Newspapers / The Durham Recorder (Durham, … / May 20, 1829, edition 1 / Page 1
Part of The Durham Recorder (Durham, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
m the Raleigh Remitter. DEBATE ON THE BANK QUES 1 ION, Which took <" 'he Hon* of Commons, from Dec. J9, to Jan. 6. Continued. Mr Na-k observed, from the patience u . t. the hou"? had listened to ott> c ,-entlc?en who had at different times k :cvcd them on the sub|rct now un f1 i onsidera'iotit he trusted he should ?.<; > rard with like indulgence. In eed, the importance of the measure r?:o;?osed, he had no doubt, Ijte a- it w ? in '.lie se-^ion. and jaded as merr.? Y.ris mu?t be, th< y would willingly htjr ai>T one who ? i>brd to adi're-s T' e subject* sir, is one of deep a; ' gvneml iotere-' ? to us, o 'he (nil y imunt of our tharafirs hit lu'.clii I'uitr and fi> nines-, ai d to the people i! la pe, to the lull amruii' ol al' tluir j?ci.?l and .loinestic c?inlor'. I* rc mains to be dr? -ded, sir, whether, true tn ?ur trusts, wc shill pi>r?uc tint r ut-e which the interests of our con? t .iirents demands, or yirHmp to the dcnificia'ioria and threats nhich haw t ei n so often thundered in our ? ar> upon ths fi jor, shrink Ir m the perlormar.ee of uiir duty, and pass this destructi'e b l . Pa*s it, ?i^at d frcm th* m >i>n !*.in? 'o the ?ea-shnrL, tt wj|| be frit and r M<?rcd I is n<;t n y intension, sir, in a ' r >*i:jK the hou?e ai this time, U d< i *? ihe several con?tit n turns and le ? tj :e?tions which have aruen in >h< rt ' r e ?? foimcr d'bau*. upon other b:!'"*. If :h : a'guinei. so! the pcnile r. j-i 'or NwWbern nave failed to cat ry C' ? i ion l ome to those * ho hrard r. : ? ?' it Wi i>5d intfeeo be folly in mc to i: e ? ti it I shall not therefore siop to i* q i ? whether this legislature can, in rn ? vi olation of the constitu ion of thr V i S-ve-?, of our own state, an<J of -en ? ed decisions of the highest ju. r< ? M?unala known to our*o?in?ryf r . > ? .rtw? ?f twnfist ativn, ?r ex fiott fac ? :o \?r iaws violating the obligation < f i .. .tracts. Nor shall I stop to inqui'e w hcther it be the )*w. as has been as* te ted, that upen 'he dis^lution of a chanci, the teal estate h? ?d by t r.c r i.r p >iatiyn ri verts to ' he % ran'o',itu p?r sonal 'o the ?OTerei,?n?y ot the coui"?y. and ti at as a c?n*ec]U' net ol sot h r^so Kuoii be debts one tooth to an 1 lu-m tl.e r<-ntpany, #e extinguish d. N.?? | ili. 11 1 Muj'jire whether the ?pe? ifii'a ( ti i s f offensive and illegal ac?s on the fjit i-t the <fticeis of tni-? ins'iiu' i"n, 4't *uch at>, it judicia ly ascertained, w ill -tsu't i ? ju 'gment ol forfeiture of ih n 'rjr Irs ; bu* sh*ll, f??r lie present, take it for framed tliat t ft c charters arc lor fe i tint these consequences do not fol oa? tint we have a ri^ht, a le^a' and ' ? nsti utior al right, 'o pi*? ilie bill ori yi.nr table, *nd confu-e my*clf to the in rj.jtry ought it to pass? I' has become Imhtoi ti|r lot the nentlemen trho ad dress the house upon this subject, to in. t >rri)u4in what rela'ion tliry ?iand to ihtitr institutions as stuc klio1'*?rs or d- b :???, and it seems to he t!ic opinion ol m mc, that in order that their opin t n> ftiould hate due weight, that they b- 1 omc the trumpeters of their own in ?1 pendrnee. In >omp!iancc witt? this new requisition, permit nte to say, I ain ti it an i never was a stockholder in the S jU' H ink, not am I its debtor as pun cm I ? r scrurity. My name does not. to r- v k< o?* led^e, appear upon its books I Y '?e ihrrelore no other interest in this ? ?; ? r than thai which pertains to mc ? ( ? v. n o! l'?e count y. I am not, J ? :.f ap lo^ist oi this bank I believe i ?> afl .its have been greatly mi>m.ina k' ?' ? 'hiit it* t-ffi er?- luvc recoiled to measures disiepu able to themnelvc s, in j 'ft'MH in the chaiacter o' the stair, and ' J'pi t'l&iv? to id dealcts ? I am not jt? 1 '?ocat** to show ihat I tic acts complain ? ? o? ate not forbidden by its chatter, I ?frf necessary to :t c safety ol the in vt ijijno, and not iniuiious ?o the com Omn'tv it large. 1 am here, sir, as the fc |n r * i (i ' a 1 1 v c ol a p 'pitm "I the m?vc I fci^ii-y of this state; ar>d ;>a an advocate !<>r he people at large, 1 *lo m ?st so lemnly warn gentlemen ol tha ticmin* rcullt of tho bill upon your ?#ble il pa**r,| into a law, and do m->M c?r^ '>tM|y bcscech them, in their blin i (ury ?' i' ?nn *t this bank, not to lose si^U ol u|>?t i? duo to the citizens of the state. ' will be recollected, sir, th?t the b 11 , ' utn!er consideration is essentially Hefcnt Iram the ono proposed by th fc' "I eman from Citanvillc By that pltn, hanks svere to tie plundered ol II ' ' ,r ptoperty ol every species, ano he ! "c confiscate! t<? 'he use of 'he | Mate, a j -int corporator in each institu- j lion, and equally answerable, in con science and |u*tice, for every ac' of fraud, injustice and oppression. Nay further, * hill in equity ?as to be filed by tl? attney general, the object of which w is, as was suspected, to wrench tro?v v>me of these corporators their su perfluous wealth. Ti*is was the original pl-n ? and r.ne of more grots and r upon dous in quity never was presented to th?* lr.*islat?jie of North Carolina. I- ha* b<*?o aptly designated, the plan of ra pine ami plur.dtr. This plan was alter rd, and the chancery pa't stricken out ? and on voter. by sir, wo were pre* Hcntc1 by ilir ^ciilleru n who ha?e com. hired to r^m-dv the d;aea-es o? the bo "> p .lint wi;h u?e pre *ent._ S t r 'pt, it | :? true, ol the odious and d;-g acelul leato'esol the original plan, (nut si ill fraught with danger and destruction to the community.) at d for this partial re ? uri> to virtue and i-ood sense, we ate ?iid> feted, 1 presume, to the gentlemsn from Mechtcnhut u I nav< known him, sir, toi, , and known him well, and wa* satisfied f.c was too sound b. th of head ar.d U? art, to sanction the first or sccon-M bill. Toe measure n' w pioposcd, pay* j a Mien' hon?aj?- ?" t,-.c jryument nf the ! gent It man fr<.m N w ern, t>y aband ???? - toy; the pnn< iplts against ?h ch he rea sr ned, a d rcc ognizing as !rue, the doc trine so nnch declaimed against, of the debts due !?om and to the banks hy a dissolution 'he charters. [Met Mr P ? it r, rose to explain. ? ] Mi. N. rrsi.-h-d the fl-.or. Mr. P. ob. served he < wed it 10 himself and the g- nil*n>en who h .d jssived in frnirunp ttiis bill, to sra-.e distinctly, t bat hey re tained ther opinions heretofore express ed, rha' the debts would not be extin guished, arid that ho clause alluded 'o, **as inserted from abundant caution.} Mr. N. resumed by observing he had nothing 10 do ??nh the private opr. ions of g<*ntlrm<n, nor had he made any allu sion tothrm. Nor would it he proper for him s<> to do? lie could look at an<i nonce gentlr men's op nions, only as they were marf*' public property. I f c had s?ated. that t >e k>ill rctog' izid the correctness of ti? ? opinions pronounccd by he pen. t criiiti !*on XcwbciH. for it expressly pn.vi''( s 'h * ibe d?'*t shall no< be tx> M guis'.c.!. The ncntl man Irom (Iran % i lit- -?>s. this clause was inserted frm a'?or.vh:.t eatt'io -- au'ion s?r ? and ve? w hive *ecn told on this fl ?or repe.?? c llv tiy tlia* gentleman, t'??t the s ock ??ol 'et? in ihi- ba- k had already derived from tlu ir stock more ih.?n 'he law al lows? tha all ove is u?'jus? ? and that they oupbt not only to !ose what i? n >w due them, but be mn e to disgorge their i' lqoi'ous i?ams. But, sir, to re turn to this bill? 't- friends tell us the* have Mvn objecs in view, one. is the punishment ol tho-c interested in tlir S'a'e IJii'k for the improprieties ol their coi duct, and ti c ?.t'?er to civc re lief to the p< ople. Will it e {To ;? u. it ?: cither of thcr ? Wjects? I dunk it fan lie cleai lv s'mwn i- will do neither The first object is the : utitshment of the banks. Let us see how lar and in what way it works this end. We have been told ??fliciii'ly on this fl >or that the bank is solvent, and -mly so through the sol vency of its debtors; and ihc ab'lny of iis deh ors t<? meet their en^agr n?e;i!? at the hank, r s's upon the ioduigen e which may ' r extended to them A"d we hive hear. I day af'cr -'at . that 'lure is in th C'immiin ty one general cla not rgdiift this institution m paricula ? that it is odioii', and sir, we have loun 1 that nod'Vution to public service, no brilliancy 'if talent nr purity ol life atid m Tal*, ate sufH tent to piotect the in dividuals connected with it, however innocent of the obnoxious acts complan. eil of, from h?ss of public em fidence, or s >if Id them fiom gross insin atioo. S r, t lii - odium M>d c amour d <es ryitt, ami the S ate 0.. k . fl'i trs cannot be u:nur ant ul it. !l\ a podic report, thi y h.tvo proclaimed 'o the world thut their storks vields tlic<n lit' te or no profit, thai it \T->uld he better for aach one to havo the of his own money ? ? hat it it cfuC to themselves and to thrir di btors to tie (i in to wn.d up their afTjits. and th*y hive given public notice that ?.hey will call in itten <1 r b ' ? ?t one tenth of the whoh: every t.inely day*. This ic solution, sir. I cannot hut think, injudi cious and ill timed. It has increased the tears and <lis< ontcnu ol the community, and a general inability to comply with It, is felt and expressed, and we have been rep* ate<'ly told# it is our duty to in er'erc and t . ptevent the execution of this destructive measure. And, sir, What doce this bill propose' Monstrous as it m-y appear, it actually compels ihe state either lo collect the whole ol (he debts due 'his institution immediately, and to Mstnbute them among the btoi k holdcs, an'1 thereby ruin the communi ty, or 10 i?i?e indulgence to ?'ic < tbtor?, and guarantee their solvency to the ''afik. Is this the fact, sir, or is it not? 1 beg gent'ementotake up the bill, and accom pany mr while I read t'ne second section. (Mr. Na*h here rc:d the 2d section.) By this section, open a j?jdf?tnrtit of lui Iciiure being rendered, and I am taking it f-ir granted, sir, that tnc gentlemen reporting this bill are too profoundly versed in the constitution :>n ) la vs of their country, mid with the evidence be lore them, not to know what will tie t^e judgment of the court ? commissioners are to he appointed, who^c du?y it -dial be to proceed to collect the dt-bis <J u < the insmution, t?nd after paving the claims upon it, to dtsttibu e the pro cteds w ih due attention ?o :hc tights of all the panics concei ed. The commis sioner* must piocecd to collect ? -tb-. r? is n<"' al'cinauve. no piovt-iun in the bill for the renewal ot no < s, nor mode p**m? ted > ut by which it is to be done. Le it t-e recollected, sir, 1 1 ? -.* t although tint assembly is a p?>l?' ?< al body, your court o! jus' ut arc no'. t is bill, ins'l tute :hts prosecution is vou lega ly m ?.place these irrivi <uals st the bar! ju* ice, and their rights at once becol sacrrc!. The idle dec lamation to we have this session been c< mp^ o!ten to li*ttn, will pass by thet idle wind, atrl tlougW passions est may cljinour without, ih< ear will not he more deal than" your judges in listening to any the law and the evidence. Ln their warrant, the act ?l pass, tl there find themselves directed" ceed with a due regard to the rig] all parties. What will be tho^e rights? I hit the debtor rh'll pay when the time agreed en has expired. Sir, I have assumed that your judges arc honest nun ? that th'y have b*orn to execute the l.ivr \*i:hout favor or off ction, they will obey This law as far as it is consti'ic t ion % I so to do Arc the people able to pjy immc'i >*e!y what tl.ey owe the Stat? B itik? S:r. it i? well known thev are not. The people, atceruinc to offi ' i?l staler n - on vour tablt*. owe tins in*tr. u'.ion ?2,500 000 I* ha*- in cirru L i'?n fnme1 .ing nndt > ? I 000,000 Sup po^e the whole of this sum hi tlii* x'.ate, a or! t.i he applied to <hc extinguishment /.rc iarito of the ?!? b' (here 'hen would be lt.lt a debt ol g l.'.OO 000 '10 Lc His? c' a-ped And how i-, t his to be done? It cannot be done. What then, sir, is the c o sequence: that in twelve nionths after I the passage of this bill into a law. the re- : al properynow uw-icd by the debtors of i his institution, together w lib their si ?ves' arid other personal property, will have pus?e I into'l.ehandsof these lordly s'c k bolders, as 'hey ate termed. This must be the rase, lor they will he the only bidders? 'htre will he none others in market. But, fir, stippo?e ymr judges not to be lune^t n?er? suppose them lOgjrdlcss of their (Tibial duty, and to grant induigi ikc. eithci hy not collecting the notc> ?1 ?>c the institution, or by erec ting the rit^cliroh into a Bmk'ng Concern, and rem wing the nolo <o due. *Vhat, hi that i. ise, Wi uld be the result. The st.i:e < ' N'.ntii Carolina, *y eviiy pnn? 1 ciplc ??' honour and justi'C, would l?c h:>untl to r.uarantce to the State Bank the h<.<|? t m y ol its debtors. I.c' it be >r. collected tl.at the S'utr Hank is io p?r tv to our ac ? h? r consent is norher a?kc l for nor permuted. V"ii judges and c om m i ssi '"/lie is are your agents, over whose acts, the bank lias no con 1 HOI. If, 'hen, by their improper conduct, eii hw- r with or withouut your sanction, a I >ss a -rruc*, upon whom is that loss to Lll? Uy 'lie clearest principles of jus tice and of law, upon the party appoint ing. We Mill suppose ;? cn?c. A. and U. are partners in trade, am< by the arti> cies of agreemint it is provided, thai upon o dissolution of the copartnership. A shall wind up and settle the business. A dissolution docs take place, and A appoints C. his agent to roller t the debts, and by his negliKcnre or impro per conduct, f'ebts are lest ? upon whem is the loss to falif Shall 13. who had no agerr.y in appointing him, and to whom he is not accountable, be burthened with a shate of the lost, or shall A. bear the whole? Most rlearly A. shall bear the whole. And wilt it bo pretended that the state is not bound by the same prin ciples of jnstice which bind her ci'tzens? Will the t*ke by violence, and with the ?irong hand, from one ot hei ci'ircn* the management of Lis own business, entrust i; to an agent of her own ap pointment, and then refuse to make fjood any loss that m?y, through his neg ligence, be sustained? And if she would not do this iniqui'y to a single one, will *he do it to many? Th?* then, sir, is the mode of punishment which is pro pored bv these gentlemen Inr the State Bank You relieve them horn all 'he additional odium which the collection of their d'bts will accumulate upon thom, and kindly lake it upon your own shoulders. They are willing to j;ive i heir debtors two and a halt years to pay. You undertake to collect for thrni wt.at is due immediately, or to stand between thtm ar.d all loss fr?<m delay in collecting. I< this legislature prfpirci! to a.iopi it? True, by one mode of ;ji ocedure. you do effectually r?iin th hii k as an institution, but in a ?node 'hut aukes the In-art sick 10 c?n trmphtc ? h first victims must he its deVors. he other, you pledge in the bank the ait^ o! he smic o make pood i's debts. I jvk ac?in sir, are n tlemen prepared to t : k ? - .?*. er star. ? I :?tocKh"Mer i? 'his kv f>u. c 1 A " ? 1 v/ ? 'V iliC is mcHbure, it |h% cotnmuni use M| process Hrid go into Brier. You Hthich some ^ lo covet, the duM the hip y. 1 think, sir, I [ e house Iha' this hilt \ docs not punish the bark; or if it Foe1*, it is efl" ted in a mode which I din ^pertain a majority oJ this house cannot, will not <>anc'ion. i-ci us now see wnat reitei it provides for enc people. The people of NoHh Carolina owe the State Bank a debt of 2 500.000 dollar*; the N- wb'-rn and Capt F< ar ^ one of 2 000.000 dol lar*; and to the II anch Bank of the Unit-d Slates at Fiyettcville, a debt of 1 .000 000 dollar* ? making a? aggrc- I gate ot riank rieM ot 5.500.00 0 dollars. I We will not inquire, sir, vnhs htr they i were compelled to go in debt to the ? bunks, o' whether, as freemen, ihey I contracted them because they chose *o } to doj or whether, as honest men, they ; ought to pay them; b<it will confine our 1 inquiry, for the present, to the sources ' from which they are to derive the means { cf making payment. The Branch of the Unitcl S'ate* B?nk at F?yetteville i thiows very lew ot its notes into circu- j lation ? what 19 their amount I know j nit. The Sime B*.k ha* in circulation ' something under 1. 000.000 dollars, the 1 > rn and Cap^ Fear B.-nks about 1 53 > 00 0 dollars. Suppose the whole of tht??c sum* n?>w within the state (a very } improbable suppositinn) and the prople , have a circulating medium of about 1 ,500.000 dollars. It is then evident,' tha time to them is all important ? ' time, air, time to them is life, liberty, independence. Press them, and you destroy them ? 'bey cannot pay this im mense debt it immediately called on. 1) iv s this bill give them time? Does it , postpone thedayof payment? Doe* it pre vide for the renewal ot the notes of debt* ors? D >cs it provide who shall renew them? 'o whom they sh,*ll be maile payable and where? D >cs it increase the means of payment? It so, in what ; part n| the bill is the provision to be found? If then it neither increases the means by which the people are ty be enabled 'o p?y their d?bts,nor prolongs the day of p.ymen', 1 beseech gentle men to point out in what the relief con sists. There is, sir, nothing in ibe bill carrying relief to the people; on the can'rary. it carries kwilt destruction. One more remark up n this part a' the Kohjert, and I will leave it. Sup pose this bill to pass, and suppose the stockholders ot the state to be unwil ling lo tru*t the commissioner whom y?ur judges may appoint? -his responsi bilities will be immense. Or suppose th m unwilling 10 trust the pledge.! faith of the state to nuke good his de la!ca:ior>?, or the solvency of their debt, ors. The fai'h of tho state lies br.lore this, sir, been pu' at hazard by p Irtcal quacks. And suppose the judicial liitjui ry to pass ihiough the seveial tribunals to whose jurisdiction it may bo subjected ?a considerable leng'b of ftmfc must elapse before * final doiision can be hud. YYhst course ran or will the bank pursue in the ro?-an tirm' It is impossible for tne to siy what c?urie th?y will pursue ? 'but I can read,ly per ceive nha? c?urs? thev fau p.uaue ' sir. They can shut up their daers and refuse to renew the paper of their debt ors, and commence an irrmediate c?l* lection; 01 they may divide among them* selves their stock of notes, and each tike his share and sue in his individual moic. What is to prevent it? Does the pre-* sent bill? Suppose an actian brought by the Lank ? under those circumstan* . crs, '.ere would the debtor go for re* he!? To a chancellor? What woulu be the answer of a chancellor to &n ap plication for an injunction, upon the ground that the bank had forfeited it* charter, and '.hat process had issued, and w So then pending to repeal it7 It would be, 'hat as loi-g as the charter was unrt pealed, the corporation could not be disturbed in the enjoyment of the lega rights existing uoder it, ex* ?ept lor ? quints growing aut of the contrac ? and that if the charter were v;ca?e<i, 'he bank was working no inju ry 10 i-s debtor, for the stall would be bojnd o o'.l' ct lor the benefit ?f t ho sto k holders out suppose it alleged, 'ha by the 3d section ol the bill, the bank is restrained "om transferring its evidences of debi. Y >u would be toi4 that no man, n<?r set of rarn, in this country, can ?>? legally punished foMV Icons until the existence of the ofTenca is legally ascertained? thst unty tho judgment of the court pronounced tli^m RCilty. the law deemed them in nocent; and that it is not the provinc% of this legislature to adjudge the cause, or indict the punishment. In every point of vit.w, then, sir, in which I can consul rr this bill. I cannot perccive that it in any respect answers the objects of its advocates. To ray apprehenaioo, it ia but a compound of absurdity. I nave thus far, sir, confined my re marks upon ibe bill before you. to tbe effects which it is calculated to have on the Siato Bank, and those immediately connected with it, as debtors. Is this the only, or tho mojt important visvr which is to be taken of it? Are these the only individuals, or the only inter, ests, to be affected by this bill if passed into a law? Far, very far from it. By nearly ail the gentlemen who have pre ceded ine in this debate, the subject has been discussed, as i( th<*se institutions and tilt ir creditors were the persons alone to be effected by our measures. Sir, has the state of North Carolina oo? thing at stake ? of character <ir inter* cm? Have those of her citizens whs have no connection with this bank, no interest in the question we are r'iscus sing? These arc important i"q : iries, ? . which i; becomes us to make with all deliberation ?and which, as guardian* of the public weal, we are not permit ted to disregard. Let it be recollected) that the state of North Carolina is a stockholder to a larger amount than any other in this hank; that she has de rived large profr? from it; that her treasurer is ex officio a member of the board of directory that by the charter, he has a right to an inspection of the books every three months, -?and that annually reports ere laid b* fere the le* gislature. I' these ncfatious transac tions have tiken place, why have they been permitted to sleep until now? I? usurious gains have been made, into whuso coffers have they flowed? I; op pression has been practised, to w^ose benefit has it been dont? It a traffic in their own notes has been indulged in to the disgrace of the institution, and to the swelling of the ? offTs of the stock holder*, ? who, I ask you,ol those s'ock holders have had their coffers the most richly fil ed? Sir, the citiz< ns of this state do not constitute the only tribunal who will su in judgment upon the trans action;, of i his day. The people or the United Sta-es are lookers on, and they will he impartial judge*? and if there be i'i?gra<'e, much, I fear, it will not all Uc found arlhenng to the skirts of tho bank. To the reople a' large, (his bill is ?lerply important. The revenue ot it>e uatc is a!>out I JOU 'i dollars; bair thin sum is denv?d Mom the banks, ei ther in the shape oi tsxsi or divideuds accruing t<> thr s ate 3k a stockholder. ? In thr htatr llx k w a have stock t? tho i amount ol 12J.900 dollars, and in ?hc j other Wanks to the amount ef ,>9!,6<X) dollars, 'l'hc hill beforo ua, we are 'Old, i i (he commencement of a system which proposes the destruction of all? (or the report of the minority el the bank com mittee assumes, that all have ainoed, and by tl.eir resolution they propose the san?? punishment for all. Tho destruc* > tion oi the banks, or ol either ut thvm, i inyolv?i ticccssatily the loss of hit f or I tion ot the revenue derivable from tt-.-l parti;uUi source? and of course v?i
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 20, 1829, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75