Newspapers / The Raleigh Register (Raleigh, … / Aug. 31, 1829, edition 1 / Page 2
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f t 1. o:rnA -, - icl lale'.v t, - red in ; is xrittcn with ss-nMcb ct:rr .. 1 c ? eTjn-ir- ll.it t-""- -re . cr rt. lers, in tli 1. ,e tlt of it, will not fiul to 'en ic mind on a subject very iiv. ;ol in t!;".s r rt ' f the IV'.n. ap;.- .!elr - in 1 Cu u nit v is i n-tli o full enfoy- of lew . persons1' are. to i " u i id w j 11 i n t o Ts te n- tothe Av a rn i n gs ' of t h e c a m t i o u s 5 . a t id i t i s "no t until 1 dei r trovinjy enidfnic appears. . and rKen,;Te-'lif-w o u I d c n ni.e al most to o 1 a te,j that-th e public mind lS'in a state capaljfc of.receiv i iirr the tr'i ths,;-a previous. '.acquaintanc with . which. miht hnvesaved them from disease, u hat ls liue of- physical evils, is equall vJ true ?'' moral- evils?;- and a3 we consider the present a tavqraoie. momeni ' r -f c r a 1 1 r a c tih th e a t f en ti o n o f mui r fe Up w r- -rency the true, causes! of -av hi ch are im portant to be known, 've.einbrace;the;'6'c.f '.: casinn for advancing a'-' few ideas on Ihd - subject, in aliJition--(tttiyoscYhch':bave: alrendy appeared in several ofo'ttrtity pa t er. In the able. article on th6; subject ; lhliscl in the National' Gazette of.A- iil 10, ' peration ofrvver ban&ing in producii1 ci-rr i i admgjjxh'd consequently co'mmercial emb.irramentsi is-analytica'l- lr, luci ll;. and ? -ttrfckrily.exolaind Indeed thi t ;tt -r is n6w so:wetl lindeK ?tood, that no w,2 Scarcely doubts -that' thcexccs?ive imparlationso'f British'goods - T' which aro tiou- selling. at alos'f ' 20 to SO per cent, to the great injury of our ith-. porters riiii o'sr manufacturers, have been in a reat roe owrnc: to the unnatural- . ly hili price, and to tlie'sp'eculatihg spi- tie resumnr; u om a ueprecmieu-curreiicy.. B it liere all iitcjmry seems to stop.i ler--can tile, distress is' seen to be an tjferU and . tle edect rf an immediate -cause, but no. c i i e h a s p u n d e t taken to, 4oi n t j qut. a p re- e htive ,. aai ns t -the - recurrence of that. It oi'rr ibarihtngl lie. ; anV evi 1 jha't :eyil 'ougiit to I)eeradicatedi v As. far; however, a1 it rcsnlts from a multiplicity .of banks task-is notof; easy: accomplishment. V 1 . e n m w ho I e:eo'm mu nit v i s seized w i th . municAt h fruitless toatteinpt torchange c ' t h c pu b I i cj: c u r re n itv Ex peri encej ha jA e rn()iWtated;" tVatthel;:present en w i I L'-noh Vrtifi Vb:y;th'if sujfe n ngsu f t he pas t ' forTvre' -liave seen new charters granted to b,"cnks at a Wo men t v. hen the reconection o f t h e a w f u I c a 1 a m i t i e s p rod u c e tl by th e i t) - in Km an a ge'm e n t wa s; fr p sh in c th er m emo-- i ;es oT al Uwho'voted, for th e'uiVy This" be-. .1115; the cas'e,'ahd the fatexof fthe country. I s u. i n A e e n p 1 a c e d by. o u r t a Wtii a ke rs ' a t . Ui e rdls pb'Sittoti" .0 f mopiedi cbrporat ions nothing reuVains for ,the people'b'J t toex r e v . th e i re rid e a v ou rs in. mitigating the evil," ' aw ti rendering i V as f igh tiff?. I i tcaqi be 1 1 siade -to ifa M I n m a k i ng th.esd'ra'rks? m e disclaim all hostilefeelings -agairistja-, jiv -of ' the indtvidofats who arc ebneerned - i u th e m an age m en t o f t th e ba n ksor who -derive .their .means' of su ppbrt- from them. , I 'They Jiold .tjeir- employ mehts in the legit itnate 'exercise .0 f-' an ; h b no ra bl ecal 1 i ri jy, and 'are nit;rcsponsibIeJfdrUheac , thii account, entitled to any ex e m p t i o b j -from the .obligation 'bf -listeninir t o . the truthwhen respect fid ly- offered to : their' 'mIu t tesrWe i o 1 d them bou nd toabstain, v Jrom every aci;wiucivcan miniaieajrarnst f '-the t jrene ra'l . w el farer of. society. If th e p rofi ts of ; ban ki n g a redimi nished' n the r.itib"t.hatjne forced at tempt s be;; made at the public ex-j p c ns e, t f rs e c u reprpfits w) i ichV i rit h e 11 a r ti re" of: things can: heyer b e' obtain r.-T-That s t 1 c kKol d e rm U s 1 i n dee d "Uie'-'-jregari 1 1, " Jess ot .the jnxei ests orni ieii)yycitrz.ens, vibdi for, tile, "sake; of. initfVasihg a m ,i try- dividetid,th"at the . i ' jmpii- rise and -uecoiies;iirauie ir more. l' a 11 i t Is i W ortlu sho ti 1 d; u re:u nh-a ban k -. tijeexpedieiit orinundaLifig.thrlartd with : T . paneri ' rr.j V'- ' "':-! r :--- V ' . " ' 1 he rhiet nrip n qr?tne tnaia tor panics, . Vis to be found : in thconfusecrTdeas, enter-; t.tined by the tiwiss of the peb()le, in regard " "' 'to their uiiiiiij. :..Toypoiht.oiit the real ex- ' ' "tent of thisutility, is4hVmain design Jif - this essav. " V e thinlcwe can present the ; subject in rsuc'v a point : oTvie w as1 will sa " V- tisfy feven the sV(ckhoIder.s:oT;banks,that . ' their '-'own; true ' andVjo'ermanmjdnterests .K-are io.be promoted, by a strict- adherence . V, 1 to tHe legitimate Pationsjof banking,- , and'that every depart urerorn theseSoGn , e r or '-later tin ngs'Avi h 1 t'af lbss'qu i te 5aliQ alJ that may be gained, by an undue; I ' ym -expansion of the ;Vystefri.;rt;doil4lgths I f hovv-eyeK;!wWVraust beg- tlieaiydulgepce I 47-? the read e r'vhw hi Sv:w call vhi att en t i(h to f t - v opi eeleni eiHryptihci ples,flwhi ch afe re-: 1 '' 'u nuisite to;a'full understanding of what we ()f banks there are:Mree'distinct des'-; 1 ' criptfons,1 wholly :,:.- ther'iu'.their constitution, their operiation's f - ana aneir numeric; uuuu muiiu-urm- rpent v; vi7 vanks or tiepositoaijcs or ais-. 1. '.'Vnu ntous 'banks which K x st throughout ' V V'i;t,hV , w;-v ti:r;i"drtitsctinstitutions are -cbmb"uredY; ! ' v ; aVi t j,t"is-o g ' to H h i s 'cbnibj hat f o il ; by 1 ' ';r. : IwhfcHdissiniijartljin 1 "x ndxed tet'hwV 'that -tlve -general iuipres- ''.'- 9.n .Jva'beeitay6a.rab& to theyexistence; 1 " v.a l.hutUonrabtfqcUitiesffo 1 , . 1tiPAtmeitK bv trarisfers nntKir books :c 'Cqlati?,mVAiftiAJ.nf-nfr--rc V"":'"- v? r removeu inmi tuecurrencvlbv x. u r ofjither cbuntrteiis tenS'HiknC i ::r.; f tU:ciixuUi,t,g eUiuu:, ,.;d : , - thos. associations of in which are institute 1 Ir-t: in money 1 a;.. their ' ins limited t in it a t: i c 1 ' o heir actual capu t.iev make r.a rt! liiion to the circu lali. diumf a"1 consequently produce by ratio. ir no effect upon the cur res c, different from that which would ,"on t!..i loaning of " tlie,' san mo- result nevl by the sntne individual - capitalists.' Banks' c clrci:la'ion are those ii.titutibns established enrrlv for theMeiidinsrof credit, which is poriormcd:by; exchadjring their promissory notes for the promissory notes of i ndividu ;d . , chargi ng thedatter a certnii; p r c.,m,;:,'2 pe r annum, Tor..? the advantages toev are supposed to gain; by ddalir.'r in the inai ketT with the credit of t... vS msroaa or inetr.own. . t TVorr the; foresoiiistllefinition it wdt. readily be se errT that : thef operation of l o drposifs and ban ksof discount are i orpqsuive, aoyane u uamuj ne ;brotecti ; cold and, silver froin- - the nan e r r or 1 being p i u n n e re i u ;uui r i , keens it jncoiistaht activity,; by; lend i,! it Oiife borroweKas fast as itis paitlby; A ..." . - . -ii lt- K.-.: TA An ano-tner; .jjuc witrs.reaiiuj uu , ccij, t h atvs u 'c Iv in i u tin n s d o hot h bid im t s af fici e n t tern ptat j oxn s o r th eir fre tj'u eat ! es; . t a h s, n i r e n u , i. o i n a 1 1 1 ia i u a, uunn. u posiUi. fund;must be provided by govern--.menf dr individtfalsto'defray "it expen- ,sesi inasmuch jas-ho number, of persons resnbnsib'dity of takihjr care of-other-peo- nle'a money, and of . keeping their cash accQU nrs ; ' anil in rejraru 10 a uuntz ui uts- coun'h woahl scarcely, be worth; while hir a' cpmpany. to becoine lncorporateo, :id;pay the rent of a; banking houseand th e' s d 1 a ri e3 b f a n u tn b e r of age n t s,' to do that which theVindiiduals themselves coulddbi by the employment of brokers, at a much less expense. - Bariks of circuh; ton have therefore been resorted to, as pre senting the only prospects of emolument, and as the creditrequisite -to, give confi dence to1 their-paper could not well ' be established Iwl thou t: having for its' basisfa capitaj-of coin,-' iftore or - less extensive, they have embraced the functions of banks of discoiihty ''Ti i secure the popular fa vour too rasAvell as to derive a profitTrom the lendinof the'money of otiirs. depo sited with their? for safe keeping, they have also - taken upon themselves, without cnarjre to tne pumic, ineuuues oi vanns : s:i :v - .v i-.- I - Bu t bunks', of circulation are themselves, t wliefn properly conducted, and when their operation. are confined to the j legitimitte ovjecS oPDanKuiir, capame 5"or vcqnierriu benefits on a n a t i on We wi 1 1 , i 1 1 u stra t e rthis position by, showing what would be the course oi things m a country.. possess . i n ga i iietalic cu r ren cy, on the first i n- trod u c ti on o f such ban ks : an d indqi ng tiiis wethaH. be' obliged to extend bur- selves, ratherihore widely than may per- naps pe.agreeapie to tne reaaer, in oraer to explain the principles upon which such ; a.currency;rests- r . '', 'v -i ,--s yji the coldl and silver coin and bullion ;m the commercial worJd, is in the constant . c o u rse of d is tri bu t ionf a m brigs t th e y an ou s 'trading nations iii'i the proportions call ed for - reVnectivelv i bv the ' extent of thei r'' weal th-their com rnerce -and the state-of confidence between individuals. A fich nation will require Tnore gold arid silventhau a poor one: n nation carrvinj on niucii irauef more tnan one wnicn car ries",.. ony little; apd . a 'nation - wherein comriiercial credit islimited,;;inore han one iu 'which confidence; is ; extensive. 'What prbpbrtions to the numerical popu- lation of each". country, these quantities wonm respectiveiy near, it is neither pos sible nor material,-tb ascertain.' It is suf- fici'ent "to. kpovv, that; such 'as they are,- these proportipns,"when ;attained, consti tute what ui ay be call ed the general level, of currencies', and i t is to this t ev el , as to a .Specie's of standaTd,' that reference is made when we say, that money jike-iva-ter will find its level.':. It is true, that ow intctOthef constant production of the niinesV which riiay at ti mes occasion une qual distributions as well as to' a great variet v of other circu mstanceV which d is- t u rb th e'.cu rrencies of particular cbu ritries, th i s' ge ri e ra V 1 4 y e ! may n ever5' be -a perfect' oil e.: : i c, is ' u liici e n t ly - so, ; noweyer, tor & I :i fMtrpos'es 'o f i r ea so ri i ng "u pon, , J arid ; perhaps as niuchj as fullyarrants the figure, bjr w hi c I i'lyi ' ii i 1 1 ; 1 i ke )p rope r ty i ascribed to the precious metalK'"' 'JHe s u r face prthe ocean is (never free from-undulation and the dail v bpcratiori of the tides j s co n stan t ly j ri t e rf e r'l, ng w i th the level o f s'treamsV Jdoral causes which i rifluerice. the seeli, thiat were the extent of weal th,cbiri mercial transactions and confidence, i n d i fife re n t c bu n t r i es", t o r e in aid t h e sa tn e fo r a long . peri odtogether, gold (vo u 1 d a ss u ib e such a Xn i form ? ty "o f e X changeafe, value in veach perfect state ofuiec if isgold andsijy t com riibili ties tfeleaVtiiikeJy couhfrycercep areproduced,&pf CJinsequenceiorna o f the produce nrthel a rid antl lahoiirVof, tne people, or. Irom those which desire to pu rchase: forVi-prbductibnsf ::wM not procurable, with anyother commodi ty that the exportingcountrypo'ssesses:-We na therefore conclude, "that" a: level "does riot exist, or at least that there is ac6m' ll)or ;-centreVt towards which the curreii cie3 of all countries'have va ncrnetual Ihov ,dericy, and from which they do not great ly depart! ,V' - ; --. . v V-'tzv.-"1 -win, suppose, that in' a 2iven country enjoying a. metallic irieiliumth niiTitIt w it' 'r tm.jr.trtZA' - - j. i v !- t a;il circulation i iu.-c: i .it: litnf i : c;?s ;'IL ,i"of u 1. a tci.xn lio.a the'tcn t :ili:a- in ci:culatioL. If the whole of tl;b mihir:, - r id into the bank atoricey.lhe fir:i l -ill be srircity of money, because? ti.ere will then be or a time, only nine millici: :n4the hands nf thV nuhlir. instead of -This scar city pf money will raise 'the standard of the r.nrrencv-above the ffenerai icvci- . u and .silver wiU Vise"nvalueas exchange- .". '. ! "''it .. it----- .n.lifSaa nkrl ' nrn- an i e nor ai i u ui e r cu m iuvm v ?, - rr-..- vei the same "exchangeable yaruei.asre ards. eacK; other,;,-; A, barrel -of flour ev for example can be exchangea ! or a K vte: Korura thp fall in once.vbe- ' : '- -. lY. . :ir '.;A,;r0Uhn,,ii -nviri i.;k;'WA K:fiv, bprnnse there ,'are : on I v wVmrrchasersjn'the'nmtket wheh' ther'e Weref-il oi what is the same, tiling -the forniViVprirchasers; would only be possess edvbV nine tenths of )he. measis which tljey formerVvDoVsessed. In - what extcnt'a diftiiriuHbn-ol ten'per cent f the :curren .4 ,rl .1 iArrf ni ri fVasAvn !s!m 1 1 no t s to rr. here to. ibouire, inasmuch ai thai Avould 'depfrttl uponUhfe extent "to ; whiqJf other circumstances might operate; - ;Anaddi- ti'onjil'tert per. cent might 'be 'withdrawn front Virculatibntby failure in cbtjfiderice owing to: the" embarrassments produced, inasmuch as lenders'would become more timid, ;dnd thus would, the presstiiy be increasedand prices beinauVto jfall to 'a greater extent than what would bje occa ?io nie I . by the mei e 1 ock i ng. u p o f tlie ban k capital. ; If tliis state of ; things were, to continue any great length, of tinje, it;is verjl- eviden t how the evil would be, repi-: edie'd.v Domestic productions Tro! tieir fall in . the price woukl beebmeprbfiiabie objects for exportationi and; asi the h.iw pricjeiof foreign .com'moclitiesVwot Id bold out ro inducements for their Importation, goltl'and Vilverwould be-brotigiit baekip payni'ent until . the currency should be restored to Us- prbperjevel. -; j In showing the nature of this or erationy we ire far from supposing that any num ber of intelligent individuals Would ;cqm mence the operations 4 of our sipposed banfe, in. tlie way stated. They Would no d ou 1 1 see the proprietyof col 1 er; ti rig I the capital bf the bank h' instalments, and .of loaning out the amou n t of those instal ments as fast as received, f in .orcfer-.tpTa-voi(( the loss of interestv aswell fas to a- yoid the evil of an artificial t scarcity of jnotjey; , put. whether,; the.payn;ifentsi oe m adje i a on e way or t h e other J t i s. v e ry manifest, that as far as loans tj the a--m oujut o f one million o f cl ol 1 ars in ro m ad e by jhe bank,: the operation, is tljat bf a bank of discount, for it hasbnlf loaned the amount of its capital.? It may indeed h'av'A issued notesi or given credilts on its books, instead of pacing out the. identical gold and silver received from tlie stock holders ; but such notes and credifjs would, in such esse, be mere certificates fhat cor responding amounts . of gold anil -si Iyer were in. the vaults, of the bank, belort sins to the holders of such notes or credits.- From this view of- the subject', - how clear is ltjto be seen that "what the bank pas per formed, is nothing more. .than what the in dividuals who own the capital of the bank, could themselves have performe l, 'rnore cheaply, more-safely, & perhaps r wire ad van a ge c u s 1 y t q t h e p u b 1 i c ,se e i n g 1 1 i a t! 1 o a n s" to unskilful & imprudent borrowers lead to a dijninution of the wealth bf the c ountry,' whether it ie by injudicious voyages,' or by any species of enterprise which con verts productive capital - into4 property which is not productive ? Banks it is tho't tiimiui, in tue. iiaiure or luings, xercise. tlie same discretion" i b the clniice of r its' borrowers, ; as individual capitalists do . T Ye circulating principle is dow put into operation j and the! bank.loajis what, it calls another million of dollars, btjt which is, in fact, nothing but 'its ' credit m the form of bank notes or credits on ite books. fiiu va enim rnp nnmir psrimnrinn tit r.ui and kilver By this trarisactibnie level oi inecu rrency is aisturpeu iL Mere are 'eleyehm i I lions' b f do 1 1 ars i n circu lation in -stead fcof ten,' The cu rrebcy is depreciated belbiv the general 1 evel -k Prices bcom- moditiesrise, and because m weuiL reiiiitjreu i comparatively ;cpeaper, that part of it, whiclv alone is current Jn foreign; ccm nfries is s1ent?arjrbad 't be ex changed fort sorrie of the ; forelgri ar ti cl es, which,;, by th e ri s e o f prices! iiayeU bee ri- rendered profitable articles for impbrtati ."n : rt,:-A , ' Aji v-2jtS Alb-. i?- ?..- v i c -; 1 1 1 y i c tt c v i as u ks . o i , . i 1 1 e "i ua ojK j , a n t .provided the extent tbwhich litis i carried ii u l u great asLo arive out oi?tne coun try, t do grea 1 n portibn) f th em eta I li c cii r reii cy, ; by; wltictf the Jtonverfilnlit of. the popep in(o coih. mighic be endangered its operation; is decided ly beneficial to the n a turn. It has disengaged from an u ri prbd p c ti y e empl by irri en tV si ca pi tal CapabI e 'o r Vq; ot hervvqrds has s.ubstitu teri an ex pensive, Iristrumep? of jcomriierce by-one C?(!FJ !ifM?Cdy rati o p, - so lo ri g as thb issu e s o f tHe ban fc; abd the exportation of coin aje eqbaI,rno depreciationof the : currency 'taek place," l)ccanselhe total qikmtity of coin hnl paper Unite l is .only equal to the quantity of coin that fyoUld have circulated. Had there, been no bank rFnom this position, itwbWnclu sitmsj are'sejf evident- jFYr - that circu latirig banks - are? '-only be:. Hciai t to", the Jiublic, ..when they occasion '.ie exhortati on ,of,. coin'-aiid''econ'!fy, that ptperis only t beneficial when ; its anant. v dnp ot exceed flie quantity f coin which has peHw I In ; other yoW, all. other ,cora: moditie4 and propertywill! fall, nrela thinVin PId amr silveKUetainuio; how- . h: t: it., i h di .as.. Kj . n I lat this tru, d- op 7l' ; t...: . . r- . ... L- fl-ii- onthe-rt o. :r.-r.. e who have t; ; management of ban , w. t!, true pnnci nleftcTfcurrener. without ;hich it i- im- iosiibte that,the banking system can ever ' .iL.'- 4.u.n- n Qrtiro-p to the nation Sbme of thbse, persons will tell you that the ' extent to whiclv a bank may ;loan, vithbutdarigerofreaction,dependsentire- ly'upon the extent pi capital, and :rea aonWhua if a bank withetrmillnins, ca: pital,' tan loan with; safety , fifteen rmlli ims, which.i fifty per cent, i here, ase, one with thirty-five milljonscapitalcan iloan to the extent, of fifty-two 'millions, and a half- Others fancy, that the power oi.e:.- IV" rrlVnbvMndividu.d .ins't'itution -more a vored thairits-neiKtiboiw yet as a general Vule, it is absuni,as'is;mau:fest;fr()mnhis cimideratiou, that the aggregate of depor. sits inir the batiks of a city, increases ;wi tlVeveryhew. issue bfvbank nbtes,and if .tliat.iricrease:wereil'be'the guide for r.irfhprViQVtWs:-There would be no limits to'barik loans: Some, too haveanjdea thatjt depends upon the quantity ofcoiii there may be in theVaults of , the ,bankj? '& that if this be '.very considerable, there isr hardly any bounds to their expansibility.. preciation,. certain quantity ot paper in additioti' to'the quantity; of, coin; which must "needs exist,, as the basis -of, the mixed "currency. All attempts to'i in crease that quantity permanently beyond:. the quantity requisite to preserve an equiva iency with the general level, must ,in th h :i t u r e of th i ngs b e f a ti 1 e I f th e c h i a a n e Is .arc made Wbverflowlepreciation of 'the whole' ma and-' a consequent 1 exportati- navment with the same unerring certainr ty," as the fabled stbneorSysijihus; roiled back u pon t Ik wretclied stf uggler. Mf Hhis t)?r the cavhov ciedi-'jis it to be 'perceived, Hh.it theprofit to beifdeiiveil from su pply i the ' paper curj iptcy of a couoty, is a limited amount, and ih u if it oe d v i 1 1 e I a m ot g n ' re a i n u m b e rf j f b inks and - U i tribute: t orr ' th't" a rface f r m i n y large capitals, CU proportionate via, must ol n e c ess i t y '. b e v e ry s a a It . ' :l ' k e; 1 h i s matter however utre pMio, fir e c-uvid-er a corn d! . ie.wnf thin braneh'of our sub j"ct-us the key to the whole science oftbank-t ing-, we will illustrate it, by a reffVeirce-to the case of the Country, which we hava bove suppose dt'vrequ re -i, c i rc u I a t i 1 1 g V' e: diatrt of ten titiliiotis "of didlurs. Without' i . ; e t e nd i ng to d ete r m i neT 1 h tpvec l st' j:ieii t to which us coin misfit- b safety u! -sid.u -tiMl.by, paper,' we will ,aiHit, for Hhesfkr iof, aiumeut, that'-one" hill f thafortoer siialhbe expoJ.til, and th.if couf ffueuih, n cufecy (onMsts tw,nvtjj mnioo,o eo n,, and , live mtl'ions iof- p.-ipcr vf Untter this s?ate uf ihirri;-., the ba'nk would be tlravv- ingi interest on a sum five times as large as its capital, a low og thut.it retained a mil lion, in. its vaut fi cin; t- meet occasion al demand?. .The 'pr;fitS('ot ijs.;; business woultl therefor e., very grc.it on vaccufit of theism dr capital of. which; it wasthe' jti come and the orisvqueuce-.would noltiub. hi; . as M,Hiii4as the. secret vjs :drscovered; 'hat addition d b nk would be prrJecte'tL ua tK vsuiui.i oeiiv:vf .iiiai me- proms oi.tUe by the origui-d baokiT were,t.'ti- result d a mi'Rop'l yy and that . they wii(ilci,nqt;IhiVre bevn an y grea.ei, jn absolute amountXl its capital hd been ten "nnlbojis ru' stead Of one, but uotler delusive , notions that !ihe san per centage of profit wnuld, attach to large cupnal as , t a s"matt one, they wou I d proba b!y i n r ro I u fee a ne w bati k i it h a caoi.'ai we wilf r suj)Mise,of two millions- No iv to 'make a pr.portiohate profit "equal to that enjoyed byfc lheiVrigiijAl bank paper to 1 1 ie aiiuM int ulJeu itullif n u u a t b? i s u e d i Bat.thchanriels of circtilatioit are already lilleiJ, and there is no rooui lor more paper; lsvuer how er Jare cbjninenced, anI Jhe currency b.-ComeS deprt:ciaed, bUowihe vyoeral leUd. Pi icis of all commodHe ri?r.' 0?metic prodjibts becoine totVdear for e$portali.n. Foreign fm ri -iodize b its hih p. ice hoi : out inducetberils lor iW poriations; .Bills of exchngr', nse beca'ue the demand lor theiu'io bay fori &rei"-o commoditu s, nil reuses faiti-r than thes) ply, and as jsooii.as their price in the'mar.- ki exceeasme amount ot the expense and risk of Uuns'ohtins'goliJ-aod silver abroad, a portion bf the rem lining ) five iiViliionsof com .will be.exporteil. I Then UVihe be w bank; f.r the first time, rerhimied of i("imi pruuence.' its notes "ret urn - uin'-a it - for "ar ob'igetl to ret-?, e -their feos'in otl loavoiu a s oppage. u payojeir, The- coif- sequencer are; a g'mratWi cM!y nflinoiici and cojiMoercnl embaFfavsn.eiit i ! If, th; retnel lu applied iirtitiveVrufn tothe bariks may be a oiied,barif it h been Jflt'n'ib iaie, Jbe- conir.iction wid f rjet.lollbived ,y, ihe fail u ret t lie b. rower s ; w ho iwVred ed' in -to overtruiling, byUhe faciiilies airbni.l'hv ; this4; system' of. bverbatkinji,-nd th.- I..vt.. resulting ; herefrom rto the banks, ill n10st probably be equal to the. total amount r:iin $yy Zr extraiirdiary dividends jm! here we will t akV occasion jlo observe, that byssues. of paper, we do'not.ta'eari ::rel the .bank -notes which are ib the, pockets bf the peoplebaIsotieambuut,sta;dng to the credit of depositee, over and fdinnr th of the banks. s "r lu- rawf ouinatik. notes ai d in pansion in a bank, -bears n,ceria.iru: pro portion to theamourit of its average depo ?.. 1 Fowever this maV hold good as re- Neither f these theories uowever i skulm. The real 'feith is," that the channels of circulation,, will- ohly" hbld, :yithout de on of coi n, must inevitably tol low, as . ej Jects from a cWseand redund an tis sues of tiotes will return upon the banks for payment, and its neighbourtoo, Which has also -five tiolluris bf aper,lii7cifcul.vthTi; feels the cffl-cU of this.i eactjwn. atd both I tl v..icl. ciitL. v. . f ,ie cum a 1 v cf ; c v ... ol course injUr, ! ' ro''bstructU' . Jt,',r10f r ! J y ! i e ... . th". wet duti rit i a; .te "r '!;,ch bank :rm'trie,T ' - ses of dP..; tuitui J I 1 doe ii,t oUh. . it the rights : which . 4 1 c injr -the ; fulfil ment o i their cofr.. thro"ih a false and mistaken delicacy thrb igh' tle' fear of oilending banks hnn k debtors", we nshnlh; iipvpn i.--- -flpi general .scarcity of money, or.'.pf a r a 1 di s t r ess ' , :: Tlie- o v er t r a d i ii o. ' l r ' .e" bah k s o f. any particular plu c'eV on I j nintt.. iir pvnrnii np' i Mncor-i i...! . i . 1 ' f . , t . i vervissueX. whilst: thar of New-Vork so,, the .-.cnect is immedrrtely slithvn by v xis.eJn.the. p; 'ice of stocks", a'nd -btlU' rex ch a n jre a t t i i e fo r m i c i t if w jiich ; t, conseq-trence is,; that cjuantitifs' of: these are sent to Philadelphia -for sale, : and b that means the,5, banks' bf-that city brought intodebts to tho'se'of New-Y,',' andnjen.11" ' their respective currencies is thus .maintained. In like manrie; the overtrding.of ay indivitlUat bank would be' - prevented ; by, the others 'of the saine'eity makirgadaily or weekly 'demand'iij3onit for payment in coin jf the balance vvhich. has accrued against it by, the transactions of the dy - or week ' All obstructions to tie free and fullexer erci j'of'tliese rights, .by individuals' ami by-banks, are -injur inus-i to the)i public ini teres ts s and all waving of these rWtfs ' wh'ef her- volu n tar.i ly or; Ctmpulwiyelyare equal ly o. They all . have tehd'ency ' to invite to a depreciating ofithe currenJ cyand as far as. individuals WVer them selves Jo be deterred ffmn demanding cf th e .b a ti k.' pay ment o f th eir : notes, or jfiin 'in, the'; exciting of odium against those j whb' fintl it' their i n te rest to; ex port,-' old and silver from the country so1 far are they accomplices in ,the production of the Vvjls,' whichvthe abuse pf banking infiicu upon jheir country. ' ' - : ..T To b'e conclude I id our nc'xt.l . i '. BpUcopid solema (and imposing cer mouy, ,waSj.. yesterday . morning '.performed uj,on 4he TRevt Dr. I . Meade ;of -Virgin ia, -i n ; , James's church, j ,rnirig service was read; by the Rev. ' Dr- Pnchacet of Virginia, ami he sVrmoir i preached by tlie Right lie v. Bishop White. , from R '.- Jation, chap 2d, .'and lOtii ! yerse r - I!c thou faithful unto, death ind ' I will ive thee .a crown of rife.' The rcver-ud gentleman was presented fori con cratio'i by Bishops Croes bf Nev- Jersey. and iOre of Virginia- -The holy communion was administered by IJishoj White,' assisted by Bishops Hobart,' Crgel1 ahd'Griswold. -U S- Gtizi' 1 v - ' slltmai liable presence of w-l-On ;Ve.dneiiay week, tlie daughter of; Mr. Farquharson, R inkendSteriingshire,! was standing near a bee hive., The 'hive sud. deuly threw uff a swarm,' ind alighted on the young woman's h.-ad. r It cmnpletel xoveroil her li-vr, fac ehrea-t and hou fders ;S' ttiat she-c-uhi neiher 's e nor spek.- !. .this .situ.ition ?he remained wit!out iijo yi2 ou;il her. fnher broug'if a hivv'anri t e)ees, ente;ed, u-iihbut -her rev iving a ,,s'n''vsting. llrul he rau axvay. tr Trrita Jed the bisects by stnvitig t remove them "tjie cousfquences might have beeu'futa! t hr'im-Loido?i pope r- . ; f ; llO All TO WEALTH! I 46lPrrzcs 1,000 Dollars. . y.:42 - 500 Dollars.. " i. ;- 10,000 Dollars- V Eithermay be had for the small sum of ' Vr Ten I),dl::rs s f "Draws 'on Saturday, 5th Sq:t, U'rilbn Canal" Lottery, 10th Class Tb be. -Drawn.-on' Saturday 'the Jlh Sep. - in Philadelphia, and Vvjll.be received at lljQ-ivsoso Offici:," Petersburg - -Tuesday,, the, Uth.-V .z 1 , SPLENDID A'rrRACTION on Prize of i6,C00"b!lar?. . 3,350 I)oll.irs. v LOGO Dollar.. -j50O D..lhrs. ; ' 50t l)oll:r". V 40. - -;42 V- .5l 5! s.-v5I- ,5t :f ";s Sr., J02 v 204 1020 H4r5 0 Dollars- r V 100 Di)ar5, 90 Dollar. VA) MiAr 70 D:.ilarh. GO Di'lhirr-4 Didjrs. 0' Dii-r. ' lo'-'DDlhir 1- - s 4 f S, "V ' ' Whole Ti kts Smt). "Nave, g5v " Qi ir'en'S JO. " ; ThVcaVwill Lj p."id at sight for Delay !txgi tosecur j c h.vice ef Jjiick'-ls !o waii , t: ;-t fi'lu I invi-e f I . ort cVi.-r.-.. . rtic ; ihlltlOll Ot t!lC tp!"ehi:s to s It! '-ir ultis immed'1 lv.'-vm or" will i. t '.th i rompt attec"" afid he has ht th-j 1 vie f to '"Jj , .t,. cuV-;,- , n' I s than SLwv Cap.tul 1 'i- A contin.i . of U.-V i3 expected, J111" J sport ted i,i tl."4 d stri'jution of tj.c Lpiu:. id cur "Jer a.iu.-essed t(r l. 7 w.iicwspN-, " Letter' ?nd Excuut' je OCcc, , Pettrs- 1, ho ir a-''- prevenreu oy tue oemantls inade uiv tl e mf by t !i os e : of a n o t hei- p la c e f j, J purriiny; ;of 'a pdWi'cu'.ap citv, pi,,,! '? . if ;ut , 1 o- V V. i. ; t
The Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 31, 1829, edition 1
2
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