1 .
vonttie T5a:.tk. odestiok,
-'l-n.
On motion, the committee' then: rose, 'and -I'cpbrted-ths bill to.
t1tll)use as Amended. , VC!"-. -?," ' '-: V tT""
i And tho Amendment beingconcurred in by; the House, A: mo
tion was made, that the bill now! pass its second reading.' r
. ' " - it ,i ij i ' i a. : i
1 , , ? ,. ., . , -t . . , , ,: v i ar. jasn imncu,,iuvv (ills ui.iciiucu uui hou uu
i:. - . , '-if- 'r :.:r fCoTifm;. . ...v . : f y - J I troiliiccdl-and ns pne" tiad-Tiid sin opportumtof readiris jt,.th?t;jt.
J;' . rfA':."'":;'"iV""V?v would; bo siineicdtt Heii jliij.tabje., till tn-morrpxv a'tidbe p.rinU
-., - - afrPoMerhl- lo make a renjarkn w .a had fallen from foi- aii onpGituiiity. of . examining' the;!)!!!,;' before1
;: ! ; j?aiiwjnicfio:T lilies Mi.r prrV.nv pwfiaid,iS,ouiabe;iHi
,emn f,-dm:iJillsWash,:,if:.e bPlieed l.im Bihcero il.i9 'sc.,i:.
..,,.-.;e
,: c '0"ICl'?'Jil Y'4 2 t Ji v lift' Atv tUe':sutiect .lie iM'ipVd4i'p "litiuWctlvYouldprucecty-to.'act'itjwii. if."';, -
; : .bo described ,aS.S5us.if dofng nJ.U.ing-rbnt .that e VhvH wl'h-.i .a;l been made,, and flowed in roraW V.terms-tl,e m,. w
-,.fdistiscsoftl16.ebidet,cehSi.ledtl thifemort.wiaHr ilr. JJnliad Jjmo c,fliv CIiwc
"V'At t1.tfdead of ti;iM.ai th'e'plae'os the
" -'i' 'S riwfVarW, Avha are forprocwli.ns.agai..st'ltlio Banks VJjiit .vrlia ui-ged. by 'wVri .Potter.an.Jfri-Fisher , andj..aftcr;t.8ome, deba e,;tl.e
I-;: iWVr "vitl,- caution ; t!.ey wisff t,. protect .tho pebpieV-kW. Question uh the aread jwaj linailyput & earned yntes;to4?
al tio.-mWinVii.nrdb'ioaiiire.ti ile.Xckhnlip .-tliiiiiiartyi: .. ,tA iUvfcrinVrt:' 'Ki; V-'O''
.-Kti.nrtoman-'profcssedm
-"; .Mr.PMid.i.oimdreadfM eviimVic5metf-
,: , v sojilier despairiijg of'beiitj? abte to .find toWW ffi.Snw4& a aiiy project bat; had been BlTered.
-,.:r - rented as carrying aboi.fMan.ern,,, b.s : rtdjarch ut wc , an. g4S h v,VpVse! t. 4l,e bill,bef,.re;tl,e Hon.V' He
-, ""5-, 'We se.arcf thk.nd now t AP tWnghf it nbiUinable . all M.patts; arid therefo,-e proved to
o.kttrms " violence and ramne.V and Jhat hcdid not mean byany "H. M" ...7 " . .In.- -l :r : 1; 'M ,
- - ;u i u i i ; 't ,;tW.Vn; rM.m : liank. - ur to require an excuaiif;e.a a tunuiunu v
f1 i'ftaA -h h?4 .mde.to sivc:oflcnce o U e fientl from mo-VuVm.rable:Wrm8 of reneVvaV under m?n bfinl andrri
'i'::,G?Vl,e- V V" 1 : ; ,Vrv! ,i J VC,'; nlent. q'o.nn,l,ibit' inv Baidcfrom hufchasint? its own: notes
- v..- riie question ueincrput on tfie amemimeni onerea;ay iir Aiex- 'r ;v
: .u K".i . i. i - - P 4 . . - ' . - , . , , -v r a M nfr a ilisminit. either in this
anueiv .it .was necauveu,5 voles to-4, r !'; "Hi"1 x ' - -4.r-
-I f MiC itkrbJitlmnt ameiidmenCwbicli pas.sed, i. first read-: te o . ten pei: penu ,er ann
v .insi bYeasandNayvotestoarnir.ws :. ; f n v: ; v:jc-
' i- -T...v; o,4,. -t o Jn;:. r ; n -:..; n nAvi nnim i ntnm.. it s the. JDaiiKs nau iioi; iiere
.I.J 111" ir . llll k lllk 111 .1111.11 a - 1 LaAl ll. Al Ill IlLUIII . A A. U IkOk . JLJI W 1 Af V M v . - r . , 1 ' . ..,' . -t 4 - - 1 L ,. !K' .' K . V I v s. 1 r.- ..' J
rliarters. the Irslature was determined- to enforce obedience i
hereafter.":
required 'us to 'fh. . vi '-;f!' ; ''''A ::: v'""1'
1 I
StaUf.or elsewhere, .under forfeit iire'-otl
atid; lastly, to imposeM damages at f lie
. Qii any; Joan K 'W.nicn laueu jiumj' H!
nftpp the ! st JanharV. 1830Jl
endmetit be adopted, it would shewthat
itofore observed theJ ' provisions of tliei
Dnri5in this, Ikzil, to the, oai6 question of nuxpwHeticy- uM,
a likelihood t!iat any p;ood canCorap of this-extraordinary pro
Ciitior. by this est: ordinary t proccetlin, before art cxtraordin,. "
tribunal tiSjeyeraigentlemenbfhighJe
tliat it the Bank shall have committed acts sutlicieiitly crross to
lliorise jliice vuri 10 say inai 11 naa iu& u nru Hf tiini ier,iriat the
ceisay consequence Svill beca' dissolutiun . of --".tlio corporation an j
that in" that evenu'tlic flebrs vliicli,are diief to the 9an!;Vas we'll J
cnose-wuicii ine Dann;,wr vii, ucimijiii tiiyrs unneve that
the debts diie tp th'c-ftanlf will be safe to thc stfickhalders, because
these, debtsare 'generally biy notes endorsed in blank, and that by
filliuicJup 'the: blanlcwU
again ;denyTthat either of thesc
tfe Sateby ,passing thi.4 act "caj? take,;upon liei$e!f' the. right f
cnHectnigrtiie; dents on bdt.hnlesand "accoi dingly a xrov isioo (a
that'eSect.is iiiseried iht'this bill- iBut Iviiuld ask,'if the he?U
lafure.'lias the c6nstituthniaUpoyr to,attackConer: jronsequeiice to
acts,;vvhich they. did notlbeai their, happening,
may.slie tiotgiye them another .y'ir shetcan now4, seize ij)0n
tlie rightlto collect; vhy nwy she lint, assu me. that --of ; picketing ?
4nd should any presume tin question the .pwtice, . of -this "course
shc'coold' reply,xas thLjoti.dd , in, the fabler, that s!c.vasthe ur!
thier beastandthe stronger,' and tlerelrc she. is entitled to thc !,0ft
bVMity H' seems1 somewjiaf strange tbatltany iirctence shtmld !
in
her
ade' tbwards col lecfinlhese Bank debts iifterUhat we, ,a
jen.toid byJheWIHO It is asserted as a fact, by tint
commiuee ;inai ;i ur su.i u i iuuii$i, uiMtie r cojue; wcre;iptaiijrd by
practices thjnt amounted ofoiil aiidiillega j exti)rtitiiiw '(seiage r,
AfirainV tHeysay it was a system of usury and cxtdrtion:9 car-i i
bu with unparalellGU' audacity:: (p-BJandin -scvefal other
piacus.asscricii it PtMi uju puipiiauu viuariiier,r max - an thcsH
ContiWctslbetwccn Athc people ;and
with fratid and corruption :I want-to k'tiotf, sir, on What hrinri-
pie ot law or morals tnese ueuts can be obtained at all; if these hG
fact? A Can theStatei by. putt i hg herself i ri. thehoesof the Bank,
do that yHich it would be dishonest and unjust 'for the Bank hi
;C!emenT, Coopir, ; DavenpovtitDicklnson; Pokier, Edmonston, ! Fisher Klemiiig,
?liary, 'linmpioiu f f estet r.ipdfjes, jasper, iverr, laiKinv L.unam L.uiy,i i-uvcic,
Mrlin;:i-Montgomery, GIT. Moore,; A... Moorei Morris, .! rKieiji ri-.ean,
'M'Neln, Pierce; Pool. Potter,1 Richliclc,', Rhodes. -Rogers, Rofferson,
SIvirr -B. T Simmons; Simpson.K.- Q." Smith, J' hmtth, Stedman,
: TTnflpr wnn?l. Wd worth. AVatso. .T Webb AVtbsten Wheeler. A.
' NATs-SIc4trs. Altera, -UetheH, Jlorden,"Bozman, Bryan, .ulioway
i Cox.': Eccle, Ellis, VoVi Gaston, Gibson, Gillespie, Gmham,4 Greftory
Jiarpr;. I fallen, W. G4 JorvesH G.;J0Jies; , W. Jones, Kendall, . Latlwm,
Saintclair,
Stockard, f
yjlliams,;
Hancock,
Men-
' ;L dfUatl,. MiicJifelJMhoon,1 Moye, MMillan, NshV'Mesan, Neuland, Nicholson;
ri i:pi:-:i-K.ttaCv'.h' Uitffiiv ftainey Sharpir;--Ri Simmouv spr uill; Sieplten;- wqint Tyson
"7 WVoil.'lf.v Wadden, A"-Waddell, J, Walker, H. Walker, ; Ward, .lVebl W.lut
- . v (ieJd ' WhUakcr, Wilder.' E Wilhacns.r Wyche 54. r v r " 's-i'l " I "
;The second readiuts'of the bill as 'made the order of the. day
for.'Mondav. - .v.: a. ? J' : '-vrM-;- - - r - ,
r
lV ,r;. x .i iicnouspagain -weni- inro iommuiee ui - uie wnoie, on ine
' rrbanW:bi!JlfrV " : ' :" ; ; JV . ;-
i ; l : ' iPi7!er rosv and 'said, he held : in' his hand a. modi Hcation; ;of;
relation to the' Banks..
v vvhicii he wished to oftcirin ithe place of that bill. hUpon more ma
;Tf ture rcntisideratioM' and a consul tation with his i friends oli the sub-!-'-'
jec, fie hadconcluded that it-vvruld-be best to proceed against the
?.'&zJ8ii ateBnhkialqne: vTot that, he thonglitthat. either of; tbel other
A Buiiks5 deserved -to) escape-, "nrosecutida f. but he J beljevexl that by
After some" Remarks of Mr. Potter and Mr. .Fisher Jn;opposi:
tion to this, ameniuncnt anu.a reply uy iir; wycneine, question
was taken on it, and it was negatived. 97 to 32. , t. ,: -1 Vr r
-The qiiesti'on then returneu'on passingltbe bill before the house
i. .i i -1 i -
-" , : confining: thcnVoceedines as -proposed, less inconvenience, would
;;.i)e experienced by the citizens of-the tate. ; i ,(-' ,t- . .
.yAfterplainingthe-: sdveral particulars l in-hich c-this. bill dif
! j fered from , the one already before -.the Committee, Mr. P. intro--du'ced!it,
and ttAvas read as follows: ' ' "J I '
BUI directing; a prosecution: agprnst. the State Bank; and res&laiing
jie cnaractefior the
Banks of this State hare
- V x -. 5;
: - V:J znc proceeuings incrtnny ana to jcxiore ana preserve
," '; . "., .Whereas it appears'to the Lf gisUttire,- lhat the several
j'i.'i'?v'A-iolat.their,.chartersv-'ndtuat the State Bank has been guilty of frequent and
t " ; ;tt-r J xnanlfesl-abiiss of the fiuidarbenta particles of, its, charter, .! insomuch r ttiat it' is
1 1 1 i , tleemed the Imperiods duty, gf l h'e. f iegislatu're to cause a judicial investigation ito:
' ' :-jbe commenced against It t Therefore, - . - . - ' " 1 i ". ' - -
! v ; T e 7 Be;it ttrsolyed by the General- Assembly of the Slate of North-Cdrotina, That
.:'"-!." --tlie ; Aorney-'efleral bev-and he isrherebyMirtrcted forthwith to fnstitutet a judi
f cia tr'pquJry into Xhe conduct of the saTd biate" Bank jrand that he prosecute1 such
i v f-enqu'try byf iniormaion in-the, nature of a j rit of quo warranto, or other lejial pro--'
'r cess trawl to pre vent un?it -ess!ry. delay or obstruct ion'to such, 'investigation,: I:.
-'VV V'"f re it.-enactt'd'by ihe General Aembly bfthe State of North Carolina; und it
hereby enacted by" the ! authority , of'the.s.me, That, the 'Supreme fCourt of
i ' " v f J. Nortli-Curplina does and shall po3sess jtinsd'cuon. of all cases of abuse of trust and
: " k, 2"viblatirnof chUrter by corporations or t he individual mtmbt-rs thereof 5' and shall
i , authorised to nrbceed4ica5trst.the ime bv nresehtmeiit. indictmpnfi , tr fu.
-ciaV quo warrant o,ors"ud.itlier vrit of process as tht case may require, returnable
' ai SUCtr Uillt:? .iic 1 v? .nafcimmr. mhic ucmg tuiuui inauic 1L) lue pn
xioles -aWdlw'sae. of the Jaw, and T-t tlfat purrlo $ shall 'be, authorised to s'ummt
v V . - Y Jtiries from nny of'thecnunues' within the , State, , and require, the attendance 'of
VitnesseSjandtheattendaiceiind serVl.ce of the officers of tlie law-; underrates an
:; ajrgbs totlis,Wtch $pifao: MUet .syrts tnd- proceeding; in'XJaw and equity V
V -'aul witli a vieV to the sp,ttcly decision of. the particular investigation herein di
' ,v tcttedibe lutiges of thej SupTemg Court -aforeaidr-': are hereby '.atithorise'fl and
v v' redirected.' to hold an exti)! session of SJitt Court,- to 1 commence "'toirthe first Mon-
r.
T t clayV of February-: next,:-and ' conti ue: i n session from
f- vestlaral ion be termfnted.i' , . ;
J "-4: decUi-ed that uch .drssohsjioii shall not c, work an ' fcxtinguishment i?
t if . ebts dueto or from suerli "ciirjioraliQivj -hut all-thejropeftr roal ar
y ; r a . k : ..11 1. , .: l I.. . ... 4-. . .. 1 'it . . r . - t w
:i ot suen corporation, ui w ;uwiuir i" uic.anie,.."su:tian(i are hert-by ae-
' ' clared to be vested :in the iState,- to be. disposed ot;for4he,beif fit of the partie
day .ta day until the said in-
decree of forfeifure, :of the-
Re it farther tn Acted, - That; Pi"t ' iiidffment or
franchises ct.,ny,corpori4.lon being, had, or tna tlfeame.is dissolved, it is.herehy
Mtuer ot the
nd personal,'
conerucci pn me manner. uvrMiu.i.prTMru ; ot n siutii oe mttviut trie oourrgrant
" : -h v ing such" jUdgentenC or xlecref?, to appoint one. or more -com missioners,4 Who -shall
f forthwith take into their7 possession all the property .--and effects' of even' describ-
! U
suu provecu l v widu up tue anairs thereof.'
prescribevl by the Court,' always, having due
tdcrsthe, c4ai'ras of the creditors; andithe coh-
:-everV.dtfsr:rin
uon wnaiever-vi auwi- vurjiuiMuwn,
; :- under, such regulations as may, be"
-regard to-the rijjhts'of thjp. stQckhol
'itlnn of : the debtors s and .inline: , mean time, to ureyent inmWr whlr.K ; U
" : ,1; otherwise accrue' to. persons folding, thtrnotea of the State Rank aforesaid, the'
. j . uovci"'t w. wuil(.U juuii 3 iins aci $11,111 oe ratihecf
Y; fiV issue;; bis proclamation; settiiig forth the causes of thir prosecutigrr, -'declari'rift
vi me oiaxe ior
0- the reaerapuqnoi lisnoie.- 1, 1 v- r V. -.'. -v fi I
i : Be it further emcted,Tbat :the commissioners, appointed irt pursiunce or this
'i ;v act, oeiore enienng oMlIlel;fillcf buan uinier tue oirection of the "court! fexe-
" - . 'cute a bond or bontls, vt ith good and sufficient security, -payable to the Governor
. f .for the trnif being and his successors ,ia office-in such sum &n Ihe court may re-
: t-'j f rquire, cohd'ajoned .for'the;' laithful discharge oftheir.'dwty, and shall take and sub-'
: acribe'iin oath for the f.tivhful aud "honest discharge of theiryuty 'and it shall be in
: 1 the power of the court, a,tany. time; t remove such coiiunissiohers, or either of tHern'
-;! ,-rrftm .office.-' and -anncint others under like Condition." in' thtt
t- iw.u, aiani illllC
K- f. U to require a renew al 01 tneir nowis 1 and wueu said commissioners sliall bave fin
' ishedjheir duties, they snail rh ike out and deliver to the court, a detailed stated
' .? :ment in writing,of their proceedings,- and shall swear lb the truth of ihLiuunV
.-';-;.,and for Uieir -service m this behalf, they sliall, "fromjime to titne, receive' such '
-- ompenaiioM iiajr-iiow.. . ' c i ri - '
ucinuawci s'ui(iv",!i" V4u.ct, aiocttnomer or arent ofanv rnmn 1
1
I''
- , - : -Uon, against wincn a opcree or loitciture or dissolution may hereafter be 'had. shall
. , ; -fail or refuse to.Oehver or surtvn.lcrto. the commissioner,, or cwiinwioneri Z
, "". W! -" ; n - r . ' V - T1"' ul ana . enecls of aid: corpora
. :, tion, n his-or thfirihandvihe Court, on the tact being made knoWnto it shall
. s ; Icause the person, or c-raqns, so omling, to he brought1 befor itW iJSS
J : him or them in like manner as for jf . contempt of court. ' t V'-" P . ;
! : :;And I beit further -enacted,! That ereryurnent, "transfer, or fether 'convev
1 . -;ance, by any corporation, or omcer, or agent'tliereof, of airv ir,mPri Z fj
yidence of debt belonging td yuch 'corpoiio
. :i ::rrb
''r-oconvey
. y ;Tl.o motion being' to'sbilw buUhci wlioje br t& m&nf bill Jcr"
.. "1 ' , . .... - '! P. f. .4 . -i-.w.k " .- Jf V-v.. , : f J . 'i-?.- '-C
its thi i-d - read i ug ; when
'Mr:rJones9 Vf Rowany rose and observedthat through "jthe long
period jbf Jhis discussionhe had occupied his peat as an v attentive
aiid anxious listener Hejwas anxious, -jbecause he. thought .he
had perceived at tlie very-outset of this business, a strondetermi
nation iri majority pf this House, to sttip their ears against reason
and justice and to dasli 'ialongrto extremes,-rcgrdlessi"iof;conse
quenceS' ; and that, anxiety, had not been lessened - by the various
changes '.that the original proposition bad undergone jsinc it
into th is House ; indeed i i t has bee n patched, and al terd i aiid re
patched, and realteretl, until there is scarce ia iag left of the old
garment, totell its colour 4; I am, said he, glad, hpwjever, that we
have at 5 last trot soniethini bcforeuisito decijle': upon and hope
mat , we are 10 nave no more lilies caixiuges wasieu un ,uyxug tar
gets; : -I stand not liereMr Speaker, as the advocate or ev.en the a
polugistof the State Bank.: I have always abominated 'these in
stitutious as dangerous Aristocracies1 and Utterly repugnant to the,
principles of Republican government. 1 And of the ;Hank in.'qiies-.
tionr l ; will 'say .that ;'slie has acted irregularly foolish!y, against
the spirit and meaning of her charter; Buti sir, ' tie;:questitnis
turn round ' What "measure of punishment - shall bej inflicted on,
the Bank who shall piinish her r. and will the course.prop6sed ,by;
this bill, be just, wise and expedient ?! "To tlie first )f these en
quiries, I must observe that the magnitude of an offence arises not
from, the grade oij character of the accused, but! from the! quality
and nature of the act. done. I should ,nbt jhave: stated cthis trite
maxim if I had not believcdithere is 'grpatj danger of f ts being lost
sight of.'iv Think yousir, if the same facts 4 had -been; proved a
gai nst ihd i v id uals as are al leged agai nst j t he Ban k, - public jus
tice would have; been heard; thus vociferously ;cryin aoud for
vengeance I How many sharpers and Usurers arc jthere in the
neighbourhood of almost every .gentleman on this floor, who are p
peply and notoriously1 violating the statute's of ilsurjni-'..;o;JEIow'many-hardTheartejd
creditors,! vvith -their obsequious -insti-umcnts, the
constables, are day after, day -Violating honesty and fairftlealing,
by, availing themselves of tlie necessities lor, frailties of the ) poor,'
ithout even one of us believing it ou r rd o ty tots ta n d , fo r t f 1 as . I he
chapiions of the ; oppressed. Thei gentleman -from Newbern and
tlie gen t leni an from, B u ncombe, have, sho V p, i t seems to me;? in oa it:
conclusively, that the most prominent charge liroughtjagjiinst the
Bank, I mean' her. not requiring the instalments of stock to be paid
- ,'--rO -r 7 . y-v- 1 " "
presentedthe sovereignty of tliis Country. And! it Jihiesiseeniito me;
uiui inc uiwsi ut .uie oipcr irretruiariiies anuuitinuers wnicu the
Bank fell into, were; not so much from the motives1 of speculation,
' as" to get-. Hd -;of ; the f difficulties resultihg frohni; the ' - grand error
which lies at door of theLearisrature A. These motivesi would cer
talnly bejooked to very, carefully by. the Supreme Court in detei
jnining the degree of guiltwhich had marked the conduct) of this
institution. And :jf they should hot he able tofdiscoyera corrupt
anu-j rauuuient--intention'. (.Avhich constitutes the; vervj essence of
crime;) nay V if t heCourt was not thorou ghly & com pletely ?a t isfied
ni. (a gnussiy crirmuai intention, 1 hazard nothing m lsaying,.the'
Bank could not, be jcorivictedkunder this quo - watTaiitov informa,
TiniT. ' Kilt. Gin' clIminDliiM i tv inhnn. itaai . I. L i . Ct '.
crtse
pri
come the, prpsecutoii,?.v;. Her, hbnouirit woutdiseeih' to mej reqiiii-es
v-v ;u,uu' " Ju4v 11 uq rcuiciiiijcreu mat lue otate lias
had a strength ju .the Directory or this Bank nearly etpuil ; to i . the
whole strength of the individual Stockholder iudeed,iit Ttaseen
stated upon higti:authority, and has not been contradictedithat
she; has been ableV by dint of: a little 'management;' toj carry her
measures in almost eVeryt instance. ? She has divided the spoil wil
lingly, and I. may almost say; .greedily, She not only 'permitted
these acts through her agents (the Legislature .included,) but she;
has enrouragrd.-everyjmcasure to increase the profits of the cstab
lishmenf, veii when it;vyas foresceh that these measures were, Vr
wptild be, injiTi jotis to the communifv, And lioW.Jsir. f wlien tlm
hour of difficulty ha$ come; -she proposes todesert her ancient I
and siiire the,. Bank has erased to be profitable, it is proposed ; , to
send her; forth intothe wilderness", as the scape-goat, to1 bear upon
her forehead-the ins of. the whole concerH ; Truly has it beenaid
that alliances' with the stronir'areaiiererous to j the " weak!!' .The
wolf and rthe ;sheep set out together, un -a journey they icoine to a
" 'j".r:,,v-.".,v. sHwiyrjuH; iu ui iiiiv mi accuses me sneci
do? .Whence did she. obtain i thc;exclusie;:privilege of chcatin
aind defratidihg ? ; We must say the State's conscience is exti-eine) ?
elastic thus to outstretch, that:of, the' corporation ! , ,Vi ; -
- Mr.-Speaker there Is one consequence ;to .resin tj from tlie pass
age, of t h i s ; b i 1 1, yv h i ch w i 1 r;fallhea v ilyk out lib i n tioce n t j com hi u uity
of:North-Caiiliiia---I' mean' the , certain tlepreciation of the BanL-
thU
notes anu JDanKsiocicx uniorination.nas aireau
. v r.,,.m .? r i.inna eillltOC! 1 tllQf CUPl) lino hnon Hiri 'nlTi.fc
measure, f rbmUhe'mere t,su pposi ti o n tliat a his' bill in aytiass. Let
u once erei inrouKo tuw ossein uiy,,fiu ine iiexi news .win he. t m-
nonepr.the jriotes;of pur" Banks will be"talieirin the' payment of
debts." SheriflTsand
cie,,.iir itsequivaleritl Property will thep go'off at justthe!price
that the merciful creditor phooses tit :jgive. for it.f Tle;wido w; whose
deceased husbahd h, ad;bcqueathed her his hank stock, because it was a
species ! nf property tliat iquii-jed but little skill in its nianageinent
to; make it prpuuee a certain ,;means oi,.supsistence, will have to
part witb: that stock at 'a ru word l-
we mayexpect'to seethe reality of that desolatiou which basbeca
so st r6 ngly pictu red tp pu r, fancies Iby thegen tlenfieu on the otlier'
side. ' This catastrophe,, we, are rtold, .;is pro vided 'against by that
clause of the'; bill which prd-r
ciamation,, setting forth the; ;causVs of tills jnpsettion and pledg-
ing the faith of 4he State for , the redemption' of j the Bank 'notes,
Aias;iwhat;'adelasioTi ! ! 3 ;,The experience of apfes f proves the ui
ter insufficiehcy.bf plges,'uclamati
ttf sustain thei credit pf ! Bank paper, wfiem there is inb means, nor '
immediate! likelihood of means,' to convert it'intospeciei . The old
Bank of England, - many years ago, having lent most of its specie
to the Government to carry 6n Jts foreign ' wars, 'found itself ia
grcatrdiflicul ties, .insomuch that 1 the Crown -; of ' Great-Britaia;
thought lt necessary. to; interfere lorjier relief, and ytt, sir tha
potent of the'Itiiig of that ! rich 'sovereignty backeiil by his oinni
rmtent Parliament, pledging the ;faith i of the errcatest: nation ori
a mtx at . m- 7 a. m mw M a.. at ss v. at t - z aM- -
cariu in ucutui oi uio xcifiiv uuuiu urn save Jt irom utter ruin.
France, tod; : tried tlie; expeiiment ht vsustainiiinncon vertibb
paper,: by a pledge of -the national ; faitb-and althougli her cele
brated Jissigiiats; had a brief day, of prosperity; by , the fraudulent
contrivances' of her then rulersj -:-tiey suddenly sunkl down to their
proper, degree of yorthlessness, and contributed much towards tho
miseries that so Joftg 'overshadowed Uhat country. But to come.
nearer npme ior examptesine gaiiant otaie, ot Tennessee, rich
in every thing that can ennoble a nation; o(Terel the guarranty of
Its faith as the basis of :Bankcrcdit; yet; in a few months; the
poies of the newHnstitutiou, inlthe cityr tif : Nashville; were at a
discount of from 50 to 75 per centum; Kentucky, 5 also, v adopted
the plan,, with no better success. Bit wliy multinlv -exambles r
Who . has not heard ofj the ni oclamatiou money of the .Revolution
iniriwi?m . oi iiie iiuuiry ,"!-as; w.ei iy: as is iaitn,-was- Called on
to;keep upTthe credit of that inoney.; and yet sir, in a "little time, it .
becaipe almost a Valueless as thematerlal putpf which it was fa
bricated. "But weare further told, that the effects-of ithe Bank
iiscu Win assist ui nrevcril inis Ucnreciation. Wt liavn n rorrect
information as to. the amount of those' effects-rif weJare to look to-
measure with the
hand will be
uch' there may
still more doubt-
the sfatemcnt ot tio gentlehian who is urging this
most zeat (Mr.- Pottem thc amotint of specie now brt
or utile avail towartlsellecting this purpose ; hoy m
be when the expected judgment is prohounced, is
ful. And, as to the United States (Bank stock, owned by the State
Batil; upon which large calciilatmus arc made, it is almost ccp
tainthat that ;is beyond, bur "reach. V Tliink-you tliat the United
States. Bank' will acknowledge anyobtlier owner ifthat stock than
the one, she has Isold it to ? .'Whatever may belaid of the!omuipo
tency of 6iir;acts. within the fimits ofour-State, rit can hardly be
"iV5"' lwfnv!' .ine. woriur,wiiivieei j tnemsei ves oounu oy.
themV; At any. rate, we might expect: to be carried tliRouzrli a te
nuous cnurtfe:Dflirftiofiin-!itirttUnifo anv .
thing could vbej realised, from ithil'part of the speculation.' Is it
not,' upoutthe whole, most certain; that the Governor's nrriclaina-
tlon.can pot stay tho calamity threatened by ibis .measure ? Wo .
1) i a yc liea nT i tagaln and agai u ;"from t lie gcii 1 1 cman who : i ii troduc
ell thisill, that-the people
Bank and that wp dare not go home without doing something -in"
this matter to please.' jtliepeojde;NI;cannot-fpretend to say how:
generally, ui is cci.ienient .may nave f oeen goi up in otper parts, oi
the Stateit may.be" much' greater! tharhj( am aware of-but in
that part of ihe Stsite where!! am be.st acntVainted. I do nor believe
that the bulk 'ofiheepplcIrjneaf liiibstant ial yeomanry of the
couhtry-have!e!Ver concerned ihemslves in i ' matter, one way
pr the otler.VApe couptyto which I belong, can -boasfof nearly
two thousand .voters arid although .ihei is a branch' of this Bank
at its seat '.of just ice, pcakail v ijed ly w hen? Ivsay there are not
tlii-ee hundred Aof her citizens; -'ClthcriiWtlyor-indirrctlv concern
ed Jn the BanlcVither aVjirincipallebtiir or security; and ,bf
number; i can" i safely" sUy, Ijievc:- heard ten' tneicbmnlain that
that
the
uariK nau peaiipisnonestiy or uugeuerously'witii them. And evctr
amongst, tliose where the wae bf dcti uction has suept jnost furi-,
riusly-VUiey tliat have-shivered in tlie snbwsof Caucasus,", or
have been baked and; blistered, by the tornd sun".--thcv that
oi.muuuj lngtine; water, anu,mar?s it a pretext lor 'devouring her.
IJi'ope,;sr, that tvc shall not hear it again saiuy that, tlie Honour
of our StaWrrfpiires thisinvestigation. . .The fbof pbiits to. the
bloody spat o'u ;the carppt thewise mdu'hides it'witii' Jbis;;manr
tie i . . ? v r; t ; v .;;? -y- . . V r - : -k -:
''have had lheir hearts gnmnd out off hemV -they f f to - whom every
exti-emity of .u 6e, lias4 been 3 measured, out, . and into? whose service
I vte. I.. ...... T...: :sin, .-. il f.-.i t a j ' .(... -. .-- ,- t - - - . . .1
crr iuuiii lima, vvuiij .iijtHe;uicioiiary, nas oeen presseu, anu
yetafe walking about, fwcU and hearty; and sit do Wn every day
to as plentiful dinners any .of us.Theseriglit1 reverend good,
irs,will not be so very overSvhclmihg witirtheir thahks to their
. - : - I
a the zoua."c?r iqiu that they did not intend oy
matir this bill to let them bfffrbm their debts entirely,; but only to change
, tlie creditor ;froiiti the. State Bankto. the State" of iJortuC'aroJh--
?"?'. ! ".-':- v'r-"'"'.'f l" , ' '
-r.,,v;:-. ; -i;?;?, :.;,-,;;(- ..-.'.:- v ',--'.. '
r;';fc :, :Cv" r-