Newspapers / The North-Carolina star. / Feb. 14, 1855, edition 1 / Page 1
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Jriij-Ccralina giar. rrauMir.D umi tv . WILLIAM C DOUB, MM x rxorartToa. TERMS! f Bald tTiet'y la 1tm, tw dollar per se am: tae daliar aad afty eaota, if paid aritbia U manth; Ml tbre doHar at tb ad of lb 7-' - ADrSSTISKMEXTS no exceeding ixtea ai.l he i,ierud aaa lima for ana dollar, aoJ tnaty ave a1 f.sr eh bsqant Insertion. Tee f great Mr langta will b ekargej propore tlaaally. Canrt Order, w) Ju liciel advmtieemsnt will bargt J par nt. higher than Ilia abov nm, ; A raaaraaant 4r lactioa will b md t tbos wh advertise by tba year. Btak and Jjb I'rlntteg d,a wit oeatnet despatch, and on accomodating erias. xtoj- betfre tfl9tha Editor must be post-paid. ... MBMgaaaaaaMaaaaBBaa -X SPEECH OF MU. CALDWELL, .'. o? orttronp, " 1) A ITnu nf Cumwumt. nn Ai rrreposi'.'soa As ettoWw A "flojit of A'artA CIm" fYto tV Btnk.") Ui.CauiH: It ie the pr'ole and boast of ..ater North American, whose heart i right that hi eoou'ry 1 free i an t iivtrTiendeirti-nnd wit the liii. of .nccdi -and tha freedom iif tha press , an not onlv tolerated, hot guaranteed, in all of : war constitutions, to every one 1 cor not bow houihle he mav chance to he. Yes, sir, thank 0 at, here, in die home of the brave and the land XTt.rf.ci) tin i a aw nn rntrif.tL'r m brain. or the heart, or IM npe men ; ... '-pr... .. 1- III 1 hair own ae'itiment m tlmir owiv trtiT, W5ff pita of any onwiiition that wtT be brought aViinat them. It ie our b-mt. uur plory and pride, that the moat defied and abandoned wretch that eroep or crawls on Ood'e footatool, where nobler beinja etand and walk, it, the mt.lniwlit awaiiain the eiild-blooileil aaurdarer Jii'Va Iieariot, or on meaner than. he the vilest ol an lieinjra mat nio evr umnn a nreatlt, or openeil an eye h:i. the undUjmtc I right, nndero Conatitution and Lia,', even af ter he haa beon arraijrne i, iniKi ana coihioich, by the nnaiiimoa. vordk-t of a jury of his own cii'iice, to be he ird in o smtitahnuld he de- -wirto-taejll ean .. pn eire to sneftKJirji'rc MfMiniHtJ II TV lO tki ill. - - - . , . i ... f -ur iviunlrv. I hone the eomniittcff will nil) beiitete tiVcx!ehJ fcrnie thomtiriresrw; runey and re peri on una uccanim, umi m varlably shown to the rileat of m ilefaetora, that bare yet stood eonvietod at the bar of our cum' Bja eoaatry. C nm in cortey demands this mUeh f the Hiiuae, if the great importance of the qnestion I proiwos) t diwuaa, and the duty " ef its inKnilnw aa llopreentativea of a free peo ple on thie Bfor, de not ro iiire it. I humbly ii.t ib it even ih ie who have condemned-hi bill with ut rcidinj it. or litvo'tieatins its mew jBiare ii'it art bhxal-ilnraty n lotcaire itsexecu tion merely up'in iHiljfifitheit of ollieia lio are deeply intenwted m hm the entenciir ucath " eiieo lily pronoano.'d vipon it.-wUhnut citing me eliaii'e Wcr wiinl of t in.ita -behilf, 1'nt der this ricw of the eve, though I he a bank re -fjroier. I apireu to that aene ol justice ana ' r W.HClt r noW fllirjll l iriacs c.Trj ,m. ... . ... this konnralde bo'lr, to hear mo rntinntly while I auizn faw t the man? reoaona in u nave ..X. n Yiir,Taiw.TtatiWi.iii now .iaiingiirgPij!L; '"Trr: :"".,ri. 1 .. -i. i i ...i:i- i.. . m. i r our at:enti in anoi ipw,(; the I m l . Mr. Cbair.nan. o nro well aware, m donlit. thu tlie public hu long be6n, and 'till is dirided into at lent t!irc panic, aa regards- the utility and imrtortauee of our preent ayatcm of liank ing and currency.. Tlie am itlot, and perlmp. i uTgitcl i.frhe two ill partivwdh William II. Uoige, Eq.. at the'rn'Vt. T- fiteo l m?!rstTe nniaa'y, that tnere aho'it I ben .Mriigtolcmted to .imliM iiaiiiitl!iii lat 'ti'o. ituder: any ciinim- -imMiueo. Hut d4aAfag:t'0' 'lid. d 1 't;llj!e ereaa -f-tkia fliuirUiiiii riimrr I rdaet tlie- illuatriuu. J wi'S M.lin. with never! aT.Te financiers of Li. d it. f r the fdl rwini re wotis: It w'ill be rejieatbered hi nil. I prenme, that in lit! 4. when the country was engaged in a war with O.w-tt Urit lin. the Banks wore univennlly f .reel ao suspend .ecie payments, and the cur- rencr Hie '.y ktirai w mrtih o.-ranj-i t-ial iha I'reaidetit recouituendeil to I'ongresa, on ilia lliDeot'j of Dcetiulier. 1S15. that a National ILtiik be ohar.ered to restore unifiriuity to th ewrreney. auJ giva relief to the g itenmiant and the people. Toe bauk he reornn mended was to have a eanital of liflT millions of d, ill lit, chiefly el Treasury notes and I'nited Slates sit per cent stocks i was t i loan the liove nment, as demand, tiiirty millions of d.dlars ; and the I'lCiidont of the Cnited Stales was to hare power to author Is il so suspend srecie paymenlawbenever.inhis 'judgment, the exigencies of the eouotry required It M: Pallas in p sing tl.is e nr-upon th favorable conidoiation of Congreaa, .k eaatoa to sar in his report, "It is out of theqtine lion to tliinii of j rocuring agiecie fur the capital of b bank." ' li iwcrer," he continues, - (f . arer pract'Cahlt. U ati some Urnr befm qwttiomrd 1 f .W'f il teaoUl be fiut ilic atjni to '".y gnlj ami nerr Inf purpni't nf nilionil tnnmrltr," men iing (hereby, of e lurse, as 1 ba.ia for bank ' inj. C mgrea iiu I this bill wih several mocl ' i4jii.Kis ; and Mr. Madion vetoed the bill, be anae it re uire-l too much specie, and not a sof loiant skmount (.ivommeut stock., a. a bvia, and not beeaiic he thought it nc..ntiluti..nil. , aa ia frequently averted. At the opening of the . next aeai" of Coogr, the earn measure waa racMameedel u lha farorabl .inaideratioii of th Nail mil Le.,t-Ilure, and after the mweange ' nod reluct of the Heereiary id the Treasury were published. lr. ttdlun in, a decided friend of IL n-bntniasratt'iak, aa aid l.iaucier of the I'ihim, palijiahad a paaipklet, in huh b reeoiuraendtd Vtal bank tlie 4e. of which ah tuld b ma J redeeinahla la I'mitcd Ftitusii ria hit trv xa, and the niaa of the Stale baoka in In not of lha I'nitad Slates hank. Mr. Carey pro. awvnoed thin plan nojwfiwl one, ami etd if al .pie.L it w ml 1 prove nniraign rtm.(j f. all th loaanal di.'beultin of th emntrt. Mr. ,Valaii s sirtaUly appmel of the plan ia rinse of en'ata, puliti.t.H m th Nali-waJ Intel gaiicsr.. 'ins, torn, Mr. Chairman, ia the I rat anee en r,ird, in favor of banking upon th vdit of tii I uitrd Males ; nod Koitai Cardinn aa the hi.h h .Bor of organising the Int bank la th year I Mi, no-nt ll.ia baos t wilt Th Jtuik uf lha K ate of Koutli Camliaa. And III lloau J .una U.a.i. of th AMa-vill IHatriet, baa 4h axieior ef baring mad th first aaoa toward lurtariii( tliis In-utotioai. It I not my nurp'we. Mr. C!. airman, at Uiia lima, U g.ra even th faiotnt outline of tlie vol ssaaqai argdweota rUad on by the partiea nana d, aanUia l.ir ra-iv ibra, 1 ahall r4 aau-t"! if 1 euaeoad ia peeaenling my ata mti an tl n uiteret.n suhjt. ia av b I -H na t k loam cbwly eaipre!iented by Hum who ibi a rha .. to bear ma a ith an brim k pataCMra and alirnib'. f T tt aaka of brevtiT. ibrn, I aV-ira et,l nily la aiata, thai 1 are lib ana uf toe part. setly, mmi ia mrl -Wa sV" A to aa tc!u. metallie eurrener, I think tan enurviy ow . u ' u"n. i ms ran oat npmoar aaaay r. . . g wn. ni w in anory rnVt ee la taat aamiot ol UaU ia lb world a! tb great activity an I .on .Ming a nub vbicb u at eamrd on. Can a.. .ma urr nar aa.oaw .1 that (miara raw UI I to uaa n44 ad stiver at t.iiilr a a inrr-i.. if If tbev b. 1 as tare tit a I . il b i utitaki. law ia iMn be.tood ad aaul fn.n the lun It mm Ui...a uf .ir tia ia ihia I nm baa eta baa atii to a.tra" lb win uUt.. m iir ?. d aara it k..1 ihia U,t I.. I favd, tha naa, truvUe and ftp-Bsc rwU'..!a i i ' i .r.m.r 411(1 tit Mr rp,ikf-i'i:i ii f S .i.r.w.y .l I :., .ll vl.i to the vKwTo llr Ad.Sm:ih.n. m-lilieJ b, th. report UZJlJVl '". c'li"S ft B. pmjiVamrtjBpi l'ieiMir.UelUMll;oni"m''ec, ma'e to Par- ' "V " " '; "7 v.-llnoin. "" rc"lCT- Brii-..l.e,vrl,ll.ifl At ind d" l"Zir f,,,naUl, U me. I hare other, if not the hevl af ois strong and inf nantml psrtv, " . . ,i. ,i,. I stmaigcr prnofti lu.tify the course I have fallen. 1 rand. - their Hno le.lge.1 lea..er Mr. I!ica x ,,. x,r. wou,a pri. , And .11 the, proof. eome fn.m the Terr .l.v world-renowned as scholar and Enaactcr. I ,7 ... ' : i ,i. ,u, A.. .r. highest authority. I will her read but a few of The thir l. r new pirty, favor free banking on " , , " v,1,.; Tl.a a.ni 'hem. Niclwilas Biddie, referring to this great S..t..o,uriie.. Th .W'y 'X?," Tk the f So h C,Z "llin hi. celebrate.1 letter, pbli.-rcd In thlNa- ,.,u. a, lb VTT hmentiooed , ,Wsh,fur $2ZlZ "i8 ,',t" j W IT-' talent ...d nuinWa, tt nin.e W " t Th. Bank of the t'ni.edSt.U. whkh "Tliewnnam tendency ,4 the bank, of tlm ntil very reoc,. ly. .... if not now, rapidly I... ' J fn nf nuMrj .. U Ut to mnrh monej,. aarf jml foo HI Is snmwrtSM mmiauni. Aimaueaui. , , .. . , l. .r .i.. u.... ..t t I m aofca i.riiYMnn. nir inarira lirant. a- VOLTT35E XLVL to np'rt trcte in I irjre qimntitira from in point ' to aiMitner, to H notiiiag about rcccmng and deliTerinj; it wmild mnke the alpunxea equal ia amouat to all tlie fid and ailver now in exia tcnre. Thu a neulio rnrrvnrr would first atop itaplf and then atop tra le. CneSrtientlr. a has h nppmpriatol.T rcmarkod lT Mr. Cot ton, "a find tint a hitrd si mrr enrrrurr hao stopped at the line which aspirate lxirlnrim from ririlitvtiun, J'fJum JtfjxitUm." From iliee remaraa, it win tie rjn? perveiei, i none,, that I ain fnoiiUor oppoaed to uankt, pa;r moner or banker. That a e all npcrear; evi'a, ami, not only omvcnnt, hut highly adv-uitagpooai it' not inilinil!i, ae EoTernmenta tluinaplTei. I am, bowcrer, opp wed to the prejrnt hanking ayalem. bevatiad 1 believe it to he aatllr defective M Trutit'a a.nten In tri,lirafrA(mMital3rini:- ' Al light ia rhnaa irtica 'ring tlirtiaxll tlta gHwia. It ia tru, Mr. Chairmau, that we now heat the Free Banking arstem freely denouiieed, but wboxwrdmk nfc past hiatorr.in' bank.nnd any hanking In thie State t perfoct. Xoone.who ha any regard f it tho truth or rrapect for hia eharacieT.wilMiture auch an amertiun. Kir, the rery taut that all banki that hire Wmi-Ij flrgamied on tlie preaeni ian nave aoapenairi H in I I .mi.-, mi , V 11 1 over two numirea ui fmnr . . lm , undertake to cleanae the Augean etihlea them- elvea oi to ascertain what ther.mount ia exactly. Sumo it, then, to ear, I have the American A I ninmic T atatinj; that the biases twaisKined by tho monetary dit: oe of the country for some three rears urior to 1S-1I, in the way of bank circulation, depoaitiea, 4c, ainiainted to no le than three hnmlmi ami to mutioiu nj aiiilari : Thi, air, ot ite!f, eeenia large sum, jet I have ine auuioniT tor a ivii'u "c i"""vu nw,. . t,,a( ju,t ,,. tioiieil. ainouiill''!. in ilic "me timiv to the tunendoU' sum of fin ikonniml; nine hunHmt amitltlriji m ffiSiiBi "f rfnVftm. nuking in all, il Correct, the pMd gious sum ot rAoirniwi, two Immlrnt andlhirlH-tito million! of Julian. Large and startling as t is anm ia. let it never lie f .r g uten that it ia but a drop in the mienet, when compared with the grand sum total that haa been lost by banks organised upon the present haiae and defective plan. And the friends of the pres ent sTutcm, who are availing themselves of the run that is now being mmle on the freo anil independent latnks of the Wet, nuwt of which w-ejJmproperly permitted to hypothecate, u a liaaia of their circtiluliiiii. II' e pet eent. atoek inatea l of nix, as i nuilly reiiiredr would do well to reme-uliefUtnt imperfect aa this evleoi may 'TicTflic public "have hidf yet and pn.bald.v never will he h ill as much by it as they have ml wil b the system now in use in North Carolina. I am we'll awnrerMr. I'hnirman-. -thai I subject myscll' to thJTiilienle, sneors and con- 'leni TcveTThat il.ey nr.; ilomiinsjit tlia way of Snancicring by ma'ting this conjecture, uui wIHIellieT lnat of their ajreat knowleilge liir lauty mid safety of their favorite ays tern, they cannot, it they le ho ieat men, hot bow their heads and blit'h in sliaine when tin y roincml er, that tlie lale bank nf the Tnited Stales, as aim iho preent kink of the State of S iuth t'arolina. ve; kith actii illy called m eiiaieiicenh awiunl nf the e.itire fiihire of all the specie liasis lainks if that period to furnish a sound and reliable cir ..,i!itmi, and Outt tiic.e ban k hud no other bai jrcIv jU all t" nro-licate their circulation upon It Spi -hr. and the Bank of tha-Staic aiL South Caftdina; with mi half lliat amount, never sua pended or yet failed to meet their promie to pay when presente-l at tneir eountcra. no, air, never, -dlut when oilier banks with, larger rap. itals than that of the State of S.nih Carolina ro-ffaniied en the present system failed again in IS37, aa in IMS, bi redeem their nes in Coin, this hank went on bi redeem kera promi tly in specie. 1 am desirous. Mr. Chairman, that this important fact should be noted and renaemliered: that it was the failure of th specie baaia bank of 1814 and then acnin nf !.! to lumi.li sound and reliable currency that lea the sagv clous and practical financier of these perwua ti devise and pit' in succeefful operation the banki I liavo mentioned, as also to give the frae banks in law a eeneral preference and popularity with in people since tlie year IW t n.r can any one ehow a sinjU instam where n bauk organised on this plan haa ever failed that has branches as oar banks have. 1 am far from believing how ever that lb plan, aa it now ii-U. is faultless, hot. sir. th brilliant success of lb I'nited States Bank under tlie m t Irving ireumstanees, the Bink of the State of Kuuth Carolina, with many others that I might nante, organise.! upon the same tnnnit.le, show most eonalusi.clr that rdd and silver ar not aentinl a a baaia tolhe lull amount of thraiital of a bank to nal.le il to do a safe and protiubl bualnes. I am clearly f th oninbm, hnwrr, that (very bank should be required le keep eovwtnntly on band at least thirty per cen of it einulatum in gold and sil ver, and, ha plac nf the personal liability claus in its charter, it abould b miuired to deposit with anme I'iair of the State uusild tho am Mint nf its circulation in skick note and certificate uf llail Kna l aturk, as collateral aeenritr. By adopt. inr this plan. In banks are mad abundantly !f aiel reiial e, wkhoul impairing th profit of any am, te, any uaaidraiil extent, if any at all t and certainly it will operate well ( the bank with tha pabli to know that every dollar it bae in eirenUlion has an actual and tingeut baaia of Iw so an Is real apm, instead of una In gold f'r every ten ar nnr of nut in circula tion, aa is now the ea. The great a-lisntaz of Ihia plan ia the hank is required I give earnntv to th ptioli f ir lhanltimat reimnplum a a II itaiwaw. intaad nf Waning two-third, nf their kotos, on end it. Thta, a I baa juat aaid. will not operat tu th IH-Mu4ir of lli bank and tba Murk bolder, a the atuvk mac a ill never be enllerud or any pari uf it, no mure than a note in an Inaurnar oinpaT, nnlea th bank list meets nun V, and it is then highly important tu all auueartisd that It should bate lernpvrativc nowers. Another great ndrantage of than requiring Stork tu4ea and eertilb'a'M to b dermied and nlclir L in a. Una to lb naual specie bais that il ennlribate much to insure lb pra.leal and saf muHieawal f tin iaaiiintinn, U ilk sack sar.ea be d aa it arera oaaatantty ia sr mm awe lb ftear uf lb bank, liter ar not hkl talieenM recklaaa o pr4igal. akea tl ia rendered ewraain that lb bank will kale rev bar their M!T ar nexiiratwe. TbM a mived CsMa, h b aa 1 have attempted I dearnl, ia far prafmbl In a g. 4d and tml4 j 1,, j, p,, k, argue f.an.nt.mo4 nil uftb.. ar railing eul araml tt a.k ! and U.Ied and aaaMad m favaar of tba j fc.ks nnoer this ptaa, naoU wU In t bar tba they are MfioHrly ltr than aotbwig r tba rentit m goad will ol eav lu k. Again, It ia b h!y inrt-wtaat t know ikatibep,aa I rr a as ibemly ea by which nay bank raa al-d I Imm iW the aba e amoant nflttsaoa. Thee twlag but ail baa-lerd tbaa 4 aa'llioae ad f id nod ailvar ia tha wrld. , , u ,ia r.in,t riuanwrriai bw b mm eUl nt-a ar ati.--iber bev.4 tl.ear.J.aarv ranreaf TP it unit I ia'totSaiLUiiliin'S d-iiotire. I Have no mnan 1 - - '' " v ofthe vari.rt;s Unks organircl on our prent '"f ""f -B"T trace their prent difli- "neci. Iai sv.tom. andfif I had, 1 wo.,1,1 a, aoon '"-.' And what, a,r doe. that gjow, af aaH Healcal.,' fr, it w aaari iWihiw1i bar of Ira rtpudieg ut IWa ea. , Km mm n,t r;. ao. ..iier a tnrmt can j iraci.rg ll... trnia a cim.Uii ma gitee then, lWrrt'j ,bfl i4rrj mi.y u t ih 4 ba 1 over ell man ant eoaaaaaaitwa aal -r isil; IT id .1'; Mil EALE1BH, NORTH CAEOLINA, WEDNESDAY MORNING, sis cf trdit. there not VinJThs one hundredth part of a penny of these metals in general crcola licn whe- there is a paper dollar of some kind or other made payable in thcra'7trTt. The troth is, g.dd and silver are, strictly speaking, hot- the standards of credit, and,'a.nch. serve the sam purpe in eomtneece as a half bushel, pound weigui or a kith rule, ami intrvnsicaMT but little more. Thus mnch, Mr. Chairman, fvra gonernl view of th aaih;eet. With mur permission, sir. I will now consider some of the prominent nhiec- tions usually ured against the present system. The besetting sin of all hmks, organiscl aa ours are. always haa Itsen and alwave wi'l be to extend their loan ar.d eonsoruentlv iheir issne to the turthereat pneaihle extent albiwed by their char ters, if unluckily they do not often go lierond that point. This is no slander on the banks, as I now ahall proceed to nmvr hr such authority ami witneasee as the most jciluiis advneateof the present r.tem eann.it fnil to acknnwleiljre an.l wpeot- Kor ahall-l go. far front hntie for tpji pnmi an 1 autnonty 10 establisti these elias. mi'scrrtWcvT tiiinvf nt 7iiij, nvlii pieseape to the I eehila furc of 1SC18, has llieeandor to ear; ""While I oontirt niiL'aent nr.y :!., Ic nf legislative interfer- ence in their nflmrr, arbicti won 1.1 Improre their Tlhe Partly trutnted hr the desire of fnrrje dieiJmitt and will imhmJ hu Ihr xHirilu'lnm nf wiioWm- ik applicint, thev did what they 'should notd nave H on' xtendl tlietr loans! -fyond n'l rro munhlr Uniiidx." He then continue, at f..t!sra : I will only renin l v liethor ton determine Ho renew the present charters or to estahl't'i a niw rxxk, n'te ? iiiojv r.rrr.cTi-11, pmylaiona will be rcqnircd to prevent the rei7 to wh'i h banks are so often suliji-ctcd by the nnxictv of the stockhol ders to make large dir 'ilrnrl, t jixas rxrrssivt nt Hi" nmir irnmn of th T rinlntmr Indge tial"n, a I n i in Hum hiiiiiim li'il a illl al TeaiTfine nrttie1iSii1irprer.ntnd a aertea nf -ea- oliitiima, of which the t.llrtvftng were the two firat ! Ufulrtl, That a povrer lo issue paper monev. ns a medium of circulation and for the purpoeeof ;irnV, unless restrained within narrow limits, nd ronlrolM hi utmnq ctcrfcf, nlmyt hat Acen and ttlwHyn tei I niW. Pfxilrrrl finilirr. That in the charters of the lcinks of this State the limit impnunl nn rh -J awes trem-inarnmie find the riec'.. Zoo ryJe thntl a ynentt nineasTTr t- e community to borrow J. nitned with the dmire of profit nn the part of the abiciholderaHioHld not fail ft! pfiMiiic an Itnit nf rxrKr out or prcportinn to the $perv tf nilt nf the onmhrnnd lievond their ability promptly and reg ularly to redeem ; and that tlie consequence haa been a, diqrrwriirtiott Tirtlie eneeeney-of lhitalv miunniis Id the interest nf its emrensand the character of its public Institutions, and loading to taaloM anLeioe.ienta in the managersnf those nstitiitions, alwavs ilisreputnlile, aometime aT earianr AfUA the prnr 'iioM f)f their eharten jtnd nftrn opprejttireto their mnfnmetg. This, Mr. Chairman, is strong, if not harsh lan nage: epeciallv when w remcm'or it pmeeeils fnim the mouth of the stmngest friend and advo catcthe banks hart at I hat time in the Legislature; and if I could produce no other proofa than tliee. fur tho afrai7 rnerk-t and trrll-dAiie-l limits to which I have confined the cfli a nf tl e prnpne,l hank, as rejrards the isn'a they have it in their power to make, 1 think tfnr. Iredell' message rtnT ipeaking of theajvm evil, mnatks, "That tba crcat tmdncm, wiib respect to enrrener, is to discover tlierhrek wnareby the evil complained of over-isue may nf arretted be fur- il taket jdnee. The ftriurifJe j.WiW le premtntirt rnlhrr 'Ana enmtire. In nernre tUe nfjc ayainxt Ins IVe this authority sustain ar condemn ti e pro riaions I inserted in my bill, atrrgnrdsthe power of the bank to issue note for discounting and cir cijl.ttion ? No language could he nsed mora prop er or commendatory of the bill now under discus Ion. than this sentence. Hut again : Sir. tla la tin, rpenking on the same point, says, " Against a power en tremenJont in bankt what harrier has been reJted? Against n power which, nt dif ferent periods, has bafEed the legi.bttiv wii d un of our revolutionary sar, of the govern ments of Kiinq e and Great llrilaln, trn.it cnnrln knee rr imiwt r The interest accnunl of each bank ; a well ni'glit Cnnnie ennlml the warn ntke ocean - a brenlke." C.aild I ask fiir a stronger commendation of the principle I advocate than thisf llvidrnlly not. Nevertheless, I will now proceed lo give another, and a still stron?et pnsif of the necewiiy and propriety of having a Mate ofiicer to prepare, dmnteraign ana sttperm. tend the issues f..r general circulation of all banks. This proof shall be of a practical nature, and be drawn front the trani-tirms of our bankv nd exhitJed ly thei 1,.,1 j alat.ments furnished in olTTcnce to a joint resolution, paohd bv tlx peeu-iit Legislator, by Ik bank of Cap Fear ana the bank ot th State. It will b en Mr glane at that document, that th nett partita of lha bank on ape loar have regularly ami gralo ally increased fnua th day it was last rhartered ma to thenrewol im. In 134. thev amoanted lo eighty-eight thousand, seven hundred nnd for ty eight duliara and mventy t ent;n4 In e."4, to th battdaw sum uf !m handrad and thirty six Ouraaand I life humlrad and ihirtv-an oVithtr tss talv-ihl eaata. Aow. Mr. thai man, after making all dn and rma-nahl allow- antst f..rth tncm is of the capital af th bank, I would ask how could lb hank pmsibly lha legitimately Were r proms 10 almost trrl.le lb amount in UA4, to what Ibey wee ia lJfi, wilboat grailuallr Continuing to swell bar irra- lion, nnlll now, to say the least, h baa not lh last dollar sh deems il aaf la Is. Hut w will not censure one bank, Ibr great fault thai lit ant roiltv of. Hill. U bis important fart. and worthy of all enneidaratbm, that all bank chartered npnu or prtsant plan do, kit th par bo 1 a aceoMatralating their cusioaMra, sod real liiog baaikomc divhtemn fr th stork bnldara. nsaally go on. front th day they omntae losst aaaa, gradually to hv rea- their cirfn latum, until tbey ar aituallr (.read to eontraal it by ran hetiig mail npna thev) Pa erase!. lleaiea w hai f..und i inrariaUr th eaa. In lb -a Stat, thai whan lb banks think It prudent ta Vfj at in l-rg .lilur In b their cnanara reaawrtt. tu era ia. by aa stranr mtabaa nr thr. nle aa tU aurtry, nnd they nr from fear, pra. dene ar Wa btadahl motive, (ua4 grad- aally to dnutobb iba-tr irabMb and di tlr.7. If it b tra. that lb bank ei ntriUii mrihing to bring Ut ibas raaatta. tbea they -are wry baek r, tie atilaak. aa tba aaae may be. nt H M rsatlvia M ll.s-V a4 daair MKb raaalta. that thev in, Wib t'arolina alwsvs avail tbeaa' asveai4 ikes money panan Is ap-p'y tu al aaf Mr cbartfra. Mr. Chair., 1 know t .1 thia faM will U aoa-a tara-i by avas aa uf b.ihrTir hnpr-rtaac, I. bwaaver, da coaear ia ibis imnio. If a bat I bit elated I s troa. it U a f'l of tU eery irt i cir aad it . t aiftArtUrn and import. If aar at saiiH to know aby Itmm I,. Ull ai J .t rm 1.... I, Il .UJ u a, Ma..a U... ..... 1 k... u. il ..Jr. a.-a il.a l,..a.l. o4 i.,mr il.,a i n.i.i-. lb rirainnn e'hui man snv iner werer itoar mmi -.-.- 4- ' tbeir property, I beg leave to refer to the vartnaa re porta made to the Lenlature by the entniuitte appointed to nvestigate the mlwt of the va rious banks In this State ia 1HCH. In the re porta h will see fairly shadowed forth some of the many evils tlioae bank, organised a oara are, have the power to inflict on the public to make money for themselves, if tbeir ufti-rr are corrupt an dishonest men. Sir, I know I am not going too far, when I aeaerf, that the people of ibis State have no tuber check or barrier In onr pre cut banking system against near iiwuea, frauds and ruin, none, comparatively, but the honor and fidelity of our Uank OfHrera and Wreetora, and I hesitatrnut to ear. that the pc.ple of North Carolina owe them a "debt of gratitnde fur the honesty and fidelity with wbict they liar dis charged th weight obligations irapnaed upon them, that they will never have an opportunity to pay. Yes, "air, we rwe mor to th honeatr and fidelity of our bank manager f nh aooiid neae of our bank and currency than to any leg islative restriction that bate been laid upon them. Fur the double ruirpo e, then, of proving this to lie true, and showing, as fur as possible, 'what t to be inferred by whsd. ,Vr. linllntiu is pieasea to style the biierest acc.unt or eo.-a 'tank, and proving to all, exclusively, that this niin er, nr intcj declare. I, to be 1 relieil upon Vv UnTpuTjCtToTrr ;'tfm'satsnsaab,in mercenary purpose, 1 Here org leave to quoio a short extract from a li ttor written by the notori ous Voltaire from Vierney in Sw'tserland : "Here I am," he saya, "living In ft style suited to my habit", and coring but little for to-morrow; I have a lntud,a Director in the bank of r ranee, who writes te me whenever ntiV -is t I mado in the public funda. S.uietimes. be write p medesiiriiijnitomdl,l).iiue theliank ia going tu withdraw It P'lti'V A other times, be bid. me to buy, fur we are p.iiijfio issue a onnntitv of note, ami iai tbrnmrli lho kiorloeu tif my friend. 1 always make monev, though liv ing two hundred mile from Paris.4 MrJ. limrniaii, the bank 1 prnposo has been contemptuously sTtcergg at a s "a poworlul hang, with SXyPseiU eirilitions and stronj restraints mill upon the Mockhnlilor to keep them I rum banking." Aa fur a the strength of the bank and the conditions and checks spoken i f are mnccrnc!, this is true but if the bill i pntapd. that thev will keep those who are aurhomed to Hi onnains unuer 11 in.m utung ao ia noi true and if thav do it ia inftni r'v better for U' to hnvo no bank at all than to have unsound or rotten ones. If I know snvthing nt all, I dn kn"w that the. regulation of the eurrpriry I one of the most important prerogative of a sovereign Stall., and thia piiiiiyereat jinjJmjinHnnt aa iv ia, la 10 jaiiiu 111 cu'i iat nccuuiuig aor.i- lutply if hot Trreviieably surrendred toouf prhr-" eipnl banks aud their dependencies, large share of whose Mock, l-elongs to a few of our moat wealthv but not most nut riot ie and librral fellow- citucjit. To speak plainly on this js.int, look , upon 101a aa in moat imHirtnui aim enantetai surrender of power that the freemen nf North Carolina have ever made, and as nn boneat rep- reretilnllve,anrt one whose heart tmou true, I trust, to laboring humanity every where, I feel bound to make war nnnn it, 1 lid. If it ir still entniled upon na, to enter my Solemn protest against it. Mr. Chairman, it is morally, politi cally and socially wrong thus t rob the State of ncr power, her sovereignly and her weal in, es pecially when, by so doing, we entail lutuleiab'e burdens on the publiu and put (n jeopardy their rights and property as free men, 1 1 it 110 reply to this argument lo aay that Bunk Directors are too hih toindod to make an imtironer use of thoir uoraatricted Dower and privilege to make - rrioTtc - y: I weed- but i s. fur te tlie pii ofi -alteadjC rviuuce.1 to prove this is not so, linnk Director ar like other men 1 some oft hem are good, eome indifferent and others very corrupt. The great majority of them nr worthy of nUd-cspeet, how ever, aacilittrn. But they must admit that tlie position that thry occupy gives! hem great power over tbeir fellow eitixeiis and their pmpertv, if thev were deairen to exercis it, to llieir hull anil prrjndice. I'nd r the present sastem of banking in thia State, It 1 placed ia the power of a lew bank Ulrector to mak iiasine ot nil kind so uncertain a to baffle all human skill and calculation, simply by first rapidly expand ing and then anntratatng 'their cirr-ilalmns. Uv thia proeesa, every man, I ear not how prudent he may be, can be placed astride of the sea-saw of fortun and made to go ap nnd down, at thair will aad bidding! And that banks have thua expanded nnd contracted their circulations to make money is cigar from Voltaire' letter and other proof that we hat already offered. Th rresident ana Ulrector 01 th trang, 1 ear not bow honest the wiy b, humbly subnilt, are not the persons to laava il to to say what quantity of note these bank ahall pi t ia circulation. There should be a Stole ofiicer to uprintnd this department ia every State. And every Bank, in my humble judgment, should be required, as in th bill now under coB.i.leretM-n, to pled a car- tifieate nf Kailmad Stock with the aaid Stale oncers, in aqunion to it capital, na collateral se curity to th wholeamoaM ofilrAjircalaiion aa ft criterion or reserved basis airost which to issue the notes of it circulation. By adopting thia system, we hare sale and practical rub) to guide as in regulating th paper circulation of each hankies wll all th bank throughout th Stat. For example, If w, a legislature, will but eome to tb eonslusio that we will ia future invest the anme amount of capital for th Stat in oar banks which she own or may hereafter subsnrio to tb rail road now eoait.teml or In contemplation, and that na on shsl) U prmit- ie H laae ft anarMa any of th bauk ot Hut Stat, who baa not taken a iailar amount in nm of onr nil road, then, sir, w will bav ft oand, unit na and aaf paper eirea bit ing medium. I bold that it will be atterl; Impoeaibkt tit ns to pat anoai 100 aiaca paper money, or overfaank aurselr. If ibis rdaa b ad.int4 and atricilv ad. he red lo. Sorely, where there baa ba dollar invested in pa Mm aura laiMvabrp lb resource af the State, it wdl beabandantlv eats to iaan dollar ft general cirrulaimt apua tb baaia ia- icated m taa tail and consideration. . I wish it to b bora dislinrily ia mi ad, thai th syitent I prop. a bat banking ia an 10 ab.rb that ar wall Jri aad beauda, and car and ce- Uia teats to prevent any on bank, or all of I beta sogeinr, inam gang baeveai ai and prota kiaixbt with llMir iaaoa nn4 dwauania. 1 bis rmdi Ik great evil uf oar preaaut syatom.ftnd should b cperdily atoptd tot lb baosit aa aU aa lb eecurttr of lb colli and th banks. I am wall aware, Mr. Chairman, it M Hoposai bl t bav earrvocy taat will alwavs rwatn par fan I y stabU. There meat, of nceemiiy, la m Baetaaiiua meurnrewUliua, and they ' aad prupar. a tb Si'LaHoaof In 4ep water taf lh ae M I it purity bat let at ram am tow that lb Creator af all baa sal bound, to tb a and said, "tba tat aluUt lha go aad aa latinar. TU preaenl Inrnt system i. to aa tn btngimg el lli I'uka of t ello gti a, "liomiled an la. rr, ad vagal and anraruia Ibanr nt lhal if it has a beginning, it is ecrvasn, riarr ks no end to rt, A proof t ibis, fcadi at lb ntaltriad of bill Ufor tits Legislature, to charts and ra-ebartar hanks. It I admitted all buuls aad I f all parti. that at a til hut ia to rbarter all af hat l pvm, and bat I reject. U matter of no but uimmliy, A is, air, a duty th mxM dab teat 4 l other. bat to pf .rm , to alarirf m..g free man, and qk, who ahall bat lb moat profttatda n-earbuM tb Stat aa nafr vpun any an berth astl twentv Ibirty I sap. r my awn par , I kernel w t awe n a a y apiaba, aaa near s, thai braM grant n Uaa charter to aay ea in falui. in a hob lb hi 4 nA ewaat haul half e taa ihvd i4 it apiiai o. a, mtt say """i"...l 1- pec muted w takawarh u..k k..f, mr,. !id la Nrib uvlin, ai.lsa. be oaaa a similar aaiMtnl of tttc te m on ar snot af ear rwk roads YA it; r: XESIIUAIIY 14. J 855." By adopt iug this plan, the moat pntriilw. de rving and enterprising men ia th State, with out regard to sect or party, will b pn.vc. teil, ocimiagd and sooisalmt rewarded for lh;r de votion aud self sacrificing ff.irt and pfttriutim. t aid our good obi Commonwealth in ue eloping nvr ran roaourcea, anil binding the rxtreiue ol her territory together by bon is m ire eud'irahle than th.se of mUteii bra.. Jfr. Cliaiioian. fit not such of , air eitifna nanre Istnwiiiito Sc ru- pliab these glori.-u rulta wortbv of nil the en couragement and support we can give tlteiu in thia wav-Mvpeoiaur wuen we remem her that ti.eS'ate d cue uf ii.taniiU ininn.vement are deiiue.l to be hnuetitted in a double degree taany rewar.'. or bounties receite.M.y ihea uien, fo ia th priv- iicgra pruiaweu lo 14 granted to theu 111 thw bill: 1'a. thia hill, and cite the iuJ.n.ii. il tlw-kiiold- era-the conttj, I of the bunk and the rood, and keen tl two separate an J dia'inct from each oth " (;rr, and 1 am laihl iii.uIi lo haaarij the preuicmm, mat rn.nu Carolina will noon tnil tortU reji.eiiie.1, regciicratcd-and riiaoiitlir.il.eiU In tliua Hiking a deeiiled stand 111 favor of an entire reform in our nicent tiaiimiul svtem, I ata e!l aware that I shall have to eontrmi ag.iinat many stronj; nien,and deep and bitier prejudice. Y. Mr, Cluinuau there in many who are di rectlv intcrciiedaa .lou'.holdrr. in a me one nr f 1 ill I 11 1 n I nnlasi nab, la.'a, iev fail lo urejoilire the mind, of their folbrw vWla;raaiCTgl'eaitritWr lift,.- - I - 1 ' lli tost in tin n anion as thev are ihe truth win. n:iij it wiuVuiiiji way and their fat incomes in the .hnpftof five per cen. reinljinnnril dividends ciidaiiKere.1,1 ef.aundrtrivluglikel'eiiitri fold, to ra.ee the about, long and biud, "great is Plana, the godde-j. of tlie phesians." Beside these, 1 gttaily fear that every one whose name ii found on tho muster-roll ef the old Fogy party will ral ly to tlie support of their particular friends, w ho have Ion" lieen initiated and installed into the mysteries and rcutited lite profits i f lamking, mi ni tht'T have trvrP. tat aud sleek Ha moles thereby, Many of there men, I regret tp say, tir, are men nf lh. hiftlic-.t order nf ' intHlectl and nm arouse ), ar as suphminded nr: J mmitully vi uroti and energetic as i,ung Aoierii-a himself and posses wealth, character and faaiily inllu euce, and pulltical weight and standing, sufficient i give incir opinion great weight no matter how erroneous they may be. And lorniidnble a theee men may be, I regret to say they are not all I shall have arrayed against uie in this con test. There are iimt y here, I fear, who will jo:n the strong side and go with tl;cio gentlemen against mv bill, and fir retaining our preaent st'ipoi 10 nanaiiig up. in tlie grounds or expedi ency. The preaept bank. Iliey enutend, are .uiiiTnoi'iffiirndTni1ltttbie InitiiiitioBt tn Ihe State em! StklHddiini,.and tliiji being the care. ibey M e no iicceaiuy tut niakiiig un J "1 (lang in ihe banks or the principles upon, which tl.ev ate organixed. The p-dicy of letting well croujih alone is a good one. eptvinllv in tankit g. Now, Mf tbalrivian,foTOTie; t am-wtiring to-felmit 1bal th bank are sound and prolltablp., and popular at least with i.nie very influential men in the count ty, no ore can well vJeny this fact, who nn. wiinesrcu me events mat iiave TranFTiirea witbin tb last teas woek,. MudonM. Jmthm-kle$ and coat-tkiii nf mahy wemh r om'i aim iVnr lettimonfto tna nnpml.mt Jad. But doc this prov that banks, orgnnived on other principle, should never lie created in this Stnte. and tl ft' i kkft tli Meile and kersinns; should alwavs ail her to on form, aud one fnria pny of grant ing our bank charter, and that on set of men apd their descemlant shall cnjny all the profit realised from bonking in th: State forever even to the crack of doom f No, Mr. Chairman fur Ultr jaltrf of Jrtlj bt not. Vet, sin Ttis ahuuduiitlr in"ftiret."Tlidr there are man Sara anil atarbara whn hava slightlv th advantage, a. thins ' w atnnd, bo ate fitlial full uf horror, when tltey bear til slightest change spoken of or proposed. -It will miw b my pnrpoae.to show that these sclf-aam gentlemen, wbo are so ready to cry out aguinst any aud all changes in onr pi r sent bank ing system bar managed, by cuuil..ui.ly pursu ing a oourssiif "maattrlv iiiactiiiij" for a long time, eoaa to be alowlr Cut fonttantly Banking aggreaaions upon th itatc, by departing rfviitfil- lyiromttto great londatavntal doctrine of Ihe sytdcui thev would have others believe they so -i --,-- . j . much aJniTre and approvis. "titTTTil'-rliit tw irevfs-ftpitorvek ml tb Bauka of tba .Stale, eeived in this matter. We l ave long been living in lh midst of a great political end finnm-ini revolution. Inleres d pertiea may talk very enrntly and eloquently of dar.ding still and ad hering in the got daud safe old plan of our ftlheia. But do they do lit Ate thev intctit ef Itother stand Mill and adher lo the system In ite parity? so, air. s ney are ever on in alert going tor ward in quretuf power. The paMhi.lory of lh onuptry proves conclusively that all hanks are nut 1 n'y anxit.as, but ftcvv Jianly da.inwe to ern asrg iuia prcrvaiivat anq makatiir and par maant aU lb pouers that art onfcrred upo them. , ilr. Clrairmsn. it mev le well ennneh. at tin. point, for ns tn exnm in Into the principles laid down by mmi ot th ableat man thai bar ever advocated th prnt plan of banking, as well as tb history of banking In this Stale, to see If thcrebeany truth in the grave charges that I have ventured to bring against the friends and advocates of our present banks, and banking system, Vit are lo'd by gtid authority, "that u ther mndaf lovvinx an Indirect tat known uponentth. excepting by duties ftnd im posts, by wbbtb each large turns ran be drawn from tb pockets of all elassr aj by tb preaent banking eystrm it has been estimated thai there is annnall collected fn til tb i'ii,1d nf inia t-nion, pm nq aoovg me legal luteiesloa ,l- . ' . 1 r .1 - 1 . 1 . . , . m. raptiai 'i ma uana., irons lonrieen to sixteen milliM.e of dollar. The principle on which this tax is levied cannot b mtsundrrstot d. With banahle capital of one hundred thousand dollars, say Mr. Gouge, a bank caa. by the help of in deposits and circulation, mate bans tu tbeamonnl uf three bundled it inuaaed dollars. Henrefor very kandred thou ,nd of Iheir ow a ear ilnl rr.t pbrjod in disenominr. th bank draw twne il.n.-e as much as la drawn from tie aaine ami nnt In tint hand nf prisat Individual. Th gain of banks from (hair prod Ir if taking lh diermnt la dvnee and rhar ng ntlv hair Jsvs Interest na notes which bav but tif thre d'.vs to run I alao (wisiderable. Ihaibtfesa il was mrsur k rev 'OS aa theee that leal Mr. Ktrsrdne, the great trienn, rnanipioa aa.i netroler of lha pratent ayal.ru, to lb folhiwitiglanpia; I At il ie public r relit that euptTti lb l.ai.ba, and m t tb banks that support puhll ctalit, anat a tl t d petiiaof lh lal h are tb prtqerty of th er nv munity ganerally, and lbrdliaderivd frem elr rubua.a eiHnefr. mtbemainniniiv generally, they ugtil go to lli e mnianirv gnwrally and b o. to lighten lb bur.haa. f tnxa'L n. Agaim "If a rhaitrr net nt le tpir. lb a.!di migtit ,iie.ii. H ii, pobry ef p milling ant pan; to anjiry all tLe ftitanlavra eki. bairst d lh,up lung of great auuntry ailh psr nn. y, I'Sj money auay I r .-i.lerd aa af id ii. g ft a.gnorare equal to itawkil et. I r cail.lr vs. i Lol is.aa.na.e ia aU nntr.aa beb n.- to the Slate and (km id never I parted with bat sW aa quiialMii" (r bt th euorW ard grspb a. Uuai;s of sn-rtl ar ; . 'It may I I.u. I d. naea ganaral ram, lhat oiud pendent 'tat tut frre 1 1. Whohst ea b taifrldirartly frtbraMppriiaf tbeir gosernmeM, sh.aild evar ti.lefa'e a lank to spring ap o U. soil, ia l,u U lh S'.'a ie Mat or aj b al say liaa k ,t, . ilir., ''t in- uiiaal aaownor ol al Icaat hall or tw,-i,.r.l uf lb V4ak of tb inaitHla.n .r ! uld lh charter uf aay bank le ranaael, niib.ait - t r.g I Uk got en. men t graut.ng th aba rt r . tnviiMnaurato witb ih capital ti . l a ton a hub the fiantbtae bae Lea granted." Mr. Cbtlrwiaa, lbl la nanaw faag'-! d-ir j ,4 m . ,lt h iU 4.. , 4,n 4, pre aaii of -rir nf tl. fat. LankiKY aa I , II aa Ihe SV.Ieta llaelf. Il aiaiiMf. tl otjoea 4. taint, and Il.a I.I liJtri.il our f o.rnmant dhr4 H W.lb ll-a ... r,.r,.. r, (r NmilER 7 onr uea-rnaariTa doing It! ttur lather we never guilty of the f. II- of ehartem.g a little r k anion me ciate aaa nn par tot il stiKkorrichttoaubecHbefiiranT.. Ilav lbo ! bank or on in which the State bad no ,,tof its twbo ar lor adhering to th preaent sTsteta dull , so! And on on occasion, at least, il no more, ( they .eted a b,u. of tb. Cap. fear Bank , .... j r.rmrv f-f-oua vi iiiv up rear uana lor . reuewiog her charter., lm the advneatra uf the preaant rystem wb art interested in the proeni i hanks pn.p.-aa tu ndhere to this p'anT Our i lorciainers uiu not uimcrrate tne importance ot ; tb. S..ate i,,ve.t,ng gemey to bank stock a, a , u ,, tiH.mtt ,-bae-ard ... mean, of racing .evenu, ,Ba kecp.n, down rro.krd,e nf Icing, nil tl.i..;, seen, n,. , -th. direct tat. ,,f tb, bint., A..ncluivee,i- and kcepmirtfeg. A a at ri king f rl.U I I il.r. nf 11,1. Tm.'! I I.Mia Mru,A ar.lk tetn ' . . . ' - " I ' . that thev never weie guiltv of the . . " "t - ( tering a lint Imnk, r one in whit aaa in ft oo..il..-otle stockholder aud Mdii raiM .fid. .k- v. t,w ifV..i I 11m charter ui die katie t oar rctieweil, tbv're was, as no. tons di-r ibie demand tr more bank, ntul banking capital iu Ihe Stat. Cunii)iicntly. wlifa IbcXegisiature met, w fiud that tttur llnco ur b.ur bill weie introduced, pp posing V. create Weal riaiikiHiiarioii parts of tu Slate, all of which laiiad hi )t) and why were ihsv defeated, when th pavpi were deiuandiiig ul thair reptvioitutitu uv-ro. kinking fuciliiieaf l'.tUHweIy for u, sir, ihe pruceedinga had In iliJsl9 make this nivlery peilerily - ToUm. .ab rT- eaurkia'SmW'W"' ;, ' I t :. ..1.' ! --1- .m- 1 1. 11 11 1 1 11 a is., ia aaa Senate, prop isiiig to charter a bank on the funds ,.aid nmnu.,.11. .),, k. (.....I., anu ciciin.i iu tataie, as aoutu t. an. una had d-aia, '1'liis .ed Lio Senate by a large and triumpltiiiit tnajoiiiy and waa defeated in the Hour Vyli vuieeotoy ;aod that, too, after Judge liastun, and many other who were deeply iu teieslifl at sUK-kholdera in Uie other banks. Lad excited themselves, and all the power and mflu eitcv thut they could, with the aid uf the banks then in o cvntion, bring lo Uat aguinst It. And I bav been tidd over and often, that bad not Judg liusivn declared most solemnly that he believed the till to be .clearly unconstitutional, and the old l.uukt that llu't was nu room for th prolitttl.lc cuiployiucit uf moxe jainking capital in Nurth Var.di'n.. th till woulij have pasvevl the lluu- by aimu.li larger lutijurity than it d d the Senate, Nnw why was it, that this' bill had i much unite popularity than any and all the others put together? It tu popular, been cue the nu'Hibeis of the Legislature saw that the Bank ol tho State cf St uth Carolina bruiikhl in reirnu enough 'tu defray nentlrall tlie'cxicnsr uf Nuih Carviina, and the friends of the bill were anxious to lie tli pnleuf the Stfttefroni direct taxation all. gvthcr if pcisible. This is th reason tihy lli bill proved to be so popular. LL !!U"Dl! '?'' m f". aeenl dtitnte with the j-at history and pw"udires of our jeojile. The Tiistory of Ourftate inaTrew mat we nave always been latterly opposed to fceTrtaxri-flprji'a!ry direct tases. Il ill uot b dcuicd, 1 auj pue that the first settler of North Carolina were most shamefully imposed upon by the t dicers under tb vr rwn of (ileal Britain levying and collecting iinjiml and op preesiv' taxes from thnn. This eircniiistnnc accounts for niapy ini rtnnt fact nnd transac tions in the history oftbi gtatej It wa1his that l.'d lo the Hepnluiors taking rron npd shedding bio. d in A'ntnane. This fact, aba, accounts for North Carolina being the latest State in the confederacy to ado) t lb Constitution of -the l.'iiite l States. Many uf her prominent men, who -had felt thchardidiip. uf an uijurt Ithd oppt essive direct tax, levied at the Instance of n foreign r government, were nppored to giving to Congress the power ot lerjmg a direct tax toan unlimited I"" wiUJjonicJii (if tbe-'rtatir-igbr-f i.ouivf, oor out vi.cj appim a oi tnav pw.vM.owi nt Iho ixinstitutuvn winch give to the federal Coverumrnt Ihe exelunivd right to colled im posts ntul duties in all the ports uf th I n ion, williiait allowing tb States any per cent, of the rsienues thu Uncled. This Tilth) scrap of 01 r C'l niul history arcnunts for tb important fuit also tliat the taxes in North Carolina alwsvs have Im up to the present time lower than the tlie. pa d ill any other State almost in the Con federacy. Yea, sir, and it accounts' likewise for the efforts made by the Legklatnrea of other days to do away with th necessity cf direct tales, altonqher. bv lncreainr the Stat' toterest in Iref.ir noticed. Under the circa instances think It ia fair to conclude if they hsd supporel that th Cnnstitutii n of the L'niieil Stites wculd bat ever been eonitmrd aa it Is at lh present time, thev never would have adoplpd it, Al this poipt, 1 driie to Imptes ll.efaet n lh mlpdtof all wh hear me, that lb ver.erable trainers of the Cimstituticn did nut give it the construction the dominant parry now gives to that instrument. V ben the Constitution wt went Into operation, if 1 may I albrwed thatex- Ptcssion, it a a comttued by its (ranter so as gn. rovirngres. ,.i. pow m construct an k III rt n mn1 mir,iurM.i.i.ta atll in lh. im.i. of the State-. Congress, also, in ibrse early time, ci.ihivu alio vaevci.rit in power 1 1 eiai.iisning . a National Bank, and, as early n )M!i, Mr. Jel- j fetM n declared so oon as tb pnbli debt w l lii,u iiutrd, lb f ul.lic- bands shcailJ I r rr ceiled to 1 t ie States, i r rather, tl pr e4s fnan tl elr salp ! should be eiu to them, to enable the Stale lo t eonstinct Wirrks of internal Improvement and ed, oral thair peatde. - And msr.y yeara after this, i w tad Mr. folk, nnd many other great men of tli nation, ruling la gite small p..rtioes if th I paUie land te Connecticut, Kentucky, and u.a- ny other Stales, to castrart Asylums, Collegis, m 4 otnor Slate iupsirrewirnla. And tupciad-' dad to aU this, e find that iheisry first Con-' grea that mvoe4 under thCiaiilulioH fiarn- ' ed and pnsrd ft tariff disevitiua.ting in favor of' American induesry and designed t cneoarng . --"- ; o-.. . qneMionaldy, Mr. ( hairman, this waa lh a.n- ra g.trnto in.ieo.ret-MiiUiioalnih. awaanrM.M.1 .tiLn atumu TLm .1. il sirs wrrs turned I t'oerreel sad kgiabiti. e- , ... In Vtaabirgtta City, - Thliaaand tb Ke.U-ral tloterviment were vry thing. Tn Stair anal the Mat l.rgl.tatur r d Irgisrsttcw were ntt lik etiniitared but uf bitUnr arenndary inir waa. An sa lacy were sa m enae. Our : aaa Lrgtalattttc, prior to 13 j, though it nipt an naally, trinauxd m sersnoa not nipre than , five or air week, aketed a tenvernor, a lew Mill lift ('oh!, af poinveil a few Jaalicecofib I'aaaw, ' featured a fti.a or two ta trta t, liivorred a qaar rsdanme man In has a it. H.sa artjooraed, anl bom and al their Cbneim ..av wnft tharr hmitHSs hJ frrend., wtm tbey related eiroutna ail lhat bad Usee aid and ttonf. Then, air tatrn. rydlte Ibi.naakd dollar ra was eaipiv audi, tienl to awat all demands msd t.pon lha Siai Tiaai'nry, and '.0 rent a. a tb p1!!, and 4 teal mi lie hundred dollar worth of pvopenv, re amctavit in raise the earn of aav.atv t e th. u sard dollar. Hut, Mr. Chairmen, ilghl a tin to waa, I dretr agarn torrnviad lb aea,lea '4 tbas Una, that lk Leuiabuurea filial da v. t r lb teasaa I bare mniNa, were f m ol a. ,itelv swspb.ted its making ethem to main li ra tax na.aa Ika pplaalkM;ier. ky jiaoailie I eeka i Ibe State, tbM what, pray, str, m eav aiiuation al lb psaat tiavst ! bad all j aa lurve.1 to l oagre-a, and loidnrg to It. I'rrl "al lo.iri n.i.i I. r aid la ii r va ib Mi'w, as m dava if y.awf N, sir, I'.igreaa and th lolaral aoilu r llie stoa.1 iflileii ar.4 l.e aiora SmporVant rlaliia to lb parq Uwf lb 4 Jfti,l Mare lh, man lb7 4u at lb praat nave, amler lh atmHrwHoHt iU ibis g.M faa.l.u.aiilal law 4 tb I (iiuii. Cngraae aoakl than d.i m no thing for II Si. lea, aad rt aat ntallaa-.d a Ine In. . v-lai-c, who a aaid to repreaeal ua lo iha m o r 'la of II aain.a. but am-r ll r. u . n gitaa to ear gtaatiatgaaw Ua, it a..'.-. . .i 1 a el. ie re-.n't , ia anl et hiiio i, , f ii rp. m l ai i a l. r., r . t.ig ara tan cU i nia ,rr a., h i c I .r P a Sfr. a, tr K as ro a ur. . ..I ta uro ..'t r a k t I Wfrnf to n,li ai y an. f n prwii. ail.. Smki nf msn.al twi r irii,i, ihn He 1 rtar i f ll Maiea , a r It na tu a) atw-er bant, f i. I ,, . ! i S sto. m (i an lamia nr l! t.KTq i nj th- .vai. h . aioi dr. ,aif. i '"' t !'. lav at ii.ii.rr ,i - ; i a U.nt t a i.r i r,.:, l( t , ...r ; .,s I ritti'i.at to b-t in l :ii r ..i i Ir.'.", .,.' '1 hr O n-l-'uu, n r-. ur ,. r,..-v n.- JUilnaJ Ir. n t., mt, (, , j iaii:v,.irr!Tr., ,. vti, , ... e -r ! !t S;te I., -I pot tn..t r a i r ut 1 ! 1 .- . i Ascni1 ! , 1. 11 t tabli-s h i... I , i ' 1 1 ' ' t' H V- 'a-.., !: -11 - . t.n.rri. ,i . itt.- J a? 1 as U tt I.K1. i i ,,; it r .st tu tiif S ! ..; , , s ; shoul'l n w 1 1 the fm'! v ai imiv de do l.ttle hnf 'to 1 U:niPi s ht t 1, , . , , ;iH Sta-erm ,1.. 1 ' . nfM Statermen af ,,, Tf tv fa' al.','.- . T. th btirdca of improving the S;a'.- I I . - ibrt-wn t T the I s;.Aic. I r 'tlic V"t (er.erwl t.b temn.rt.t. u- n i; cllTuf TZ men t, la r tand:ng wiiiand adi er.rg t u priociptfs and imtitution i f our la h.-ri Ti.i,, sir, I ret est again, wj-n there is m-ibiirgthai i- ni!l,n, imsc jj. uvea l utrelcrto I .e muhiv rc-i. 1111101 1 I taken place in this Staw wi'.hin the last t. mv i Eve veai. aa re-'iinlj internal i.r...:i,v. ...n,.r ,,' t '" ""I-. na-,rjus,i iil.u :i to lwn . loo.riviKa iu v mi,.,., (,,r A l 10 ti,t u., ,., in .ciwstrsctiiig troika tonnust tl 'm in lie- ii. p. inthfir n-.-rv.. 'it-. lJoral tk.vn;:: r;.t iw h'Mtw. Brutrc'" like, ia found stretel iog out li- Mimlied aims in the wnvof fr at u i n il r.01 kt tl. K tijiTt tie territotie. of enrj ; . 'l i:e Stat hooanie jealous of tl. mighty giant, and, as. .,. ereisiMi. ordrreii him to Uiwii from this v. rk. Noierthelei. the 1 ftoi la need theae woikv, ud ar dctoroiiiied to l ave them. As 01 oeluaite v idenceol thia, liat to th dck'ntinelnRuw an un I us, and Umd na it ia. it a.ow. mmi .r avJ t -;.--- U,I.J. 1 " .. ". 1 1 la-wa..,, etsinna. Mmstnian nmnibmsjM1i JlaaJ., i . .. . " Tesneeece line, the de.teaning j.hut m' up from the people, give us tiailroad and limika, and Bunks and KailroalK T etj.ie iha ui j att that nowagitnto anil excite our eonstitof n;, and these cues liom th pcoila we will hme to respond in an acceptable muni er, or give to away those who will. We can ncitlmr i..u,ti-n.. n. r d-alge these api-enle. If we tell then, thato'..;...uH laroJinb it poor ami haa tw thiuj;, tl.-ry will rs pimd she is aa well oil' as the other States, and, sum of ihrin mve gi ne in dpbt as much ns t' r- 'Jt:'r mmtvni for the purpor of geitii j nn ney luejnliui t lUilroiid nndCi itla. Ami rtninn to say, it ia thesc.very expenditures mat I v.ve eritu d ft hecciisi'y so strong ll,a.t it rBiinot lon ger be safely rcniaitd forriinilar orks in Nurtli Carolina. It will not do now to ti d iil ; v. a are nowci mpclled by II t cutwnrd prernuie n'l around ua to go foiwarii and do t tl.iv l ine diC And how is this, Mr. Cbaimianf " t.o in debt and pledge the faith andercdit of the S at lo ti e amount of niillinus and lax the eplr 1,1 pay interest nnd prircipal, until ttioduat cent i cnin-elle-l. 'I bis, ir, ia the lh-niorrntie, States Itights plan efeoiiatrucling nil kinds of in-urna) iinproteiurnts, and we ato ci mp riled to grin and liear it or do worse. 1 hcSialeauove sarren.ie. e l mity. surrendered nil i f their i'tiib. b, ,i UttturAlutverLintr.ttodiicha-tetl epnbl'c d. 1 w wl en lire curs'iiutlnn was mor4 Ithciaih- rnr.-iru-d tow arils llicin than 11 1 present; and now, wken-tiat debt -ia.Uir-e,amoJ, it i,eld t .. Lu" Ultcolotitulii nal to stirrcmler Ihe remain ler't.i the States, and that, too, win -p, the.' a, til itiun ie so interpreted as hi put it cut of tl,e t o wer nf Congress to giie h the Mates tlie lean u .lunco ill currying i.u il.tiriinpvoicments. Ti c o ta Icing so, it bco lues this Lfislalute to !o .k c I to the credit ufthefSbile, and guard and footer it as jeakue as ft maiden doth hiir ii itu r. N..t nii ly ao, ir, but, as her credit is her only n s uw .:, it becomes her to biiAband it writ aiI 11 -o it ai Indicated ia ibis bill. If the d -o. i,..t, and c. 1. tiiuics to f, itter it away, as w have "been 11 ly -doing, tun low HuUuditibi, for a .n;r an oyster aui.,er pr two, 1P11 v, ttvx t IU trouble, It we gouu to crtftte bankt in n ii )i tti?tw?1l, w ni'be'rrrarred -if not' 4-1 1110 fiaie ewi a 110, a pennr 1.1 ar .k. oar . ana TT-rnTinTw,--rt'naiv-i it, or our e,ll. Iepme us i f ibis, ami ve aro u .! fi.rever. )t s by the Willul maiui,'cn cut a cteilit that we are tn Improve our t-'tu o ni l burJenlt. J our e .pig y. (ill hca' y ai d opp. laves. , But I niut lay. in th'nt.itiuc.-tk.n, tin pa history i f our State show! tl.tt our pe..,!u n too bitterly hostile tu hiJi itini t taici, ,i m fertlmie to ac. iimi liit to mnr-h grater rv't than neprepore to raise Item Iks a,''i..n. 'Ii. will alandiai their work, half Hiibbed. at .1 i: er complcle tl.em, before they w ,11 thin hi,..i themselves and p. steriiy, JdomtaiU tu i ntiyihing that .will tuid il.a .xoul ur damp i glowing anl. rof the friimlsof Int. rnul i,ii r., ment, for t am un Internal Impn.ve-i.rt t n , myself, and as sirea, I deem ii lo l mj , 1 1 1 v sny tp ti friends, if they I, u j t i ci'in l". ri,ad from the Tennriore line to I'v-nct ,rt lUrl.. 1 1 the wsy we ato now pro. -ecdii r, I a-.ur il they ate mi.taki n. Are nn 1 1 .'. J , l,t, :, deaf as adder?? Can ne neither an-. !,,- ..r I. ir e iM.r.ic are now nrrnvci, as l luiie i ! inlima'fd, Ihtn twn gTBt pnrtrca. Uir i , 1 1 demanding Haiiruads, and the other l ui.i p'nncjes. i he unci mil impmiriu. nt u , .,p-..mU4 t)).;r il., and monev to c n '. - . j of!,' d now, sir, thi.se bung al g ' .uie oiks, aim wculd liol v n r to their roiiaiiiiction, aie c nm g f. rvn akipg ll.jf Lci'lutur tu pii.l.l ilr, ii ! timiirgr ah tig th l.i i.f il N ,nb f !tt;inhol, hi the am-unt of 1 r 1 1 dollars, for Ihe next thirty jinn. ! N .. let greijl ttru; i:le going on bite.n tl... parlu-s. As Inaltvra Hour at.vti I, the I. M.en bate burl eveiv thing 1 y c n.inc i.n aid id ibe Stiitr. nnd tl.ev u , :,- - i t: I . loture to groet ll. m I ii k i g pr in. , . t i , ll.e etttnt that ll.ry Ine i., led lie ! biiil'liiighergicatwoik. i I,,ti nml liiipr. i, , This is not a-ae. ai. a r, ii:ii;!y on I e-, tr art, a ft r-lit. If this la-irlalure ri Tiim s to . tticln this favor, )..u rruk,h tl.rm i t.r, . uisnv of Iheiu to nm as .mn 1 tl. ,i i p..rly hi to submit to. ..tifll .1 , ,,0,ril,,ic . , t c men, ahu uo not i-h i,. it il jrf-t.-ui y f ir ihcitiaelitfa nr i f .i lllPllllr .,,r,f , ,, . , - . . . I, ar. I .. .. ,Uk I, I e.c ari l elWM I. --- any orir-r a. nu oi ones bunt, tie r I , " .1 ' . i ' i i e t... lo eiie Un.k.i w Ua. lotn li.J tie ir; I .,t f tl.rm thia pm iler, at tar as il rrrt 1 e prcd.nl to rt end it lalkir; ,' ,. , Slaitr, and to e..ntiou the i.l i ch in, r r lni in'txisttoi c til t tl t it r 1 - 1, I rr geneiatM u or o. And a 1 1. - t t ble ore thee iapitalta t.o- il.ir u"i seol in de.iring to f. tl.rtn.i-!.,-. into ft har king ar. U' al t ? V i ., 1 blarn tl rui f .t ilns, a bra it is . sut ent-i, that a t-ai.k i l.ar:i-r i . a i ( t.r ll.e Cape Tear bank is rm, i,i t . owning it, at b-al '.'.' i' in. ' i 1 authorised lo hall and In, i i-i rnil estate pi tt.a amoont otfi. iu an unpic.-edi nie, ( r . !. , to i sav, ur hr th il.l i,i'. r. v. tul.d II au.i out it pr .!: '? i, r, Cranily, foi and ti a us, a. 1 tttviwMad in tl..a ktuslit ti ' o n ,i " r . blraj voi.u.b V h i ' 1 t!.i. I . tl. tat vu r-v I, share fi. n. . . . . W as ihi-ie . r nx.ia srr . t . - - , ifron'arr in i!. aort.lf ,-r , a tailed no a srr r i. ec j.r - t v at ' Bank " Inrleia I ,., v - lav.ete pr in, ant vt.it pivilr-a d i'r l.li'e ill Ir... i i to Ihe 'et,t t!. ',-,, i ntaka mora rn nr r a I -1 ! r . - Other t die, rv t , s, i , r i -hariB,. Aspr-I .1 t.,. ml, air, ni.oii to if . 1 1 ' ,J r s. ,ii.-' th.t hi. Il I I ... I f - ,lir. j , e., tr- to lit f .i r , ... no.rw s.. in in II e . r , , ( r y t-ri ,-r i ir t, t I , . ,r- I . tl il trr. .1 1 . r . , ,. . . tse tli.i.'. .l ,til!,. I .! , tvn sr. in, ...I r t . 'i . : . , , l tf ? 1 t t '..,.'. . i r i I ..r.. 1 t . r r i i I i. I tl" i I- I . , . , oil it. r i t r- ... . . . S , I. r , to- h- ... , . , . 4
Feb. 14, 1855, edition 1
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