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which we had paid two out of three instalments, will in many cases not be sufficient to pay the very last instalment. ECONOMICUS. myleext. I shallanswer the sense of the Aurora. Its editor is a metepic tender to Political Economy, whoches not 1783derstand the most simple principles of the sei, ence.-1 shall seize the sanie opportunity of remarking on an authority that deserves respect-the last Edinbare Review ou the priu cipies of the value of money." Epitaph on the tomb of the Spanish Curalier. I was well-1 wished to be better-1 took physic-and here am Such is the inscription that snits this country in these times-The Bank paper is the kilded A. pill that has brought us where we are. The gentleman, who broughtthe information from North Carolina, which was given in some of the first impressions of our last paper, is now in thiscity. It appear- that the North Caro. lina state Bank at Raleigh refused to give the broker from this city specie for about $ 15,000 fits paper; but tendered him a draft on the North-that the brauchat Fayetfeville declared it would be protested secner than pay him specie for about $ 5000, but tendered him a draft on New York, which he accepted. The North Carolina newspapers have since coure to hand, from which learn that the Cashiers of the different banks have come to the follow. ing resolution: RALEIGH June 4.-Ameeting at Favettsville on the 31st ult of delegates from the State Bank of North Carolina, the Bank of Cape Fear and the Bank of Newbern. charged by the respective institutions, to take into cousideration the present state of the country as it effects the business of the Banks, and to report whether any measures are proper on the part of the Banks. The committee having considered that the repeated heavy runs for specie made by Brokers and others, who by disingenuous means depreciate the notes of the Banks of the State, then purchase them and present them for payment in specie which was held by the Bankskeeing NO reason to hope that such runs will be discontinued while the calls are met by specie payments, and the advance price of specie added to the discount of the purchase , enders the operations profitable: Believing that the reduced value of the agricultural produce of the country, and the losses of thener. chants of this state, consequent on the mexpected and great fall in value of produce and the failures of merchants in other states, retider it impossible for the citizens of this state to pay their debts to the Banks at the present period: And convinced that attempts to enforce the collection of the debts due the banks by suit and execution, would result only in the sacrifice of festates and in the min of thensands: The committee are compelled to conclude that the Banks of this statemust choose between the alternatives of enforcing the collection of the debtsdire their, regardless of the rnin and distressti course occasion; of continuing to pay specie to special tors 1111 til their eimptied vaultsshall compel them to dishonour the notes: or to refuse to reteem with specie, their notes presented by speculators. The choice between these alternatives is painful: The one course may effect the credit of the Banks-the other will certainly overwhelm a community with misery and ruin. The committee anxiously weighing the dufficuities of either course, believing that a suspension of payment of specie to those who have obtained their notes for speculation, will be productive of much less general injury than the other alternative. agree to the following resolution. That the State Bank of North Carolina, the Bank of Cape Fear and the Bank of Newbern, (while the present state of things continues) refuse to pay specie to Bro. kers, or 10 others who they believe have ob. tained their notes by purchase at a discount for the purpose of obtaining specie from the Banks 7 We learn that the delegates have agreed to recommend to their respective Banks to permit debtors to renew notes on the payment of only the interest, which we presuine will be adopted IMAGINARY LAW CASE. We were amnsed some weeks ago, by reading in the Wilmington paper the statement of a law case between a Bank and one of its debt. 013 Contrary to our expectation, however, find that by many the decision there mile. gined is actually supposed to have been had. It is. therefore. our duty to say, that the case published was merely hypothetical. That Bank notes. payable to bearer. on demand, but never presented at the Bank for payment, should be considered as an offset, in a spit, and thereby throw the cost on the Bank would never enter into the mind of any man ID the least versed in law. common mercantile information or common sense. Nor is it to be supposed that any one would be willing to let his note remain upon interest and hold the money that would pay it off, losing the interest thereon. Nothi g but merriment could have been intended by the writer or publisher. if Star.
