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a .,,.. three dollar- nee aaannv
' . " . i.k..'.k.MliiltrfWn
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..n.tfc IU4 lacemaiaiaarrt.r.lonr-
. . .... tt narvaaitaiidral illoi"
in...", . , .- .
I -.tt kitpwl rfilirtl Htt tW
S.l. tia " eiiri own -
Mat fili)rr'aMteripitoJ"- "
iMiimium. net
iaaertad ihrae time far oa d"
Lrrraa ta th F.itiior . r"
Comim-doner from Caraliwarfom lb
Senate of Nort t-'"un ,u eoB
frr swAinf-pri-iks- on the SUKkhaUer of
the CilnnU nl Charlealon Kill Road
Company! deliwrad January ( M7.
: JV. SPlLiX'ER. nf
Gentlemen ef the Senate:
I feel deeply sensible of Jhejhoiior
yo have conferred Ja-assigning me a
eat" in this august bod, nd in invi.
ting me now to address you. I am sat
isfied that tliit it due tu no merit on
mv oart. but baa been awarded by
, . your courtesy as a token of respect for
- the State whose organ I now am, ami
-bf tnfcr
vv1Wieiiitr4
der which we advance To this " diac a -
aion are ao favorable.- Your new con -
j -jf stitution has juat gone into operation, throughout the western counties, the j
"t-und -ymvthe- first -Legodatoro -treated :e!Ht wUbt atTfre as the beat gift
tr by if , are now to " give tone to a newrrif Heaven to man. .
period of the StateV existence. You, And yet there they etatwl unimprov.
. 1 to whm the people hare delivered (he ed, nay almot utrknown, & the coun
wl helm of government under a new ays- try aroun1, which shduld be teeming
vtrm, are now to decide whether the with all the wealth of an active po, --
t ample domain entrusted to your care tion, lies desolate 3t waste, Upon the
.w shall continue in its present actual banks of your stream, where should
on4ifiorKether-4yittfu4ing new be exhili"ltlv llvr,ving bu44e f-4U
, ' life and energy tlimughout its estrnt, manufactory, silence has dominion, tn
'I 'i you ma v not advance the happiness & tvrruptrd only by the hoarse rusb of the
' pro pen ty of your couiHrymen. j riveri and U anr.f jrt ia therf t mark
3 What then is this actual cnndii. ' wliat might be done, it. i that of the
i and is lr ao advaiMgou a tinduc-a irtBgVrv
zsiE. y ou i :aet-U vuutruaance t .t'ofortn- thy iltHi'tPi af ountf bin. '
I anately for as all. one dark pi. tare is Let me ask why is all lhi? Why
"a '4 'but twi true a sketch of both our Stater. T it that the sods of tle"North" Vav
I Their roads are indeeil thronged with arizeil all the treasurrs which their
I i travellers. But the) footprints are all country offernay, hsv converted
i in one direction. It is a tide to which
- dm ia nn rotntn urliirh ia di'nart-
: .1.. .-.I u.nu..tinii of oir
r- lift IfWI'H J.JJM v.
cnuntrr. OHhinn it leoiation loiiows,
land obliterates the very vestiges of ci-
viliration. In section of your State,
- "i where it woutd aeem that nature Iiad
I been lavish of Her bounties where a
' 1 fertile soil apparently holds out encou
f rasrement to the fanner, the same de
struetive inftuxnee are artively at and vigor of youth? Sir, the reason i
work. From the fertile rice lands but too obvious. I blush to confess it,
wear your sea cost, up to the very foot It is owing to ourselves, to the want of
of the mountains, the same srener are public spirit swing the people of the
eihib5.-fiMl -Hhe-jdanr--pon- the
Cspe Fear abandons his home and hia meaoa vpon whirh ia founded, national
household gods, and in his preripitate happine, to the refusal to develope
core to the wet, joins the throng al- and to open avmaeo fo the resources
ready hurryins thi'lv r fnm the Yad- ol the country. Sir. I am not mista
kin and the Catjwha. Turn whee ken in assigning these, as the causes,
you will, deserted fields, dilapidated Tell me nt thai the more fertile land
hahitafiona ni -iiseoflene4 per4ef He ivetrand the emigratiMi thereby
meet your eve; and in some portions of produced, have been the cause. LmL
the Slae. tlie ancient forest is aeain at Ohio, Indiana, Illinois and Micl.i-
restpi'inz its dominion' over the ruined
works of man. That these are not
mere p'lantoma of the imagination. I
appeal to the Senators who rarround
me. . I appeal tn th declaration made
by your Internal Improvement Con-
vention, wliich ljuiwJuve before me.
Will any man undertake to assign a
sufficient reann for this state of things,
thua equally affWtinr 'he different sec-
tionnof ynur enry? If the iHipe-
latMtn e urtValthinesa of the lower
country be assicned as a csue, I will
point to the fertile and healthy regi ns
in the upperTonwtryr where tlieme
scene are exhibitel. Why i it that
Mecklenburg and Iioco1ii and Burke
and Rnthrford whv is it that Rowan
and Iredell and I)avidoi and Bun-
corahe do not exhibit the vigor which
prvadea the rest of our country and
there at leaat arrest the tide by which
is gushing nut the life tdoml of the
8ue? Their treasures are esreedeil
by no portion of the wwrtd.4j They are
compefeiit to furnish means of enjor-
ment and happiness to everv clasi f
mankind, fmm the mere utilitarian to
the mwstromanric imagination. Not
the far famed valley of . Aos'a, nor the
more classic vale of. Tetape. furnish
retreats more inviting than the beauti
ful and seo,uestererl dells of Durke and
Hotherford. There too. may be found
Ki Pelion and an Ossa; and if the snow
. .clad Oiysapui be wanting to comp'yte
f 4heiterv, tke eplendid Carpet of the
t Said Mountain Range can furnish am
tI compensation. Would you have
h!uhof waters the bounding ca-
.teract -clothed in its aoowy wreath?
4 tlere -too it nreaenta irselt A ; .
guise Which would- charm the very
aympha of fMpM. ; , , , h- .
Rut these are mere secondary ad
vantage which may eerve to allure the
traveller, and to attract the curious.
Nortb Carolina commands elements
far asore powerful. , Within the aingle
county of Uorolsj. there are treasures
which to. the Stat are invaluable.
i ne iron aitnes of ihia ; ....t
if
they do snt MrM ... i .
'the'
world. The ores are nfu (n.
quality that in iheif erede atate they
re alaaoat malleable, ao rich that they
?P7 tte moat waatefal ami iniudi'.
etoea ameltivg. and , badant that
utev are w e round in every direction.
At kaAtl na L.. ft .
At hand nature ZZZl4
' alMMtdanr mLT , " ,,'v"Hrf"rrltineasurea .jaa8;ei y--the
rVrtfrtfunSU lor its meeasfol acJmlUh.
' r. ' ' j ' ( .
of all the "meanaef ttKOg it ; lo the men. -'These gentlemen, with a saga,
besticcount On te banks of the Ca-'eity beyond all praise, developed the
tawba river alone," there is a aite even eflecti which would thus be produced
niore inviting than Lowell in Mmm-P0" h State at large, and brought to
I ... V I.IWmm. . aMM.A .nil Mnarf IM.,t 111, .
it were marked out aa the seat hi man-
afyctures. A mountain arrests the ri
ver, and behind ita broad terrier pro
tects the Country betow; a small valley
on one ante is left as if to tempt tne for
mation of a canal tuc nduct the wa
ter, while around the other side the
nei." stnil alter tumuli g aod c! afinr
alnnr a des ent of some thirty feet, it
returns near the position from whenre
it started. 0 1 every aide around, ex
tends a country fertile in all the pro
ducts of the soil, and the river itself,
navigable for a considerable distance
above and b low, furnishes a natural
channel both for distributing the sup
plies of the manufactories, an-1 of
bringitig fowl for their consumption.
On one side of you is the cotton grew
er, ready to supply you with his raw
material, on the ether tire con-uraer,
both anxious that Jv woul m ve
1TienQbe
market These ad-
vantage f are not peculiar
tn this snot
J but
from the banks of the Yadkin &
the rorks of Masnchusetts, jsnrf the
aanilanf Cnnnrriirut nl Ithmle Island
:n ur.:.;i;.,i,ni trturna a
llliwn.l. ll,IMIII.,M.. '
villaeea, I'inuainr aroaud them weal in
and prosperity? Why ia it that with
advantages which nature has denied
them with every source 'of national
wealth within our reach, we stand still
; nay, are continually receding, while
they are advancing with all the energy
gart. ' Have they, not , fr year been
draining from Masnachutetta and Con
n eticut a iile fully eq-al to that
which has flowed from u te Alaltama
and Misais'iuni? And vet ia Mass.
chatetts or Connecticut reduced to the
.
tate4r-whcfarfinihiB'nfelves?TNo
Sir; there 'hey stand like goodly mat.
rons with their blooming children, e-
r.-ct with conscious pride, their youth-
ful yignr yet unfailing their energies
etrengtiieued by -the ad vaoee of time;
like Come I'm w th her children, they
can. proudly exclaim, these are my
jt wels,-.mUilej-alfealy yielding
to despondency, are bending onder the
decrepitude of premature eld aicc
J Mr. Speaker, this must not shall
not be. . The sons of the South will
advance to the rescue; we will not a-
.bandon ner country, but are resolved
, to s iie upon the spirit of the ase, aiwl
aninl all . its inventions, endeavor to
find some one to elevate the character
an I C'iridition of the Soulht devel
ope its resources, ad Wtay the wounds
through whiOl Its life i ebbiiig. . Jt is
a .soonjg, of cmratulaiwr. that t t this
8'ate is due "thi honor of originating
theplan by which we propose to etC-ct
o important a change., Sir. North
Carolina again has the honor of point
inx out the path. In the days of the
revolution she first gave birth to a dec
laration of independence, and manfully
did she maintain the position to which
it led. Again she hasludicated a rem
edy, and I trust that again, as in the
days of King's Mountain ami of Guil
ford, ahe wilt unite with her a.ster of
the South, and strike nobly for the
pr.ae. . r
I hold in my hind, sir.' the proceed
ing of a Convention held at lUleith,
in t833, nn the subject of Internal Im
provements, over which presided Gov.
'. one of your most distinguished
citizen, and to whom ia due the trib
,!.,,r Trjr:end of this great rause.
lljis Conventioo proposeil tbe i lenti
cal plan now before na. of constructing
a rad road acro nhe.ttue ridge to
Tennessee, to cro-s. the mountains at
some point with which North Carolina
eight join a rail road from the east.
This plan waa declared perfectly f a
sible, and an estimate was submitted
in a report signed by Duncan Cameron.
akuL 1 a. B o a ' .
competent and practical enineer. - In
this report, the natural union between
North and Sooth Carolina in such
works ia allude.1 to, and- it ta stated
that the geographical 'division te the
South Carolina line naturally fails in
with the aystem or internal improve
mi'fttntempUM bj
whose western inmtier includes the
head watera of the Tennessee It
then proposes a rail road from New
bern, by way of Fayetteville and Char
lotte, to the foot of the Blue, Ridge, &
says, "it aem cleaf that "after the
Etace and manner of passing the Blue
Lidge is decided en, the rest ia easy."
In commenting on-the-aobjectrthe
convention say. that by way of illustra
tion they will consider the effect to be
produced on but a single item, salt.
Of this indispensable article, it is staloil
that Iredelleountv consumes on an
annual aveMgeJlJ
eiiBafij,4A aafteni markets Is'
4ffiicen;jiu
costs, when it r.-acheath Iredell plan
ter, Rt 50 cents per bushel, making
from 100 ta 1 10 eents per bushel for
tranpoi;taiiODVIt.js LJSFP9i
thisy by rail Twd may -bo reduced to
to t5 rents. Thus sliewiog tltat upon
the article of salt atone, au annual tax
for want .f convenient lraaporlalin,
it U vied upon one county of $J5Q dol
lars, Suppose, upon a moderate cau a
Istiou, that (hire arc thirty other n)r-
tion4ih5uie Jn likeiUaliuD
and we shew by. a simple process of a-
nthmetir, cxclusie of w .at is paid by
other portions eot mentioneq upon the
aame arttle.iJier iA an Annual Arm..
bark port the tabor of the .SU( n
811 t,S OflL Carry out tLe principle,
and the OMod would be overwhelmed
with astonishment in. the computation.'
'; It may well be conceived, Mr.'
Speaker, that North Carolipa deemed
this rail rovl of immense importance
ta her, even fur the itryeiopewent PI
her own resources. But when it was
taken in connection with the com
merce of the West, it assumed still
more imposing magnitude. Of the
advantages of a southern outlet, the
t'ottvrntioa were well aware, for they
particularly bring to view the fact
Mhat during five month, the .North
ern Canals art closed by Ice; that uf
Pennsylvania four mouths t that o(
the Potomac three month; and the
Ohio la generally froze n:i fr son,e
months;--it waa theefArr that tie
trheme propoard .beiame.of an
grossing character, and would have
induced the State to make every exer
tion fnr its accomplishment. But the
difficulty It expense of passing through
the DKHiHtains exceeded the mean of
North Carol Mia, and-ooj-toaV aecwuot
he project was deferred, ,
Thk difllcult and expensive part of
ine route mc Cincinnati ami Maries
ton Rail Road Company now proposr
to mak.' They undertake to scale the
Blue Ridge at a point in yuur State.
I her propose, witn umterl means, to
overcome the Jarriers wbicfi. yimJound
too strong for yuur single power; and
when an outlet is thus secured, in the
Isnguag of vour Engineer, "the rest
is easv.' The path, to the Ocean in
open both to: North and South Caroti-'
Yon have already, , oniltir 1 the
Charter, o right to join whatever road
yua please to- construct ; and restss-
surerhjHhat ehooWyoonstruct hot-
proposed by Jour convention, there
will be an abundant haryeat both for
that and for the Toad JoGhsrleston.
Indeed. at- may u well .be
doubted 1
whether ou will ' not reap the most
profitable portion of the harvest.
buppiHe, for instance, that the road
now bring constructed from Half gh to
Gaston be continued through . Fayette
ville. Cliarlotte or SAliabory.. to meet
the Cincinnati and Charleston Road at
the foot of the mountains. . Is : it not
obvious that " lt"the pasaengcri from
the 8otU or West who have gone u
to Knosville with the intention of pas
ing on to Daltiinore, Richmond, r a-
Lny point North, will take the Charles.
tun Koau,' until they get through the
mountains; from whenre 'your road
will conduct them directly to their
deHtination? : Will not thia be the car
rent during all the summer months;
and will it pot probably draw off even
those frm the upper puts of South
Carolina and Georgia, who intend go
ing North? '
Will not the a me result follow with
uch articles of produce aa are want
ed in the lower parts of North Caroli
na, either from the West, or from the
Western counties of ye-r own State?
and will not these communications o
pen a market, and increase the value
of land all along the line? . Nay, will
it not open to Faye(teille an increase
of trade down the river? " ,
There" is another point "of view, in
whto this road wilt still furthef bene
fit your 6tate. ', Many of the passen-
Era who : go. to - Charlraton from the
s-tr sections of the road, and from
Tennesaee, will thence desire to go on
io me north, aa they tiow do. tlf
course, being unaccustomed to the sea,
they-will take he shortest. nd ; Ifiat
sngereuanavigarwn. AaftiHre
fre, as your AVilninaUm anil Roan
oke Rail Road ia completed, and the
Steam Boat tine eatablished to Charles
ton, yen will attract' to this ftnitell
jjiesejra,yll
wm twt mem is vojukq ui a. nuie
day .between awitriae and sunset, aod
the avoidance of ft night voyage around
Cape Lookout and Cape llatteras. twu
of f he meat dangerous point upon the
CoaSt. -'' : . : . , .
Thus then, you will perreive that
the project now In contemplation; and
I atand here commiasioneu py siouiii
Care ina to offer participation in its
advantages With our united strength,
we cia accomplish the undertaking,
and amuse our country from her proa
trate condition. ' We can bring to the
doors of our people a market for their
products; and thereby procure for them
at home those advantages, to seek
which, they are abandoning us. We
catiiifuse new spirit into Mir country
men, and direct their united energie.
We can create a mighty river, which
wiH UrrlhrflriLJMifc
atoec.t.'wc propose., te a'ccompluh, and
mis ine prize xo oe secureu oy maomg
thia-road. ' "'
" lathis prize worthy our united ef-
fo.rA?j riI '.Vtbelroail to It practirabta?
... t was sooot-to rakt t as eonceoeov
that Vour rrnt of the charter to the
Rail load Company, last year, had de
cided these questions in the affirma
tive. But I observe that the Senate is
desirous of further Information. I will
merely pause, to point out to you the
efforts making .else where for even-a
portion of this trade, in orier to shew
you its surpassing importance.
From Msssachflsett to Georgia, al-
rrtofe yerrState is now engaged, at
m n m e hjrtpejrrj" JW-Jc a vuyxiZ I o
share it. New York, not h-l with
Hef jCanat frpmAlbanj to BulCilo, is
coostraeung m ran ioai on mc nuar
route, and she finds her account in
this double communication. Massa
chusetts, notwithstanding tbe CiVaipetr
tion of the IIndon river, is pressing
r -t :. .l .
nrwaru a ran re.i acro ine nmun
taios. from Boston to Albany, in or
der ti secure a snere fraetMN of the
trade. '.'Pennsylvania, with a spirit
which deee boHor to her sagacity. ha
at the ineonre;vable expense of S3 mil
lions pft dollars, opened he r contmun -cation.
with the West, and alrrady
finds the experiment auecessful, not
withstanding the t ecesai.jy she is under
oi crossing me mounwins on it in
clined plane I, Baltimore is urging
her "rail ruad VitV
all praise, and baa alrrady advanced
within the barrier of the mountians, at
an' expense and through a country
which would Tiave deterred almost anv
other 'people. Virginia is advancing
in the nrcc contest; anil even the pt'o
pJiSPtttrfct "of Coleinbiarwtth
the Chesapeake and Ohio Canal, bave
pressed forward,' and are enjoying a
portion of the Harvest. Geogia too
has extended her arms on the- other
side, and is urging forward to-the Ten
neasee river. In, order torcuf oILthe
portion that is within onr-graap. And
1ialt the two Carolinaa alone be foMml
absent from this ejloriuiis contention?
Shall we alone, of all this gallant band,
be "found wantingf and ' thereby ac
knowledge onr incapacity for mnly
emulation? .Shall the Statesmen of the
Soutli pfove recreants to their pop1e,
and abandou the means which Heaven
offers to lead prosperity back to their
ootHty-emHf "I TnarwvTprwrmy
self, to bind fortune in her service
aye, Sir, to make fortune her slave?
for every thing combines to favor the
project of carrying en this commerce
through our statrs. 1
Consider for a moment the difficul
ties encountered in the various than
ges which goods must undergo b-iween
new- iora ana Cincinnati, rirsi a
ftlonp mast ascend the North River to
Albany (hen a Csnal Boat must take
ti place to" Buffalo then another
STmip to Cleveland then a Cahat Boat
to Portsmouth, and thenar Steam Boat
to Cincinnati. Throughout all these
changes, separate agents must be em
ployed,' and additional risk "and ex
penae must be incurred. The same
difficulties exist at Philadelphia, and
yet they carry on a trade with advan
tage to "both parties.. But when it is
considered that even ' this communica
tion is obstructed by" ice (or great part
of the year, the disadvantages are
greatly increased. Upon a computa
tion made last year, it was ascertained
that at one time at least two millions
of do'lars worth of goods bound to the
west, were Irozen up in these Canal.
Now, the iouthern Route avoids all
thes difficulties, it ' requires no chan
ge a of cinvetanee no multiplication
of agents and is subjected to no un
certainty in delivery, either from ice
or delay. More than all, It ia the least
distance to the Bea, and oficra a mar
ket which needs the' very nrodacta
which the road wSI? convey. " 1 1
Ia the road practicable physically?
This question too, has been answeied
again and" again. But . the opinion of
Maj, Meri sill. . trian whom . more
scientific Engineer cannot be found, ia
Uenelusive on f hf po.arV He express
es "Ai dtciited,0tiction, not only on
OOMraaaTivKLT
a KxevTio..;,-rv .a,,.? ,1.-,'
But nothing can be more tonclusive
of the faith of 8Hith Caroline in the
cheme. sththe , factJthAt.jhtv baa
suuwnbed towanls it. one milli.in of
dollara f,ai her share- of tbe aurJu
reveoue. And thia furnishrS to, an
adttitional reasox. why North Carolina
sSould embrace the scheme. By the
estimates of the Engine, it arleare
nat ai leaat iree minions ( dollar.
ojuaWtee-4north-in
the Company will be required tu mVe
the toad through North Carolina.
This State will theref we actually re-c-ive
one fourth of South Carolina's
share of the surplus revenue, and her
citizens will have dUtributed among
them, the immense euioToTtliree mil
lions id dollars. And this too, for The
purpose of making a fixture which can
nut be removed, which will constitute
a part of the State, be subject to its
laws, increase its revenues and en
hance the value of land in all the ad
joining counties. Can any stan com
iJitLiJoMag
aa ouivar tarriMi. anu vne Deni
to be derived both by ibdividuaTsTaud
oy tne stater
These then are among the advanta
ges which thia road offers. Need I
ask the Senate, whether they are wnr
"tnyieeelfwl secure them? Need I now ask wheth
er you will acrept the hand of fellow
ship which I have offered you. and ad
vance with as to the undertaking? 1
see the generous spirit of the South
hat warmed your hearts I see that
your j udgowMa are satisfied that-yott-4
now ak only, that I ahall exhibit the
means by which this great enterprise is
to be accomplished. . . '
Unfortunately, the means provided
by the present charter, have . proved!
whoiietnaileouate. ! Mere private bud
scrlpnon ts4 been snable to raise more
than of the aunt required try .the -tiinatea.
The books were opened un
der the charter, and by some evil coin
cidences. ihe subscriptions at the West
wholly failed, and South Carolina al
most alone had- to undertake the tak
of subscribing the faur millions areet-
ssry to secure tns charter. Dittoing
this, her citizens have taxed their
trrngth to the utinoat; and the apathy
of the other sections shews how (utile
are all expectations of further sub
ocriptinns; without some additional in
'lucements. Right millions more are
necessary and these can only be pro
cured by the offer of advantagea suffi
cient to attract the investmeht of cap
ital. E en those" who" have already
sobscribetli disheartened by-the hike
warniness of other. 5 tale, and seeing
that the means -now at command are
insuffieieitt to effect the object, have
come fo the determination to abandon
the present charter, unless measures
are devised fur1 proeaniig'iilditisiVal
funds. We are thus brought ta the
issue- there ia no mode id evading if.
Additional subscriptions ran' only be
procured by a grant of backing piivi
i'g;es. - Ingenuity can devise no' other
mctoil.unlesa the Stalesat their own
expense undertake the work sn on
dertaking, wHkh it- wooW be v4int
ipeak of. Th;-r - is ho middle ground
left, and the question now to be de
cided is between the. grant of banking
privilege anil the abandonment of an
enterprise, the most magnificent which
the" Sou tVfiaa ever conceived, 'and
which involves the deatiny of our couti
try fitrmimwrtAwjjftnr-"
MFprilierrniet usnorWrlrTve
ourselves in this matter. We have
now reached. a crisis.. Around be n
every side, our countrymen are ad
vancing with an energy, beyond exam
pl, towards prosperity and power.
we alone are stationary; a strog"ei
fort has been mail to eoe our pro
pie, and they are now awakened to the
necesaiiyof exertion. They are rea.
ly with but alight encouragement1 to
advance in this glorious' race, to urge
thtir jrvery power,: in behalf of the
State, and to turn? back the tide of
commerce to oar (mores. If we lend
them onr sympathies if we grant the
aid which they require all la safe.
and our country must prosper and
improve. But if we. repress, their
ardour and now reject their advanres,
L . HI i a stM
incir spirits win pe nroaen. their
last hope will have fled. The more
generous hearts which had offered you
.La sia a
mei aid. win nave Den frozen py
your appathy. They will have turned
away in disgustand have sought more
genial, climes in which to exand; and
long ere yon will be . able to aroaee
your people for another effort, other
channele of commerce will have been
formed, thnrazh which your more n
terprizing neighbors will drain oat
your population, and leave your con:
dition yet more desolate and ruinous.
The simple enouiry then Is, will
you encounter al these evils wilt yon
forego all the advantagea upon which I
have descanted; or will you. in order
roaeyare them, grant-banking privi
leges to the company; from which they
are to be derived? ' ? V
To resolve this, question, Jt seems
merely necessary to ascertain whether
the people of North Carolina will gain
more by the road than they will lose by
the grant of oank charter. 'The td
trantnes of the road bare been sjrea
raoiKCT. but of its
dy presented. U( i BSw cWsidef r ;
thelunk charter, ahd if e if there be
any and jrhatiU t wlith ittnsy .--w
aubjert your people. . " , . ; ;. . i
...WbenthM pbOMtioa wm onglAaU---- ,...s
ly starteil in South' Carolina, there n te
not a little rlamur sbout the dsnier
from banksthe derangement of the .
currency, and a boat of othrr vague " . " Ix
p'lantoms were cenjureit up. -wit. r ' 1
withal to atarin the. timid, very l.tt'e -
observation' aoon made the discovery, -'- - '" ' ....
proceciled trom those who were intir
ested in olher batiks. The t ferepce
wa.,the same which every faimrr
would watorally n.akr, when he heara
the old established village Tailor des
caming upon the dagger to be appre
henilrd froinToome newly arrived broth
er oi ine craii, wbo may have art op
his shop arrnas the v. ay, The vei r
great regard to the welfare of bisVas
tomers. whwh would, induce the old
established Professor of the Scissors.
to advise against aubjecting themselves
to the practices of tha new r.
wn.n v,ji ii;TBm -i. jnouvet - ,g.arar:
manainu, wiirvierwey naniw- thenee
ilTei "or iVccupy the pailour oT a bank.
and every opinion fro.ii a parly Inter
e.t.'d mut be received with great rsu-
tion. Be it aid however, to the ha. .,
-wrtn-thooTwt?emen'vwi
banks in 8outh Carolina, whose opin-
ion wrr wriinany auvrrae ru mis pro
jtct, that ao ooon as they had gieh due t
esaiuinanon io, ine sui ject, tmist, it ,
not all of them, abandoned h'in.b -Jecflons,
and united hear and hand in ' r
advaneintthe-echemer and -makmrril--'"----'-1--;
as pcrirci as possieie.
' Stilt,
itill, wherever' the scheme 'ia pre
'ed anew,' It ia but natural to et
arn
pect opposition from this rjusrter and
iLlSerefurt ecomet th mpre netessa
ry, that every man ahould form his
own iipinioru- After all.-whi n the
matter is once explained, there is no
great mrarery about It; - A b4"nk ia t
more than an issociation 'tiMnilttidu
als, who, each having samritimiey te
spare, agree to add It tdgetnef-. for the
purpose of lending it tut to those who
wsnt it. . 8urh a company, when eon
fined to thia obj-ct, can dV too sort of
harm to the community. .On the eon
frary. botb parties are benefitted-. tin .
borrower by the aci ommiKlatioM. the
lender by tUt interest he receive! In re
turn. It ia not until Thia company bji
gins to issue notes, which pass as money
from hand to band, that the public be
comes interested In ' their iloirttta.
TReTe'w i'lhen clanger Thai he anwa-:--
ry may be taken in: if the romranr fa
sues more of these notes than- they h
able to pay and a contingent ifanger
nisyalso arise, tha by inducing the
people to take their notes when they
have no 'actual need, of tnniiey, too
enmpsnyimav,; as the mrrrhanta rail
rr, inrce ouaineat. requisite that
care should be lake tn guard against
these evils.' and if will presently be
seer- in the rase before as,, that th'
prersatlorls fire ample taffleieut;
But inaniuch as ibis Bank fcharfrr
is propoaed. merely as a msaha'and fn -iluceoteDf
to the making of-tbe Rail
U"at, it further becomes us pTovrtle
that, while on the one hand, auflu tent '
a lvantajea rot bea offered to inditce
individuals fo make the nad;so, on
the otheri precautions mast be takn
to-mpel them. ; while- enjoying tit
profits of the hank, to lake the bu then
of completing the rnad. This eoiii-Mitfe. .
oy ine prnviamna m me present char
ter, s will appear by a brief sonsfdits
tion of them..;el,.. f '
1 the first jdeee, the bank ran havs
no separae existence, and an interest
i It ran only be obtained bv first sab
cribihg ia the, rail rosd. Eiht mill
ions must J-e actually subscribed lojhe
rail rosd before the bsnk can be fall
ed into existence; and then, each sub
scriber to the rsil toad ran only hate .
fifty diillare in the bank, for tvciy hun
,,r4. be haa ubcribcdlQ the rtilroa rJ
These subscriptions are then made in
separable so that a stockholder eanant
sell one without ih other.-; And 'al
though his rail mad stock is msde -a
hie to pay 'the debts of the bank. he.
has not the correponlirfg sdva tagar
of making the bank liable for the rail
road debts.'- Neither is he permitted it
any time , touwitljd raw' frota ttt rail
road company, even by forfeiting wbat
he has paid ihem, but lie must also tr
feit lt bank tlock. His later e Mo
the Bsnk cannot he increased entil tha
mad passes entirrly through 'North
Carolina, and if. within, five yesrs,
three million worth of expendiitut be
not made on the road; or, if within t. a
years,' twelve millions wortb be not
expendeil, or the rail finished to Krn.
tocky or the Ohm or if lhe work at
any time be suspended a whole year,
the bsnk loses Ita rharter. The VspU
tal,1 yith which tht bank' fiay-cow
mence, is to be -about t rsillion, tn'Vo
increase! aa the road advances, M it
cannot be eitended beyond sis sndliona "
ontil the road sueceively"rvockea
Tennessee and KentBcly. "1 . v
i rUnder . these rrorieioBS it ' Voal4 . ' -
seem tome not to be a question, hs ,
ther sufficient pmsoliooa are tsken '
Igtlnst the Bantt;bst whether, with all
these restrictions,.. tniiittiluaia ran to ., .
indared tu take tbe rock. ' I treat thai
t "
tXWL'rAOirM;
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