I 'JBg Li
: . ' - - 1 .
ToY. Y: Jo. 4.
PUBLISHED E VER Y WEDNESDA YMORSISG,
A-
OSee on Frsnt St!, next South of die Bank of Cape Fear.
. , J" The pric ot this paper, i tw dollar and fifty cent
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' onthfter;ubcibiog, or aftMth beginuiijg of a ne w
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No paper will be dacontinued until all arrearage are
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1 ; larl fa any ne year, Yearly. standing adTertisemepta
wm.do iukiku ai iu peraquare. . 4
' ' legal advertisements eharged 85 pr ct. higher .f
;i l5"l'ettr to the Editor, on buiines connected wit
,'1-i- JJU J :. . - ''
' To the Freemen of Worth Carolina.
. k the close of (lie Session of the late Legist a
! ture of ibe Stale, the Whig members thereof,
4 deeming it a duty both to- the Qut and to
? 'themselves, to-addrea the Pnonle nnnn the
tf ?at',?r"fr conduct of the parly then in the
ascendancy, did, for that purpose, appoint th
- r - ,t- I I .
the
?- , yuucrsigiicti a cuiiiiimice, wiui iiiairuuuuus iu
i draw up and present a narrative of the prinoi
7 pil facts which gave character to the raotires
,1 . '11114 deetfs of the party in power. In perfoVm
. ' iJng this duty have entleavored, impartially
' and truly, to exhibit the protnii.ent measures
of Democratic'policy. . '
:
ADDRESS.
f'?;'FdloW 'CUhmiiTlp meeting ofjhe r'ep're-
j-viv geniatiyes of a Free.People inuatt all timeS,"
f eliallenge it deep intertst from the constituent bo
" dy. y ou jiave evw shown, at sucb periods, ' a
I ., ' ! lively concern In tjt'e public purposes of thair
, 'coi?iiUtfil;''i(l we need not remind ymi; that
..V'.lb iinnoiance of these meeiines. is greatly in
; C Triaafoby jbe subatitjiUun of the biennial, for
httarsesaions of former, times.""' Nof.netI
V v weemind yoti that the peculiar condition of the
;. people aud their alfairsrtinucti more demands, at
f one tiinotthan at another, the enereies'.ihe wis.
1 . T" vdon an3 the'patrioit.sm of their servants. Trde
vr it ; ls, thitTrt the easiest and earnest times, the
' honest iegislatqr.'Jdvoted V to yoar welfare, will
nnu enougn to engige ma Desuaienis.-io nnprov-
ingyour laws, enliaiicing y ourt hap piness, intiijs
t4,er'nl 10 70W comforts, and tonifymg (he guards
: of public lihartyj but, occMionally, the anttipth
' ' 1 , imrfale of the best settled govern litems becrjtiie
tuiflgd withahe stdrmf advoni8isi which ht
, man foresight could noi tfifCi'rn, orbut dimlytand
, against whni human. pra'Jnce has ntude no ade
m f tjtiaje provision.' .Tlie'ptics of lahor may sud-
UWi ;,ieniy anu unexpecteaiy mii; ine season may
. ! nrove ' unustaltv 'adverse! aieneral failure ol
, ruarketihle productions ma '.follow, atleiuled by
J art unusual scarcity of money . All these may
y j 4f mtiXi press, most heavily, 6n; the debtor. When
,' iuch a combtnatton of cause exist, aistress must
inevitably' ensu.-'''" .. ,;;T. '
V ' ' t , W will not be so rash as to intimate that, at
uch'a time, ! yotlr t!encral Acsembly can dispel
the gloom and restore the Sunshine of prosperity ;
t ; but We .believe much may be done to mitigate
. the blow of such misfortune. L'ertojnly Inoth'
ing should be done to add to their rigors and in
cress their aeveritiejS. '. ; ' , ;
-a, ,aa,' n speaking of what might occur to demand
.vtith Warmest-ay mpitthies of your . servants, we
'(jf ar conscious of hating, pictured your very con-
diiton,' aHlie.meeting of the late State Legisla-
,rlUre. :i-y. i ,'-'s: :A .'.t'
A a mean of revolutionizing the Whig char
ctM of previous Legislatures, the Democratic
j candidates of 84? had pprtrayed, in the canvass
that gave them am-cess, what they, were pleased.
ci(.'-to ml'tyktji ;tW(eTenc to tht interests of the
body of the people: wasteful uit if the pubfic
1 money: long an t meUtt Setsiont of the Gent'
rl Atitmblyi Culpablt" ommiont to iyvesli-J-'Sftat
th$alkgttjbu$e of thi-Banks, and lb
j rigulalt fhtXT action: Vonnivairtt at (fit alfeg-
i(f private and if legal use of the L'terary and
r 4t''' Internal Improvement funds: Yefusal to exatn
ine the condilioriof thee funds: proscription
, of ' Democrats, in hppoinling ihe managers of
";' these fundh edrwpt partiulity, in tending
them to Wlags, in exclusion of Democrats:
Jtnd finally, t he ulter insecurity of the en'ire
fund."-" How many of thesa charge . have been
x -. found to be true liow many of all these evils
! have been redressed, let a candid history of the
-" Legislative doings of the past Session, be ' sub
11 milled to the people, for the answe. .
" - The Session ooened on the 2 1st dav of No
vember 182, and continued till the 28th day, in
clusive, of January 1843, makinc a period of
' p f ixty-nine dayf ahd" the longest Session we be
" lievein the history'of tfie State five day Ion
ge than the Session . of 1836, at which - the
whole body of your laws' was revised and consul
idiued; ' -:y.
'The first and last symptom of economy, which
the party exhibited, was the refusal, at an early
, . ' day, to print five opiea Tor esch member, of the
governor' Message a document of great pub
""TiVi lie interest, nd designed for the eye of the peo-
;J. pie. On this pecasion. lh party , allowed but
$ 1 H, ; 0n copy and'avowed it purposes to return to
j., , , the economy of former democratic times.W Ith
wharBueiity tnjs pledge has neen redeemed, we
pi , will appeal to theacoref ot ridiculous relief bills,
? " - .ana saiiK invesiigBHngreniuiions, printed at me
,! : C, public expense and laid iipon ihe table, never to-
A-tWk 1 le called up, , We hazard ti'tthing in aying
' .Jhajjih item of pfutingexpense, during the last
"i & iSassion, I! heavier, than any of former time., be
'sroacb '. ' '. ;' ' K' v-f-?, -'-'
'rTBE'i UTERARy AND INTERNAL IM
rf 'f l-'t 'i:ROVEMENTf?AB'S,l
f v&yt-ft rousVl)e fresh in your recollections, tha do
'rjng the lat canvass, the party diligently fought
to afatrJI the' people, a to the tate of the funds
' - belonging Jo these;oards. ' Slande descended
40 fo.low, mW aceus oil? Go'emorqf nting them
-f T n the purchase of hlaierials for bis Fa?torie !
n Jkni, wherel ene of eharo refused to repeat
,,C ' this fouj ehiuc, it asserted that Jh Wliig
. .
Governor bad displaced all the Democrats from
the Board- frder that be might secure to him
self, "nop ---f tha corrupt patronage of be
stouing f 'oa. 'oft favorites ami partisans; tbat
the monet idlysecuredj and that ,tlie peo
ple might prtfc selvea to hear o( heavy
losses These insinuations and charge lost noth
ing of the 'vinilerXci"alid boldness, wiih, which
they were' oiiere'd; in every part of the State, by
the answer, that an investigation - Was made by a
Demqpratie Committee in 1840, arid the Report
by a Democratic Chairman, tbat all was well.'
It was said; in reply, . that the examination was
defectiye, that the Committee was restrained in
its powervhnd, therefore, tqABeport coyld not
be trusted, as, in ihe leMrfsatisf3etorv.
During tha pa, jollier investigation
was ordered, upon tfleioasis of the most enlarged
authofirywBf eiiquiry enlarged too, at;. the in
stance of a Whig; and we refer to the Report of
the Committee, whose .Chairman was" Asa Biggs,
tsq., fur the most complete refutation of the
scandal im rated to the Gdvernor and the Whiirs.
I he Chairman -reported on beJialf of a onant-fj
fnous Uommttiee, that .they had "carettlly ex
"smined the lxoks, which. Have been regalarli
M kepi by the Governor, ard. earb and every bond
"specifically)ud find them to,corrwpoi.d with
" the statement hentigfore furnished by the Cov
" ernor atid printed." And upbn his (David
h W.'Stone's) evidence, and others twhicbV was
" perfectly satisfactory, the Committee have no
" doubt that all the bonds now due to both Boards .
are .'well secured; and. jlmoug soma of the
" principals are doubtM, yet, las secur.flies place
the bonds beyond (Itiubt; ami nuttiing naSt been
' lost by either of said ; Bowds,' since their or".
"ganixation.in 1837J The Committee pro
ceed further to report as to the members who
composed (fie Bo'ardaTrorntheir organizatfort, to
(he t in lMinir. h nhb'h it annpari that frntn lhp
loin oi reoruary io tneauin oi .isy, ib4, ine
members were, of the Literary Board, Ebenezer
Pettigrew, David W. Stone and Charles Manly
bsqrs. i From the. 30th of May 1837, to the
10th of Feb. 1841,' Messrs. Blount, Stone anil
Manly, were the members, (iwo Democrats and
one Whig.) In. 1841, Mr. Blount declined, and
liuv. jjudley.was appointed m his place. In
June 1841, Mr. Stone resigned, "arid Mr. Gales
w w Appointed. r. 1' '
j ue internal improvement noara, in iooj
iii, consisted of the Governor, (Dudley)
Messrs. Old. Jortes, Sr. and Wmi' LD M0ly.
In 1841, of the. Governor, fMoreheid,) Cad.
Jo!es,' Esd.. arid Gov; Dudley. In 1842, of
the Govej-nosV Messrs.' Cad. Jones and Jesse
narper .; m, ru .
All the changes in both of the Board, were
by resisrna'hnt and none by removal: vi iU'
ring ihe; prriod when the soro ol money to be,
loaned was considerable enn-ngh to, beget patron1
are, the members of the Board were equally df-
vided in politics. These facts have often been
Hsserted through the Whig Press, and as odou
deniedrWe hope-that the party will now believe
their own Legislative 'organ. How Singularly
praiseworthy, is llib; shnduot of the two Whig
Governors Dudley and Mol'ehead, when con
trasted with the illiberaliiy of the Ite Legisla
ture, in its proscription of Whips, and in refus
ing' to the Governor, even a single Whig, pmongst
the seveft CrJUncill ors of State 1 , "s.
The Committee further report "The Com
mitttMS in conclusion take pleasure' in tatingpwBaiik,U being nti-republican with
'hat the Coventor anordeu to the Comrnit'ee
" every facility and aid necessary and in his
po'wer, for the satisfactory discharge of the du-
ty imposed on them" ;- , . !
You will be surprised to learn, that scarcely I
had thi very favorable Report been made to the
House, when the impression was Ought to" be
made through "The Standard." that there had
been the grossest partiality, in the management
of the Boards, by lending nearly all their funds
to Whigs, to the exclusion of Democratic appli
cants This charge was openly, on the 'floor of
the House of Commons, refuted by one of us,
who was a member of the Committee of Investi
gation, and a challenge directly given to any
member to moet the issue. The cliallenge was
declined by' the whole House. x " '
r ELECTION OF SENATOR. (
Much of the valuamV time of the Session was
e msuined, In filling' the scat of our, excellent and
distinguished young Senator, Mr. Graham. The
bickering, caucussing, and. electioneerim of the
iwo wings of the Democracy, brought the grave
business of legislation to a dead stand for weeks;
and how Ion if this unpardonable neglect of the
high duties rf the Assembly would have continu
ed, no one can tell, had not the Whigs, disgusted
with the consumption of time, the disregard of
public? business, and the pertinacity with! which
the larger portion of the, parly endeavored to fill
the scat, without regard io the talents or popu
larity of ihe two aspirants, come Jorward, as a
body, and siding with the candidate who could
talk about something besides BANKS, drove the
party to ihe necessity of closing ,lhe protracted
scene of an expensive, . profitless and personal
struggle, t
, ' . . BANKS.
The course of the Democratic Legislature of
1842, in regard to the banks, is a tissue of bold
daring by JJesolotioni and' Onmanly shrinking
from action a grrat clamor against their alleged
corruptions, followed,' by an intentional omis
sion, eiTeir to investigate the truth of accusation,
or to protect the people from their imputed out
rages. A brief recital of events, for the last
few years, will make fest the hypocritical
part which this party has' played off on the peo
pie." ' ; v '',y 'W ' '
The Banks, during this period, have been the
constant and unvaried theme of their declamation,
hi all their popular Addresses, in all their stump
Speech8aiio in all ihpir Newspaper warfarei
The Whig were accused of being the champi
ons of a Rag Currency, of niomed monopolies,
of Bank oppression; and of being: all this, in or
der to perpetuate a system, whereby the rich are
made richer, antTthe poor, poorer. Without go
ing back to the tim when Mr. Clay, 'and other
distingntshed Whigs, lifted their warning voire
against the beginning of that seriee of ex peri
mentsV which ha jetroyed the best of curren
cies, prostrated theeommeree of ihectfuntry, and
reduced bofh 'government and people to distress,
snd, even to the verge of Bankruptcy, we invite
your recollection to what ha transpired, in oar
.. ' t ;
own State, within five or six years. Our Banks
suspended Specie psyment when the measure
became om of. necessity.. Tbey suspended, be
cause the Banks of other state bad done so. To
have eontmsed in the payment of Specie, iluiie
of. all the Binks in the Unfon, would have Invit
ed hundred! of persons, put of the State, jo get
possession oi weir papen uui may migui outnu
the specie. , I his being none, and Mi soles re
deemed by the Bank, the holders of the specie
would have carried n out oi ine Mate; and thus,
there would have been, no' currency left to as
the Specie gone, and, the Bank without 6 basis
en which t'Q re-issue lh( ir notes. 1 his measure
which was onebf ihe most obvious policy, snd
thecojuisg4iecessiryi wntch had beeaJoretold
by those Statesmen who had opposed the de
struction sf the United Slates Bank, was immedi
ately seized hold of by the leaders of the Demo
cratic party and denounced as a Whig attempt
to perpetuatethe circulation of mere raga?and io
rejluce the pespleunder 1'psper bondage, 1
Esrfy in tht session 1f 1840,M. Hoke, EsgJ
a OMtlNgtiisbM democrat, ol Lincoln introduced
a "resolution, leijianding (he reasons . of silipen-
tiori. ami Hie (Derations of Uie Bank dunnir It.
1 The' WhTgs marffian voted for it, and a Comimt-
leew appotlted, with thai 'gentleman at Ihe
head of it., J.ffe left the Legislature about seven
days before rtf udjouromint, without making any
Report. , But W Coiinhittqetwho had 'waited
with the' utmost patience fur all the Tacts and
views which the originator of the enquiry could
present, did not feel itself justified, notwithstand
ing his deparWr, in abandoning the duties as
signed and immediately betook itself to the pre
paration of a le port npon the Important matters
of fnquiryVhe Report wss UDanimous,,and
tjtolly justificatory of the course pursued by the
.inJiS. For awhile, there was a pans jii the
.ivnrfurA mi iIia tnaliiuAltiit it W!ia hnttr hfu
carjse tbN' no ft
' " .'.I 1
opnasivjrtarU CiecnorT
a soon a the wny had selected their cmflu
I18t
date
for Governor, tiet gentleman ordered ouUlfie
Bank pdhey tor the field. 'Ihe campaign t'w
fought on his bfAand although - the Captain
leu, in lutiower muinpneu.' . . vs . " . ; - M
In his Addre ito the People, the sentiment
of which. wri choej, -jby the Press and re
peated sa Ihe leiof the Democratic candidates,
throughout the I tale hRedbrt of the Bank
CommiUi of lt40 frascOndemned as wnruV
less a mere Diner reoort i and every eoithet
UhatWmakejthe people e,nrse the
uesireineiriifBtiMiiHMiiion ; every reproacpvtiiart
could declare rifir hostility to liberty jandliarac-
terize thefr operiions, as worse than thefeign bf
King,-was emppyed with the .apparent convic
tion of truth T Inder their banner ddy-n wih.l
the -Banks and u) withvpeftrHcy tho P4rtylaif5 on fn. da- of the Tear
delu
$ f PeoJIa the .belieAhflt tfJajik
and
ptiblicaprmebotd not creiisf. . And,
king an artful sola's fttfe ofe severe, distress n
money BniwW(1Jer)5 intibt4' e
Whig trinmplH41)utfch,Tn truth'; "was
the fruit of a lor train' of lit advised ' measures
opposed by the fhigs at the outset, and af all
times afterwards, they promulgated the charge,
that the Banks hid Hoarded thefmoney, add pro
mised that he ifele,cted, w ould unbar the prison
house of the hidden million of Gold and Silver.
Coining, as these1 llen'did, into the Legislature,
with their declare! hostility against the very ex-
meir open maun qiargcs, inai u icy, were iuii oi
forrtipiions and rottenness, and had hot been suf
ficiently investigated, but in fact had been basely
whitewashed by tie Whigs of 1840; and avow
ing, further, that tSe owner and Directors of the
Institutions were In the habit of shutting 'up the
money,-o a to jrpduce distrcs 'amongst the
people ; 'declaring sd avowing all these thing
what had the people a right to expecfof these le
gislator,' when they should become rightfully
possessed of the power td atft at fli'elr dnJcr"efion f
A candid man can answer but in one way, and
that is First, ihatthty would destroy the Banks,
if any lawful oppotuityahoud offer, whereby
both the hoarded inoney wbhld go oil to the re
lief of an afflieied people, and the obnoxious
monster cease to f ed on the liberties of the
country. And secoitlly, if no proper-opportunity
should occur V destroy them, then, that they
would probe into tb$r conduct, detect and expose
the corruptions, andut off their lotteniiess. , '
Obvious, as would .stem to be the performance
of these duties, by mei who had spokeh and ac
fAft oa flin nartv Ai'A 'HrhltA Ua fnra iI.a nnnnld
ted as the party did,' while before the people
set king seats in the legislature; let us inquire
what that body, withbverwhelming Democratic
majorities in both liaises, did with and concern
ing the Banks. : '
On the I31h day ofDecember, Mr. - Bigga of
Martin, jnirodueed intp ihe Ilouseof Colnmolls,',
a series of Resolutions proposing an enquiry in
to the expediency of etauting a Law.
;r. That a suspension, for thirty days, of
any B&nk, ajiould workla forfeiture of its charter.
Secondly. That, wfien aBank should be in
a state of suspension, it ipihi be sued, but should
not sue it debtor. V ' ' , T
'lhirdly. That the impending Bank should
pay 25 cent: per annum, onsuch paper, as it did
not redeem on demand. : " . V;
These Resolutions, also pnposed a general en
quiry, with power to send br person and pa
pers, into other matters conntcted with Banking
and Bank management, and tey were referred to
the Joint Select Committee on Banks. Very
soon after the reference, Mr. Irowni of Caswell,
hwho was Chairman of that Ctmmittee, reported
a bill to the Senate, declaring haU a suspension
of -Specie payments, for thirty day, during the
year, should be a forfeiture of Charter, and the
Bank should cease to exist, Ntar the same time,
Mr Bigg introduced, into ihe'iHotise of Com
mons, a bill carrying into effect the suggestions
of his Resolutions, and provioW, further, that
no Bank should sell Exchange it a higher rate,
than one per rent. Jest about this time, also,
Mr. Shepnard, of Wake, who became famous lor
attempting, si a relief to the Peons, to make and
utter a million of irredeemable Treasury notes,
which, by exprese provisions, wert not allowed
to circulate u money, nor to be tecavahle in pay
ment of taxes, introduced his rr bi relating to
Banks, &c." by which for the mora effectual re-
liar ef the people, as we must snppcse, it was de
clared, in one Section, that no Banktn thia States
should take in payment of its debts, ih notes of
-..-. . . . 1.: I i
any awier oiate unaer penalties, ones, ana impn-
1 . " " "
senmcnt; and, in another Section, that if any Bank
snoatd suspend specie psyment for thirty day,
in a year, it should forfeit its eharter, and further
forfeit and pay into the public 1 realury, three per
mit mi tus cuuio amount oi iia circulation ana
depositee. -, - - .' . ' j.. r :
Oo Friday, the 30th day of December, within
one day of the close of lh sixth week of the Sea-
sion, came to the lfousr of Commons from Ihe
Senate, certain Resolution proposing as imme
diate and thorough investigation into the Bank,
by a Joint Select Committee. These Resolu
lions were the offspring of lh Senator from Gran
ville, and, in the House, of Commons, were a-
dppted without debate, and without dissent. On
me next day, the democrati party moved a re
consideration of them, alledging as the. reason
therefor, that they were not broad and compre
hensive enougn to cover the ground of examina
tion, which the party had so ranch at heart and
moreover, that the remainder of the Session
would be too short to carry on that seabchino
and sir ting investigation which the people were
so anxiously looking for, and which the Whigs,
heretofore, had wholy neglected. The Whiff
opposed a reconsideration, and proposed to ex
tend, by additional resolutions, if agreeable to the
;arty, the powers and duties of the Committee,
'hey declared, in thu face of the ilous, and in
tlje presence of a crowded gallery, that they had
uo confidence in the profession of the party to
make investigation, that the party .bad, intention
ally postppBed, till that late day, any attempt, to
raise an examining Committee t that if the Keao-
utionj were reconsidered, there would be no in-
vestigaiiotii that they were sufficient to build on.
and If they were set sside. the vote, which ahould
do this,- would amount, in their opinion, to a at-
rcSAt to investigate at all. They eharged the
party with an intent, never to investigate on its
own responsibility, because, upon such' investi- j
gation it was feared, the charges of corruption .nd
mismanagement wenld bs found to be untrue, and
then would be lost that favorite theme, in all elec
tions, of abusing Banks. The Whigs announced
their readiness and desire to give every constitu
tional power to the Committee, in order to aid its
enquiries, 1 o all this, the democrats . party re
plied, that the adherence of the Whigs, to the
Resolutions, already passed, was fonnded on their
known insufficiency to accomplish the object of
thorough enquiry, and gavo a solemn pledge,
that, when these Resolution should be out of the
to ihe bottom, and fharthe probe
way, such should be introduced as would probe
SHOULD oe used.
Bv a sVirt nartv vote the resolutions were re.
- v r
t)nsideredwitli the avowed object of permiting
t!ftn to skip on the table, and there they sleep I
U hus stood, on the last day of the yar 1842,
1843, the action
f0f the ilemoiraiio party of the Ii
rty of the last Legislature, ou
the Banie'bf the State. " ' 1 ' 1 f ,
fliis subject, we propose to make a short enquiry
into the, principle of the bills or Messrs, Brown.
BiggfrY and Shepard. . In all of them, suspension
of specie payments, no matter what the necessity,
was forfeiture of charter. This was in the teeth
oi tfie charter itself, which is but the contract be
tween tile State and the Stockholders. Upon the
faiifi ?flhil contract, the Stale invited individuals
to ipveslthr mbney, snd therein, it is provided
thai, in case ol a refwsal to redeem it note,
when presented for payment, the Bank shall pay
H per cent, per annum till redemption ; 2 vol,
Rev. slat. p. 63, Sec. 29.( Thl ia the penalty
the Stale exacted in making the contract, and thi
the penalty agreed to by tho Stockholder. How
then can the Legislature add a greater penalty,
without their consent ? Again, by the charter,
Sec. 28, the State, has stipulated, that, before she
will direct any proceedings to be taken against
4he Bank, EVif for a declared violation of char
ter, she will hear th excuse for the violation.
How then, can the Slate, without breach of her
faitli, undertake, not only to pronounce that a for
feiture, which was not so when the citizens were
invited to subscribe their money, but only, attend
ed with penally of additional interest, but, also,
t declare that she will hear no excuse for the
act f Would such conduct be honorable between
man and mint Mr. Biggs' penalty of 25 per
cent, on the total circulation and deposit, eon
tain the same gross violation of contract, and de
serve, in our opinion, tha same censure from
those who think the Stale able to make a contract
and honest enough to stick to it. ' .
If, upon a matter so grave, when the subjects
are considered, and likely to be so disastrous to
the public honor, tl the proposed legislation
should ever be adopted, we had a smile la be
stow, it should.be freely, given to the proposal of
Mr. Biggs, that the Bapkf should never sell Ex
change at hieheY rate than one rter' cent. Ex
change is the difference, in value, of a dollar here
and elsewhere;- a dollor 'here, and a dollar in
Liverpool.- The difference depends on many cir
cumstances connected with sommerce, over which
the Slate of North Carolina can have as litile con
trol, as over the tides; Arid we should have been
as wisely engaged, il we had set about to regulate
the ct act difference, in the value of two horse of
ths same size and qualities; .in the two quarters of
the globe. 1 his idea, of regulating Exchange
between distant countries, by. the positive law of
one of them, is we believe, wholly new, and well
comes in at tlie tail of the grand financial quacke
ries of the day. - - 7,-i "'
'."It is obvious lo any man of reflection," that ths
Bank of the state could not redeem their note.
aiid yet survive fn the midsl of a general suspen
sion around u. ' They would be. compelled to
collect all their debt from the people, in order to
meet the1 pressure of specie demands; and th end
of such business would, be, to break the people
and wind up the Banks. Brown's, Biggs' and
Shepard' bills all declare, tbdt unless the Banks
do this, they shall die. Mn case of a Northern
suspension, it would become the inevitable neces
sity of the Banks to begin tn IndiserimiRste and
screwing eoHectton from the people, every where;
and, as our Bank could not tell when the North
ern Banks would: resum, their only course tf
safety would be to collect every dollar due the Si,
with all possible despatch for if ever, for If
paeejof thirty;? days-during a yar, the Ba?
should be but of funds, wherewith to redeem t'
Charier would be forfeited, and a heavy penary
accrue to the holder of its notes.' ' And who, fel-low-citizens,
would be the losers' of these heavy
penaltie T Wbo. bqt youpown citixen, your
'v
own Stale and your own long cherished ComroM
Scbool Fund f And who would be ih gainers t
The rxjwf "No, indeed t But the keen-eyed
broker the man who ha been fattening lor years
on a disordered currency, sad will continue t
ratten, fo long u the cause or disorder xit.
while their author are daily haranguing lbs peo
ple against the plundering rapacity of Ihe mosey
dealers a ewsrrn or vampire they beget them
selves, by furnishing seen abundant food, :
- Wsxt to Mr. Bigg ides or regulating the
value oi a dollar a thousand miles off, by an
aotjOfins ueneral Assembly, in that ease made
snd provided, the moat whimsical wssthstof Mr
Shepard, who undertook, by one bill, to. make
limes esy, by lucresstng the quantity of paper,'
and, by another, to prohibit the eitizea from cav
ing riMUinK dent wrut Y irgmia, South Carolina,
lennessee, or Georf a tnoner. ...
. Havinr now presented Io your view lbs atti
tude of the Democratic party, on the subject of
currency, on the New Year day 1648, we will
opens nw chapter and conclud with their do
ing. ;. . i- , .-..
On Monday, lbs Snd January 1843 and doubt-
ess with the view to redeem lbs pledge of the
party for a Torching investigation mad the Sa
turday before, Mr, Jones, of Orange, introduced
a formal set of Resolutions, duly garnished with
s pompom preamble, wherein it i set forth "thai
due regard to the public interest require that
lh condition of said institutions shall be thorough
ly investigated, that it is impossible, to make it
luring the short time that any Ueneral Assembly
ought to bs in session;" and that "it is alike do
to th public and the Bank themselves, that their
eondiiioil shall be ascertamsil and mad known to
the 0000117." The Reaolutions, after this flour
ish proceed Io appoint three Commissioner who
are to be sworn, to be (elected by joint vote of the
two Houses, with power lo inquire into "all auu-
ees'and7 all violation, of their charters, and
generally, into all and any mailers connected with
the management of (aid Bank,' to summon wit
nesses, administer oaths, laks evidence . and re
port as soon a practicable the Governor. '
Now after the taunting given by the Whig to
the Democrat two day before, "thi did look
something like coming to , the point yet ala 1
how brief their career! how absurd their etui !
They were read and ordered to be printed, they
were printed. And although the Legislature sat
fof nearly a month afterwards, we never heard of
them more! 1! EST", 7Tie mysteriet of Bank
corruption are thus safely laid away for another
political struggle4. ; ' -w 1
In view of the multiplied, deliberate snd cause
less, sue mpts at violation of Bank charters, as
proposed by Messrs, Brown, Biggs, and Shep
ard violation, which we do not hesitate lo be
lieve, would bav beta pronounced gross and pal
able by any and every Judge in N. Carolina, the
Bank of the State, unwilling to breath 'out It
existence under lb strangling operation of finan-!
cial quackery,r to mafstain it chartered right
by s war with thet Legislature, proposed to that
body that, if it would take on itself the Responsi
bility .of advising, onbehalf of lh people, a dis
solution of the copartnership and closing the bu
siness of the Bank, the individual stockholders
would concur therein. This proposition placed
the future existence of the Bank under th com
plete control of. the Democratic 'majority ; they
had but to apeak the word and seal jronivES it
fate. Yet, the men who loved the people, snd
for their sk hated Alt Bank who had sworn
their down fall on the stump. and In the public"
f press, because they were leeche feeding on the
heart's blood of the republic; thesb men now
fumed and fretVid and raved , with msifnes, be
cause their long pursued victim 'had surrendered
itself,' and invited them to lake iu life, on their
o wn resposibifity, 4They had no idea of making
such' an vxwEixojiit' conquest, and they were
sorely puzzled to know how tliey should treat
their prisoner. They debated, and considered,
and resolved, and fe:debated, and reconsidered,
and re-resolved; some went for' its plunder,' and
instant decapitation; others for decent burial snd
a legal-administration of its aasetar And, finally,
not being able lo agree about the mode of putting
it id death, and disposing of the plunder, they
dropped all their bill of ntuinder snd forfeiture,
alf their xx post facto laws, and begsn id speak'
even respectfully of it; and just at the -close of the
Session, the most violentwere even hanging on
its bosom and deTighteiJ wiih Its" pictures. Thus
ended the Democratic Bank crosade of ibe year
18 13; not the lead curious and entertaining part
of which is, that, on the eve of our adjournment,
a Locofoco movement wa ittsde to repeal the
penalty of 12 per cent, no w In force against Bank
suspension. , If our seriott reader deire to
know, precisely, what became of the proposition
of ihe Stockholders, we will tell them, in a few
words'. 1 Mr. Jones, of Orange, Introduced into
the House of Commons, fc set of Resolutions,
proposing io Wind up the' affair "of the Bank,
which for reckless disregard of the right of pri
rate property are- unprecedented, and of which
even the Standard thu poke: " A more joeobi
nical encroachment upon the rights of private pro
perty', or s more despotic seizure of the same,
never occurred in ny nation, having the pretence
of civil right or riolitical liberty in it Constitu
tion, ; j ,',;. v:;';: 'J ':f::"'A"i
The Preamble recited, a fact, whaf no one
could prove, "that the StockhoUert of the Bank
have tendered a, resignation of their charter "--
These paused the House e Common by Demo
cratic voices, and were sent to the Senate; but so
monstrous were their provision, that, in tbat bo
dy, they were laid upon ihe table, and other of
s milder character, proposing . to close ths busi
ness of the Bank, were substituted in their place.
inese recitea, as men lounaMion, wnat was, e-
suallyfcbut not oglaripgln sptriie, tOLwitxihat
"tht stockholders had signified their willingness
lo wrrinder I Art charter. Tbe Stockholders
had done no such thing, but bad expressly referr
ed the whole matter to Ihe sovereign authority of
tbe Legislature, and did but riselare, ihst w mat
body wished it, they would throw no abstscle in
its way, bot would cdnform to iu legislative wilt.
Our readers will readily perceive, that these mi.
reaital, of lh "true tate of the ease, were but the
merest device of throwing on the Bank, the) fea-
nflnsibilitv of It own destruction, and. of-ereep-
in ontof the bold position of hostility to these
institutions, woicb the party bad token before Ih
people, and whicn tney neuner in eonrags to
malntais por the' rsbnes to abandon. Ws
need sotiavhs your atlentioo to ti i srJ.W
eonseqoence to the community, If " r r:t tf
resoluuon bsd received lbs sassnl d t.j I
lsmrs. Tbreponibilitrof lh seomi- "ss
mast, in with, bars rested on tie kodyj rzl Ly
ny ana too Id lend sssistaocs to aa a.t r!.;.i '
must bvs completed the cap of misery snd tr
fsry for thousands, is whst can bs lrnsd, tzLf -by
watching thellful btight of party raseor a
ths cbaribe of ths heart -
The majority of our recent Legislator sssa ft)
bar corns into council, wedded to the nvart em- '
trailibtory'sehemes of policy. Nst er hts Ifea
State witoesMd such varUt at n-'ur r
r w" ovhvi " - UF f
and those which commanded ths greatest iharesf
their natrooaee. provided t de.'sce of inAmm.
bl paper money, based either upon ths credit '
th State, and therefore onconiiiutiooal. boisw'
"bill-of credit, or bated spoil oais furksrss'
dy the foundation of paper emission. It WaS, fa'
deed, s singular spectacl to behold ths Demoera
ey wsging a wsr of cxterminaiJoa upon lbs sound-'
eft Bsaks in ths Union, ind ttlh sam time, seV
nesting paper issue without adollsr of gokl snd'
ilver, with which to redeem them to bar tt
party on on dsy denouncini Bank nnensloi'
ahd proposing to sogmaot ths heavy peinliis,
already by the charter inflicted for the cim i; ,
and f"et, see thsm on ths next, struggling to good
tbe Slats with s pa pes. which wss to. besbs it' ,
circulation In t stats of suspension: to eontiooe ba .
xistence, in a stats of dishonor! snd, sttordiir ?li
to every lesson of experience, to end In psr d '
preciation. Bat financial quackery trastbsofdef .
of th day, with the party and ths xhil Won f
series of ths most wretched tnampis'lo maksii "
money out o nothing, sonstitue ths only tv
denes of ant exertion lo alleviate ths soffarine aV .
a delnded and afflicted people. Instead of snsoor' - j
ging the Bank to Increase theheireaiarkM. wkb
as mucn iioeraiity, sod lo extend as raucn iadub
gence, a practicable,' the whole conduct of 2hV
Kny was jusi soch a had ths opposite tendency.'
the midst of severe trial, which had deaumai'
many, and crippled more of ths Banks at tW
copntry, oar stood firm and sound, and never lost' ,
th public confidence tbr f moment. ; Durinf ths)
whole time, tht trrvestsients of ths Stats, is thest
instiiutinn, amounting to mors than a million,
wer tafely kept, and profitably managed. Tbs)
capital was afe to a foliar, and tha eurrsaey pst
rectlv sound. v But the floetustiDg condition of
the Bank of our siater Siites, sven after ths cri
sis had passed, secessarily drovs ours toobMrrs
unususlly strict limitation on tht amonnl of loerr
circulation. Such wa llieir situation when the'
legislature of 1842 met. The member of thai
body could not bs ignorant thai, in nanv parts
the State, th crop had wholly failed ; "fn iotns, -bread
bai not been made; in all, prices wers S
tremely low, and heavy indebtcdncs, gensraC- .
Vet, in the fass of all 'these fact, they look the'
surest step id diminish lbs qusntity. of money,'
and to destroy credit ard indulgence, ths only
hopes of (offering peopled The adjonnnsntef
that body ha been followed by lbs 3ot Lbara!
coarse on the part of the Banksj v Arjd aS candid'
men lavs sgrsed. that it adjournment was ths
raosi instanuneou and valuablf relief whkh it ,
eoirld bestow on ths country. And a very gens-" .
ni regret is felt an J expressed, that it did not be
stow that blessing sf in earlier tkfS&i y V , -TREASURER'S
ELECTlQTf AlsD B6NdI "
', ' Among the Subjects of deep interest lothf jss
which csms up for aetion, wss tbe election of a
Tresio.er and (h taking of a sufficient bond as
provided by law, for lire Lithful discbarrt of bia
daties. A most competent and excellent officer
wa t aside, olefy on poliu'cal sround. snd
the place given io ths former ineombeof of the
Mini at Cbsrlotte. At Doth geotlemen. have hrs-r
toiore been employed lit official stations, snd ths
oluciafeonduciof each has been ubiac'ted to ssrs
tiny, we freely submit to the candid judgment of ,j
the people, whether by this act of proscxiptian
th interests of the pabnc have been in lb least'
prmnoted. '.,-' J ':'..' V.".' vU V
But waiving all consideration of lbs propriety
of the selection, we proceed to ths Bond, jit if
known to you, that tin Trasnrer bond'ajbsi ;
'approved by ths Governor and Sps'akers sf C.i
two Jlptfses, , When it was first presenteJ to
these functionaries! they alt rriected it Tha
siffnalor of another senilcraad was then Proeur
ed, and the Speaker approved it ; but ths. Oi.
vernor aim rejected lU , is ihi. predicament ths
matter stood for oms time: ths Whicl taking
side with ihe t.'overnor, and ths Democrats witS."
the two .Speaker the Whig declaring that tbe '
bond was good, and biting been approved by"th "
Speakers, was approved aeeording to law. Tha .
W hig protested that tliey would not consent to'
receive the bond, but would give further time, as
the officer had eeh uurt elected, u SXSeute V
proper bond. In thi fb i Whig prssil!
V pon lurther investigation or ths facta ttnc j
the execution of the bond, K'wa diwovered U..
after it first rejection, nd before its Hlendsr', a
name had heed inserted in the body of tbs boiwf
And alo, Uiat, after.it was brought loKaliigb;
a seal bad been affixed, io Raleigh to ths naros
of a Hertford County, signer, oppi mers ttrbtl
authority,,, , fsy t
The refusal of the Governor lo receivs this' '
bond, and ths concurrence of die Whiglllembsra
of the Legislature in ttifs refusal, was sUribftej, .
at ths time, lo prescriptive party saotives Lut .
we submit that Ihe bond was never obligatory est
tbe signer at sny lime. .",... Z' r-,
:,Firss -Because, upon it rejection, by lha.Gt.
Vernor and Speakers, it could never after beeonis
ths bond of the signerei without thtit conssst
that it should be tendered again. J3uh eonssnt' v
bad nol been obtained, when H was oC-id ,
cond lims. -.y t- .. ;,
-eeondly Because, by- ths intei'.L.. '.on ef "
th name in the body of ibe bond after its rejse
lion, it beeams void as to all except that nans.
Thirdly Because, th affixation' of a seat to .
thf paras of X ignenveottld only be ?d Jbf a '
wuiien power. wntfer &ul. .rr
WftSbrtJl flM8''bjsetHWf' to & Iptt
' uMis tbe'orgjBuWoe t us Bank & ia '
183-7, the UU has darned from If Stock, ia dividends,
t25?,O00, sadintiud taboDtfSSSSeutr r.
te-vnd fund oa hand. Puriof th asm fer j.thSSaek
at Caps Fear has paid, in amdenda, 14 th t ;jt Mb
8loekwtbtmtitUon,tliomofi 3,C fnaioB.
SrarJs of a half aullioa of dollar n ' a bv U.s . a .
artnM ia th Bank. By what bUi nn twdi tb .
8tt fcnds ftatw bwo aewat anl so ftoulj rti t
if
f
A7
rt.
"
--ii.
T V
7'
.-av-
y
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