The North Carolina Standard

"WHIG" RETRENCHMENT.

The expenditures of the general government for the present quarter, are to be about nine millions and a half—or at the rate of Thirty-eight millions a year. Lest our friends should not understand upon what principle this great increase of expenses is founded, we would beg to remind them that it is "Whig" Retrenchment.

THINGS TO BE NOTICED.

By the Table, annexed to the Bank Committee Report of the "Whig" Legislature, these facts appear in figures that cannot deceive:

First: In May, 1837, the time of the first suspension of the Bank of the State, their loans, or notes discounted, amounted to $3,462,000, and upon bills of exchange, same date, to $672,000. Aggregate, $4,034,000.

But at the date of that Report in November 1840, their loans in notes, &c: discounted, amounted to $1,936,000 only! And their loans on Bills of Exchange amounted to $395,000 only! Aggregate, $2,331,000.

Showing a contraction of more than 1,700,000 dollars! One million and three-fourths—nearly half the debt! The Bank suspension, therefore, was not made a means of aiding the people with more loans. This excuse has deceived hundreds; but this fact is conclusive against it. Depreciated money, and less of it!

Second: At the date of the suspension in May, 1837, the Bank had notes in circulation amounting to about $1,500,000. At this date the specie was $492,000.

But at the date of Report, Nov. 1840, their circulation had been curtailed down to $995,000; shewing a reduction of more than half a million of dollars. And the specie at this latter date was $411,000; shewing a reduction of only $81,000 dollars.

Thus, they collected from their Debtors, nearly a million and three-fourths; took in half a million of their own notes and let out about $81,000 dollars in specie only. And this modicum of specie they let go to a Bank, in New York. (See Letter, 14th Oct. 1839, appended to Report of the Committee.)

This is the case in one Bank, if that Report be true—the Bank of the State.

In the Cape Fear Bank:

First: Their loans at the date of the first suspension, amounted to $1,426,000; viz. 1st June, 1837. At the time of the Report, to $1,756,000. Shewing an increase of their loans $330,000, or one-third of a million.

But it must be observed, that betwixt these dates the Capital Stock of this Bank was increased $655,000, and therefore they had, in fact, drawn from the community $325,000, from the suspension in May, 1837, more than they had let out!

Thus making a draft by the two Banks of more than two millions of their debt! Who wonders that the times are tight.

But again: At the date of the suspension, July, 1837, this Bank had a circulation of $846,000, and at the same time held specie $165,184. At date of Report, they had a circulation of $968,000; and specie at the latter date, $359,000.

But it is to be observed again, that within this period they had enlarged the capital $655,000 dollars. More than 75 per cent. The public can make their own inferences.

CONCEALMENT IS IMPOSSIBLE.

The political canvass for Governor of North Carolina—has fairly begun, and it is likely from the signs, that the proceedings of our political opponents at home will enter into this discussion more than has been common in North Carolina.

Where there is a false impression upon the public mind, it is our wish to see it corrected; but where truth and a just responsibility of public officers demand popular censure, let there be no concealment. "The truth is that the people are kept in the dark," as says Mr. Henry's Letter. The best way for his enemies to meet this charge, is to quit scolding about his Letter, and let the people have light now. Thus our political discussions may be conducted upon admitted facts and undenied premises; and they will be at once more charitable towards individuals and more beneficial to the republic. "The people will do right" if there is a frank, full disclosure.

Let them have answers to the inquiries which it is the right of any freeman to make, and the duty of an honest press to meet and not to evade. With a sincere desire to understand and know the facts from those who are responsible to the People, we have preceded a publication of something we hear and much that we know of, by giving an opportunity to the other party to speak upon the facts, and to disclose them, or to explain them as they know them to be; that we may not mislead others or be misled ourselves.

Have we been met in a right spirit? Have not the "whig" Journals timidly refused or failed to answer?—Have not our public officers hugged round their shoulders a mantle of false dignity and stood mute? And is it designed to persevere in such a course? We would respectfully but earnestly warn both officers and Editors that this is a false position. These subjects are legitimate topics for an independent Press. Not the slightest malice actuates us; and no anxiety to advance our party shall betray us into an intentional breach of the laws of charity. But we will not be silent; we dare not be so.—Neither the frowns of power nor the denunciations of men who, as men, it is our duty to respect, but who, as officers, it is our right to question, shall drive back the Standard; and we again entreat those who feel so far exalted above their fellows, or who would affect to be so, to pause—to look at the times we live in; and let the events occurring every where else, admonish the prudent that concealment of any sort is dangerous; and silence, from any false notion of a personal superiority to the shafts of censure, will certainly expose them to suspicions; suspicions which might possibly be avoided by a prompt disclosure of the whole subject. What if the disclosure may cost them their office upon the ground of unskilfulness or incompetency, is not that better than to be beaten any way and suspected besides?

Any men who are charged, in this our day, with the "immense power" of managing the State money, are unwise, to say the least, to persevere in the refusal to let the light shine on their conduct; and they must be weak indeed if they expect to enlist public sympathy, because a free press and a free people insist upon having light.

Our course is deliberately taken and it will not be changed. We shall press the questions already stated, and we shall make our inquiries freely, whether answered or not. In this we again disavow all personal feelings, and if our strictures at the silence of the Governor are not required by duty, they will at least be justified by the muteness of our adversaries. The mask must come off; and if whiggery will not have pride and self-respect enough to lay it aside, we have a right to tear it off; and we will do it; for we hold it to be a duty, and expect no just censure for being rude in doing it. We will proclaim, at our pleasure, what is rumored, if left to act upon rumor, and leave the people to make their inferences from the silence of those who know the truth precisely as it is; but who are either too cowardly to disclose it, or else too lofty to condescend to a defence.

FOREIGN LITERATURE

The very first time we can spare room for it, we mean to insert the Register's article about the Empress Catherine of Russia, building an Ice house upon the banks of the Neva. It is a perfect gem! The fate of that fabric was so like the luckless destiny of our Emperor John, who "fitted up" the Ice House, and now the sun shines so warm he can't fill it! This certainly was taking "a long trip;" though for a comparison or a simile, we believe, it is called far-fetched. At present, however, the Governor's inclination tends that way. A long time ago, or a long time hereafter. Any time suits, so you keep him clear of the Dog-days of 1842, and his speeches in 1840!