rrSvi J!!! u oage V txstan d 4I1 e rp,T
WSStP & 'SI t A ' ) p porta tt as fhafjres the! Com mi ttee t tis ,
aSS pro?ssiqBMri(L prejudice".
i;;&:y
jpip$lfJait
s v-vV lacts, iiiucli ausuTOity:oeasminjc-an not a It! tie of -uqberam-v
Hjri "PP? nds;on.me.
. ffet hed iscerp ment pftrtit K-V 3. I
l ifc subscribed iliv fcevefi5 cfeb-1
-r . ? ? ; ." -tm itaviuirwirtiwii inn iiiii-iiuiis m- mjuuiunaii noies uuun a.
tSfe C J i rvs ' wf cajii Vial tt o t 1 kci n t h u s"rotUptl t ft W pi
asserted fvituimr.fiaiits uav wg ueen .uH&vi v !
Iia tliemselVes -leDort
tor condemnation wouiu uoi wnim uiciH m i r vv -"r v
1
dommU t e (seeii s
in the Veal8l anaa;ii a. iiiue e
r gitai in amount Sib6,6o6to its camtai mockenslead orireni
as theieeotlemW
or the ComitVee: an
ahaiia4?tlie1 least ihtimktro
waWtieetledcm'thl
rfaWre:foiaJ9PMtl:tU
tiltKathe rioted In ci
tie exed severtihumlrcd t)i
i f sn..K9 Af fnt'0itfl IVr hi ' man -wliimA
naifl&isr ubicBbed ta
Hnifulciiafe
'fairiaractcfefprli
rnmnarison Willi an e
me next cnarsre result wits-iuwuc. ..mwi twtiJi ov..v
thcState nkywas paiU;toi. eCiiaramo inis .lnsuiuiioMUH
redted thytts'caVhaltocRishould consist Af ptife inilHon six. htin
dred tl
on should
iii culd or silver oK tlie biii)errciinewcy emiited ri'rfj If 83 rid
t-4hat one iijrtfi the.aVnouhi
r ti me of siibacitHition
nunK snow a go inzouperitivnti ipc 41111 u misiiiiiirin. iium .
cTred ap4 tvv-eto da a
thereafterVrThe actifeithe twervt(fM)Ut
teSaJeY sand five,hunlri dollara should be actuanjl natd in at earlV ijhe
5SWAadBheVie iiia(;nanwclt)te sltork
i-rv. orx.iitjfi,:';-i:ainaiH -wt-rr uyi uhju iu rmii ami silver -as me jaw re-
i f, 'Vn ?nieM iJicy etni ttiecl byjthe Stat-eJn
f I kptz&W&&4 a tender inpayment
? r AUdiii t
; 5pla:ne hei&liiietl. :Vtf ytjhe fi da niwi tal pt-P v i -
i ;: jJ;?!rW tciich'V
1 TiJ --v-A .-rt;T rtlMii vwji'JVSVf1 "M1-i'Hi ira rrr ii c& HIT, 1 HCiSUH Kf
'andtdiAcofhmen bf:kBaftk:;jn-;ea
ejiumei?ate;tbwns, It; Was aU6ienart0dWwir8oine
noVnecessar noW to be-considei
(ore: mentioned j should iot he a tender
Tiie evidence establishes that -the two firsi iii$UlmentHweVe,alf
gejFfeaam while tlie.capital
J a vfesoiliV Jtb tliisreaedniJM was deimd
1:9 i-the B aii ki iig ca j.n tal: ; vy he n i there to re
mVhf of tiiejr caiiitals ! Jiicrase, fsaid thiy, :
tr
t
I
, i t
ii 2ilfMi iffliirireq by ;the cries oflhe-Jieoj Who wer "imnoi tu-
iivaie lorvni" inrpase
c .the : Lape Fear and '.New-,
of their rharters, the Stat e
d agrecMo an enlaige
your capital stocks to
gf0p!larseci, soUtjattpether y on ; rn-ay form a check to.
telffel tfuSjAfe?BaAkiadiiii t largely f into tlie company anil -we ifl
f -uTi-xleJ" ;79M"vPMawrrH 10, uie uay w nru iHe.riiarter oi iiie orate tSank
-Ss t iSi 1 1 i j id ' . wl i e ri ; e t iivl 1 v l 1 1 b : 0 tp estatilishra's pi any
;'gti"Rwl.BatitS 'ai wr pleae Tlie terms Lwet-e ha i lhe s tockliold-
kt.Ht-1'.;5'- P? jP",w-? M A ' v4 M.a.v-1 11 ini ipih capii ai y leipcu a. , niener
1 ? "i1? ft IT VV-. one. ef fu ally effirientl': iieyknew
t sv--,t ladd fti?ihwiv-tP their evident capital;
03'&Ir hut, what tle . Banks heldaud
fi. ili&ftiubWfi'ti
a rid fWr tli It i s t a lulei 1 19
of thetBauk.; This. re
ld and Vsilvrajid
did sr redeem ir, pa-
1 - . a
f ! . iiiii...tt nn tsu?iiuti' tnu viti:ru 1 urit:rar : ui ; n 4. rnesti urirria ia t 10
jij ! p3hist stocks in'-: each of the Letj
di ' -Bwa:loii&: issued, which were.
U li;!ftMS arid cess, Which
"t .1 1 1 ; 1 tor'r xite rejna pay i ai any time Ue- sm-ely inista!
rnaid in erold' or silver, antl that the thiinl
or a iiai i ui. luciu. .wtrtj i nam m uic hucs
reint bv'lhe Ban"k. . of its own, notes. ,1 in. na'v men t of the i instalments
whichlbfCame diia
e-il -There is, to my mindJsuch an obvious absurdity in rhis charfftS
I that J scarcely know: hpWjto make it more evident by anyexplanjv
tions. ! Tho Hank u as compelled, to jo intdPperatpn, ajiuVat sqven
UihVrent towns in the Sta.tr, ioeiprn,ir.c
instalment. The. oiieratitpi alfudecl to,1 yas 'the, makiiig:fr loaiis
and the discounting of bills and notes, at'coiiljil make
uiscpunis wiiuoqi nirowiiijnto circuiavion
jmper, it was hpuncl by law tcr.rVileem wTth
theOffence chared is, t in substance, that lit
per. ' For 'when tkestocklipider .ainei-;for'W'aril ;W i jli. tjie;''iiotesbf
thf Bank, and ofTered ,t hem ; i u pay nie tit bfja IdeteVired instajm
that is to say, of a debt for which the Bank could claim- gold or
suver, lijne uanK reiusecuu .wouiu naveroeen 10 au, itMenis anu
purposes, a refusal to .pay specie for its notes on demand. V It; was
l- . ' 'r " ?" v il vi! j '- A .1 'a. " . . !. '.I.Li.!
ine uuiy oi inetsauK o gie .spe'ie,inr mem anu iu was uie. o'uy
of the receiver: to return the money in pavment for hisinstalment :
and because the. idle ceremony, of first payiii the' money for 'the
notes,'1 and .then taking it back, I was not cpniptied with: the onlis-
iun ui a nujaiory kii-iii,' is, aueteu a a ureatii oi i:iiirier. ; . '
w V As fp the charere of a h errant violatiiin joft charier. Wopeninj;
books in, the year. 1 8 IS to receive subscriptions for the 4240 shares
ui skici poi suuscriueii ioi in ine jirst iniancc, it is ai leasi ecpiat
Iv destitute of foundation as that whicli I have last coosidereil.-
By i he act of 1 81 1 ch 30'6-sect.; 3 the' Leislatu rjs, ; d i rec ted .that
inc oiaic uctiitv nuuuiu (ti nuiii tiiur as iiiiuiuc pMirvuiciiv iu,, Hit;
Directors open, books to. receive subscriptious fpr this , stpek--and
if thfy did not do so befures the 6ist banuary 1826,)the iep:isv
latiire commanded that H should then be dohejfortliwitli The ses-
sion;ofl8jf aiTid, and the
The Leprilature then passed a resolution 'expressing their desire'
iiLctt if. suuuiu mi itiiicrr oc ukihycu- iinu in uouiiiuaiiue vviui Tins re-
striuiion lilt;
mj i rectors wneneu me oouks accorui nci v. in o w. wii at
nlaint f ihat they onened the books to i-eCeive such sub.
i : Tliey liadwqaeatiotiahleiautliprit
com
iption
;i si atu re req nested them to use the authority J That tlteiro wii nots
lernitesieBanks of the State w
iks men an nam specie, inenoies all represented soecie. and
tosthe State.Batik, to'all intents, specie.1, ; Something; issald.
criniiuate tins prpcewitriff,bout;a scribblitie: Piv
! und a difficuljy i.n understafnling. ThesegentJeinen
e the meanmgiotrM
'snicuous howev e'r. This erantleman tells : vhu . l iIk t
; inai ii wouia acquire oyi mis additional stim-
otate. isanK inewar caine imvaiiu Myrjy ; iuis;iest wa.
fnolfaiiptietff
VwltheYexcesslve ltk
uanKVnores oiiuis -oiaie wre caueu . my: uioi v tnuiy , man they
py er t'ft
Ftll ' 1 .1 .l . AU.,4nAl Tail Mr.t fVIHnl .tllO thflll )1H: I J .
r. tta uif Etit i-vi 'til il- . i I iiis jiiil. r I a i n i . i.iiij iiil.ii 10 .1
fmentlfi' false. I
;18Ufrpai4a 1
sunnapral-id as a, ' ;
tlife sia!wr; lhei
n -fairly circulate; i
anu suver Pi, wiiitiii it uopue me pi.acc, auu -v iim.u,. uui jor. that
f-papyJyoti ld proha ly vbe thei'e fiiuijd i fii rjcul ationV. h I f more be
iroWn utwhat isn
myin Jth drain con-:
tinneuldji.t
oi the : reservoir repleri ishetl by titnt-Iysupiiliesf the'iat dollar
,vrotiW:be drad Lout.t?riier&UB:hUl
galled -idn Jilei reh
' rpijftj fit ttoi'O inttninlriirt ttt'Ck iii'itif 11 dc Wpll 6"a' riiirrcliDit l.. '
hie ileuiaied jaj -at
7hat time-r the tnoni
llieni v 4lt-ii, must ;visrcsii'ici cairi . hi iuj? jh uC ui p.i "pen?,
Uebors;liadvcsfe4 their IpaiiJptnnVHC Payment:
as not 16 he rui nbu$ saciificie& '"Ami' wln:
iwere the debt(iiv?i;iey
fiieirirjeupsxueiixnciipor
liwirC' tuan!stbic ifr tire edict wtitcb
was tii i cover 'i he toidith raburnth alarin itta
;i hd ign atib- tUV reTcen t-; resolu tipn' of jther Stat.e ;
B;uik,f o cpjlect?Dje
aitcnipieii iiep&pa?V;,4ouiinjur- uh; sseruon, inai lue .ipnu
yepcer which theSjateiha
eidttibiniunwft
1-
iiirouehoutlthe coihmuni
uraiifnes orr.iue juegisiaiurc, i tim
Repor
tjie act I wasipd! victual! befbie the
;:
respHuiion was apnpieu.,- nu eiprrseujpiyroeciueopppsiiion-jo .11; .
Ton cab JvafinQ.$ (
you have ..a dollar to pay with; : But Amen 'wjrose vie ws. Mere at '
teasts. Kit e as to j
hicheir isivet thap IfcPU ;
Let the : bi o kvrs ,! l'fiise; bur; : notesjTlrey vi ill circulate- in 1h&
State aidansWc;r;tIm bo
-aparedjIi.Vciin
Ppony theilebloi-s jTh sicie wlitch' jah
s wibr the 1 occasiiMial iweijpie iifourc 1 1 izeisnd botbe bes
towed to Tiki war dfrm
of.4i;4iiifMliiU.t
voufii tt:;ifHHseryo dpi-
veiit. r.aiid "t'ltat the iav rbrnrMl1pil tttpm tii : Hlht bninAouvoa ;
brtdi-ta'ble, aVidHhe Courts of Jutice'seeni-ed 'its'.erains.AThe delay.
jb the reeptp pn tiieir,. I V.
1 :':sy&w
t-f..'s.. irr-lilW wru; atii , 'n-nli..i v ."a vv umiain i i 111 311 u.Mi I If II ill 1 H 1111 l t : J. n - inpa GfPmu rnnav hatfif talan 1111 thnt h tl.n .l..t. Fir I
i S: S-atfW State Bankj thereis aliinitation rt:the issues tfeach b.aiicl.XlaS,d
ii it feoMKc at U-Thii isa clear mistake Tlonly litat!hi tiisVi F
' tl.e Bank, is I., bo found in the clause prescribins tliat 'Ml.e oIa-
iSun mount ofthedeW which the siid wvoratiostifil at rtSiitii-
i-PPiresva.tlj sll hot:eicee.lTjbur raiilipns eight liund.mthbisand loHaf,;''S
;v .ffi.VS"i".7fjto .."'; -H reriorsi ine rarent or. rrincipatJairik,'ttIie law directs
- i -n - ... . ji at m v m fB.B t -. m bk. a mm m .m m mm. mm . m k m-m mmrm - . n ara mm art. m r mm. a jt m r-..--. m " -i, i - . - t-. , j- t . . -t 1. . . .- . 1 x w
i wv'P" ' v ,ai '-"etua iy nossmerf by t he :several.e9tablishinents.V; It is nnt a
11 s .; v : ; . .: !' mo c.Jr.,uU ; I f : tt.e. l.orr.e.r. chose apply, the ,,rocveds't6 iitth, liffirf.lt to d. ttne precisely W),at is meant bViese v"m s
M'tWW4UPk: m Precis y, in thean eState "Ha it Wbuid ;'t6riVJttfiil..aV F 2W,9 fiif aR:f5T"; P?IP- iven out-in exchahse fbr; specie;
';i f IS??11': wSSftaS' MiP' emn tho practice as at bnce foolislaud pernicious. :.ut, Sir, 1 ;
ito'WftferaW ii-nl ""!?-!"?J-.?W Eknow not uQW-it-catrbe'stiematisds 1 indeed.' the
lalSlv design f the contracCwas ,f. "S V pm ium on 1
ti casnn. Dank, aiuTthe notes issued . It ilpnends ni inrinallv i v - - .-v v : .
e&SlJelislature h
; w PiorPts1 cnaracter, sjmcs j.,ui-o luuii isj neeaea tor t his sion. elti( ed hv a hift v
ft-,iiea;am
oaiiKs,.were aess auic meci. me cans, oi, tneir regpiar .customers,
a Pel ?the s deeiathii 1 ucreaseuV) wh icli ::'t Since t em barrassed the!
jc4ifitoutiit
oiuiioereKentirely;JVv
thV most aggravated term ; ''with V Sm Usu i-y , in Wri ntinar' ac.ccm-
as;w as Yu nquestion ably. prpedvh the tf sti mony of M r; .Shef.wPdd
wo o, i ii ai ;i i o ;rti i e rq P ri Ug spen exen at i ges s nau -e v er oeen
condition on; which tJi a J v
f-jtlilr fit1 mo tQ, lliii ikiiini Jaliivr'(ii((i tinunti faiilinl lnna'..ni . t i
ci"M :any
accorded
ther th chargexjIJryart
r,! usury? nas ueen
uirr terms ui .renewal vnat uiuse uiosi lnuuigent lernis
to'ailjothers'aa;
1 f r t V f.V I ITl n Kl fimtin' flip hpoon I 1 f rmi't, r.i ' a.L a
ebjr liaTpai
ha:paid-ioreljajthe
1 1? a - ovt mn liiMvilonHiH iniiijfT..t l, .1 . 1 . i I
"Neitjier-ai,;
;acf sBptirisja be de,
'" ht heir appro
tthaseeb opisiv;ei I
"Jnjorios to thb'l
munitvvlwheri Ihppf brn vVi A o r,.M ....l.t'L "is -I
tuihabled tlieliapIicnt t
riteresfr and the ejcchan&e Ivas resprt-
tW-tht;ignij(
e;iawiwi lliot Jjei cheatcu by an evA-
brdcfeated byi ?v : cpritrt vancc An ex-
rynay ne reaprtecv foas a strataffero i
iisuiioiis lodni?;lJnitbe of course it is to