it : £ ifO j?j |“j ~ 3 8 $' s ft $-‘vS,£2"&r £ |SS$S„ o c*s *a .t'* c>. «*> i |3.S8S_ 5 w o» »»V »* i£j - -,, Si t a r ~ 0? o ,o “; 6,00 18,60 25,CO 35.00 no,Cfi| 10,{» 20,00; 4fi,©0 60,01} 'W.Cfij lifcp II serve you in fol, IY. . mm mimm ■: r:-- ■ SANFORD, NORTH CAROLINA, SATURDAY, AUGUST 16,1890. J-S. 5 X I -Sfr? No. 52. NATIONAL BANKS nd the Way They ate Managed by the K Federal Govei nmenL < iirt vloitciXhcwoerat. -1 I^ukk Iksiixctk, N. C., -July 80,1800. Mr. Editor:—I see in your issue of she 22ndinst., the following: “The government does not lend money to the banfis. It does not issue trehs ,6iy notes to them. It taxes them ;'jjn their circulation, Sc.*’ Please l^ell us in your next issue.how much the government taxes the banks on. Sheir circulation, and what the • Junks have to do in order toorgan ■'liv.e a bank, and if the money of the government is used in any way in %hc bank, and all about the rniin ■ Jppsmon of the National Banks, &c. A 1»a if 1 I, n l\n«vlrO nen' all A iim/l I ,, ! It I so, if the banks are allowed to ge auy rate of. interest S'they please for the use of the money. 5iich different statements are made Sibotitthe management of the banks that we want the truth in Tull, if you will be so kind as to give it, Your obedient servant, ■ * :;! Thos. F. Murdock. The best way to answer the above pjnery is to suppose that Mr. Mup toek and half a dozen of his neigh bors wish to organize'a National bank and see what they would have to do, omitting, however mauy de flails. ' llaving ‘ signed the associa tion papers, selection papers, select ing a name, &c„ arid having paid in (jHe amount'of -capital subscribed, bay ¥75,000 in cash, &c., they would juy in New York United States nd» to the amount of $25,000, lich they would deposit with the Jniked States Treasurer, who at ireir request would have - prepared £&r them bank notes to the amout .^$22,500. If the bank was named ch^-York Institute National Bank,” Wi %otes would read “The York In ,i-ilftte National Bank will pay to feSwIPioh demand five dcjlars,” notes will 'have blank •be signed by the. President jier of the bank, before be t paid out. > ... .. . There would be ' printed on the "ie also that “this note is secured L deposit of bonds with the fc States Treasurer according to ' and to show that it is a gen note properly secured' accord i. }4 law, the Trersurer stamps .fin marks and figures on it and 8 comptroller of the currency mtersigns his name on it. By this means the public has a giiftantee that the York Institute TajSt has not issued more than the lasf allows, and that every note is •iucd is secured by United States .aids, and that the note is repre ..■$i|jd by value. Every National has to make a deposit of mpas, whether it takes out any tiffts or not. The banks set their rdflrest on their bonds, 'When : key want to wind up business they ^deposit with the treasurer mon .:j|to pay their notes with and the Tf^'asurer will then give up their Hfijds. If any bank breaks, 'the •vernment sells the bonds and gdvHHB cash to pay the notes. 'Tl’,6. United States Treasurer just i'-dls the bonds deposited as a trus ufo pay the bank’s note'.; There is uo loan of money by the govern . at^dbut it is a law" allowing the ,!i|eation of National banks, ■lifting them to issue a limited : ant of notes with bonds deposit u,Mpst to secure the notes, and > ii tjiijie countersigned by the trus :fr to^tve evidence to■- the public fib.-da genuine note, not fraud Ser issued, and that it is ecured. taxes were imposed *on wed banks as follows: On its per cent; on its depos lialf per cent; and on its ■■i’jairulaftsk (except what Was in ujjJ, S. bonds which are non ,»|jj|ne half per cent. Butin - itie .ftepublicaus got through a . hopping all these taxes except ; SifflhiSs and that is all the-United —..^Tax^Tlhese' banlcs^ now pay. and .the shares of -.s . v iv - ■ f these batiks are taxable by the States, counties ami cities us other property is under State Laws. . In regard to interest the hanks are allowed tp'charge the rate pf in terest prescribed by the State in whieb they are located; and if the State has no rate fixed by law, then not more than seven per cent. Taking any greater interest is usury, and the penalty is that no in terest can be' collected, and if the interest has been paid, it can be su ed for within two years and double the amount Can be .; recovered that was paid. "■ , - , r '' t, ' Wke revenue officers collect mon ey they are allowed to deposit it in those National banks which hgve deposited a- lot of addi tional bonds with the government as. a secnrify for these deposited And at different times when the government was getting into the Treasury vaults through taxes, a large amount ofmoney. for which it had no use, and which being thus withdrawn from circulation con tracted the currency, the Secretary of the Treasury baa allowed hanks to deposit bonds, os> security, , and he hasdeposited the - cash with the banks. This was merely to prevent a temporary contraction of the cur rency, and has nothing particular to do with the banking system. It was a matter of convenience. ' Ethics Irt Politic**:^;; J5l.ixa6eth City JEconomtet. . ■ -*'1 There is a system of ethical rules governing the conduct of men in wall their social rdations, the observ ance of which marks the progress ioivilixation and refinement. Some of them are SVell defiuedt;8onjf ^ofj; them are laid down in written codes, and some rest upon the instincts of mankind and are binding npon their inner consciousness and sense of uprightness. This system of ethics is binding upon the conscience and should be as inviolable as honor and sacred as truth. In none a£ our re lations is there a more distinct sys tem of ethics than in our political relations, aud in none js their ob servance more necessary, because in none are our antagonisms more vio lent or our temptations greater to deviate from the lino of '"rectitude. By some, politics is regarded as a game in which any species of dis honesty is regarded as legitimate, in which there are no obligations of honor, morality or friendship and in Which all means give way to ends. They are tlie brigands of, our poli tics, the robbers of our party wel fare. They are as faithless to party friends a9 to political opponents. They are slanderous in theij, as saults upon political opponents, and they are false to party associates. They enter political party, conven wows, taiteau tne cnanees tor nomi nations, wboo)p; op the claims of the party upon party favor, arc lound ip jtl.eir expressions of party devo tion, pledge their sacred honor to its advancement, and then should the.nomination fail upon another, they bolt the action- of 'their'."""party convention, refuse to support tin nominee, OTjd beeome the selfish das tard of party," without manliness, without courage, without political integrity, and “fall unpitied nev er to rise again'1—unpitied save by their few accomplices in 'political crime. But there are no deerters sooner overtaken by retributive jus tice. Perhaps there is not; a case jn pur political.annals of a conspic uous bolter from the nomination of a party convention in which he had been-aipudidate for its honors who ever regained the confidence of the people. It is the unpardonable po litical sin. Even if the party Convention has been injudicious in its selection, the bolter candidate is ever after the Cain of the-party. lie ever after carries with him a politi cal and personal stain which all the waters of Lethe can never wash out. He oommits an act “of. unjust assaultupon liis party which inevita bly is his own suicide, lie is more than apolitical trickster, he isn par ^rtssapsin.nnd he.dlwajs .pays the. penalty' of his crime by his own personal saerifiee. Goil grant that Do each a penalty may await, any member o£ the Democratic party. Tilden's Democracy. Charlotte Chronicle. “,jf £ In these days when so much is be ing said of class legislation,- of protections, bounties," and ’ special government favors,—some striking words of Samuel J. 'l'ilden have been recalled. “These tendencies must be stopped,” lie said, “or before we know it the whole character of our government will be changed; the simple and free institutions of our fathers will not only have become the worst government that has ever ruled over a civilized peo ple, but it will also be the most ig norant.” ! . Mr. Tilden referred in this speech to the great population cf the coun try, “doubling every thirty years, and: full of activities and interests,” and said: “A centralized govern-1 raent, meddling with everything and attemtping to manage everything, could not know the wants or wishes" of the people of the localities; it would be felt ouly'in its blunders and its wrongs.” ; -i.no evident wea ot this great.* Democrat was that the govern ment, realizing its inability to med dle with all, or even a considerable fraction, of the vast number of in terests of the country, should med dle with none, Give them all se curity of'property aud freedom for development, und then let them -manage their Own affairs. It is the only safe and just Way. “And now, in your name,” said Mr. Tilden- -he was addressing the New York StateDegiocratic Conven tion,^“and in the name of 500, 000, vote*;*- we .represent we declare that in this great wijrk ;we will tread iio step backward. Come weal or come Woe, we will not Tow er our flag. We will go forward until a political revolution shall be worked out, and the principles of Jefferson aud Jackson shall rule in the administration of the federal government.V ' • , ■ What Senator Vance Did Change. .' GoTdsboro Ary a a. - a ' y '' Ylie following letter from Hon. Z. B. Vance speaks for itself. It was written, as will be .seen, in reply to a fetter of inquiry .to know just what “tampering” he did with .that sub. Treasury bill, for Which .Polk and some few others are attacking him so violently; A-" .'■■■-■:-P' P • United States Senate, - ) Washington, D.C-, Aug. 7, ’90.} Mr.±-y Goldsboro, N. C.: My Dear Sir:—Your favor of the 2d inst. has been received. I take pleasure In answering it, but am compelled for want of* time to be very brief. .The bill aR Polk* and Macune handed it to me contained a provision that the supervisors (iff warehouses,1 who were to be agents of the Treas ury Department, should be elected by the qualified voters of each coun ty wherein the warehouse was to be situated. I did change that and provided that they should be ap pointed bV the Secretary- off the Treasury, mease get a copy ot tne Constitution and look at the second clause- of Section 2. Article 2. and you will see why. There is no great er danger to the good cause o£ the farmers than that it should he en trusted to the management of lead ers who coukTiiot1 frame a bill with out directly violating in this way the plain language of the Constitu tion—so plain, in fact, that a school boy cannot misunderstand it. I made no other changes in the bill except to change the word sub treasury and substitute “bonded agricultural warehouses/' for the reason that there is an old political frejudice against that' name' sub 'reasury,: Those who .charge . me with changing the provision of the bill in order to make it unpopular are guilty of falsehood and absurdi ty. I was and am friendly to the purposes of tho bill, and to every thing the farmers wish that can be granted them within the fundament al law of my country. If their cause is wisely directed it will tri pmph as sure as there is justice upon earth. It is a pity tlmt it should lie handicapped at tlie very start by a measure so unconstitutional and im practicable. May Cod give them wisdom to do right', and succeed. : I thank yon for your kind ex pressions for me personally. — Se - ■ • : Very truly yours, : ‘ Z. H. Vancjs, V SFNATOB VANCE INTERVIEWED He is Not Uneasy and Says He Has Nothing to Fear From the Farmers. Special to Twin-City Dully. ' ' Washington, Aug. 8.—Senior' Vance-k noftdisturbed at' the’ nuf’ raerous reports and dispatches from North Carolina to the effect that the Farmers’ Alliance of that State is conspiring to defeat him for- re election:- He says the; last pres3 dispatch, stating that there -is a combination between the Farmers’ Alliance and the Richmond's Dan ville railroad to defeat Vance, is false on its face. u “For years,” added the Senator, “there lias been a constant warfare between the farmers and ■ the Rich mond & Danville road, and through it all I have been the champion of the farmers. It is natural that the railroad should oppose me, bnt I have nothing to fear from the far mers. Up to the present every con vention for the nomination of mem bers of the Legislature has endorsed me. Besides, all the judicial and other, conventions, with one excep tion, have endorsed me. I am in formed that one con yention decline ed to endorse me solely on the ground that, as is-had nothing to do with selecting members of the Leg islative, it was none of its business to interfere. The Growth of The Church. Sfinc YorU Herald* _ The Independent has gathered some valuable and in teresting statis tics showing the strength of the va rious Christian churches in the United Staten and their growth dur ing the past year.: In some eases’ the figtiteSate ^ contemporary believes that on the whole the result “very closely ap proximate the truth.” -s From these it appears, that, there are in the United . States 151,101 churches of all denomination^ 103, 300 ministers and-nearly 22,000,000 members. During the year there has been an increases, of . 8,500 churches nearly 4,900 ministers and nearly 1,000,000 members. - - §r The most numerous denomination is the . Eomaii Catholic, with its 7,500 churches, 8 300 priests,’ ac.,' and 8,277,000 population, of whom 4,076,000 are estimated to be com municants. .-0;* Presby teriaus, 1,229,000; Luthmdsins 1,080,000; Congregationalists -491 , 000, and Episcopalians, 480,000. - The increase in the Catholifipop ulatioh during the , year was:f421, 700.The estimate! gain in Catholic comniuuicants was over 238,000. The growth of Protestant mem bership was 668,000. The . Metho dists gained" morethau .250,000, tlie Baptists more than 213,000,'the Lutherians 98,000, the Presbyteri ans nearly 40,000 the Congregation alists more, than. 16,000 and the Episcopalians about 9,500. * ; The accession of new .members was. even larger than these figures, Since in every. denomination there were deaths of members Whose places were filled by new acquisitions. The number of deaths in jthe Methodist Episcopal body, for example, was reported at 28,300. There is a highly satisfactory and eucenraging showing to all who have the welfare of the church at heart, A gain of nearly eleven hundred thousand in membership in one year, with a corresponding in crease in the number of churches and minister indicates that Christianity is march ing on with no uncertain stride. As our contemporary well says, “It is in itself a most overwhelming refu tation of the assertiousrwe hear now and then from various quarters that Christianity is losing its hold"upon our people aud that our churches are declining.” :*^.-rCC The Nev^Hlection Law. The new election law, under .which a new registration is ordered in Moore county, is »« important one. No registration shall bo valid unless it specifies as Dear as may be the age, occupation, place of birth and place of residence of the elector, as well as the township or county from whence the elector had remov ed —in the event of a removal-—and tiit?; full name by Which the voter is known.- • : < ' The registration books are to he open for inspection and chalengeon thoj second Saturday preceding the elec ton. ' Section 2681 is amended to read: Upon the request of any elector the registrar shall - requite an appli cant (forregistration) to prove his identity, of age and residence by such testimony under Oath as may be satisfactory to the registrar, The registrar shall record the name, age, occupation, place of birth and place Of feidence of elector, and the name of the township or county from which the elector has removed—al so the date of the registration, in the appropriate col umn of the reg istration book, Section 2032 is amended so that the registrar is to put on his book -on the day of elec tion any becoming of age since the Books were closed, provided he be found otherwise entitled to vote. Section 2088 is amended as follows': Each box is to be labelled in plain rind distinct Ixoman letters with-the name of the office or offices to be vo ted for.. , Tjhe majority of the judg es of. election for the county and State offices may rail off a space or enclosure as a polliug place to hold the election for State and county of fices. Only,oae voter shall be al lowed to enter at a time and- no .one but the judges of election shall be allowed to speak to. Jtim or interfere which shall l»e put in the proper box or boxes by the voter himself and’ by the judges at the request of the voter. A similar but separate poll-1 iug place may be railed off for Con gressional and Presiden tial ejections. In such event the registrar shall ap point a deputy registrar for that seprate polling place, tp whom shall j be furnished the names of all per sons entitled to vote, and the judges j Or inspectors of election for that polliug place, who shall be of differ entipolitical parties. The registrar and judges so appointed shall be sworwn, &c. But if the judges of election do not see fit to adopt this plan the old regulations! are to be ob served... ■ . McClammy Says “Follow Me.” Maj. McClammy, one of the re tired Congressmen, takes his defeat gracefully. Iu a card to his friends he says: ‘‘It is no time for regret. The .success of the Democratic party and the domination of the white people in North Carolina is para mount to all other considerations: You made a valiant and determined fight to secure iny renomination; from the 1st to the 170th ballot you proved to me your devotion, loyalty afld confidence. I thank you for-it. I deeply, profoundly appreciate it. You an: Democrats. Your first and last consideration is Democratic supremacy in Nqrth Carolina. Without the asking,you, I know, will support my successor, B. F. Grady, of the noble,true, tried and patriotic county of Duplin. As you have supported me, I ask you to follow me in the coming cam paign.” Some North State Notes. D. Hadley & Co. will shortly build |» colton factory at tiiler City. The cotton men say that if. tile weather remains clear this Week there will be a bale of cotton in Charlotte next Hateii'rday-: „l8tU of August*.. t 'r-J: . J)r. Marion Loinax, of Indiana, who lias given'property to the Indi ana Medical College estimated to bo worth ?75,000i isyi native of North Carolina, but re moved, West at an eary age, He is now seventy-seven years ofagt?, ’ The Asheville Citizen says that it. \ is stated that Cad. Frank Coxa- wilt open a bank at- Asheville "with a [capital of $100,000 the object ‘tit which will be to. loan money, e-pe cially to farmers, at t beb puLrato of interest. CoUWw ,i ^..n.iidafe for Congress. The Battery P,irk Hotel Is to be improve at- n cost of $100,000. Ffiihulfciphia .architects have the plans in hand and will do the work this fall. This will make the Bat tery Park'the finest resort hotel in the country with the exception of the Ponce-de-Leon of Florida. The Chronicle says the first Old soldier has applied for admission to the Soldiers’ Home. He is Mr. B., F. Taylor, of Rockingham. Tie be longed to company 0. 14th N. C. regiment.' He had iio home—went to Durham and President Carr pro vided him with transportation to Raleigh. Mr. Strouaeh says that he will be provided for. v) Observe Raleigh News 'arid News has just been received here of the burning of. Rutherford Col lege near Connely’s Springs at % o’clock this morning. ‘ It is sup posed to have caught from 1 one of t.hesociety hall., Nothing saved. Loss in the library-alone is estimat ed at $5,t30(h No insurance. The. schoel will continue and the build ings will be replaced at an early day. . „ ....v/.u-.* .. [Xz Breckinridge in Congress “Gentlemen of the North, why shall we not come together?:why can we not lay aside these suspi cions? You cannot take your rotten’ boroughs from the South; you can not hold power by mercenaries put at the polls; yon cftunot controll this House Ly the use of. the army; you cap^fc keep political power by jh iiii; you tsjnnot,make the - coh^fi one by turning out members who are elect* 1 by the people and seating the non-elected by yoar votes. What you can. do is thiss You can aid the people of the South to build up that country; you can help us dig.our mines, bridge our rivers, tunnel our mountains, endow our schools, make our eolleges pros perous, erect our churches, keep ourselves in the line of progressive march, so that your sons may come and live among us, buy our lands, enjoy the salubrity of our climate throw in their lot with ours, inter marry in our families, so that while there will still be a North and a South, it will be a loving and rich. North; a prosperous and patriotic South. That is what we Demo crats, who on this side of the cham ber; protest against your rules, de sire to have done by the people who are behind you at home. Is it pos sible that it can be done? I appeal to the Massachusetts of' Plymouth; I appeal to the Western reserve, settled by men who came from New Ragland; 1 appeal to living soldiers who met us in battle array; I appeal to,Christians who kneel with us at the same altar; I appeal to the brave men wlio recognize- sincerity and bravery. * Behind you I appeal to the living people of the North. Give ua your confidence; we will deserve it, we do deserve it and he who says otherwise does not know us or does not speak truth of us. [Applause.] ' l nave ueen ootrayca into these re marks. I had no purpose of mak ing this speech today. I hope that it has been on my part free from any other bitterness than the bit terness that soars unconsciously and causes brave and frank men from being misunderstood, I have no interest in the future that is not bound up with the.best: interests of my country. I am too old to haye ambitions, if I erer had them", and by reason of my service in the Con federate army I. know full well that whatever ambition I might have is bounded by service in this House. I do not know how long that ser vice may continue, for claims that poverty put upon men may take me out of this House. I speak today in the sight of God and the body o those people who have known ine at home since I was a little boy, when t say, from the fullness of m/ heart there is no reason why the North and South should bo apart; there is overy reascm -why the brave and true men-of both sections should be lieve in each other [Loud ap [ plausaon the Democratic side,] VANCE'S SENSIBLE AND FUNNY ’ SPEECH. / , ' \ The tariff bill was then, taken up' ' and the question being on Mr. But ler’s amendment to seduce the duty ; on cotton ties to 85 per cent., aft valorem.: Mr. Vance made an a in using speech in ridicule of the claim that farmers derived any benefit from the tariff. The manufacturer rtf ; • woolen goods, he said, who got 75 per cent protection on his goods said to the farmer. “If you -give me 75 per cent protection on my woolgooda : against English and French, I wHl give you 25 cents pef bushel protec tion on your wheat and 10 cents per bushel protection on your corn against England, that does not grow '» bushel of corn and does not grow one-fifth of the wheat that her people cat.” One got cash and the othdr . promises. The cash was the "short ' run” and the promise was the “long ’ run.” Whenever the manufacturer is tired of reaping the benefit of the bargain ou his side he agreed to let :the farmer get his. “innings.” So' far, the manufacturer had proved - remarkably long winded; he had not shown the slightest evidence of be. ing tired. The nature of the bat gain between the farmers and man- . ufacturers was well illustrated by •, theoffer of one urchin (to. another,. “Jim if you give me a bite of your big red apple, I’ll show you my . sore toe. -( Laughter.) ^ v ,-rvj2 If the Senators insisted on tribling the existingtax on .cotton ties; might not, (he asked) when some of th#n - ' were on hustings talking about pro- ’ * teetiou to American labor, sWfne man iu the audience say with great, that yen. art not for protecting all' American labor; for sereil bullion bales of cotton are oppressed when 1 prepared for the foreign market by a tax three times higher than that imposed on many other articles.” He confessed that he hated to see p. new industry rise in this .country* because-if was sure to he .a .pauper saddled on the‘treasury. " Mr. Hoar inquired whether that feeling applied tq industries already existing. . . Mr. Vanee replied that it did not. lie hoped to see before he died , tte American manufacturers flourish, just as,the American agriculturists flourished.- “Prophets and' kings"'7 desired it long, but died without the sigh t.” He hoped to see the Amer ican manufacturers flourish by the sweat of their brows and by their own honest industry instead of by the sweat of the brows of bis people and by their honest industry. Every A, time that a new mine was discovered or a new industry was established, it \ was immediately fo:stdd on the ptifc. lie treasury, and now for fear lest A there mighr come “a King who knew not Joseph,” in Other words, a Democratic majority, which did. know the peaple, it had been thought necessary to provide by a last wil( and testament of the Republican'. Congress for'such paupers as. might"-’ hereafter be "born In lawful • wedlock ’ to that community. wedlock either, to be an open in unlawful So there was „ ^ in