'IK IGXORA.YT AND DEGRADED OF EVERY NA I IO.Y OR CLIME MUST BE E.YLIi;lTE.YED. BEFORE OUR EARTH CAN AVE HONOR IK Til F, UMVFIRSJL' V VOLUME 1. GIUSHNSHOIIOUGU, N. C. WEDNESDAY, FEBRUARY 17.-1830. NUMBER 39. tun csur.KNsnoRoucai p vtrist. Is printed k published every W ednesday morning, 1m WILLIAM SWA IM, At Two Dollars pcV annum, payable within three months fi-o-i) the laU of the first number, or Three IMl.es will he iv:iriablii exacted immediately after the cpinc r-n of that peri ach subscriber will be at liberty to discontinue at any time within the first threetnonths, by paving for the numhn received, according to the above terms; but no paper will he discontinue! until all arrearages are paid, and a failure to order a discontinuance will be considered a new engage inert. Tlvse who may become responsible for Ten copies shall re ceive the 11th T",".". An allowance ot ten percent will also he made to authorised agents for procuring subs, l ibers and warranting their solvency or remiting the cash. ADVERTISEMENTS, exceed. np; 12 lines, will he neatly inserted three times foi rnedill.-.r and twenty-five certs for each succeeding pub lic -itinn those of greater lcirth in the s vine trvjotlion. Vli Irt crs i r' oommunir uions to the Editor, on business re l v e to h; paper, must be post-haid, or the;, w ill not hi v iv e ! to. shock throughout the. whole Stale ? Will il not lint; ruin upon us f For Sir, it is not merely the Hdorand his securities that would he involved. care dependent on each other, if one. fall?, iflv may fill, if the Hanks press their debtor, he nustpresstho.se who owe him, and so the ruin would he general, thh. distress universal ! .Are gentlemen prepared for tliis state of things? Will 'hey not try to avert it? Andiflhey succeed, will tiiey not have performed well the trust rt posed in them and consulted the interest of the people .' (j'eutlemen abuse the Hanks, and fay, they have proved a curse to (he county. J represent a sec lion of the State that ha as iittle njil to he in love with the Hank., fs anvpart ol our State; and il cursing would do any good, we could curse ; hard as any ; .hut ve are attempting to ellect an argument, oiui ein;j mu-t he kepi uh.mi, aril reason per ;ni''ed to ;vt. We have t:ol into these diihculiifs Mr. (Jaslon observed, that it might not be amiss to correct some misapprehensions which prevailed with respect to the origin of this hill, and of another of a similar kind, in relation to the N State nank. At the last Session, the Legislature passed an act for the appointment of Commissioners to represent the State in the general meeting of the Stockholders of these Institutions ; and enjoined it upon these Com missioners to use all their exertions to prevent a too rapid collection by the Hanks, and a too early clo sing of tlwiif business. In .lunetasj, these Commis sioners attended the general meeting of the Stock holders at this City. It was anxiously desired by the principal Stonkholders to terminate :dl bunking op erations, and to adjust their concern as speedily as the nature of their business would permit. For this dollars. It cuBtitute the great mass of tberurreu cv of the Stated It character must allcci all the utonied operations of the Country, lis gradual or i i pid withdrawal will produce the most important ef fects on all contracts, and on the value of every spe cies ofpropcrty. There is due to these institutions upwards of On millions pf dollars. Few are so mad or wicked as to contemplate any scheme for preventing the pay -ment of those debts. It is the duty of the Director of the Ranks to have them collected, and if thev be. not pafd voluntarily, the law must lie resorted to m order to,euforcc their collect ioii. Now it is a settled rule of law, that a corporation deririug its exi-h iic: solely fnni the 'will of the Lcglattire that created , can neither -ue nor be sued can perform no acu V e l-WfFt'&'.i. thai Siair't collected vJiil O'er :hr .net and ghhc slate, Si', rmirtsa, crowning &ovd, rcfweaain fit." DEBATE Oath'-Bill to einbJe the Cape-Fear and Newbern Banks to wmd up gradually, and to fix a uniform rate of col lect nn. House of Commons , Jcynary 1. and we must get out the best w ay we can. lie people do not wish to be released from debts for which they have received value, they want to pay them, but they want tune to do it in. The Hank lind it will be impossible to force lii.it much out ol the people, they know unle-sthey give indulgence, many oflhcii debts will be lost; and from the d is-"ttfm-tvf ferst wtw-,"4lvr-iML4iiisiou,lo.4,riis, ma lie is J no tar. . JJw.y ajc .willmg.to give .indu! getice, it the people will agree not to lake advantage of it. The bill proposes, thai tf ilie Hank wdl it4 .-ttirc a greater. . iiUtiiucnt . every .. n.iiicty l.is lb ui the one-twentieth of the prevent amount Vi ' ith deld, arid if (here sn.vdd, at the expiration ol the charters, be anv d bf onUlaiuliii,'. Ihev mat I lo obviate the .' j have three additional j ear-;o collect mi. Is not . I . .. , t e i t . T ;uis pei lecny lair r ii n nut as rea-oimole as anv liiing can be ? (ientlemen, i (bey canfot se i.urpose, they pioposetl (hat an a-iinm. ni should he ' a,lV k,,ld ilt,cr tht' "" " !,on l,s ,a' cx?-Unco made of all the corporate funds to' 'J'lu-K t s. who termiii.mts. In order then to secure the " receipt of should collect and p.nv debts liquidate all clai-n, and j wl,:,t ""V he dueud to vili-ly Hie deui.m Is of tl.ei: settle w ith the Stockholder. This proposition, re-' creditors tlic '.uanks must prot etd bytn ei.et-e'ie commended by many other motives, was said to be ! course of action to wind up rh ir :".,ur, so that imperiously reonired' by (he consideration that the j nothing hal! remain t be dj.;e yl n the 1, -f charier expired on the 1st of January and I Jmwry l&5 slnll .irnve. Ilifnn u avoi.l tint il was their dutv a we ll as their interest to 1 ! '"convenience, by adopting -ui nlr i i i v- whi Il i . . -lit liow this is to benefit the p opie ! tney have live i ears to pay in tinv how Is it no benefit to have Mr. ricor? rose and said I have the honor to I vour debt divided into twenty c -pial parts, and to reprev;iua large and lertile countv, hut irt wealth know Uiat it you pay one of these parts every rnnc-n union unaieiy nitiucca Hie location ot a Hank at its Co'irt-hoesr, ae.d in the pride of prosperity, when cotton, land, r.eir.ea, every thing sold high and mnr.eif wr plenty, the people went in debt, times aben d th; pnee of property fell, money became' fft'-e?s and for a few years tvery exertion has been necessary for the poplo to hold up under tb ir then- house in onier before that (J. But our Com-1 iU prba'p a.-Koyer their pur;.,xe, ' vli,i thev v -mTsTofiVrs, obeying our instructions, tneii strtnuons-! t they nia v a-ig, and a Court offvpiity will com Iv resisted the jiroposition, and pressed upon tlie ; l,c' assgu;'es to perf trm aoy honest tr'ist. .MocOioIdei "'to p71pbii-'a 'deilsftirr" fn;Ti1 ' sfficr tl)tsr ' -'ftiey mny thnrtwr wr H ttwtr --pr4vt Ihtn iVpproachiiTg seisati)h of the Legislature-. trust, to matr sales, to ro'lrxf dcbK' paytjl:air(hn TiP?Xik..rr;J,.!!?!?. nrSr( fr ttris rt.tptmemetit, w ere fwemd divide the plus anion., .their. Sto.cklu'l the'tieccpi'lies of the debtoii, the i n sure of the dors. Whatever .(! rs mnv th-.ilf f an axM nniie d. times, and tk apprrbt fMb'tF iK it;iKe. uf dist.resa,froirih.c idiould reganl it. at the pn.m mUmv.i, a- a a rapid withdrawal of the ciit ulaiing medium. .And measure fraught" w'illi' ' alarnHoi'' coii-eijueiit es; ',r ' to obviate the objection an-ing from the nt ;.r ip-' ,-0uld not be e ; -ectetl of .vsuj.ices . aeti.i ' uialer roach of the day on which the charier of the sew r personal ' reponibi!d . to shew tl :e m&.o the Hanks must expire, our Coirmissic in is a.-Mired lenity, or exercise the same di-.-re?inn in rolb-cti-. j the Stockholders of th perfect cJidciKf? whnh debujus may be practised by ill. Hoard of Din-cM; . days, you do as much as your creditor ' can ask w tiereai' now, you don't know at what time you may be called on to pay the tenth, or third, or'thc half, or the whole? Five eais is all we want, but we want that uninterrupted, and unless this bill passes, instead of having five car, we must pat in the next six months or be sued, hi five years So far they have been able, bv I we can pay olfbv the profits of our hncl, not by the pinh u rassment- the proceed of their lands, to keep up their renew aU, and if they h;ive a. reasonable indulgence, they will gel through.witbout a sacrifice of much prop ei t v. This, matter, then, is of great importance to my co..ntucntti, and A am rrally sorrv to see the opposition it meets with, the prejudires it has to en counter, and the disposition there seems to be to give it the go-by. To occupy as little time a pos-?i!-'e by giving my views of the whole subject at ot.r , I wif slate the amendment, I will olfer. The bill as . now f-ianN, reip:ires the Directors to di minish the amount of df bis to one half their present amount, by the first of -.January lfiS.V I dislike (hi provision, because it leaves it in the discretion of the- Directors .to indulge in part of their debtor-, and rv.ikc the rest pay all the required amount. I shall move to strike it out, and insert a provision that each d' bl now evitin may be paid by instalments .of one-twentieth of its pre-cut amount every ninctv da v.. In this w ay the people w ill then know pre ri.i Ii ti hot ui a 1 I . I ' .i r u v,-, v ,....,,,.,,1.., if T .ui-,1 ai eaen iiisiauncni. i j me way lor a liauk, that is to will also prop'w to 'Cru-it lb:; Hank to takcals stock : .ound circulation merliu.n I.. Ill n.itmi;il nT rl. lu Ti.i. .. .II I....,..' l O. ... ... il... I... i. . . r ," ' ' n,i; toe ciitci 01 making stockliob.h rs indt hted to the Uank pay their sliaiv. and will in rease tire means of paying debs dueiheRmk. 1 w.ll abopiopose to authorize the stM-kholders to declare dividends of the Capital af ter the firt of Jar; i .ry ,18 7. This w ill enabb the Pah lo withJraw its f ind.-, from the insiituiiun, and dissolve the ei.p.i, h.erslup, and will a!o dispose of tfir nmney tl.at will areumulale, abd be otherwise i-ti . In otic-ring these a net.dments, and in consid ering (he several provisions of the bill, I look at tie; Legisla! ire, not a. dictatin-r terms to these infti t iti.-.is. but as endeavoring bring about an ar-' r uit ueit trthe benefit of the p-oplc, that woiifd meet me nppronation ol the stockholders. I mi i-ropertv itself- Need I ure upon ilus house the i ltu 'r "bligations without any special help irom us they entertained that we would i.ot heitate to v ctJJuny be .-erious ditfieuhv in ' finding a further day tor the collection and pay mi nt ot debts, ees worthy (.'so vast a IruM, w ho roe. d ! ledured I'he Commissioners Micceeded the decision was , to undertake il, and the yropi ily of the Male and postponed, and the Stockholders are to meet again j of our Citietis eodarkedJn the institutions, n.ie'ir to pass upon this proposition as soon as our session be exposed to gn al jeopardy, fiut above nil, a da:,, shall cloe. ' gcrous depreciation of our ciiriciio, and its iHpid 'J'he tills in question do not therefore come from J retirement from circulation,,, woutd probaWv be the the Banks, nor owe their existence to any application' result of Mich an assignment, present, our cur. iioiu mem. inesc institutions asli imuung at oui rencv i" m a sound state, lor the banks are able t0 nanus, i ncy Know wneii ineir ciiariertd powers pay theirnotes, and there is a hort are 10 cease, ana jney are competent to take careot these inll rests, atid provide for the performance of m- dillereiice between paying a debt bv the profits stead o(u ilhproptrly Jt Jjreak in upon a mauV prop erty once, and-you may as well will., him out. 1 1 is pn hts till be diminished by the sale ef a negro, tr a horse, and the next time vou mav sll two negroes or two horses and hw land. U is said, this Uii is t6 benefit stockholders wh.) owe the Bank ;they are '.lie debtors least iideiesled lor if the Bank should not -force all out of ihefn In-fore the tha i ters expire, the stock and debt wil. cancel each other; but, sir, a more deadly blow was directed, when the tears of the friends of the new- Rink wt re roused,' by alleging that this bill would prevent it from going into qpCralinn. I am friendly to the principal oi that liank, and so far from inj.i ing my hriur.t con viction is, that the passa-e of Ilus billwill be abso lutely necessary for the opeia'.ions oflfiat Ihnk, and ui addition to the direct benefit it will do the peo ple, I llatter myself it will benelil them bytjajing supply us With a ringing myself to the determination, to supper! the m v Uank, mv greatest obalacle was ttih fear that lies infant Hank would he' Swallowed upby the prcserrt I'anks I know this fear presents itself to all its friends and the only thing I look to for removing that objection is, the passage of lite bill upon your table, li the present lhmks wind up gradually, il will enable the new lauk to go into operation gradually, as the notes of the one gradually go out of circulation, the notes of the other will take their place. If the pres ent Uank indulge their debtors, they will stay where they are, and not flock to the new Hank for no new jnsiitution can suonort it-ell' except by loans 'Ofild joiii shorl credit and prompt pay ; but if you force nigKt(theiri to call in theiNdebts without delav, vou might and efleClua; J ht true question i- the only enquiry should he whether this intei lereiice ef ours i tailed for bv eor.Midcration of public policy ? Khctorical invec tives, atid tforid tfcttarMtrorr atimt titd s m td ving thi&qutstion. They may tn'iven a dull dis cushion i they may amuse the fancy or gratify resent ment, but they assist not the judgu.ei yiti coming" to a correct coaclusion. No one w,m more thoroughly STtisfied than himself, thai the Banking system which had been puisued in this State had been productive ol numerous and se - i rrn inurntrr i it ci t it...ti ti-,. r i i . .v.- . ..sn... .u-v..i v....i, mni d( 4i.ied consi'h r.ilile Hist aliiicnts, and enlore i,i,g liu could not but UTirunate in evil. Banks wcie tstab- i , .,.,, t .,ftl,. ,., I, i- .;,rl.,.... .c wu,? - I I . I ' ' . ' be broken down by such a f ourst , w io may be in !ega remedy lor comielluig pavrne:;;. hut vvb- n the corporate fyids shall be in th h and.-, i f a-signc they canot he compelled to pav but through lec iViedmm if a tedious and expensive uit .in Equitv, and only then out of tht-pror. eds a. they are real ized. An alignment will naturally excite aar.u, crente dwtmst -ald . btt followed hv . deprtciutic' u And when tht!" notes of t h tnm'iring Punk sbi il be received by the assignees,' they vv'ill have eo right to re-insne ll cm ai J thu (Leveies v.u!d !e speedily altogether withdrawn from circel-alion. ifheut an asi-.inienf', the tanks cannot collect vi !. (h.u is due to them bv the dav when llieir r!ar tc; t Xj'H'e, but by beginning without io? of time lo . l .ll ll -ii . . . . mkc v e onr more inciuigenl to the people, but the.., as will east an infant iuh, the raging sea, and expect .... ,.,. , IU , eau.se to accept ol ttie terms mid , it to swim out, as to exnect the new Bank to no into operation amidst general distress' and ruin ! Away then with your fears for the New Bank ! Away with your invectives against the present Banks teil me no more about bearding the lion in hu lien. 1 his bold language conns tioni gentlemen whose constituents air inn nrwir i r Litiitf tint mnu(in I " ,1 I . , ' I . " J ' '''! VW llllipi Hit, Hl'li I CV-1 ' V- -i i. . .m; hist rvo or three, have been gradually who have felt ins power, and arc in leach of m t ie Measure be entirely fnr.frated. Let me beg eentb -men to view the stihject this light, and see if the provision i not as likely to meet the sanction of both partiey, n any we can adopt. W h vl i the M'.iai'on oi t!ie country For nnny years we have b r n "o.en ig under an mormon-- amount of debt, iii ' a l ieg u. mi. yii .1. . l..ne. the r eoore owe tiu ens and a half oi (i,,ilars lo Ibe Banks of"ih t of I by Stale tin: several Bai, ioe ir.t oi exiinguisb- d the hole. ( U't :" paid., etui out on ad 'tide:-:- 'e!,'iii!.ig j., ri 'i " . 'i of re r no pro; w ' ci.aS'e ;he Bank, to t?o that -.my debt. not o.ud paws, are Hie best judges. In an unhappy moment je Lei'ishilnii. i'i,. ,i,.,l rs lc-Mlrs what t.iey-nve to each other and ; Kihanov liour the w.,,d.. ;,. .ui.i I ,.i oe bet year, the colleclion out the easiest way We were told the oilier day, ie amounted to i i'jl:t hun-!ihaf. Ibis v.-.s .-m oi, . ... r. ti... ..i.. cL,. .' r! " l"n,1S;,,"l dolHf ,-. ad at this rale, if icl alone, i and that llw vo.ee ,.f rM,,,L ,i r Iffct ftl I :i rill-1 r- 1 O .! Til . ...!.. I I. . . I i 1 J 'ill l u II"! M P, dl 1 .ldl i I :hll M 111)1 iWllee! .d Ih,. h.ll 4. 41.,. t . I .. . . i-ii-v I .".:.." ti.i v ti-.. e. .1.. I!. . !,:.... i. ... : 1...1 i "- ""i iu ui i i'joiviMLl uusiiies?, iiim I !( ?.", i niyrelv to pisy and collect debts. We" all know ' ' ; that il a creduor dies before he has received -Mhc ( i- 'b il ! noncy. even if iie ha, iii,lim..nf thi. M. io ; l. ...f i.. i in, ir ( t l. i I I II. i'i I , I ,IC l !l 11 ill s Ol ,!;; j.i.j.i the lav! of .ramnrv .lie, iijcv vi!l ' in 'thc-e (. cd!, K and aiiA "Jeji.ior w b Str't, ijrrp off r-7d until that time, v.ill' b v. bi-i,e their iT'.iiev. ...:L!.X::.i..f'i.!.iii: cii. m pivdiaeting a "' !', Or even i ;i mIioii, if ss iiiete is an cxfcc.iior or adiiiiiiiii-!ii..c so in die i.-ne wiil he dili.i (ease of ine Banks, or banking purposes thev die, at a , oic- M r: uio.i ui uieir cnaricrs, aiiq" there is usually an t mm ali .i :i LiinU charlers :i i.iiiiii..i. tiw .11...:.,,, ' I.. iU. I '.v-.i-ita IV I v..llf. A.I IJLI. Ill llll rehired, nni n.iiik, m;.v .-ha Hers f....t.fh..t. i. . t , . i T w.Viin, uhiu mi, no sucu piuvisiuu-, v.r course then, io (I ll V- l nd till Kill iw. ....... j i . .. .. I.. .1 . i i- . ...... ' - ! I'iw-w.-f3 IKI BUIIIIIV lllill IW'll 1 I Hfl ;ip IO .....Uvt n not til. op nuf iifH1 h'U,ks 'luiro et.ahic thuitlu livdulge lUei' debtors uutiL the rb(;:;,,:,;;: .1 tL.ihon , u;:r'V i ; I """V "" h- reason, wjii it ,lt,t AnowQio vm: tvmon a.i'J-- tjlr c.rg-..H7t not.. p'ooVc mt;n-rt-ff-tffc ur0n v - lished, multiplied, kept up, and enlarged, not wiih a v iew to atftyd legitimate ffinhtics, to tcnuneiet , but to make accommodation loans, and lo manufacture j iptr irymey. The blale descending from i s high ft alien had entered into an unholy alhance with in dividual corporators, and had urged, encouraged and wirclioned a most pc rnicious course of operations. All yvho wanted to borrow, and could givesccuritv, were accommodated. Issues and rc-issiu-s of notts v;re tlirown out to make nuyiey plenty. bile this vicious couire continued, nothing whs so popu lar as the Banks. '1 heir paper depnci.ited ; but no matter, it would pay debts and buy produce. Fic titious redit was created, extravagance encouraged, and old fashioned industry made to give place to wild speculation , hut the State made large dividends, men spent money freely, and no one thought ofpay-day, providcdjhe could but discharge the intt rest on his loan. It is impossible to say when or how this would have ( nded, but for a cause over which the State had no control. 'J'he Bank of the U. .Stales received the paper of these Institutions, demanded payment, and would receive no denial. After every tempo rary expedient had failed, no alternative remained for the Banks but to call on their debtors to make paymentnot all at once, but in small instalments. Then public favor was succeeded by public hatred. I hen these' benclicient Genii who had thrown open the door of their vaults at every t all of "open ses ame," were converted Into uripii) ir g monsters that fattened upon the life-blood ol helpless victims. May we take a lesson from (tie past to avoid the like enors hereafter. But it is idle lo it criminate, and silly to vent our unavailing anger. The mischiefs of this pernicious system now exist. How are these mischiefs to be cured? This is an enquiry worthy of all our attention, and demanding the exercise of oir best judgment. i It is proper to bear in mind, that more than 700,000 of the properly of the State is embarked in these Institutions. True' it was unwisely end.iokro in them. The State had no business to ingage ii. banking operations. i:ut there if is, and it is our bounden duty to take care that it should ret civ c no detimienl. It is to this property only that every friend to the State must look as furnishing the funds for the future improvement of its' moral and physic;. I condition. Its preservation is kji object that cannot be disregarded, without incurring ic heaviest respoi. Hhility. ,..' . J. l.i.$, pa per ..issued by...thesa.uanks iid.ycLJr..c.ircfl . lation, certainly exceeds a million and if nore ;ki bcrrr' lo? t Qust amount to fourteen hundred (Jinusanci e t i tii in i tit.- mav no pi v i iiieo. au ;is-in. i I no doubt he productive ol' less' eonfu-ion f i s, bureau as-i;nmeiit m-vt i - n-e-r 0 I a little cmbarriisMiifi't and pu!dic-u'os.-,.ei.,C' I'-inedv st t n s, tin if fi-i e lo lie, (but ' 1 1 i ' , v volved in their fail, w hat ruinnu saenlii e's of jiier erty may be spread thu ughout Ibe Tomnmnilv, no f.ie ean predict with precision. Ihit.eviv m-.n wh' is not destitute of feeling, and wha lakes an :niri sc in the prospt rily i f his f minli v , iui:. o.mu d I ,,pe . I. . . 1. . . I " : . l ., . niai wicM' t aiaiimits mav ue pi v t nieu. ,:t ;imh. ment will no doubt be prodm and tlisfn cause not The true our Commissioners ha te iiatiCftted. la t the corpo. rate existence of the in: dilutions be iii rub o lnoiii the present term, for the sul yy . c of enanln g Ibem to sue and be Mini, to make t p!b e;ii,s aid lo pay debts. Let ns avail our-clves of the oci sion, while proposih this rt stricted eien-ioii of their charter, to impose such terms as sh,, Hnnr our embarrassed citizens from caprice and oppi, sion, produce a gradual retirement of (lift nofts from circulation, insure a faithful discharge d' dm . on the part of the Corporal ions, and make it th;r interest to cooperate with our views of public pi, . cy. Time time is the great lenitive of ail limn m evils. The mischiefs of our present ondition c;. i be cured bufhv prudence, forbearance, industry at,.f economy, Alton! an opportunity lor Ibt se reme;in to operate, and all that we cau itasonably lupe may be attained. The Legislature cannot alter the charters hut b consent of the Corporations, (dftmi-e it mt: t b left to them to say whether tin v will , n i j of the prolongation tdleit d under the rcsti ii do, ... with which it is accompaeietl. II ibe resfrit lions I ; reasonable, (here is a rational certainly that the eb- will not he refused : and il i our biiMi.e-s lo t iff " care that they be reasonable. Should the result be security to tV- nuMic funds, and tranquility to. the public mind, a milig. 1: n if present dist re :", a gradual improv emcit m i!ie vi, dition oTour iiietis, a'ul the prevei.(,,,i "I llio portentous calamifu s v. b;iiMUu to be iioj i n, : . we may without envy, k siii m oih rs 'Ju: t i i f chivalnc daring. Let it be th u hyast to b ons and attack monsters. -uHydnnv Corgoi f, Cf m ei. tli.-e f"' while ours is the n-dd : ; i'i .,! on !o those whom itont hl he . i d !i.:ht. I'.ainly is our duly, to's-ist ;i ,,j proeci. ' l.e motion k'-J'-' ii.e Mil ! f- 't 'U, of d tne ill ll .' good il eer ' 1 ! : p l I v , :t ll setojid leading v ohs t- W;1 !"; iUU d bv'. 1 1. e ii. I as.-i i 1 1 ..J