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. . i: . . . .. ' s ' , - ,. . .. ., ,.i . ... .. . . . . . v : t m ... .. -- Win, -ttur. ! town oftbt .PUBLISHED. (wEEKtT BY LUCAS AND A.ILBOYLN, THURSDAY, FEBRUARY- 28, 1811. 'Vol. 1 5: : , , rjNo;.778.M-, -V.. T" . ' . f " , V 9 ! l ' i 1 ?3ti. r new e xJ H pm- )n and (IIS I ' I Too; v - ff- tVo le and to bca to b't at half,' fl'arU lake V iMtm.1, in the r.V: nee'' ire fot insvvfr, e price SJraJi mm te.is re I unlev jourtit ncty ol I td ssid i. if fl8td. ertt.h vi I the A ; ol t' xtfcnJ JL.i '-L t V' " '"-4 If .tabM to ator !n IB1 "4 V'- if : - 4tongf otitic nitco tatev rT-': 'vliOfrK Ol B EktSEN T AT I V itSj , ' , SI; .:' : . . January 2b IB U : , Ma. STANLY'S SPKECU ( . Ont'a MUJp'fvivg tAp;Carter of the Unit Mr SpeakerAfter,the abl.e discussion wjiich t " lect Senator or. to" make the laws, necesa'i j electing Representatives,'; the federal government j.vrouW die of its own imbecility.. This .may ' be true j the gbvfemjnenjt . may cease; to exist, yet, while i does exists there aie powers which it alone can exercise, without the control or interference of any other authority To these purposes, assur edly, then it must be supreme, or sovereign. For example the federal. government; has power to Ja and collect taxes, and to reeulate commerce -Is-there any power in this count speak,; of moral, not physical power, which can prevent them jiaying such taxes and making such regula tions of commerce as they think fit? 'The cohsti tutioriofthe U. S. is the act, of" We, the people of the t. Sates"--rSo are the stato coiistitutions-t- BdthT U rived -froflOhe same adurce -each ts this subject has already undergone, V should no hlVC -aiiiea your aiieniion, out lur wis-., uuszrya' lioiiVol the i gehilematifrom V4r Vbo ha la'1 addressed you That gentleman with a yiew to jusfify . such decision of the question as he (jtiiresj has advanced propositions- which ate in Aernielves so .IncoTrec aod supported them3bj . J,v,-r.u in nuln .'ilv iinreaort4l J'.- thnt" I shall yable 'tbesbu:iwWfI-time in reply- " ''findepedrhVof theother and only dependent on a -' -i . ti . ii... Jin r.t ...... --........:-. 11 t he genueman tens us it is as irue as any ma thematical axiom that a power not expressly grant. d hi the constitution to the federal government cinnot be eatefclsed ' by that government y that whenever a political Euclid shaU be composed, this principle should be placet! as first in clearness fcimporuncc, & the speech of the gentleman from jJew York, ' (Mr.- Porter) on the biU before " us should tie adued as an appenoix or commentary ptbVug its truth In terms, Br, the gentle mau's proposition is true, but the gentleman has not a volded th error of those who have preceded him tin that side of the question ; he confounds the the sovereign wIl of the people, constitutionally expresrca. i ne states nve cerz3in powni c chisivehr confided 16 them; they may, prescribe the descents bf estates and regulate distribution of property and .ojher objects of internal police,; t.hey are sovereign as to (hese obje'ets, the federal government is as much so as to the objects within the sphete of its jurisdiction. Yes, Mr. Speaker, obvious, indeed indispensable as is the micrence and deduction of the right to incorporate a bank for the rhanagement of 4he finaucial coiu eins of the Uutdd btates, from these premises, gentle iore us. That the British saljly.must, hanjl tn ,hand, and to thef bentficjal !' too free use of the ability i inffUenee b banks in increasing the rnit:iK ni . i expose, us ','16 like tnis- couragih en'terpvisei stimulating and. reWaiMing i cannot lend nor our ad j the industiy of the ootintry, are -we indebted lor ' i much of this incieastt ' . . c V', lS , r.;f r-Th testimony which the gentlernn.hWWrne fA to the correct'. manao-mpni- r lltKl,, VV. '.,iV: 'C:. I Umtpd States was to. have been exnetted fvoiuTiLs' . U m 7 J,.:.1 .ft . ' have on the -question be Eovernment have made of the bank tffe)rkd cannot chiels, becau$esor bank ministration Borrow, , but by the express authority ot Congress. Arthe iiruisli deot,-1 Xnow.its a- mount is enormeus. Yeti sir, how, .and for what purpose hds thatdebt been thus swollen t Perhaps me; people vi vreac oruam owe la mat cient me preservation and enjoyment of rights dearer to free men than their purse. It is, sit4, at the cost of that debt, that Great Britain maintains her existence iuiu uiucjjciiucjivc as a uauuii. qqc migni nave submitted witlwui to effort' without expence V and free from debt have sunk under the chains which thi; tyranVtifii1)ce,;.Uie,ftnemy of, the human tacef has lastened upon ail the kingdoms of con tinental Europe. Kather than see my country bowed" in ', subjection o that direst of despotisms against which Great Britain has struggled, ! would in the spirit of an American cheerfully bear my share of a debt as large as that which has been the subject of remark. v The gentleman 'ells us, that we, have sufficient bank capital without that ;f the bank of the Unit ed States, that the capital of the state banks are equal to the wants of the "United States, and that if this instifjtkm is contr.utd there will be danger of an excess of. paper and the consequent mischiefs to the country. Sir, gentlemen need not feel a larm on this point : there is.no more danger of a surplus capital being employed id banks, than of ue surplus being employed m any other busi ness the thing regulates itself. Bank notes may met say It is'only an imfilied fiower. that no power liMBcrsofthe federal government with the means can be used unless expressly granted in the con- tf igecuimg such powers ; he does not distinguish stitutiani--'na4Hxercise--jf-im)lu d--powers- is ihetween the'o&iecto of the federal cd'mDact and the depre&ated as unknown to the constitution, anl tuan oj"(tjr'C$ing' those' objects. And upon this 'abhorrent to republicanism and .dangerous to' oi:r be emitted, beyond the uses of the country, but entleman liberties. Let me asK gentlemen, and I pi ;y (you can no more lorce tnem into circulation beyond they will inform me, Vhethtr they do not daily a tins necessity than you can lorce purchases and upon implied powers? If not, let them speak iu saics of tobacco and flour beyond the consumption w hat part of the constitution do they hmi power ' ol a ceuntry. 1 ne .commerce ol every country to built light houses? Where the pgwer which their President, doubtless with the feelings of a man nd the firmness of a magistrate, so freely exer cises of removing at pleasure from office men who were appointed with the consent of the Senate? You have committees now sitting, who, under your authority, but without law, compel citizens hinge of error did the argument of the ge from N. York turn. - r This conlusion of terms, this jndiatincWess of perception, as I shall endeavor to shew, has led gentlemen astray oil this ques tion. Tfi sir, the political errors of the. states men of this day should ever be collected into a volume, as the first, the most glaringly wrong, and flagrantly unjust, should be placed the axiom of.tlie gentleman from Virginia, which cannot in jubsiance be oiher than tlus " that no mean of waiting a power granted to the federal govern ment can lucb means constitution. be obscured iny respect ' for the gentleman from New York J these, and many other acts which have been men torbids me saying by saihiatry. I will append as ! tionccf in this debate, exercised ? If 1 am answer- information and libet-ahiv. Th fi-r is,Vi;.,iv stated and repeated by. him, as a defect in snanir-- 1 ment, that the notes of the bank anditsVa hta r ':-. are not paid but at theoffice from which they km , ' I made payable, is not ground of complaint' The. -1 .4 the capitalfOf jhe brinchts the largest jvtion (at New York) on!v- I.300.00a.ilollArs?mt it U ' "'r r I be employed by th'4 government unless1 to attend cat their summons without consulting is be found expressly pointed out in the I their will or convenience ; you have conferred on ion." And, sir, to shew how truth may (Certain individuals the sole privilege of trading ired, and error supported by ingenuity, 'with the Indian tribes- by what authority are all a commentary the speech of that gentleman on this question.:;''' . . -N . - With respect to the constitutional right of con gress .to incorporate a bank for -the prosperous idrainistration of its finances, the very able ar But-if.-on the other handhe--goveTnmntiernhein7tHhgrasp with the hr ed at a!l truth will dictate this reply: the power to do thesVacts is no u where;, expfessly. graptcd. in the "constitution ; theauth jrity results fiom the powers granted, and are necessarily implied as the fit and necessary means of executing- the powers jumeuts already made, and in my apprehension which are expressly granted. Yes, sir, whether I wry imperfectly met, require Jiule to be said irriam answered or not, the fact is manifest, that the its support. My view of lhis prt of the subject implied powers of the government are not only shall therefore he briei, and I may be pardoued j fairly deducible from the spirit and letter cf the for ffetini; iu To incorporate -a company, in constitution, but are essential to the most foiniiior other words, to crant to certain oersons a leeal ; operations ct Congress. And, sir, it is In proof SIJ,rjufiiaLicp H in act of sovereignty i a delegation of which it without scruple or reserve, those implied powers, lions of the bank of the-United States, of whose istniecan only emanate from the soveneie-n now- i which,- when uiyed in support of the bank, they capital, debts, and issuesithe government have tr. If the federal Rovernment be not sovereign turn from'wivh affected abhorrence, as if a single bti n wetUy informed. It is from the ta,te banks to any of its objects, they cannot incorporate a - glance, like a look at Medusa's head, w6uld turn company xor tne auammcne ox any ot us oujects. ncm hhu mijuc; ncy narc rcpcaicaiy acrea un- 0ereign as to any objei t, tho power, to 'incor'- and "the.ardor of ambition, and will only quit their porate companies, it the ht nd necessary means tor the attainment of. that object, must' regularly Jesuit from and be appurtenant to this sovereignty. lhts power is.not lett to interence the constitu tion, expressly declares that congress shall have power to make all laws necessary and proper to rry into effect the powers delegated, - and that such taws shall be the supreme law of the land. he constitution, it is true, does not, in terms, g'lle the power to incorporate a bank -that instru ment details only the objects of the government, aJ J -I - . - - '' , . i V . rr . wiu ucjcgmcs. certain central auinonues 10 enec twte the ends for which it was formed. In every held to that force which shall deprive them of the reins ot empire, '"f The gentleman from Virginia deprecates a bank which Shall be connected with the 'government.; he calls-this a dangerous union of the sword "arid the purse, reminds us of the abuse by the British government of the bank of- England in obtaining loans and of the public tiebt of that kingdom. None of .those objections apply to the Bank of the Uaited States. The charter of the present bank places the institution beyond the control of the government. It is bound to accommodate the government with loans to a limited amount when requires a certain sura of circulating medium ; the amount must be ascertained by -experience, which alone can shew how much it wiH'absoi'b and trap'oy. If you emit paper beyond this amount it will ofpecessity return upon the banks This discovery is not modern ; it is as old as the sci. enee of banking, a".tl of the errors of a ank ho one iscrrfore unfavorable to them than the issues of paper, beyond the necessity of the country for so long as they keep within proper limits it is found, they may emit one and two-thirds or two dollars of paper for each dollar of specie in their vaults ; but when their issues of paper exceed their limits, the excess continually returns, and instead of one dollar in specie meeting two of pa.er, a uuttar in specie is requneu. to reueem each dollar of the burplus eniission of notes. With this resit dint upon their issues, banks are kept in due-check- and, sir, whtn the prudent and safe issues, viz. to the amount required by the country, do not yield employment for the Capital, the busi ness ceases to be profitable, the capital is directed to other objects and" the banking fund is kept at us jusiievei. inis, sir, is me necessary,anu just absurd to expectlfrit'eitncr the hranch"whh'iia-Hv! capifat, or the 'otters, with kss, should Redeem all times the note emitted upon a capital of :eu millions the things impossible. , ,VH,.i,? 1.4 From the opinion advanced bythe gentleman,' that the state of thc.baak , should .rather extita the : " fears of the institution for" its own safety, orol-v" ;V vency, tnan awaken the apprehenvic)n of the com- munity for he effects of its dissolutlou upontbe m. ucg iaveio oissent. We have h,aU in.derjate , -various' statements of the affairs of; thehaiik-) " drawn either ifom foimer reports oc eonje(;!ujc rl I The report of the Secretary of the Treasuty ibis day laid on our tables, shews the present state "i of the bahk to this I shall refer for acts-. 1 here is due to the bank from, .individuals upon 4 a. notes discounted, ", , t ' . . - uuier paries owe them ior notes and in account ; The govern ment owe. in cluding the late, loan, funded debt and treasury draughts . ; that clanger is to jje, apprehended ; of their capital. (I mean nor their nominal but their specie capital) er-f,f jhrir ih ;i.9 W it.is silent as to the particular means to be required, but this obligation on the bank, although mployed or the mode to be observed in the at-!its penormance may at times cnance to be tin- taintnertr ol ' the object or .end. Instead of at-'favorable to the institution, is yet connected with mnH)g to specily m any, case' the means Tt ex eciIng a power," it is silent in that particular, in entry ."case, r granting to Congress the general wi liayejuslstatedj to make all laws neces sary and proper to carry into effect the delegated lowers. ; Among the .general powers expressly granted, is this'4 To lay; and collect taxes, to borrow. money, to pay, the debts and provide for me general weJfare of the Union." What wis dohl first, suggested, the experience of twenty years has confirmed, that a bank is not only a fit ' but the most useful means of collecting the rive- ; We of the United States1 It has been found the readiest and most certain resource from which to obtairi and on which to r?ly,for loans to govern ment i and through its aid monies for the public tiecessities have been safely, speedily and with out charge placed at the command of government n every p?n of the Union. The agency of this institution, thus continually employed, places its winy and, expediency bey ond question. 1 con fer it therefore es 44 proper," because it is well 'dapted to its obket : as necessary, because if . the pntyf itis certattily the best means that can uevisea to obtuin . us endsAnd, oemg noin no danger to the country, since the one cannot lend, until we the representatives of the people have authorised the .other to borrow. 1 he Exe cutive of the United States is to bear the" sword, but, sir, congress holds the purse, and it has rroti been explained to us how the existence of a bank is to render one subservient to the other or to con vey the sword and purse into the same hantL I can7 however, conceive a plan of a bank which "would, sharpen the sword of the Executive, and give) a power to his arm that might be used to the ruin or degradation of our citizens. " Adopt the plan which has baen recommended, and which is to rise uponjlhe .ruins' of-the. present institu tion, erect one great bank whose branches shall embrace all the states and whose capital shall swallow all the state .banks, give to the - adminis tration the enormous patronage of the appointment of directors -to this institution and placeJhe credit and business of every man connected of : necessity with banks at the mercy or pleasure of an ExeCu tive'or his minions ; the commercial and the enr terprising musj decide either to beebme flalterets and be favored, or to retain their independence and be ruined. It is this system. which Urould, give a rnt- expressly granted tQ Congress 44 to col- "Tt taxes, tr, Ivinnui mnn.v ami naw the d'tbiii' ust be constitutional. :c i,' ;v . ; Bt, r, the gentleman from' New York says, "fc.Uiuted StstesctJpvcrWjri and cannot Xerti3e a right" of so'e.reign'tjr, bet ause. they,, de- , , w. V -' w r , 1 I fiecessary and propert to carry into effect 4be4daTfgerous, a detestable power. Your adrninistra tion, styling themselves Repubhcanv have profes sed to desire no patronage :' I will take theru at their word ; my vote shall ne.ver increase .their patronage,' -or multiply their dependents. -The crownT'hfehtheyrofels'to have put away, , I will not jbrce upon their brow. V V.. As to the bank of England and the British debt, f "hcuid the states neglect or refuse to e-'I perceive' not the bearing their4 connection can remain entirely ignorant and we hae seen that some of' these institution,? mshonestly emitting pa;cr beyond the sum authorised by their capital and beyond .the -necessities ot the country, their notes have returned upon them, they have (been unprepared to pay, their paper has depreciated and-'individuals nave neen detiaucled to a vast amount. A tid such aain may be thecasFif ive remove the check, the restraining. influence which the large and solid capital of the bank of the United States and its prudent direction has enabled it to exercise over the; state banks the " mushrooms,' as the gentleman "has called them, which like Jonah's' gourd have sprung up in one night and withered m the next. The gentleman informs us that our exports of domestic products amount or.Jy to forty-fiverail. liens of dollars, thai .the capital of the different bank in the United States, at the. rate of issuesj I .iJi Tl!i J Ci...., I I ; " ,1 oy uie ynueu oiaips- uunn, may emu ninety m lions ol doljarsand he infers that a paper medium beyond the amount of domestic exports Cannot be necessary. This opinion, sir, needs an elucidation which the gentleman did not give it. Why the amount of produce" purchased for exportation should form the measure of circulating medium is, to. say the least, nor sell evident. Nor can I con ceive why in calculating the medium necessary or usctul tor the concerns ot the-country,' we should exclude from view the purchases for internal' use as well as fofexternal sale or losejsight of the repeated use made of the same note or piece ol metal in its continued circulation. The circulat ing mediurri'oCa country, reireSenTs, because it commands, the articles we need and get iiv ex change for it.:' What the sum should be my po litical arithmetic does not teach me, nor does the rule of the gent'eman from Virginia. In my opinion experience alone can shew it, a, I have .before said,i viztb tiaagncuiturai and manufacturing concerns of the country -will require and can employ, to be ascertained fromhe amount of silver arid gold in cirpulat jon, bank cre'dit, and bank notes issued and not returning upon the banks.- It is, I' i"dmit, a fact, a proud fifct, that ihe'exports ,of our countiy have increased frorii eighteen to forty-five jnillloos. New fields havts been opened, ( produce Tncreased, meins of conveyance multiplied, and hew markets sought and. resorted to. Agriculture, commerce and manufacture have advanced, as they rieccs- ' : rv 2,807,S46, 4 ' They have in gold & silver And in real estate. , v i - " .... , . - .: Making a property to face demands on them. 18,6722665,;'. , . ,j !,,:. i s. u ; i- I 5,009.56710. , VJ ,,500,652' .fr. ,L "-' .' - 2 r; V , On the other hand what do thev owe holders of their notes in circulation $5,037,125 2 I -the. government tor de- -.. posits-' ' 1,929,999 60i- ' -other banks' due in ac" , . .. . x count 634,348 01 - " -individuals for deposits, v .J 8,464,770 .V VM.u..M...b draughts, ,- . t I7f,473l7 JS 1 3,673,568 n Making the total amount of their dehts . l1hirsT-srrTwitrr'a prropeTty" of twentt-four mil lions of dollars, they owe less than fourteen mil- y lions, leaving the stockholders the original stork " of ten millions and a suplus' of more than half , a million to meet , bad debts. But were it other- ' wise were it possible, that o the debts due them. ; e are and must tn-.m.illions.- should Jhever ie collecfed, the. Jo? would affect the 'stockholders, whose original ad-" vance would be lost, but the interestot the com-V munity would not even then be affected; at least loot -as creditors.of the institution j because, evimlf ten. millions, Jbe capital stock, were by vanypeapa sunk, the bank jvvpuld still be "solvent, it wcM ' even then pay its dehtsand consequently must hel perfedly.safe as regards the community.' ; Sdchjsir, is the state of the account' on the side of the bank. ' ' r " I XI How stands the account with the debtors of the bank, or rather with the public f l ne oanK can demand' me .debts due it Admit thei Tdemacds ipon it are applied as setts off to their full amount $ 8,672826 66 v- S4",999,457U83, The balance still to be rais ed by the country is Within a trifle of five millions' of dollars: Whence is this sum to come ? No; from the vaults of the other banks Mhey do '.oot possess it. It is stated in the able speech'of the tepreseh tatiye; of the city of Philadelphsav m the LegisfaiV ture of Pennsylvania, upon $he resolution respect. V i' ing the bank, "that j,hev report. of the state, of all . the banks of that state recently made to the legi." " lature shews that all the banks 6f Philadclplua 'V (excepting that of the United States) have togeih- er but little 'more thahjpne million (J dollar. in,spc - ' cie : mosej wno nave the Dest means otinforma-r' tion, declare the specie in'the banks of New- York: is tiot greater, and in those of other ciUes m'r. C - I quesuonaDiy less. i ne state banns then nave hot the money and cannot produce it. " Will theiots ' oftheie banks pay the debt ? Nosir, because their. ' notes wilh be; returned upon them for payments ; ' wuini-iiici vuuuuv iuukc. x ncse oanKS knov - their "Wn.jdj;engtn or-wcakneisr and that 'thry T dread this crisis ismaniftsi fu.nj the cotirs'ethef'' " have" already adoDted : thf vh nave uneuuy auopicu : uyy- nave curtailed fli .counls and; commenced Callincr in their " 'tfel ' The j Xbnsequcnces od"lemin fnun the moans -of VP correspondents and from the petitions which ' '" daily press your table. ;" the want- of money has'"'' produced a want of punctuality confidence is d-s" - troyedj'the life, the animating spark of business is as it wete suspended,- and deep digress is fot spreading over the commercial world. ' Sir my ' r f -. ( Cor.tluded in (he jonrth f.age J ; - "' ; l
The Raleigh Minerva (Raleigh, N.C.)
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Feb. 28, 1811, edition 1
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