacted, That all lawff, and clauses of laws, coming in conflict herewith, are hereby repealed. ' '. GENERAL ASSEMBLY OF NORTH-CAROLINA. In Senate Tuesday, Dec. 27. . s. The Engrossed Resolution in favor of Richard W. Long, was read the third time, 0 passed . and ordered to be-Enrolled. .. :.-; : ". The Bill to alter the Electoral Districts of this State, and for other purposes, was put upon ifa second reading. Mr. Dockery moved to amend the Bill, by striking out in the 5th District Ric h mond and insert Cumberland which was not : greed to. Mr. Cathey then moved to amend Jthe Eill by addingthe County of McDowell to-the 11th District, which motion, did not pervail.T- The. Bill then passed :; . : : . - ; . . The Bill to grant an additional Court of Pleas and Ctuarter Sessions and Probate Courts to the County of Cleaveland, was read the second time ; the amendments of the Judiciary Committee, to strike out the second and third Sections of the Bill, which sections grant them a Probate Court, were read and agreed to. The Bill then passed as amended. ., , . . , The Bill to incorporate the Nantahalah Turn pike Company in the Counties of Macon and Cherokee, was read the second time and rejected. The Engrossed Bill concerning Prosecutions for Perjury was read the third time, passed 'and ordered to be Enrolled. : .1. House of Commons. ; Mr. Mendenhall from the Judiciary Committer, to whom was referred a Bill concerning Sales un der Execution, reported said Bill to the House and recommended its rejection. Said Bill was read the second time, and on motion of Mr. Scales or dered to lie on .the table, and made the order of the day for Tuesday next. - - .. . Mr. Mendenhall from the same Committee re commended the rejection of the- 'Bill making Se curities on Prosecution Bonds liable for Plantifls Costs : said Bill was read the second time and re jected. r - -r ' . ... Mr. Barnnger,1 from the Committee' on Inter nal Improvements to, whom' was referred a Bill to repeal an Act to amend the 1st Section of an Act entitled an' Act to reduce' into one the several Acts concerning" Pilotsand Commissoners. of Navi gation, and for other purposes, reported the bill with. wd amendment by way of substitute, which amend ment repeals the Act ot last Session and leaves I ha law as it previously stood, : which was read and adopted. Mri , Moore moved to- lay the 'Bill on the table, -which motion did' not prevail Mr. Moore moved ta amend said - Bill by re quiring a juajority of the Commissioners, to bava i)een residents of the town of Wilmington for two years previous to their appointments; which motion did' not .prevail. - Thereupon aid Bill passed its second reading, ayes 63, noes 40,' 3 VVJ Mr. Mendenhall from the Judiciary Committea to whom was referred Bill-entitled an Act! ta . prevent the sale of growing: Crops; by : execution;' ' reported as a substitute therefor, a Bill, entitled 'an : Act to prohibit: .the- levying: of Executions iipotf; growing Crops, -Until such 'Crops aire ;rrfatured; which.was Tread adopted.';? The BUI waj then or dered to lie on the table and be printed, v ;y . . r-". The Bill to amend an Act concerning Coroners, 'h i Ml - - i :.'( "i
The Weekly Standard (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 4, 1843, edition 1
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