North Carolina Newspapers

1 tin: n.wKs. The undcrsignr 1. member ol the joit.t select ' ' rhmmiUeeto whom wa referred o much ol the " tfovernor's nwage a relates to the Bank, having had the subject un;lcr coimderatior,, d examined such testimony, in relation to ,it, they could conveniently procure, m-ciluuy t,,W,t, M the resRU of"tl(eir.inieWoni, the fcflawia gr- h'a vTn 5 t atdtow rip i rt this cpcra'tlon cf the director's, ?, that they were desirois of applv'K the spungc to a part of i their outMandio; dcb'i anJ by yjy of calling In 454,003 dollsu f (hetr notes, they authorised individual who held then to subscribe for stock in the BanVTojhat amount, and psy for it in their notes., Thus,, at 'a 'time when they had in circulation nearly -13 dollars in Tfoiertcnrevrrroliftf-ef vaults, and when mn cbv nusly tnejr Th Legislature, having, laid flown, in , --,;rr;r;.,t; ft-ihelr note -with the charter of the several hanHs, certain h, , ., (r lhc .i? the? rJnt an barter Bank to ' d.ence Teceived'by the eomrnittee this : jjoint ihow that thr charters of the Banks were disregarded, and violated trt the f ery creation of their capital . The eharer ohhe Bnk cf Cape Fear snarled in 1804, authorized iht corpora tion to raise a cap'rol stock of S250,O00 ; and.''e cha'rtcr-of the Newbern Dank, en acted in the samo year, authorised that Bank to raise a capital stock of fcSOO.OOO ; bath charters dlrectinfj ine taplUl Irt be pajd bv the Stockholders in old or silver. The undersigned have received no evi dence us to the mode in which these Barks got into operation. It would so em, ho v:vrr, that they contemplated, at the cp.net, an evasion of, the provisions of their charter. It i in evidence to the iindirsinrdthat soon after they w nt in -oVptrfHoWWf wibiildW.s3tll -the. which had bren ''srtf,'WiciniftW'''t't'i'B'ii,ne"- tender, enabled them to e.vude demands lor apeciebkh theyi did by :thru?tini; know thai, in the cSsi of the &ate lank, rge quantities of their notes havr 0cca bionally seen thrown into circulation by themselves in the purchase ot cotton, it is in evidence to the undersigned that they laid out at one time 30,000 dollars of their notes, in the purchase oi .cotton, on which they made profit of more than i,000 dollars. Another remarkable fact lr tha historv ot the State Baak, which t hTurirsTf f waingr is that to ptotecUhtwl!e.f:0HJ?J!??l for specici'they determined at one ijme to tmintster art oath to an individual pre 8eliKeir"lStPtn,.afpe8ie m-Hs-Wcl r , ... " . 4 ' 1'" Vfc"'V 'K v'sLv a brokcv.- U further, appears lornff urr ilerKtied that all he Banks have bought BpXVEVes-Banlt notes for which they vi'irnAAMnur rVtiitaT.teicnaftge" thcirown note iiu.cuscouqU iSaed :that capital should be Ui. th i h ihe stockno aers. m the transaction alluded to, the Bank itself, hv icribblintr nrocess bf ts on, created f rtlml. and nid off a nortion 01 Its - , J r . , debt, by the very act by which it also in ceased its cariitat. A circumstance, too which greatl adds to the enormity ot tne transaction, is, that before all the instal. . k..,rna nauuiiio. ihi State Bank. the B-ok of NewiVern and Bank of Cape f Mar last, when .hey Hated -Jftfir- Fear, irt direct violation of their charters, have purchased stock to a considerable amount io the.Unilei State Barlkr The Su'e Bank appears to have made a most convenient use of this, arrangement, ijlt appears from the evidence cf the late P resident of that Bank, that they have been in the habit of rendering false state ments to the Legislature; and that in Fair entered into a formal resolution, through .heir delegates assembled at Fayetteville in June, 1819, not to pjy peciJi and their notes immediately fell to 1J per cent below par. Then com inenced the system of uury and extor lion which has nincc been carried on with uc..orpax.':!?d wfar'iiji under the rAl?4?5P: i 8 ISrykKhisi Udeomrnerciat pro. en issued on thefdtin oTlbe vfA hw ,be"l:oun'rTenahtel the B jtiks to kefp afloat, not withsiiootn'R the artifi-'ial character of thtir iapital, wU html rc w i tin to-.i his da f i n and dis ?iBnrsrtrxpedBV-rf.iud..-irpL in their opi-ratidns with the incrcashu resources of the country, so as to alsctb. tywsiVpfrfWrett.-on .disxQuntSt. . .near Iv all the prohts ol. tnc immense ouMiiesa then doing ; and h ivinp raised, ainst the people, a debt equal to the vast re sources w hich from 914o t hat time, they had derived from fieir.foreiri i "com merce, as soon as in- alteration occurred in our foreiirn reuulalions, and those re- hibit that thcY had on tunO X 1 1 vjw ooi Ian in KHPClt. 140,000 dollars of it con s'uted of Siok in the United States Bank. So that instead of keeping the specie in their vaults to tuke up their paper, they had vested it . in the Stock of another bank, and were deriving interest from it. it further appears, from the evidence of All of aliicli il respectfu! BulmHle J bf tlie undersigned. nuu. run uk, 'II. B. CItOOM, liABL SIIF.HARD, IViM, J, EIUNCII, THYA.M M'FAULAND, ! M. blUTTAIN, J A. lEONAUD, -. - - . , fCjrWehtTe been requested tp makejthe ftillowine' extract fro.n . circular of Hamilton f-p iTohn-i F.i toli'n rnnntitticiitT. lijjL? h gemotiind plausiute aelence ot tte nanai; tmi although -wet differ rnateriafly from JAr, Jones'ifeasonipg, Mill we "are determined to show fair play, art not have it laid we are dis pCied to Mn"the question. .i.ManyoL y.oti tw;.aouPUJDj5,e.c.n innc DTbli'c'priiiii' the' most of the proceedingn of in? UcKimavurQ ; uvi mere mc bviub ujvyn kmnnprt the Ui allbtorbing question of the Hanks itand roremost. - on the very cay aiier theAvembry viror-ptnlsnif a committee wa anpointe'd to inquire into 'the conduc f the several Bant of thi ttate .thU'committec wa clothed with eitraordinary power, to tend fur persona and papen,and to ewmine witnesse on oath; Tiey held their rheeting day afier dav fbrmore than a month, and at tengtn reior. ted their whole nroceedinjr to the Asemuly, TWranurt ha been nublished. and doubtles many of you have een it owing to the length-, of thb piper, I cannot go into a history of it contefct: it contain a Jjood aeai oi curious in formation, end i worth a perusal. Vpon thii report were bottomed number of project, nrofeisintr to be for the relief of the people j bill after bill, and resolution after resolution, were brought forward, and either withdrawn or differed to lie on the tabic : At length, the (rehtlrmcn mot prominent in opposing the ft-nVi firrt on ane measure, and urirrd it with rnnsidprihle zel and ability : i'hutV pro. noed that tbe Attorney General should com- mence a cnrmnai prwecuwuii, m-jul jo'nirig ujicn the laiik die ternjrinanca Of tV.i provision of the act of 1811, the Hank at the time protesting against it$ and it b remarkable th it litis act av nothing about the tock being 1 I . 'I . I, .1 ' t . i . .J :aia tor III gom nu iiivrr. ah IIHS BIIOW 1111 , the Lecfislitture was atisnoaifuh the manner in f which the ttock wa paid for j an J that much of the blame lie at its door. This defect in the Uank charter cetr to tne to be the root of the rnont of the evil and dilasultie that the Bank has pot into. It wai to protect itself against the coniequences of thi defect1 m the charter, and not for the purposes of peculation,, itbat ahe " tee tin to rm- -reytad4a 4her pcUy shifts an 4 evasion which marked her course, ,' j, Aeiin f tile state ha had a vote inhe di-- fectory of thi Dank neiy equal to afl the rent of the stockholder put together j indeed, it is faid that he has, in every caae v9m::iutea.iBmifm hle-toarryher.-pw'.aivrui'-:w tockholdert." She then tlmnieh her aerenta huJ, permitted, when he might have prevented, tbe -vtrr nracticer that are-now charzed. as hieh crime aodllafffant,,misdern.cai)onij.jnd ta she,- nas Deen pocicung ner eimre vi me jcaio, now. ever in-gotrerrrt-may- frowrojUiJiotift i'lidl specie now in it tFirrae'd xraper t toi-wJv of.Si.ivlcd.j thtir notes furspeue. In 1807, j ouo nl!ir!i w added to the capital Mock of ettttof these -bwkf in-Wi & tbskjElwx- ters were extended, and thev an Xhoricd to increase th:ir respective capi tal to 800,000 dollars neb, viz. the New bem R 'k was autht Hs-d to raise an ad dition '0 its stock of 575 000 rlnUn, and the IWk of- Cape Fejr an addition of .525 OO'J dolhrs. h is in evidence to the Unit- "iened, thst the whole of this addi tional tock was manu'Vtured by (he Banks themselves, and tha', in 'Oany in stances, favored individual-, were permit terf --Ue.asK,siiJK-rJIi.ftR ihfSl names a:v!: putting "their" noe Into bank, tuai amount peo cap - The - Studl .oObOrR'.??.?!?: , some as if the pretended . stockholders Juiljuulividu illv. executed their notes of hand, without interest, to the amount of the notes hich thev issued from tbe baoki-and exchanged them with the peo - . . v ..1.1 1 n a m niini rtr .Wllli'ul. Rini-W Hut nn Mae uia at na- iemc 777 .r'X' .1'- t Lnini, .nn,t..it ,ta r,pnni.rtv n,;rinn-under tlie direeiion 01 me ru- preme Court; was to wind ua the affairs of the Bank, " having a due regard to the rigats or at ant rate, not ex-eedittg 1000 dollars. The Undersigned hsve now gone . . . L . J I throb te details o; tne ev,oCCr, . Smf the creditors, anJ nnJitmi, f the diib'ors." Thi bill aho nd t he" c ou rsc of t iTeir exVminiitionr" Having thus cmbodi' d a simple statement of the fjrti. tbey would here close their report, and leave the con tnthe L(l,'isl4ture;.but they feel them selves impelled, by a solemn sense of the duly which they, owe to the Legislature and the country, to take a brief view of the present relation between the B.mks nnd the nconle, snd the consequence sources were :ut ofT. the business ol the j whjch must ensue, il the banks je per country, unable anv longer to employ the j mj,,c(j ,0 Cotitinu-their operation ; and, immense circuKuin; me 'ium-wtuch had -n c,0.nR SOj l0 advett to the report of the been created by the 15 inks, and their 1 cf?nimilfee ur tbe St-te Bank at their late prrtM teturiHtH wiv - JPxXir.Tcdcm Ii appears that the lion, they determined 10 e xtoit from be o le bf '0nh Oarotn, havmc; alrtadf . Jjiilj! --mm wi'ii-.v u. : IiiinsfcL." In 7-':-. " . - 1 - - ll.-.ikka.uikisr. infra t capiu It lollowbaLibft la mccl lhc dc- J ,0fi, 0f 4bouV 1,00000 'tfol the. ntemt ,arjwn.; irp.ro me . nf ,hrir rrcdiior,. A icchc of: , kJ. stof k.loo. -ihrec- ple.tJOihe loans m .depn tins fictiMis j n nV--wa tout ana HgHt ruoTLr t1 st r-iiRC spKCtAcleiT monicd j tha. ha vin Twid this tmmeose sum exacting specie in exchange ior ,rielr t sceedl"B four irnes the inrWrrf actual undersigned will suppose a rase ': An in u,jnu, flinr ,im-s the amount uf the "whole pr7vlil(-d' thit th tloTemir th- SJate-iljouId.. isue his proclamation, pledging the faith nf the ttate for the redemption of the note of thi Bank, in prcler to kfep Ibem from appreciating. AfVr a lone and" angry ctii'ctisnrthrs htH-wa killed in the common, by the., casting vote of the Speaker ; and Ixring afterw ard intro duced into the Senate, U rejected there bv onr Vfle. Alth'o' I am of opinion that the Stale Banlc, in pr'ie!ar, hub engaged in practice un warranifd bv its charter, and highly c'.i?renuta hle to it a a iioni d institution, I eOidd no vote for the bill abovemcV'.oned ; and when yon hear mv reason, I feel confident that the enai. ble portion of my conntituents will justify mc in refusing it my aein. - , , lt the fi-n' place, I did not think, from the 'teimonv'bore yC that . the rrist'hW of the nank was marked with that d-ep criminilltv of sppra before it could be . CQiiyicted of ot!e-ce .ht ivpre to J. nrive i of existerrcr.- The puiW ishmenVTO t5einfliet-;44A caSo'r,convkUat. VirViM hre-beea-4iaMJution.pf.Jhe corpora, tioni ''and wbtild h to it, what death woU be te w idiidtal. .TTheucoijrt then -would have . . , , . - :::r:.'tr: ir-T-; pie tor mnr ,,010, ; - ...K --1Tvr)lJlJJt ppHea io the ..Uin.k :Jor a loan . (irrultin mrdmm of the Mate. 1 hus ITetlcwablr ;TVy -wootlara, - of (he Banks ahoiutcly -theia.uamadc5 l!e told; . MJ tvUtmmff to be in proportion with those m-de on. Bank thai bis note cannot hcT " ,hey h.vc t-ken etery dolla. their former capital, thev must have put .eJuneii lneM he ul exu-.unuc ih'0l.,.of circulation, 9ti to have a debt Snto circullotH on . ihe tathi ---ytlwlGart0aa,..ofapec!c Jund fort ' lht tople o the amount of about sumed stock, between 3. aid 4 000 OCOol.0f)0dilir5o,(heirnotcs Taking their Q00 Te say" it is in their Wites; and thus a pan el ot individuals, bc 5 p,r cCnu below par, 1000 , do it : m l they intimate pretty under the name ot stockholders, out who , f . . fact bc no ; . . Thaeomimi- . , u iii r "i1" j ..... .... - - - - mnrr than 'Jou ao tars, inm i ;..,; rr,,m i he stack. no uersoune omc in fact hrld no atock, contrived to ex change theirno.es, w,'''" J f V? ! aiance of such a proposition would be, that B fc now beure , he committee, exprcs the am-)r-t of 3 or 4,000,000, for the borroWfr should Rivc ,he Bank 50 . . u Vs for tho interesi notes of the people, be..rn an interest of more than 3 per cent ; and while ihe property of the people was. pledged for ibe pvm.nt of 'the no'es thev hid Riven to the Sr khotdcr- wu not a dol lar or un atom of property pledged o them for the payment of the note they had received Jrom 'he stockholders ; so that for the i'e cf their notes, which in trinsically sere of no value at all, the Stockholders of these two Banks have ,lrwn f.-nmihe neonlf, bv wjv of inter est. aom'ttbiag like 99.0.0.00 dollars annu ally. The rharter of the State Bank, enacted 1810. authorised th -ftrponon-to cm dollars as a premium for the loan ot JO00- .t. HjockhoWers to - .withdraw their dollars, whirh, added lo the legal interest money ffom the Bank, and take it under received in advance, would amount tojtnejr own mn3fcmcnt ; and contains a some thiriR more than eleven per cent- j rrs4lution by which they have proclaimed lr. some instances tbe usury has bct W 1 thcjr determination to assemble In "June still more rank. Huanuiles ot men' ooie have been loaned to individuals on the condition that the whole amount should neat, in order to determine whether they will nrotriu 'o wma un 'nrir niidnt, consrnueniiv, ujjuk v '"'""r" v in iind he returned in ninety days in specie , jyor(fl cpptfna. Thus having, lor years, funds. At the rate of depreciation beloie , on,rive(i xe 8nd fraudulent pr stated, such a transaction would be cquiv- j jf q frome people all the firo aknt to the exaction of 25 per cent. 1 he jabour) an j having by those rvidence rficeived -by .ihfi ....tpininitiee, ; . . ..a .,- neonle in an impov erished coiditioB, whero they can no longer pay Ihem large profits, they are ran; i capiui siock dt ci,wmwj,. dirct ed book! to be opened '.o receive stjbstriplions for that sum requ'fiii:, at the sitne time, jbit indtviduU-uhscri bing for stock should pay three I'dtrMis uf the amount subscribed in gold cr si'ver, - mf the-whet1 fourth ia the paper cui ren- cy issued on the faith of the Stale. fiwd4UU;OTr.nr;!j aum subscriHcinclamrrhettMcii iiorVf ffl JOjOOa for Jv$eftmounitc4. to glIT COO. Of thi sum. only $500, 000, or thcrrabouts, was paid into Bank, 3 required by the charter in roM or sjl fei. The balance was paid in Bmk notes Upon the capi al thust onstituted, th,e Bank went 6ft to opers'e till Nor. T8 18 at which time the proportion be-tw-fi the notes in circulation and the ni rtf on hand, was nearly as 12 to 1. In Othtr words the'Bsnkbad larp;ely up Wards of 11, and nearly 12 dollar-, of their notes in circulation, for every dollar of specie iu their vault The Directors then ordered books to be opened to re ceive subscriptions for the 434,000 dol lars, which remained unsubscribed when the books were first opened; and it forms a part. .of the ordej, hy wVKh-4t4addi-lion.)! subscription .was authoiisedi that theuUciibera might pay it in, 'he notes o; tbeaoky Tha riasojj assjgneii for shows 'hst the State Ihknd Bint- ot Newbern hvc been guilty. of such prac tices since the summiTot "1819. "There is no oridrmce that the Bank. oL Cjpe Fear hs. It. appears, in BRKr-iv jiiuii of .the ruilt of these practices, that, in the case f t he &t at4Vikr i he -speck iunds .thus pv'ortcd ft'oin the uronle in-exehanp-a fort their depreeiatTfl notes, have been em- ployed.by the .Bank in purchasing back thoe notes at a discount. That" they( Unve. at times, emaloved acents in New no w pre parH Bf ohe fell swonp, to ex tort from hm the actual meqy oj suosis tehee. But the question occurs, will you permit it ? Will you permit a parcel ol men. who hew long set. the laws of the cdubtry at CcS:mcer0"go ,on ann i;niir..ui nlete the ruin hey have already so near ly accomplished? Will you not bring them to he dbsmance of the law?- Will n ni oi Irtnmh r ii,( them to feel the rwnica : - add - tit, 4uuui vic : ihwm since, a parcel of their notes were bought up by their agent's at Petersburg t 8 pel cent discount. It is stated by the Ftesi- dent of the Bank of Cape Fear, for whose testimony too mucn respcci cannoi oc express that the notes oi that Bank have at differe nt times, been bought up at a discouh by the Bank. That a quan tity of its notes were so purchased in an ticipation of. the ute call of stockholders, and tha' during the panic occasioned by tharcalt somtthin-4ik 6,000 dollars of their notes were bought up by the Bank at a discount of 5 per cent. The depre ciation of the notes of all the Banks occa sioned by 'he" refusal of the Banks to make R"nodfheir notes wiih specie, has been productive of incalculable mischief to the community i and it is no inconsid the pamphlet that contain the evidence, and nrriise it attentively, will come to the conclu sion that there was much more bVtliiui mh CooducLpf th? A',e Bsnk- 1 "'e'ore did not believe "Thar iitrinUm'Aaseae. of effecting a conviction, even if a prosecution were commenced. tint sunio.e for a moment that the B;nk had been- rid mi.cpnyicted,"and . hi . judg: ment had been pronounced, what wouiti nave been ttie consequence ! According to the opin- ion of the ablet men in the AMemoiv, ana ine teamed men that wer; in Raleigh during this long inve igation. the judgment nf forfei ture nod dissolution mould make nnll and void uU the lrft$ oving lo the Bank, and all the debit thui it twedf It is unn'-ccastry o gd into'thc .,n.mrl, .rfih'wnninioni -butheHeving it firmly as I did. and still do, and that "upon"" high-au thority of books and men, I could not voie ior this measure. The principle would be wrong ,h.t .T,n aho had eot the money of tTie Ttankf, had paid tfieir debts, and bought property with it should now be let orT from piymg il back according to the contract of their own making. On the other hand, for the bank to be let off from their debts, would be c'Uastroun to the last degree it would sweep at once from existence fully one third of the whole currency of the country. The innocent stock-holder, the mno. cent note-holder, widows, orphan?, and ail, would have been overwhelmed in the general -ruin. As to the charge tint the Bank did not re- a. 1.- C.rt in rviAA anil ,!vr. qmre ie-ocx.w ...r r:v my trewleons'mt w ith bee honour to turn proie... cutor against her old confederate. And if my notion as to the consequence ol a decree of ror feiture be correct, the loss "Id the irtete 'puld have been immense, not only in the stock which, she owns, but in the notes alio on this Bank, which are in the State Treasury.,,, , . tti. . Anothc?jeason had its weight ir, determine inf my vote cn thi question : and that was, that considering the long time the Bank ha been irt existence, the vast variety and complexity of its dealing, and other difficulties that nest neces. . sariiy have presented themsefve. 1 could see no r-nd to the law sJit in which we were about tu involve the rtate. The court could not-havo cawed upon the transaction of thi Bank in a lump. It would have been bound to take up each teparately i thee transaction took place, moat of them at a distance from the acal of Government i the wineea, then, would hav been, drugged fniin' different part of the state for hundrrd tf mile around ; wagon Had ot 4odgrv jomidlikUa:tM reritlired i anrf what wrmnt of mI ll tkta pretend to conjecture. And after all, what war to prevent the Bank from going on to collect its' money from it debtor ? So that by the time, thi vast law' suit was brought to an end, tins Wfifete of toe po:i mtgnr nnre Men secured by the ftockioWef, aiinj you, llujc. .wai. no. .. ....... provision in the bill that could have prevented the Hank from goinj on to collect during the pendency of the nit,. " '"" One bad rorseauenee- wmiU raoat ineviUt . bly. have resnJted.imm prosecuting the State Hank : I m an the dtprrciion f tt rioten dm ring tha controversy. Thi los w oiitd have fal ten on every cititen that had a note on the Bank i it wailri i vain To tbTnk of JtrOppirtgtbe credit of the bank paper by a proclamation, pledging the faith of the state for the redemption ol the note; all experience show that such pledges are entirely insufficient for such a pur. poc- the appetite of Brokers and other money dealers- "u rather too keen to be staved by J promises, even tho' ihey be ra pramtit$. Tbe experiment oi lustainui ine cretin or nana: paper ty. proctamatirmav rrss teen tried -often, a - well in. Europe n this country : and I bel'teve itftaUhfcre j.f ,1"! JE3 Jow whet4a it lus not failed of succes I need only to'rhen. tion the prciimiliw - -- - itHt-W tieynlutiooaryJVr, threiigbt.'. ruiu . OH 0 many of our forefathers. r : - ; There aiimMvCiill ,Dbjcc- : Vkhjis thcbill p this commumcaToTTorialmysii'ing in detail: M -entrusting few commis sar hrfftoftKbiittfi-'-'' of thess men giving security for uch a vast wm the extreme uncertainty and doubt as to what the Kupreme court might understand by the in definite expression of wi-jiiig up the afl'sir of 'thHtiVHI! hAVIiff due the 'ck.hold"r, lb e ctaTms-el -tb -creditor,,., '. and the condition of the debtors." So t'.at put- ting.aU. tugetbcr.l thouyht ij better tqtnd where.we wercJlian to t ..)ejll.in the dark, . without knowing where we might fail. I know that a great deal has been said abmtt relieving the people from' the oppression of the Bank, debtors from the payment of their d.-ht, or to give them fiiciht.es in so doing. I am very crry lo see any one involved with Ba-ik debts; or any other eort; and would ftillinirly help as many nut of their difficulties as I had p?wer to help ; but rca'lv, when these people made it a ques tion of ;Tight thst they-houldie-tclieaird..,iii. wonder they never aked themselves the ques tion how thev became any more c-midid to ii-gVatlve" asi-.tnnco-than the poor maw -wboae-lait dut vf mesl is sri-ed on by a cwvttable, and perhaps liis body put in jiil, for the paltry sum of five dollars? U'aov plan could have been sup-Rca'cd ta punish the real authors of the misconduct which ctruiniy has existed, without puni'hing the in nocent stockholders as well as a groat portion of the people of Xorth-Caroliua, I lor one would have gloried in lending it my hearty concui-rence-vJautl. could J? t asi st in applying a rem-edy- wbievl tliouar-Ut wonc than the. Uiseasj." " Industry, preseverance, and ec6n-my. are the onlrcuTi-st'-ut Ixan augest I'm- the evil of the times, i nose, aieauuy appi'cu. cin-cm-ti inor and ho that a little examination of the provision of "the w . n : ..I'mn luill make it nlain that thev rrrr tit snrniniiMauvut ... . - . r - , . , . i-h. tkX irTTori lif that" UtH than mmt men wU aloncu bCUCB4 i. niaua v-' - . i . . (1810 ch.788) require that si TStin as gl?, ifi were naid. the Bank hotild go into opera- in TKe td sect ton ol t ne sarne airt V" the 2nd instalment ot spick six-.y uj;,. ki, .hnnldvn into onpra' ion. ine nans, ac crable aggravation, of ije rhiscbicf (9 iniTvMitedfTheae-eatiaoa. romniuue conceive, answer tncnsseivei. Whefi the Legislature is called upon to determine, whether their constituents shall live under a government of laws, or a government of corporations, it cannot he - iflicult to decide. The undersigned, therefore, recommend to the Legislature the adoption ofihe following resolution: Whereas, it appear to the Legislature thnt the State Bank, the Bank of Newbern and Bank of Cane Fear, have violated their charter and committed great frauds on the people of North Carolina, whereby said Bafck hive forfeited the powers and privileges granted in their charters Therefore, - Be it rttdved bg the Central Auemhly of the State of .VoHh-Carotina, That the Attorney lien end be. nnd he is herrhY directed forthwith to institute a judicial inquiry into the conduct of the md eveial Banks, and that ne prosecute uch inquiry by way el Kyo Warranto or other cording to the testimony of Judge Seawell, made buVtb collccTthetwo first MUhneats ia gold, and silver before it went into op ration fully, fakh' he might.have done so on tne payme.iv of uie yjnt Tnsiaiiwt. msAi;u broj which; -ef eric on i n c- iw nromises that the. J.etrii'ature siut'.: as;st men n getting out of debt, say more than he is able to perform be feed you cm thin, air , .. nc t.lr-i r . m-iit If pft1-"""'! 0 'ar. nerore 1 quu -una .k,..tnm(, nv- more si tcription; forupposethe had demamlwl specie from the subscriber, he tender the note of the Bank- she objects that tne payment musi oe made 'in specii :" very well, wv Uie JubMiribcr here is your notes that call for specie ( do yon pay 'it to me according to your contract, nnd I will pay you the specie for my tock. What could the Bant tlo men diu receive u o n u for the stock i If it had still stood out, and sued the stock subscriber, and he had pleaded a set- or, and filed the note ot tne uaca in court, mc Bank must hare been aetesreu m mc Atlwitbstandinirthat the Legislature kr.ew this to be the practical e ffe.ct "oFthe : cn2iItandeT5" 1 b"f asTftt both end. c, f the nut ireneral Afsembly was-f' 8,uuuv' C J aiiav f, - , one commanding that books should ne openeu for a further subscription of stock, at some time before the year 1820. The Dank foreseeing that much inconvenience might arise from this conflict or obligations, refused to open tins hew ...Krtn.i.m foe atock. until the year 1819j the IAgi Tict 01 obligations, rciusco ,u uj.f hj icrip'ion for Stock, until the year I8195 the iiktur of that vest passed a rsokfoa cc "-.' ' ' - " '- subject 1 that is, that I! inks never were intended fof farmers: their income is generally once a yearjheji cannot therefore pay up their in stalments quart r rT.vw!iO'uT"jr,eat -strrrfireT-1- -wtHiM thcrefjrc 8iv o those of my constituent' who are out of -thc Bank, .-(and H.bclicyc you conM"rtT6' ho 'W.rerwhat VP? to the temjotatiaaK: not, taste not, ladli rrtf ' ' On Wednesday, 3duit. Mr.' Thomas "K;n ""was murdered by a slave himeJ Arthur, belonging to -a neighbor, cm the road leading to Ooslow C -urt- house, orth-CJrollna. A fellow observed that he had put plates of bras? on his boots to keep him upright.' " Wilt balanced !" (aaiJ , L , I .1 .? P,rzfc There are I'uingin cne house in Lexington, (Ma.) 8 lam.I.es consisting of. 3 husbands, 3 wives,-- children, 3 fathers, 2 mothers, and V gratid-fathcrs,. and only 6 in a'!. V 1 1