Newspapers / The North-Carolina Star (Raleigh, … / Jan. 13, 1841, edition 1 / Page 1
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-fyr r 7 .',-' , , . ' ,; . - - ; , - id 1.1. r f ( "f ,-. lMM. .... J ' ' THOMAS J. LtpiUY, EDITORAXD PROPRIETOR. TIEMS. , Scascatriie, 4hr dollars per aaaum hall iaaJvaoe. 7 ,. Ptrwai rciiiling witfibul S'at will be re quired la psjllie WMoLtamnuiit of tin tear' sub scriplioa ia sil.snte. ' RATE'S OF ADVERTISING. For every square (not eiceeilin 18 liaes this si l; pi Aril insertion, on duller) eU subsequent aseniun, twent).flv Beats. H, I'm aJrertiteraenti of Clerks ind Sheriffs kit charged 85 per cent; bit,hei i ami deduction ol S3 J per sent, will le niide from ibe regular pn eeafor advertiser by ke Jeir. fX Lerttr t the Editor at err be post-paid. . J" j 77 uA' no fmif intlU TP tlire should dkniTcB f J. VOL.XXXII RALEIUII X. C WEDNESDAY, JANUARY 13, ISU. NO. 2.. PEn-llNS' INSTITUTION FOIl rim education or the X1LIND.TIm rib uhiiitnt hue been remote u to that Spacious mmI elegant eilibce lino a ss Meual Washington Mouse, at Souib Hunou, and it jww rea Ijr for the. reception and kistruction ol )oung Alia persous si either tea Irom any pul ol Ikt ewiu try. rite aalubrhr nl the local Ion. the facililiei for aea Sa-bitig, aud (be et ent of lb edifice.' vliicb offee rV roomt lor Ibe pupill. Btaki Ihia aUablieb- A a iictiraoie reuiieiico lor iiiaaa yooiig aimu fertbai ho dcure myeiVif ieeomodaHoeia.-- . The eoorae of iuaiinetiosj oooipi'vlieitd readily, mruifi, ariikmelie, algebra, mhI (eonM4rt geography, tiittory, aalMral rod moral philosophy, ka. ke , a the Huoi : and praetlee iit noiie; -rl hoe oho tleaire il nay acquire a kuowlcdj Ctlbe an teol aad raodera lan(aagea. - A llioroonh and wienlifia knowledge of eeatie, and pporlaailiea ol practice 0na the pitoo-lorle aid or gaa, are giaa to all, beawlea which lb piipil may arleal any iatrumui biah ha aithea W Um. particular attealioa i J(i'ra to phytieal edueaiKia Taaxr: Board and laiiii, ith the oae of bouki ml motieal iatlranwalt, Irom (13(1 to $jOO per aa nam. For thoaa who with to etody the laaKNagea, to hate the aw Of a pianofdW iu ibrir chamber, or to receive extra musical inttt nations, $KI. i'lie above wait cover all the ordiuary expeases of the pa pll- Extra acavnmodatioa charged ia reaeooabl pro port ion. The most favorable age lor imtractioa is bctareea be till and I Jib ) ears. I he following gentlemen, ara conaeatea will) the dirarlioa ol tin luttiiulion and may be referred to: Peter C. Ilrovkt, Thomas II. Perkins. Peter K. 1I l n,K.ward Urooks, Sstnnd A Klliot, I. Fisher, Thomss (. Caiy. John llamans. James K. Mills Itobett Rsntoul, Samuel Load, Samuel May, Oaias (ioodwin, Horace Mann, Hubert U. Viathrp. For psrticular informati jo address Ilia Director, Dr. ti. Howe, Bostoa, to wham all applicauoai aaeashf be made. N. B. N persons wilt We reeelfed' while antler eautieal trealmeul fur the reeovei y of eight. July 3. , 37 a. yilXV PIANOS FOR OLD ONES. A M willing to take second. hati'l Puooa in ex change for asw ones ami allow whatever judges of the article mwaeoasider them worlhmi object is Bot I make raontfjt On the ireoad-band Pianoa, and oull therelore either lake them at iheir valuation, or sell Ihetn to the best atlvihtsge lor their owners.' ' ' I base now on hand a bcautiiul assortment nf su rrior Piano Fortes, varj ingia riae from 27 i to fnotk Thbse wha 'svor me with Iheir orders shall be pleased or eo py shall be required. 1. October 41 KEPOI1T , the joint Select committee TO WHICH WAS RK.FERRKD SO MUCH OF THE GOVERNOR'S ; , MESSAGE AS RELATES TO A UNITED STATES BANK, AND 1 . v TO AM INCKEASE OF OUR BANKING CAPITAL. The Join:. Selrcl Cummiftef, In which Aa rrlcrrrd "ait inuih nl the Governor's Measije as relates to a Hjtikf the Uni'el Suie, and l an increase of our banking capital." have hatl (he same under runsitlera (ion, and a majority of said euinmittee have diiectrtl in repot t, .Thal jYcjui; cumuititeeJiattbthtQWcd tirmn llietutijecii reftjrtd 1,0 theui, that attrfilinn and reflection demanded. a wellhv the hiL'h aoqree whence tliey emanated. a by their owu intrinsic intnorlance. - ror tnanj jear, pubhc attention ha been directed to a li.nik of the iteu .state.. Jii.xocstiuUumaut AtulU4tf -w weh-ait tnntttutttm; have been discussed in every part of the Union, and ilirre are perhaps nn question upon which public opinion is mure fully formed. Whether Congress can coiistittninnj'lj charter a IJ ink. of the United Stale, is a pro ponittoB. which jour coutmii te w ill not attempt tt etJaU'ialw; If an j political nuestion can be retanletl as selllrd. this is surely one. . If any Height of authority is to be studied lu the opinion o( him who presided over the convention hich Formed toe constitution, and to the iipiuions nf hit cumpeert who assisted in it formation, v c have it upon this ques tion in a manner which cannot be ttitaUkejt. If there it an; wiatlom in regarding judicial decisions as the law of the land, llii qtiesiioo. ought lobe at rest, since its constiiutiona!iir ha been established by the hijr'i- est judicial tribunal known to our rvstrnt of g'tverainent. and by the biihteat ornament which ever adorned that tribunal : sinre it has been acquiesced in for so long a series of year, during which peri tl (he coun try hat advanced with such rapid 'ridet to the acquiaitinn of wealth ami power, : . b The eipediency of estabtidtin an iotitution of this character, can t best decided by a reference ( th lig'ita ol eiperieuce. Thene, ia he opinion of rur committee, plainly indicate that our true internals, require the existence of tuch an instituliitn. The late B.mk of the Uni ted States grewut of the necessities of 'ho country, at a period of great distress, anil answered every purpose promised bv it wont snuine friends, or anticipated by the public. It perforuted the duties of a fiscal agent of the General Government, witli pet feet fidelity. It regulated the exchange of the country better than any other wiiiutioH or tet of insti tutions regulated them before or since, and it aQ'urded to the people- a currency equal in value (o gold ami silver, wherever it found it way. Ii held in check those Slate Institutions, which, ""when '" frets from controf, j are to ajt to expand thete issue -t.it4i an extent, at to destroy their - own strength, depreciate the value of their ap-r. tml stimulate the coun try by the redundancy id paper money. In lh most extravagant and ruinous sneculatior. The Bank tif America, which was chartered to soon after the adoption of .the Federal conMituiiun,1 exercised the tame . .IT.7 " .7 . .. 1 1. ,T- . . Jt.. .-, 3 ...... HiiM. i.vwah.amt vn.7'' tV.si.wU.iLi. at Jti. AM twiaaWlrJl 4kmMK.4to, I dtMMt TIlC AUIVIIVHsl AHIUUHC uuu lav j uc luiiucuf Wiitvil mil nuyyij tun wsiv sn. 'a t pomory ch miui fvitirwieyijr, w , w monT iiiu concert o! action gciaora nt Deiween uienu i ner nimere 43 ascertain Iheeattsr whieli produced (he susju nsinn nf (lits lanks noctli of us, unlets there .was some tu pit ion of Unit ht ing ttie re- ault of the liiistnnniin-pmont nf nnr nun liunU Vu rn i-li:ireea thatAll sdmit the fntire ahttyte otuny ngeney oiillio hnit tr -fJ n faeli renewal a mttch a he eanr at any-ralei.! ourbanksinbnngjngabo inittee deem it best to present, uistint-itvely, tlteir ileua upon the two utiicnsions, and hey wilj fcegin with the ftjBt i . - t'AoW the hank have avoided follow jnar ( lie exanrdo of (lie Vir einia, and other norLherabankaZ Did It,-after tls-tenMo elsewhere, have tl.c means to continue the redemption other Ho liUiliet la tpecia 1 and it the had the means, .ought the to have continued I When bank which are solvent suspend, it tt because the tU-miind for snecio lias increased. Unon llio suspension of all The Cultivator's Almanac and Ca binet, of Aerieuliursl ICiiowleilee, fir I Sit, 1'his day reeuved, by TUUNKIt k UUtiHRS. v. Qewber)l 3 Fitly-jCcntai Ileward. U AS AW AY from the subscriber, Henry Minns, a colored boy who was bouad to him by the County Court of Wake. Ha is a mulatto, nearly 80 years of age, and a stout, strong young fellow. I for. war st I, persons frns,-berboiii.j or employing Itimj -id iKV aUovw" reward Tor b'fi Ueliverv'td HUCIH.S nlMSii.1 Wak coaaty, Nov. tt. 1SW. 46 tw. Junto Academy. t L SF.3SIOX of tbit Aeatlemy will close . on tha 13th of next month, and the next session . . ... I will aomiaeaes on ine ism , ...... Ti.;. i..uj!uilofi ia divided Mitalwo drnaitments "tWseleVv - r..n I I- V.wl;.l. ol mstruciion is ran h 'r""T- -. are Uught, in llie first alass, lUsdmj, Wrsiwg aad Aritbmetia, at i' dollars per sessioa ol five moalha and in lh sesoad class, Knglish Grammar, Uea;ra pbr, with the ass of the Atlas, History, Philosrpby, Astrsmomy, bte.t at right dollars par session. In the classical drpartmeat ia lauglit a full and complete academical course ol Latin and lircek Literature, the ) fcossiwelvo lollaraaiid baU pcraesaiim la this department stadci.ts are prepared for any ( our Unireraiiies. No day aiudenla will be taken to cither depart ment; each student entering Ibe Academy will be considered bound for tltotnition fees, from lb lime he eaters to the end of th sessioa. Ka dedue tion will U meda for h los oflim. eveepl io ro ofciekneas. Every possible ear will b lakea t.i pruiuot tlieadtancemeol in literature, morality aud virtue, ol each sluJenl placed apder our car. Th subscriber i prepared to accommodate etgli (rcn or twenty students with board, aad good out room, for n dollar sud a half per month, x eept raudles niT,' mruitiiigr Good board esn bad convenient to ibe Academy, at from aix to ail and a half dollar per month. -- . DAXIEJs'iWa-.KEJIBaFriaripsJ,- 48 8w eotv. November 14, 1H40. - tlrmoirt Letter of lndam Jllallbraa, by th Countess 1 Merlin.' Just published and for sale by ' 1 UllNK.lt tc HUGHS. lITrSBOKOUll ACADEMY. -TU snrnif seuwa ol lb mslilulioa will somuienee on lb litis of Jsuuary. Tuition as formerly. . , J'M.LUVKiOT, Register A wtek.. U 49 6 WA It KEN TO ft HI ALE ACADEMY- ' The exereiaea a this lastMunoa Bill be IsMluicd a lnadav the I Sib of Jantiarv aeal. TKM MS ol Tunioa lur th sessioa of five rnonthst tjwer Kaalish Ursnehea . SIS SO Hiahrr do - da mtludinr Mathematics 15 oo Ancient and Modern languages . iW OO Hoard may be bait In retiK-rtable private ramllicS at ft per mouth. Kuur.it i a. CZtLL,, AM. ... -- '7 J- " ' t I Tsuaipai. Warrentiw, IVo t 4Q. ' EX l it ACT PltOM RULK8. 4 Students Imm the country a ill not be allowed to ivvarm public lUMeiBV . ' . t No Sia.lrnt wiU he nermilled in vlM the llotols. Slflres, rr Shops ia the village, except oa business vino o ine special leave i.l th rrinejini. , , no sittiitat who is known t J he ol irre alar has. ks. or ot ioseaonil cliarnslrr. will be suHercd to eater the. School, or, it f -Mn4 la be iaearrigill alter ad- naniHi. win ne aiiqs)t to re mam. !., I t,... ,;,!. 49 Om, , Mr. f.K MKSSUtttHil -sapeeilHlly eimouaees to tm pm.ua that the can... ,rf ,ia scbubl ill be re suse4 est the 1st Mo a; Jmsaary swat, hi the bouse larelj occupied ,' blilee f tha lleaeo and Umuilisis. - ' -'. M.s U5 MESSUHlKK st VD15 8CIIOOI. UI alio lie resameaj as In. ss. iiu.e. -, ttaleigh, Ue It, ftltl. . SO.Sw. I) AKDKTHr!il-Al tjoP S.CAUU1VA. I liald at iW rw per coal, an c, bbare ol the fpnal block ol ibis Mik, has been h caated by iim' n esoicM anu inrwcivra uieieai, payable at the Uaadt sw lb (rstajeaday m iaaaary aeai,i4 at Ike eevcraJ ti ranches aad A f tats, filteea 4m s Iherrsi. : - DtW.V. . aalrtgb. Dee. 10. Uil Ms of action it circumscribed and limiled. The desire Jf gain, imnels them to extend their liabilitiel beyond their ability to pay. By their expansions and contraction, every branch of industry i affected, and subject to fluctuations. They caunot act as fiscal ageutt, nor as regula tor of exchange, except in their own sepjrat- spheres, nor can there be any uniformity of action. They are so many independent institutions, ca pable ot conlernng nuinerout benefits upon Hi country, when proueriv controlled t but without a regulator, prone to involve themselves and tbe people in utthcultie. J hey are not only unable to supply the place of a United State bank, but ihey need an institution 4f thl kind to keep tli'era tSithin proper bou (unction. --. - - --- The time when it would be proprr to create a national bank, it a ques ton of no little importance. The power of tuch an inttitation lo tto- good depends much upon ill possessing public confidence; mil none tuch ought to be established until the people are convinced that th pub lic good requires tt. That period, your cointnitce tinok. Hat arrived v ma toril v It is, however, a delicate operation td withdraw from its usual mode of employment, in the various departments of trade, so large an amosnt of capital at a Dank of the United States utubt necesasrily possess to answer the purposes of it creation, and invest it in a new chonnet. Such changes ot the mode of employing capital, are often attended with the most ruinous cunsequenses to every branch of intlutry.Tl)fe are matters which peculiarly belong to Congress, and ought to be left exclu sively t; their discretion. ' ' Your committee have thercfur directed me to report the accompany ing resolutions, and recommend their adoption. That part of the Mensage of the Governor w hich relates to an increase of our Banking capital, recommend an increase upon certain condi tions. He propose that the capital of the Dank of the State and the Bank of Cape rear thai! each be inct casrd one million of dolluts, and that the State shall subscribe the amount of bond she holds, which bonds shall be handed over to said Hank in equal proportions, iu payment of taid tupscriptions, upon condition that the bank will loan to each oToiir Rail Roads three or four hundred thousand dollars. Your committee think it inexpedient to carry into effect thi rrcomtnen- Your committee are. ot aware,;Jhat ..those. baKt Miettre.jhar the letter book, were laid before the commit (ee, or tendered for! their use, and a room in tr o hank provided for tht lr nccoiiimoda-; tion. 7 In the course of the invcsliniion, it was drrmed Jut to! tbe bank, to bear, through its head, if a excuse for suspendii p pnyinent of its liabilities in spet-ie ; and for (hi pnrpobc, a ai-; ries of questions relating to (hat!snhjfil, vcr projioitntle.l by (bo! enntniiitee. The answer, in Hiibuner, was a riTerenie to tho! known and published eauses of the dnv, itntl to the foirrsp ndt-nte' of llin h:inV about Is ( la uCiIim .l .f mwini..ii 1 ii'aii-t Hit1 '.'ssifcei February, AInrcIi, Aptil, Mir. i.M July, AuUBt, t.. a tuho I in. 4 ni.ni.cB. i" m, .... ana so imi ). . lout ss o d.nm t.e on .lilt t mi Piana ..... ; Mil,, the .bnwtnn prw. ,trh U bern prrsei lMt o tlie r su.ei 4 itv, I ill niiree il at sucb aa o.H, . I vidosl nil t'ke o. e lli ts.rtmeiit snd ire I-. limronrl.ly lm , a inn or si I tl.lnk ibai ll.iV- can be but lit 1 risk any way n billing a Paw. In.. as llerh l.s)U,,oacit ih up ariia al twa ben ri llkout erer sell.,g a bad mw. ai.d c.ri.n.lj i.. re whatevet.wberwptsueut tk itht rtquiied held sc. slatliea U givea. . . ' ". V; P NASH, : ifse and Piun Fwit Star J'tl-tiitttr, Tj. 1 ..--Ort. 7S ..-J.--,.,......l.-r DfSr BAIN' 8 I E T tIS'U S . my Letters aqd ma.litaiio.iaoa Ki liifion and mli er tiil.jeeu. by WUliAm T. Uaiit .4ur Kale at North CarolUM Book Siote. . ; 2.H55.C0OO0 ?.7S7.0 0 Ol) s.csa.wa fjo 2.433.0CO a.443,000 fJ 2.S93.CC0 00 2,318,000 01 On the fust day of tl.T montli, the bank resumed specie' -a,. ruts. By: the forrtroioff ttatrtnrot. it will It nereeived. thiit to what were ibennefntinna dm inn. npi-iuiU .raiis.npnkiim. vim r there was carried on, a nencial and bleadv etirtailitirnf nf debit ciuntuillcft were furnished wUU. tahubr 'Itie'boolcBVahireoropI of the bahk in tall its iraiit-l"18 nrhrMispensitiB, there '"-wer on band in enin $4f2,0?0t and on ' actions; front Ike period of its institution, to 21sl r Novrtiihep, aJ iuiiiiHiqnaijdLuguttv . ias TQ tl)escaaJWJaptauieMs..andihrrrm ' ' mentioned, am! also to a short journal r-tke prM-eedings in ttiirt-i"''"' Sv-S,vW and during .the time, (a period tl fifteen montlis,)'. i inittee. we shall refer n. nutlmiiii.-a unon, whieh thireftort It h146 Avltt ! iiaBkwasmtlailtd near t8()0,U00. For th ' t llie dlltll Mint lW III l.ailrS - n tl,n l. ...,... -Sl.a Tt.l.n - ate mo eontiuci oi itte anu tit ine wiir, r - i"" iv' , serous iiMinetarv crisis. It isneed.ee,i ttn Pgonties, dated. 23' Mar, an extract fixin whit h, f.,1. ... , that we did not eount t e spei-le in tber,,ttW, -J Ts laexpetlsetit, if it was prael treble, to prescribe any , - bonds, bat (hat (he bonks of the bank 'fTnW,or nxr.wlllriaiIifop the uitaitinient ol ibis ohjeota? ' . ..P i. I... .1 - 1'eUltirS. .Will HO IaUnir In hum i!iirii-f nl I'so-rrai .r nlvi ilv. iiiix. . va a v '' v. is J l ll v win siiiii vi i nnim wlueli tine rrntirl based. The correspondetice and (ablet aeeomnanvini; i'; iirfHlB..",',rse' I'U'"? Inwards Hie debtors, by Ibe bunk, the comnuttec (be opinion of the csjiiirirtaer liisb particularly to (be ...i-irr-U-. nuu iiiiiv ursiret in iinesng throttgb nei itiral and dan we presumei to remark vaults, nor estimate the formed the furthest poin v hat were the causes of tho bank suspensions ? There is but one answer for this, and tJiat has been so repeat edly rendered, and so generally ucquiesccd in, lha it is already anticipated. For both suspensions, ibe siiine jiitiliiuli' ii is of fered . to-wit: the suspension of the iiant: Vorlh of us 'i'he first suspension took place oh the 20t!i May, IJnTJ, and contin ued till 1st of August, IS38, when the batiks resumed, and became anpidft nuvlncr inlilnliona. till 1 itli f iili.lf tmi'l. wlii-n the second suspension occurred, whiclrstill continues. It is deemed I wpll lriB required to pay wliat (bey are able to pnj t bilo , useless, by your committee, to extend (heir enquiries, in order, to " wuu" rr n iiioso who arc wuii ut meant. 10 require t vi nn in iu in. i n. n uiii-1-unuiiuoio sHcriueet to pay inetr ueun. IjCI each debtor be required (o pay what lie can, lo i cdtit e all notes," al six months, lo cighiy-eight dayts to, renew punctually, .and to to pay the r with the Insf i-efjtii-.ifion, riuTf must be brought BgHirwt all who fail to torn'.' ply with lO'i'ruonaWsi ak mo - iour eommir.ee, win, nere notice a complaint, wi.lili lias partiality wn manifes'cd and that the debtors of the branches and ngencess were more Iie;vily burthencd in tbe operation, lhan lm lhlil-at ft. ... t..:.,nl k.t. . 'l'l. .1 l.. inoi e foi tunato than olliers, inn v be able to i;a'y iku hnie aoinunt of debt due by,lbcai. Other , less forlttntite, ranruily, pay u . ' pati while others, ulill less forlunate, will be able lo pn na V part of the principal - Uut it is hoped none will bo found so destitute of meens. as-to be unable to pay the discount vriatcrcst , ' on ilstdr debts. : t - . .... . . - "Tho requlrrnrenls of yourjtonr 1 khould be gradualcd by Ibe" mown, or probable ability of each debtor. Rone can reasonably made every eflort to overtake it, that they might obtain the coin before northern suspensions became known.- If the bank bad ter- tevcred in paying specie, it would soon have been compelled lo suspend, unless it might have bad tn-its Vaults, in actual coin, a dollar for every dollar of i(s liabilities. If the bank bad pos sessed such means, the com mitt ee are far front hinkin that il ofight to have paid them out. At, (hereby, (he circulating medi um, consisting of paper, would all have been returned to' the hank, and llie specie for which it was exchanged, have been removed front the State, leaving (he country without either paper or coin. That Ibis would have been the result after Hie firt'Busienin, is R sai isiactoir-TOvea:wirre?ratr ot ami Mi crpoot, which folTowWual fiispensiort. The notes or the bank, in consequence of its paying 8pccteT-vvaild have risen in value over Virginia and south Carolina note", and beeifwoTtk a premium they would have been bought, up with; bad paper, cn vcrted into gold and silver, and both at the same time, would have riQ fit fitful tit-l iu fiMft i Is A nnnoa ntninnt Ia i!ai Mnininuati snl dttu it tha nennlo nf Ilia 1 1 ni tail .States tleaira a national Dink. . . . - t . . . - ' . ' f r : " - "... v - ... .7 "..i i. ine uesi guartieu ana most son wiiiiBuiimiiicii, n iuirs mi ciiurge in ine most expucii manner, t of the principal bank. TSeo amiendix. circular "to tlu Presidents . dutiou. iliul w r n t . . 1 cki.Vit.i ikW iivivA.i f fc ait aita thi V tie va n.it aVmrtlMWffit . ..i.i . i i.i i . . r .i. . I ll(n-n hv Inn linn.'. Iiiinp IO Its fii-al auannnainn. Ilia mimmillaa lm. mat wnicn iner aireaur nave. Ami aiwiougu u is m me grrairai iininir- -i i ----- ----- . ............. '. .y . . . " o. . ii . . Ha. lt...f n.ir.l. nn mini. I I. n .... ....8.l.l - H..I it .1. guarded and most solvent hanks must Suspend, when, by accident, their paper becomes valuable not for the confidence which it inspires io the holder, but for tbe specie which it com mands Then it is no longer , circulation j its constant tendency is to the place of redemption. All it movement urc centripetal. and nothing but suspension cm preserve- for it ti e character of :: '.'.i..;:i. ' tf....... 7...... 7i. .. i rireuiuiioii. iiuiuun msuoiii uu never uevison, anu in an proba bility, never will devise any , bank intended for circulaliun, the very charter of whose existence doers not admit tho possibility of suspending payment ot nstieuis in eoln. Tuts I easily tleiiionsti-a-be, -Raoks of circulation arc required mainly ioi.rdcrto Aug ment the quantity of currency. The quantity, however, could not be increased, but by making more paper than there is specie The charter of the Lank of l he Stale allows tin eni'ud' n of l wo for one. Thus the charter itself pet mils the bank to Issue inoj e paper than it can redeem, if returned upon it all at once, bucli an event. however, was not-aupposed-likely to occur, and never will, ex. cept in cute or panic ; or when the demand rwr.snecie itsogrest, as to become an object of very profitable tpccQlation, as. it was af- f er the Sm suspenhtonvttu tu& Vance lo'Iae cau character of our Stale, tht our IUtl Koatl slioultl be . auatalneil, it ia very doubtful whether the 'connection between them and th banks in th manner proposed would be be beneficial to either. . , . Respectfully auhtniitid, , 0 3. OV BYNUil, Chairman. i: - RESOIeUTlOXS -- -" -': -7-; r? - -.: Concerning a National Bank. " . - ' f I. Retained, That Congress has tho constitutional power to charter a 2 National Bank, aa a fiscal agcat of ibe Federal Govcnuncnt, and a regu-i 3 blor of die exchanges of the country. , , , ' - . II. Resolved, That U'U.tjie duty of Congress to establUU such an insti- 2 tution with a moderate capital; but as tlie time of craating die tame may ba 3 highly material, il is deemo J proner to submit Uiat time to the wisdom of 4 Congress. 7, . 7' -;, ' ; ,.. .' 7",t 1 . ' III. Resolved, That his Excellency, the Governor be requested to trans- mita copy of tlie, foregoing rcaoluuon to each of our Saiiatort anJ Jto 3 presenatives in Congress. . ' ' A":. ' . 7!' REPORT f' ,r p- A' flf TUB ' " v-' i-r;: I JOLNT SULEU'V COMMITTEK OX TI1R .; SUSPEXSION OP SPECIE PAYMENTS DY TIlfc BANKS. The Joint Select Committee of the Senate and J louse of Com . mens, to whom wat referred a resolution to enquire into the causes of. the suspension of the Banks of this State; their operations du-J ring suspension) and when they intend to resume tpeee payments, hate had the several matters entrusted to them under tonsidcra tion, uad beg leave lo .report tis to the bank of 4ho Stale aad the bank of Cape Feanf;:;ft-)7.- V-f ;-'; :v'- 800a after the appoint meat of yoer committer, they apprised the President of "The Hank of the Slate" of llie resolution, and be Immediately offered -every facility calculated lo aid ia the enquiries submitted to thent. The books of the bank, including ILei e that uc,U an event could -not Jtave been avoitied Hut they have not bccaaatislied to ubm;t onlyr this general reasoning, on thi interesting subject (hey have considered tbe condition of this institution at the time of suspensionas not Improperly connecting itself with the cause of jmcli suspension 1 and from the tabular statement furnished from the books of tbe bank, and tbe enrrespon klenco herewith reported, they are of opinion that the bank bad conducted its operations not only within its chartered powerr, but with an eye of fbrcsight, apprehensive oflhe approaching embar rassment, and attentively directed lo mitigate its severity 1 and' that in the precautions taken to meet the event,' as well as in the operations subsequent thereto, the directory nicnilestcd n laudable seal for the public welfare, and did nothing in the pursuit nf the private gain of Ike stockholders, to barras, unnecessarily, ibe unfortunate debtors of the institution.. ; hat ever doubts may, at any time, have existed upon these matter, the committee believe will wholly vanish, upon examination of llie sources whence they have derived (heir conviction;. - - The committee will present seme of Ike many facts, which lead them (0 lliier conclusions. . ' 'rfA'i ;fii'Tv1!'raniiarv:' 1KM. (li linnk: nttnrchrniiivrv nf rrrsi . j , .... -. , r"- ilifliculty in the monetary affairs of the country, began lo curtail. The debt due to it, disregavting f.'actloni--wnB, n ;7- 'p'f- ' Jimuary,T837r;77''" i, i 'V February.', ', ' In this tnonth, die suspension took place; and the tie follow ; r,;,-' ; Jone I83T, 5 V;'' "' : : - . Jiy, ' y.- ft - . ' August,. 7,.,7f'8ept'er, r7 . October, 7fjNovcaber,v.V Jlecemher, '" 7 January,, 183''' 11.030,000 00 . 3,042.000 00 3,03i.O0O 00 3,680,000 00 3.402,000 00 debt, afterward, was as 93,150,000 00 L 3,000,0Or 00 2,082,000 00 9,08 1,000 00 ; S.900.00O 00 ! 2,984,000 00 3,007.000 00 3,047,000 00 of .thekranckei,w 7tlt .Oclbcr,l83:f and lc(letto Is-aauT4Y. ry, li.sq.j.ngcni, &c. fllorganton, Untl February, lbas.) Froiii tbe Irsiiinpny both by Ike ' Prcsideut, orally, and by l he tabular statement, it appears, that the bank bad no great con fidene In tbe continuance of the firt I .csumptiun of specie payment", and by no means, relaxed Its ex erlioo to prepare for what wni apprehended a-second suspen- sion. When that event occurred, which was ott Uie lith October, 1831), the institution was in very near tbe same condition, , as when, it rtpumtd specie taviticntt in-Atieiist, IS33-.Tbe only matlfrtaMIffeeuee 890,000. This could not be easily avoided so long as the lnstitu 4 -' . lion continued to comply with its engagements to pay specie. , The next inquiry is, whether (he second suspension was juttill- 7 able? There wat not, in the opinion of the committee, so control ., . ling and absolute a necessity fur the second as for tbe first tuspen- , '.. '' sion. TIlC New Toi'k Dank rrrudod to follow Ibe exnmnln of also, Uicre would not bare been so greedy an avidity for its notes, as upon lite first suspension. Still, however, it would have been 1 subjected 16 heavy runs, by the bolder of its no'es, both by bro 7 kcrs and ke banks of tbe adjoining Stales. The notct of the , ' bnnk of the State, would have been collected and used by the banks , r.X.'TSi South Carolina, and C!e.orgia in order to strengthen ibcinsclvet, while their notes to thi bank, would have been wholly ; unvailable as specici so that, in rarl, the vaults of our banks would have been emptied to fill tbe vaults of Ibe banks of adjoining ' Stales; am) when the day of a genet al resumption iiiigbt be pro posed, the Bank of tho Stale would have been without meant, and j . 10 sunk in its resources, nt to have been unable to meet tbe event with ability oreonfideuee. The only way to have prevented ibis, ; , was to have refused Iheir notes and lo call in rapidly, ibe debt' , duet" the bank, to be paid only in,tpecie, or its own paper- Thit would have been attended .with the most disastrous conse- 7 quencet it would .have prevented the circulation of their paper ; wilhin our borders, because it would be dishonored at bank) and t . it would have prevented tbe circulation of the paper of (his bank ; ouof our bordersy 1mscuu, delrt , it -v- would' liave been in gre,at denia'ntV'at home.' "A tridm.sl'nM J Wtely Uh JSkwlh mrlina and .Vl rniaj, the con-j.. , sequences of this tho nly. modo left, of self defence, maybe , easily Imagine'd by any man, who knows now essential le the pros- (. ' prrity of our agriculture are cbnfideiiew and reciprocity between the banks ef thit ".Stale and those of the adjoining Suites, with whom our trade is carried n. , In this way, and in (his alone, ytir committee believe specie payments might bavn been main- ' ' laiftttLby.JJieLbanLoL.U by which, the debtor would hare been sacrificed! first, by rcceiv- , ' . ing unavailable funds for bis nroducet and secondly, by being com- peiled to pay bis debt in bank wtih gold and silver, or its own notes; and every debt thus paid In 'noses of the bank, would have, diminished the currency, '.and created general searcfly of mo ney, and, in thojrnd, a general bankruptcy. This moil' of pre scrying specie payments would have been a mere process of wind, ing up the affairs of the bank, destructive not "nly to its debtors. . 7 1 . a. .a r- ' a a as 1 a but sacrificing all stockholders, tbe Mate as well as individuals... ' The committee arc therefore of opinion, that tho sei tiiid stiMptSn sinii was tletnaiiikd, by a p'oper regard li '.all the 'great ptihlh-' jntcr esls enfrtisled to the management of the bank, . And lltey hear their Smirnoff? the farnepriidiiirritiil Iciiity during the ieroiitiV du- i n rthc first siispentinn of specie payment. The tabular statemen es olten referred to, Utey t-lnnk, j ronrhisivo on tliw jminj. tin. the jfonnil KiiKpelis'ioii, jbe debt due the bank was about g2.a50,noo; spe cie, $412,000; rircnlatii.ws S1.1C6,000.' "On the Slst Nov, Jail, tho debt was about S,530,6oO; specie, $11 1,000 irrulation. 0 J96.OOO. The bank ly now stronger and better prt pared to1 itsiiiiio pcie pnyinrnti, than it was on therrsiiinpiintf Angusr, 1853. ., As to the etMtiir when the . hunk will retnine Iho .tliirharge rf itsi obligation in coin? the riMnmitlee do nut doubt that rrstimi ton ill lake, place during the present inoiilhj tliey cannot dontt its anx ious desire to roinmewe as early as prat tirable. v ,!, perniament re HtimHinn can be expected indeed, im resumption at all hy fhf lJank nf the Siate could have been eveil Imped lot's unlrni the biik nf N. York maintain their eperietransaclfoM and your rmnmittfo have before tbcm abundant evidence nf the disposition of Use Cank of the . St fourth fage: - ' 1,' " '..V i v. '.V-
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 13, 1841, edition 1
1
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