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FRIDA FEBRUARY 18, 1814. v 1 I Y0.933. .. RALEIGH, (N. C.) r-'k ., ' PBINTED", WEEKLY, DY ALEX.tUCASY ' Terms; of " l't""l: Th,e dolla,s on half to Vid in advance. No pajnr Jto continued longer than ihrc munihs a tea year -ub criprion becomes due, and none iisenuiUs, not exceeding! lines, w insertei thtice Jot onedMlar, and f' tweoty-fivt cents each subsequent insert tion and irHike proportion where there is a greater nuu.bf . of lme than fauHeen. - - ' '" Sketches, of Debate. HOUSE OF COMMONS, (l. C.) DECEMBER 9, 1812, MR. L. WILLIAMS' SFEEC1I, On the Question of ".rtendin tianksoj Jyrivaern ana v, fear. Mr. WILLIAMS said I must confess, Mr. Speaker, tht grt at embarrassment with which I rise in opposition to the gigantic talents and i.l.laaa alnontinfl ot'tllH ''flll from New- Hjatviiv ---x---- : :" -. " . '" " ',' ' : . ,'3,' usual-amlpiost fcnown-signifieationr" AgarapOtheriexam ' terms of art or technical terms are to be ta- Cpmrany,,.whieh was extremely oppressive in jty than solidjty. To renew?is to rtenovat4viv . . . .. .i.i. -' -1 ,. :.: t . ' j . . ii'.i . .i ' in each art. trade or science." unereiore a mononolv beins an exclusive i)rivle(o8imThe8e, si'arehe' monopolies ot- En certain commodities the last signification of gland, and so far as my limited readitig informs !., vrnwl nntnninri tv. tn wit. rnrila wnrPl nml ; me. IH? mOUODOllCS III Other DUrtS Ol f.Ul'Opt merchandize, must" be preferred and adopted in reTsjtm1ar in their origin, existence and end 17 . :Hl If til inflAll T llt I huro m unr hun hap nlAnnftlk 1 1 Pfl The Eastland company to conidred also as an oppressive monopoly in i may he' answered with ail the truth of mi axiJ heru.- Nothing, Sir, but a etis6 our reasoning on this subject. or money is not such a commodity as to be monopolized .Commodities, says a learned author, "are moveables, valuable by money, the common measure." Thus for instance, a barrel of flour is a commodity ; ten dollars the price, is the measure or value of that commodity, hut not the commodity itself. Another writer says; "money is hired, not bought." We, ourselves, tlie charters of the when speaking of nionied transactions, use the word exchange, but4vhen alluujng to tne permutation ol commodities, such as gooas wares and merchandize, we use the term bar teiv Thus for instance, wc exchange money, but we barter commodities. Bach, Air. pc, always o Mimtrv andhiv consicjence, cou ed me into this discussion,I am an eneniylo banking establishments in general 5 and ti one with whom I am connected by ties, either of affinity or consanguinity, has an interest in a ny of the hanksif this State. It is 'then to be hoped, sir, this house willdo me. the justice to believe, that my arguments (should 1 have the good fortune to adduce any) flow from a source wholly disinterested. In making this avow al, 1 would not be understood as impeaching the parity of motives which actuate any'gentle nian on this floor. I know well that our judg ments and interests almost always run parallel io of dulv to ray kerrI apprehend in ihe destinetion a Id have jiropeU.Uerved by those eonversant in matters of this It is- indeed true there ranv be other niohopolies ' mil T . a w ' tm he,jiy$ tnose tonneu lor the purpose ot jarry iiigoabreign t,rade. Englaud has hadthers. America some fev, but they still 'retain the ame character, unlike to and different from BanksJ.. Should the Legislature grant to the merchants of Wilmington the exclusive .enjoy ment of the West India trade, or to theJiie chauts of Newbern the sole right of dealing at the Liverpool market ; or lastly to the distill ers ofthe western part of our statef the exclu sive privilege of making and vending whiskey, these would bi-.monopolies-repugnaht to-the letter and spirit of .e constitution, because they'ra''f-JlioiaiqeTnataraaa the nionopolie of. tuv did wend, which 1 hare already ser m;.edi iwere 4 the . view of those who formed kind. But at this.stage of our enquiry the: the constitution. But the idea 1 entertain 01 word "sell" happens to be of most important suchrants of privileges, is essentially variant avails because it is descriptive of that sort of from the nature of banking establishments, monopoly inbihited by the -constitution.--For ' These are the reasons which induce me to be instance, were I to go into any store of thift city, jlicve that the constitutional inhibition of mo I would ask the inerehant to sell mc his com- nopolies cannot be applied to Banks, and that modities, meaning his goods, wares, and mcrr! the 'Legislature is perfectly free as to any im chandise, but when about to obtain money from pediment of that sort, either to establish no him, I would say, ' Sir, if you please lend bank at all, or one bank to the exclusion of a me money ; or, sir, I wish to borrow money of jay number of applicants, von." TliH use of these terms, in the ordinary But the gelilieman from Newbemsays banks commerce and dealings of men, will warrant' do come within the range of that article in the on safely am), rapidly iiTt he redemption of tha the destinetion which has been drawn ; andibt or rights, autt uieretore it, we, in lavour 01 paper money Uut renew the charters and - the otate Bank, slioulu refuse to extend the you conmqt with the motive as well as eoun- j charters of the banks of Newbern and Cape teract the effects of that .lart'.-i-Yoa create r- tear, we institute sueh a monopoly as is pro- valslup, when it was intended by the Lesisla- urn, that iiothiflg can be lesiored to the former .' state uuless it hallhave 'falleil f romst hat for ' mer state' Before one could be restored to lfej - , he must have bet n dead." In like manner Le , fore the charter-: of these banks can be renew- ed thel must have expired. The smallest pos- ' ... sible p.fht of time, intervening between fh I, expiration and renewal is a sufiTcient baiis folf my argument. mi such a pomt of lijmt must intervene, will be evident to all both" from the nature of things and the force of the terms ex piration and renewal.- If you renew the . har- ters by a law at this fiessipii, that law will iav'e'W;. no effect, no operation, whatsoever, till the ori- ginal chai teis expire, some half dozen year?' hence. If the stockholder in those banks iur-J v render their charters, still therew ill he a lapse ' time, iiiu i.uvui-1 hinaii 11 matters not, ue tweeu the srrfnder or exlinetion of the old charter Vatl Ue commeiceuierit f the newV View it therefore in any ihape, it is the sam as creating fhem anew, uiihereforaforliiddeil' by a pledge pi the state- v .tT'-'l Again, the renewal of their charters is'equi' valent to their entirely viiew creation, on the following account. The motives and eflVet-i of actions are the only points of comparison iu which their moral quality can differ. IS 0wJ Sir, what motive actuated tlie Legislature in giving this pledge to the State Bank ? It wag this : that the State Bank might be utiriyalled, and from that circumstance be enahlr'd to im to each other; that it would be a perfect. pi'odi-i therefore 1 think it may be athrmed that it was gy in nature to behold one deaf to the calls of never inteiukl to apply the word monopoly, as interest, or entirely regardless of the solieita- expressed in tlie constitution, to banking esta tions of pecuniar; emolument. It is therefore blishments. Because a plain difference ap . matter of surprize that gentleman should pears to exist between the monopolies, prohibi difiPr on this subject, and being satisfied of this, ted by that instrument, and the business of I should bj both uncharitable and uligeoerous banking. The former dealing in goods, wares, to suspect any OJie of impure motives" or impro-j merchandize ; the latter confining their opera nerdesiens. But so far as resrard. myself, I tious exclusively to money. These ideas are r - (j .n ... ' ' v . - - am free to d.4iare, that I rise o;i!y to vindicate wliatl humbly ' conceive to be thes il-ina arid nlisliled faitli of the State. If this eii'eam- confirmed, as welj by the original signification of t he word monopoly, already given, as by the character and purposes of those institutions opinions of gentlemen! where they firstappeared among the modern na tions 01 r.urope. 1 he Dutch seem to have been the first to institute monopolies ; and they re sorted to them for the purposeof pashing on the India trade after they had overthrown their rivals the Portuguese. The magnitude of thjs trade, and the risk attending it, were insur mountable '.obstacles in the way of any individu al merchant. Hence monopolies or commer- 'cial societies were in the1ieginniug laudable hibited by the constitution. If this be correet j ture that 'none should exist J ou curtail (bo doctrine lam unable to perceive it. It will! ability of the State Bank to redeem the paper however be generally admitted, that the cor-tmoney, when the Legislature designed -it rectness of any principle may be tested by its , should be all sufiieitMif for that purpose. But cuiiocijucrn. . nciriuic n n uc h monopoly i ugttin , mc ciiciimuii im meir k iianerB is 6vei 10 esiauusu uue uanK 10 1 ne exclusion or me other two ; then it would be equally so to es stance should in the entitle my remarks to any additional weight, 1 am well assured they w ill ic duly appreciated. Having premised thus much, I :-hi!l proceed. Mr. Speaker, to - examine the questfou bei'ote s. . ' , I have said that I was an emnyta Hanks in general, beeanse I tliiiik they are the germ of a yrodnction iinfrieriulyto the genius and spirit of our political instit itions : arul at a eertara ieriod did believe iK-v ivers urohibited by the institutions. They had for their object the 3d article ol'ihe Bili of Rights, to t it. " but no management of, ja .commerce too extenMVJUy 'inan or set -f men are 'entitled' to excl sv. or too perilous to ' he conducted by single' jne? seperate emoluments or privileges fio'm the chants. But, like7 other commercial companies, community, but in consideration of public servi-ijince that day they abused the privileges confid- Ces.' DiHj nir, irom iiuoiinaiioii laiviy ifi-eiv ed, it appears that the supreme court have so .. 1 1. a - .. . 1. 1 ; .1. . i . - .i wnrnc Ulan im. csiaoiisiimen.voiraieni ihipw. on t his other account. Let it be supposed for exV ample and illustration, that the lew been Bank IihiI nrierimillv a pamfnl nf nn mnrn f I. .. c? ...i Tcmnly declared they are not thus prohibited, and, therefore, that 1 had laboured under an er ror. To this oniiufhrthen. of thestipreme iudi- ciaX'tribunai of the country, we must all (and I hope' not reluctantly) yield our assent. Ii does nbt becomeany one-to question an opinion thus pronounced and sanctioned by tbe high est legal authority known t5 the State. Hence jtoy doubts and scruples l;ave,becn quieted and put to rest so far as they had originated from this article in the Bill of High Is & however discordant may be our sentiments on tlie sub ject before us, there seems to be perfect una nimity as to this point, that the third article in the hill of rights does not inhibit the establish ment of Banks. 1 But, sir, beyond this point there is an endless diversity of thought; no two gentlanien appear ing to have precisely the same sentiments. The gentleman from . Nejvbeni has told y on that unless the Legislature agree to extend -the charters of the banks of Newbern and Cape . Fear, they will contravene another article ot the Bill of Rights in the follow ing words, '' that perpetuities and monopolies are contrary to the genius of a free; State-and ought not 10 be al lowed." Without presuming Jo" follow the gentleman through the process of his elabo rate argument, I will nevertheless attempt are ' ply by enquiring whatis a monopoly t Htle III j uiiacquaiiivia.iu'e im iwc iuw eoiistrniu? yiK to follow other gsides. then those'aeeessible to - the votaries of a legal profession; Ours, Sir, is a denv'atiye language,' The Greek and La tin are the great sources from whence mariyof our. words flow, either mediately or immediate ly, and it very frequentlyhappens that in order to ascertain the true arid precise meaning of a term we. must have reco.urse to the originals. In the want of ther guides,T have been com- . pelted to this recourse, and rind that the word monopoly means an exclusive privilege, to sell commodities. ' Let me again repeat that a, mo nopoly is an exclusive privilege to sell: certain j commodities.- This definition, sir, will be im portant in our future inquiryv I beg gentlemen 10 rememoer 11. xvoyv, wnai is me naiure 01 mat commodity, the sale of which being exclusively errauteil to atiTman or soeietv of men. Will' eon- O '' : ' . v " ' stitute a monopoly ? Commodity has'various meanings, but gen.-rall y it is not susceptible ol -morer jnaa xnreeniisinreTrsigniueauons ; ine first of whicKis interest, advantage, profit: the ...second is convenience ; and the. third is goods; wares, merchandise. Which, sir; of-tkese three significations, are we taselect ? Surely wfc are not at hberty.to cause any oue we please ;'or one that is not answerable to thiesignoTtlie Legislature. Words in the construction of a sta- I ml i I Ii .111 'llll.' m f' 11 1 j I111.1. 1 1 1 1 1 11 man I 1 II II 1 1 cu-uf lucuii iivgc iiatc uccn 111c 111 lunvu in order to shew that monopolies and banks have not only a seperate arid distinct origin, but also a seperate and distinct existence. All (he monopolies of which 1 have heard or read a ny account, were either mercantile societies, udowed with exclusive privileges to permute tabti'ih three banks td the exclusion of a fourth, or our banks to the exclusion of a fifth, and so on even to infinity. The consequence then'ooo, and that it was located ami coriGned to is just this that we must grant this privilege to the tow u of Newbern. Extend its charter and every applicant, for if we reject one we esta- increase its capital, and ypu bring into exis blish a monopoly. This conseqfience necessa- tence a , Bank of Ncwberi w ith 3 800,000 cupi- rily results irom the gentleman s premises, and tal, not located and confined to the town of is evidently dangerous and ought to be guarded against, rur in u snort lime oanK money would inundate the country; and those number less evils w hick follow in the train of a depre ciated Ctfrreu'cy be entailed upon Society. Sup pose that the state bank was the only one now in being, and that the Newbern and Cape Fear banks uewrr had existed. Would gentlemen on an application for charters, urge that w e supposed, that the rig!. tq erierease; capital JiuBl wvuiv v viuli 11 V Tl IJCL1JA.S llf IIIUIU LUC establishment of a monopoly ? I presume not. If then the argument that the State Bank was a monopoly, could not with propriety be offered before the other banks were in existence, with what additional propriety, I ?would ask, can it be offered now that they are in existence. If (as I imagine) while onlv the State Bauk commodities, or companies instituted sometimes i existed, rit would not have been a monopoly to legally anu soinemnes illegally lor purposes ai-j leiuse 10 cicme ucw ouuks ; u is not now a mo- logetl.cr foreign from the business of Banks, nopoly to refuse to extend the charters of the If, on the other hand, banks at any period of their existence have ever been identified with monopolies, the fact is unknown to me. I am not, it is true, conversant in their history, but will hazard the opinion that banks neither in England nor the United States, have at any time been considered as monopolies. On the contrary they appear to me to be destitute of those peculiar qualities necessary to constitute a monopoly, anil which cannot be more dislinet- ly.or better expressed than by saying that mo- uey is not such an article as to be monopolized. It we refer to the history of those times when our political institutions sprang into ex istence we meet with evidence which to my mind is conclusive on this head. It is well kuown that the people, of the United Slates de precated the forms of "polity w hich cxisled-in the European world, arid therefore when they vissumed theceigiis of authority, they establish" ed'governmeiits as widely different fWhn those of Europe as they possibly could do. ..' Thus while crowned heads and potentates have all power in that quarter of the world, . the people ar& the mily sovereign in America While of tjces tkud; peaces are there tilled by hereditary succession,! here 'tlicy are filled by election at short and stated periods. To pursue the Contrast throughall its, raniifications. Would he a task as tediouii ai nnprptitable.r'Let it there fore be surucfent to remark, that while mono polies existed there, they were iithiljited here. Consequently if we do not institute s'ocieries such as were galled monopolies in Europe, we satisfy the spirit if not the letter of our gov ernment. . The greatcst and "most formidable monopoly the world ever knew is the East In dia Company of -England.' Perhaps it would not lie grossly incorrect were U to be said, that the excesses and extravagances of this compa ny eaused the article respecting monopolies to be inserted in our Bill of Rights. We find ijiat they werej accessary to the design of he, Bri tish ministry to tax t he Americans wit h o u t 1 i -mitation or restraint ; that the tea destroyed aft he Tort of Bostou ia 1773. bclongetl to them ; and that in every respect they were' odious to otir people. '. Newbern and. Cape Fear Banks. The princi ple is precisely the same in both cases. The charters 'of those banks w ill not have been a bridged in their existence by the establishment of the state Uatik. Newbern,' but with several branches. Here then instead of putting down rivaUh-p youn- crease it more than three-fold ; instead of ,furi thc-ing tlie ability of the 1 State Bank, ffl ti' deem the pspersmoney, you endangei ,the sue cess of the" whole plan. Admitting for the isake of argument, the Legislature of tail reseretl a right to 'renew- tliieir Wrters'; Iti'cHBallW w as.Tio reserveil; because the eXefcise of thi right directly r competes -with Weijpossibtenrle sign Jj Legislature could have in establishina aStateBank. -.. '-.' It has ben further argaedvhttho ffentlemaKi P Xt I il T . . . . . . I iiuiii j.icvot:rii, iiiu.1 mis juegisiaiure oenig in its own nature, and w ithia constitutional limits a sovereign pow:er, ought not and cannot be controlled by any act of a predecessor. L am pleased Mr. Speaker to hear it admitted that this Legislature is SoTereigH even within any limits. On the other-day we, were told that the Legislature,. being only the" agent of the people, had no right to pass censure on the conduct of their Senator in Congress. I hear- They will survive as long itilf coneur with the cent le man as to thfi shvp. as jt was ordained they should live, and no Ion-1 reignty of he Legislature within constitutional a..:.- u' i ..i. i.. a i - . . 'I- !i..Jiii.jM.T'.. ; .ngtuu, ii ouc uuijk iu iiic excmsion oi iwo iimus , am oegieave 10 enter my protest against er. m) the constitution has no bearintr on this sub- rj v U , . - - ' O - -J 1' 'l t tlU.Il I... n 1,. .1. i i..-il. . A.J .1 Cf 11 , tic ii muiiuiMiit. innv ici me u.sk is i iif in rapipr i i lie uiif 1 eiiri: - iitniippii.nnii i : if no emi cm- of the measure altered by pprinitling those ov that beeauseta pawer is sovereign it cannbt be I her two to exists 1 would think, in this case j bound by a moral ribligation. No, Sir: far that we established three monopolies iustead of otherwise is the case. We read that even the ; one, and that we consequently augmented the Supreme Rulerof jhe Universe is restrained by evil. Yes, sir, this must be so. If banks be those laws which lie. himself had farmed foi the monopoliei, they are equally so 'whether you moral goternrnent of the world Hov, theui have one or one hundred.' Such consequences,.; eaCU:.-oeirgued Uiat-tliis ...Legislature, beiutjf humbly apprehend, should make nUenienlOTereigriji is not bound by the compact or modify their reasonings, and "cause them to ejagreemeut of any former Legislature ? It has more guarded in -their explanatisns i of tlie 'term 1 been' said, and I admit not without miieh sctna- monopoly. As, was belore said, it appears to. blanceol reason, that this legislat ore is not cumpuseu vi mc same persons who w ere engag ed ill making the law of '16 11' and fherefore cannot be tied dowri by jheir stipulaf ions, if not agreeable to them. I'o Hi lis argnirent I must 1 reply as.was done on a formeroccasionfto w ir, that the Legislature is indivisible and always existing. that 'as a ebfporote body, it in one, entire and indissoluble. I grant you that one. Session of a Legislature cannot bind anoiherj"' v hut a palpable distinction obtains between a session of the Legislature and the Legislature itself; the former being durable as the govern ment, the latter Only, transitory. If therefore' a compact be entered into.hy the Legislature at any particular session, anu ne not intended to - bind- the .Legislature at all subsequent session jeet, and therefore as to any constitutional im' pediment, the legislature is at liberty to act as may seem meet to their judgment and discre tion. If no othei obstacle werer in the Way, I st ould hestitate much which side of the ques tion ! cspuse j but belicvlngf the faith of the state is pledged bt to srrarit the prayer of the" rial'sts, I must not,T cannot remain silent .Hume's History of England, vol. nth, pace j o- ti, a .....-... ' .. .i'ii. :'; ' ioc?. a .LiiiLi ii:un Ki-euiiiuK oi ine aesiruc Dieniona when that; faith is, as Jt conceive, about to.be infringed. ' . S -;'; '.. - -- Tlie words of the law on this subject are as follows, "Beit further enacted by the authori ty afsrCsaid, that no. other bank shall be esta blished by auy future law of this state during the coutinuance of the corporation hereby crea ted, for wh tch the faith of this state is hereby pledged." - . , " -' " This clause is to my judgmeht an alsolute interuicfion tb ;ihe prayer of the memorialists But we are told W gentlemen that the Legisla ture oi'ly promised pot to create any netv bank, and therefore mayconsistentlv renew the char- ters of the. banks of New bei n.and. Cape-Feaiv tute are generally tdTbe understood in tbeirl tion of the taa at Boston shew the disposition of 'Jia .company.",: the people at that time in a very striking light, and that so far from thinking they had com mitted any crime, they looked upon thejr con duet a meritorious, not only calculated to free their country j-JYom the slavery intended for them, bt even the best and tendercst method in which they could have acted tjward.the In- duriiiir the existence of that compact, snms cottditioiiary terms ought to be inserted, sueh ub " if the present members should be honored by theic coustitueuts with a,retiirn to their sel ; this compact shall be binding," &c. But when the faith oflhelState has been pledged as in the section of the act above recited, thal p ledgai 1, i p KOlaeloJ iud i n sean a 1 KnibfteqwHt Sessions of the Legislature, because the Jegisla ture is spokeu Df in ittlurable and iiat traiisr-4 . totybeiltg, in its permanent and not ephemeral nature. But if the words of. a statute are of doubtful meaning, the construction it js said must be in favour of-the sovereign power. - ' Let Us agiMh repeat the words ; they arc as fol- lows : ' Be it further enacted 'hp the authority aforesaid, thatuo other bank'shall be eslablisE.
The Raleigh Minerva (Raleigh, N.C.)
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Feb. 18, 1814, edition 1
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