Newspapers / Raleigh register, and North-Carolina … / March 15, 1810, edition 1 / Page 1
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RA-LEIG JLJ. AND North-Carolina State Oari are th plani of fait delthtful Peacr, UnwtrpM by party rage, to live like Brotiteff. i No. 54f THURSDAY, MARCH 15, 1810. TY 'Gazette. Ih. LUVLs arutli to'.t, ";' f nation M ru'ett of NATIONAL ISAMv. f Silt ARY 2"2. t ak said he ivse to offer a re. , ..n a si-tjvct. which He tx-.iev.ci bt k it Is sa,d, alTo:d great r .v;r,n:-.-r.fthtHou-ea red lobe j 1 ( i:urnmodations lo xUc llKinufac:m era .. -!c it import, n -c.-and which crcuin- Jn. , Jtn ;lUliUK. lo lhc merch mt un , -tS rcr.dtrtd it necessary f r C n kss m dU ?ums cf b,jh of exciu,njrr. r. . ;-cd ly l act on. A rcjiort Ir ; md other 1 ealt ransacti'ms. Should oar . ..j i.jd 1 ecu ukv. ...w r , ... IT-Knt and I) 1 recto-5 of the coin- ; iiju I'tcn in.-.. ,: , pnv incrrster urCrr ihe name oi n t,; t . -.tc:: States Hat k, winch he would j . Hhei'V to say iircscntrd io H . I w ' J p on the subjict of a r.'.i nl whi- h it was ti her expedu nt or iv o i'd uS ; but the disrossio.o r s '.; l.e t o;u - i?d could only pa- fl irs vm- c f June. H.td tlu' !t rescititd a general view ol the 1 . ind pnnc.nes rclalue tosucn rs !,c would itit luv - tiouble.l jj ,1 :S. w;:h the oVci vut.oti he ;n- ! but by an rjmi:ai it aj)Oc-ar that after tlu- de.'ay d - v . 1 bv.c.'Ac should be n near , .;.in on the p:.. stims the la; :: - neu-nre would tun on, tha' t . commenced. My bj ct said . ii.,u-tni)!a cfiiictnuuuv . . u. -t'et ground of general - . v, .T. d "o tr.d. .vur tr p -s nt imnc .1 die nri.ir i.) which the cs'-- r .f t ' t a N.di -n.si link niav be ,;'-'i;e m"o ctl'trt, and shew how ,erit! .-a of c.-nsti uti' iialyiy in ts ( ii. has 1.0 ;pplcati.n to u .. via iciVrtncc o! a Mmilar ptti- : 1'. e tcretary f the Treasury, rtrrro fo.tir.c 1 with a rep ut in :.. i. v. Y h the ulili'V of a bai.k bus rv- ! ( t" ipdlv .o four ironiKi. : - f.f rrvifiiir. And 4h Lc.ins t ..:n i.. thib rrpccta rcdy ieuur it . x;rr tii e hail shown. 1 u h cetri t t the Treasury, in tin r; i' it a ludtil to, fixed the amount 01 co 'al I j which u National Hank mi:h- : '.', he c ended at thiry milh n o. ?,'. -. Ihe reasons for an opinion '..1 i: h aii amount of C3jt'al mih t- f t i!, and succesfutlv acted on. r but I think may read U :i (i'i Hi il ci'-NU"f i" .11: t d. i ::' ! ;h s country in the vear i7l.3l ;-.-i i n L. St.ts Hi ikcoinj any wa iiv.i ed wi ha c. pit al of ten nullions I..'.!ar , . !'. oi w :ith w as immediaie.v I f Milt rJ f . v. rce : nif'Us.v souriti lo tii v r mon prr cr.t 1 - u j iir tve c .0 no. doubt. I h at an e i! a. idJ be found ai the pu ! : ' ' n.e, t;- laeahio" a !a:'k wjdi a ea- ! ; r t t 'hiee tunes that snHunt ; in- i: Iv a d-.i.l it ran exist, ln t l 'in ;i L.tTi 1) v be n sat) 1 iu ct I i;e us- 5 lor tii.ii- a b.iis. t I 1 jj- wee' ni ni h- e since tnat '.. mc x m v r . i. r' m it.o: ::an a tfiri c o he sale .of com- j . w . 1 inr. m 1 lii .1 ...IT, 1.1 1 11 iv in i 1;" i is r- t tr'-'j)..i;!i ure. 1 ishocei 1 .i .. .K a 1 k:iov ledge, to fix on. he . r-icda ing medium l j'tired s' j'c o: s.'cicty in tiie L nitcd ; tt iii.. not he ;iOS'.b!c to tur- l c oi y ait i o.; wi;. i n :n:s uhl bt i cided ; a reference 1 -nr. u! th.n i othr r conn- t a 'v r- ',:'. d Nrtv- lo s!leo,v lilat i e 'a ::- . j d an t : t . u rs' it.-- it i cnj- ured i . t ; .is tiu'ie I e !).i:iks ot kiti i tog-' h r to the ii. ;.,o. "l'h at!ili i. :h ' vp irt of tlu S c. ct a y v. nd alo in the i ! n i i me.. w.iij;,J be 2' '. . '0, ' i i. on-") i of h oiL c iO;- T e . - i S':es. I i l.i. gland, a v-it h v :o i'. d as:e. s we t . . i.e wc hf: 1. 1 u i i -t rd l bv in- i. oe i oe- ii (,; ,r W it( ! ', , t: i "n-. r- :s it, evs rue , i:u il- ; eapi'al a:;.. . I, ud-., rt b n i f doll rs. hi' h. p pel :.;.n t be about i ine ! l u!d give 1 r;:c-e to.i In. ti.e 'Xtv-sjx d Ts United h'ates. ii is ;-r'i :s ..bout six I a' "in i inn , e; in.- j ix.; i, on oi o-.c ihird lo each air. is a rnninif-iri.il iniiot,. b.:t much of :i tonsists m ex- timctce, in conducing which - C:nn t be us-d, and in some e-ci sue branches of which Veri- opcrj-.es ogaiiiM the -. - dsin h.s'i n ions. In the 5. t cApur;a.ic:i of our pro- I V ducts, has always Len greatly aided, by j the tY ilities afh rded metchaii s in 'he pur. base of it, through the means of the banks our b o.k p p -r h re is cm i ployed then directly in the purpose of 'the most stp,i .ntial ar.d ltnthcial ou i-v-i of ,i.rn,l rommrr' In Lnr- r.amji-uacs continue to increase, we r..v.il.uziuva cor.tmire to mcreasr, h i() conduclit . vi,m ha,c usc f0 lot ,n inc,-eaS(rcl circ jhuio!1, ami in addi jon tQ na?ue of f!cnKttld Ulc t. .... . 1. 1 . -t cv I-ve in lCnland fr cirrvi.K or those 1 iwtrk- uc want an ;moiir of c.ir-ula ! lion fjr the "purposes ol" eo:siructine; t I hvoi. ! Hut on this Mibjfrt I fa b'.or at prr- ! ! sent to -nl tre. I stu uld as i a 0'" - I : i n iuiolvcd in uiicert.dn v. be wdluu , t . . o ieivon tne opiru n no; yci co iua-i t .. f capjC,,v f)f tlc col. ,, y , tj. ar a!l c,tanushnunt f . P.rional ha k t i 'he noun of $JO.()0'000 lfa;ie- il is Mj;p-sed tr exi-t l orn tlu-! ex'en- :on of !-. ,1; capita), I presume it will .- foutvi to b m ihf numerous insti'u- :ons of tlu- kind w dm h have been pei -111". 1 - . .1 .l.'.iwli. fl witl-i-iit tli- !i . ir' i- ,f l iiv -it . vil wlor-'i 1: 1 n..' d;iVi ill: to d'. iniii rate, the esla'dijb iien: of a nati.-rid ban!, on an ex:e;i- sMecoit.l would have a certain ttnden - d ) 'o rnv .i e. U v:u pr.:n:i:l tl-ev general 00 irva io.,s on the i n -r ml su!i c of i a na'ioual b nk, 1 rill proceed to pre tnt to thr 1 1 usi , a p! i-i, or 1 a' oer a jUirieo v;ew 1 pl.-ii. 00 wnictor sme 1 of w 'i. -h, suc h an csi.ib isn 101 tit miiih i pei h ni'ist advanta:eoUs'v be erect- i m' I rd In doin so, I beg i; m iy con- "idtred th.t I Lei by n i me::ns co:di-dw-lU tha 1 ;.res: v. I the lu st, c r even the mos pnctic.ible motle of effecting tiiis urpofe ; it may lead h twever to nqui rv. and when the ability of this II use shall seriously engage in the ta-k, no !d -ubt cm n main of its accomplishment I therefore nroctcd to submit the J ion -u ip: I'i. OK A N TTONAL HANK. :..p r'i:;t I :tl n-l lo . l il lt S10,U U.ouO in s,jJ, JuJ,'J0 ii.cii lu ,roer UK lit : n. o oi.nu i'i.i 1 1 cr. .te, re i.t!!v in N.i!;cnp ins, to n.iti-ai.d S.. .k. when tin ' 'l IV - . I .1 i 1)1- I ' H (1 1! Mna it li 1. Tlii. -1... k. .;' i rr tiiir. t ,.ti , to i ;(: i ml r- st ot i pT r tit. a'id let :t ' te opnoH..! will; t'i" ii dd'-r to I stiba'-rtbc it tu iae natiuiiul f 1 bail.-; or no: , : s . a 1i,cgo,oou ! I s .to !) ee ntlv s m v that i I l'ii - loo t wiMild j:i)li:il 0 v ortii a le.ist J.0''V'0Jt'itiie I ': 11 ted -a" es,i:ide;eTidi-:H uf '!: :i' C li::i "lalioa die loan r.ind -d St).o ;,uo ) to ! . iii..- ,!j, tl mi liii j'.ii l it J t.n I iiHi.d s(,iu s. p.i:ijle in lia uiit'i d inst .tlniciits. ne.tr- ai 1 interest ol J per eeut. i,000,CQo l itis I'n-.d ! shall shew v dd be won't ab : t, 4,2-JU,0-JjS t. t!ic I "tli ;--.! Stales I'uti. I .3,1 ).L jO,V)0 S p iv uhit ue hall i ii specie, tne otiier Halt in the SA per cent. 3?ock or ihe L'iiitcd Mates, ei t!i, : tint :!re n existence. ! .; sac.'i a-, the l.nited Mateii i.eht create h.f-re the i h jokn Were opeii-d.. Till ; ft t oi 1 p ivtfile, one hum It at 1 h-ti ne of' subscription, tne ' ii... ee .n three era.;' .liii a wi '.0 da ejch, is 10,000,00J " the Unio d Sia.es !:.nk ii;jir. . f.r the ;.ife, it . n.ori- in r o I e . K;nd 4di l.O-O.tO'J'S to ! s :!)sc! .bed 1 jt or v, t, as t" slue xhoMers lOvliil tt- tei'iii.ue al any Time alter 0 e h: st ii, . tinc, on t!i- term , ot fie 1 ist n-.c ;.! )'vil I'-m, e 4,000,0QJ t..r b.tnics in Ttie- .is !' Coluai!), if Uiey oO.1 'oi iJod And r '.': I nr's.tctd to comment on the n 'aire of tbe-.e funds, I will take the 'o:?i - r vir-w I have mentioned, of the o;i nr.! -..; ni.is.ii'itiu iiimi.-,. j l b-.- ni iiem of in (l might be chan- ' ied in p .r',,or the whole, oy admitting ihe coniij. nv of lu- United Sta'es bank to subscribe their wh 1 s o k ; or only ! so much 'hereof as is held by cuiz ns. 1 In ti li t cae the amount sub cub d, ; iv old be paid one half in s;:- cie, and j the other hi!f in go d dv-ri, due or to become due in 60 o: O'J nays from the J time of subset iption, indorsed by the ; president and directors, on behalf uf the t company, or in such of the six percent, stock as may then he held by ihe com pany. 'The old certiucatesof s-ock shall be surrendered and new ones taken. And the 4h item of funds might be rhaned, and the sum oi 4.000,000 . be subscribed in like manner as mat last .1 . . men'-ovr-d, by the ditu rent banks in the , or. the power, 1 will confine my re Uiismct of Columbia, or such of them j marks to ihe part of the subject which j as ihe '.tocfciiolders of those institutions i-may be considered financial, and endea- niht ciiu-.e, should contribute their j tund. I Hut if the cnmmissioni-rs who shall J be appointed to leceive c,bscrip'ions o j the National Bank, should not be notified of tne i;iien;ion of the bank of the U. S, Cv: -he banks of the district, or such ol I j h m ai r.huse to incorporate their s ock ; with the N itior.al Hank, within three j Javs :tf.-r tise books lo receive sub-i ! "ct ip:.ions are o,)en, and the teimsof; Mibsciiption actually complied vith in 3U days from th-u time, tb.ey shall re ceive subscriptions in ihe manner men tioned in the third item of fiinds, to the amount of ten millions, cf foi so much i las lie sjid subscription, on the part of that company, shall lah short ol ten .mlh 'OS. "'"he said banks or su-h of them as accede to the terms proposed may con- 1 j'loue tvir a lunittu tunc, not' exceeoint j f.ve y .ib. the loans for the bid ince (d j the deb's due them under their pie?ent ' '.sf d)iihmrnts, granting how ver no "W lo.n". n.r even for the interest mi I., 1 -iu n rle ts, nor i-suing any new oan:t . Inoie '- This provision, together witl' that l' r receiving the notes or b lis dis rounted in pa l paynTiiit for the new stock, would ct 1 1 only be su!Tic:ent to pre .Vefit any danger of distress to the cus nmcrb of the presrnt bank-, fiom the r'c;i.il of a:cmnmod Jtioh. Should ii be dtemeil best to exclude f rein rs from holding stocR in the National Hank if the company oi the Uni td Sta es' bank should nccede to the terms proposed the most ample justice would be done them, by giving them a limited time t 1 dispose of it to our ci'iz-n,or to ex- !j change it for the debt of the United i.. . .1 .ill 1 1... wmcn mere wouia oe no oangei, oui 11 1 r . r . 1 i- 1 -i an increased saiety irom tntir noiuing. This pi m contemplates the establish ment o! the mo her bank within the dis trict of Columbia, wih such a portion of the capi a! as might be found conve nient, and the establishment of branches In the most advantageous si'uations in I . tbeS a'es. wi h the consent ofihe S'ates j is already given in most of them, for t so fir it is immaterial wh.tner the pre- j i '-nt United St fes bank company ac-. ; , ede to tlie prooosal or not. fa the tx ! isting charter of the U- States' bank 1 ceasing to opente by the laws which j have been p sed in the several S.ates , , authoi ising those establishments for the j j iccommodation of the general govern. ; j nen', he iig!it would be consider d as; , dready transfer; !, and in those S ates t 4 J I ' . II' I .11 neiv no sucn esiao lsnm.n snave oeen nade, little doubt could be entertained ;f a permission to establish branches of a bank, whir.h would partake 'less of the piatity of a monopoly, Sc. be better calcu- .a'eu iu' uit ieticicti jjui jjo-c3 h i mai .w-i (he country. I will only he-e observe, f liiat I do not mean that ihe U. S. rouid rUim for th-ir national bank the pro pel ty now spTcally vested in the pre sent company, bir that the right of that company lo exercise the permission of he States, wi I cease wiih h-ir charter, a (I to this ri-fit. but not their property. he United Slates would succeed in any h nge of 'he mere inst i t u ion. This is a legal question whi(di I have' no doubt can be here supported, snoulH a u eg' ess in 'his business render it ne cessary. If I am correct, no constitu- ional (piestion on the right of this go vernment to create a body corporate need be discussed. It is admitted to exist, as it respect, this district, where the mother bank would be established, and had not the ! t States already gran ed it, no d- ubt ought tiovv, more than in the year 1791, lobe entertained of their permission. The resolution submitted by the committee on the petition of the U. States' Bank (xim;a!iy was intended to present this qucs;ion of co os'iiuii n oi y; Sc were we i)v co n polled for tlu first lime to dis cujfthe urect p int of consti'utionahiy, as in 1791. I sho dd say the ounority on 'hat occasion uige l unanswerable ob jections; but the pe ple have sanctioned ihe power the Slates have recognised it by the r l ws, I -p-.-jfe at Last of Vir ginia Congres h is subseip.iem.ly acted n it courts h ve made decisions on il punislimen s ,uve been inflicted in its j support ui.d the financial department of our government has not propounded a doubt, as sutmosed to exist. Avoid ing, therefore, an argument on this qustio i, as unnec ssary, from the mode I nronostd of establishing tnis bank, as --.. ,r j : from the already expressed assent of the ; people, and of the States, to the ex-reise vqr to explain more especially the nn ture of the funds which the new nation al bank is proposed to be constituted of. Premising, however, 'that the modifica tions, wiiich, in any of the ways propo sed, or in any other w hich a committee might think proper to adopt, would be a iuv.ject of subsequent discussion' -rind, as to Fund no. I. should the state of the finances render it necessary to use the whole of tiiis bind immediacy, it is probable, from the be it accounts, it would produce-a sum not .les than 12.ooo.bou, Let the Secretary of the Treasury, imder the direction of the President, be authorised to open subscriptions in the principal cities for this loan, i he stock': hus receivable in subscriptions LOjth National Hank to be sold to the best bid ler. The inf rmatiori of the most in telligent men assures us that the U.S. rn borrow money to the amount rd S .'50,000 00O : when, therefore, a mode of creating stock is devised, which shall ensure 6 per cent, and the option of in vesting it in the National IJank, no doubt an be entertamed of a ready s;e;d on advance of 2u per cent, upon the princi pal ; which would arid a clear sum to ourTreasU'y of 2 000 000. Many gen? tlemen with whom I have conversed on dds subject, tli ink 10 p-r cent, would he obtained on the principal, mak'mg a clear sum of 4,000,000 Let it be esti mated, however, at 2,000.000, and f w II ay nothing either of the advantage the U. S- wru:d tnjay bv the -dvar.ee of the : onty hev nug t want ti I March. 181:. j a iihout inter e-t, a'though that might be .; wouh something considerable. We' have air- ady, a. id are daily now in the ha -it of setting up public contracts to j the best bidder; no objection, theiefore, j exists to the principle, it is presumed, j Hut if the U. should, from a lesto j ration of neutral riglvs, ix. a success fir commerce, orbyaenntinuation of peac . not reunite so larire a sum. anv nait the Treasury might not want might not ' i 1 ue sold till Ihe b.'Oks wi're open, when !it w u!d sell probably at a still giea'er afivance ; oj" in c ise w-- should oe disap pointed in the s !e of stock as contem plated, any part of this item, not taken up, might be transferred to r'un-i N-u, w th this fliff renee, that stl h part ol the tranferred fund as the United Stt.tes mignt take, should be chargeable with an int-res. of six per centum instead of riiree per centum, under the idea, th a; the United States ought not in justice, nor would the institution probably b.v an advantage of o great a m ign: tide as voim bv given u- by takiog so large a por i n of 1 he s o k on such terms. At i . 1 i -ix per cen.. iuc s'ock w u d br wotth s on (hi ig to 'hrsi. U. Statea, and might be readily sold at an advance, wh 1 the debt oi the U. States to the bank bear ing this interest, migtu be sold at teast at p-ir. Or, the balance of 'his fund, in the even of it not being s Id, might at once be transferred to Fund No. 3, and a smaller portion of specie be required to be paid on the whole Ond so united ; and in either way provision be made for the slates to subscribe, if they thought proper. fund No. 2. forms a vcrv important portron of interest 10 he U. St tes. It will give to the government, on the fair est principles of justice, a clainrto a J share, in the administration of the bank. ! It may be asserted and proved io be n -' ctssary in a peculiar degree from our relative situation with foreign nations, j particularly if the capital is a large one, and the term of continuance for th- charter considerable. Specific prooosi lions on this part of the subject mils' be reseivcd, however, for the details of a report or a bid I n.,ve before glanced at some of them. The fond rstlf will pr ba aly produce to the U. S arcs, an nually, rating the dividends of the bank at 8 per cent, a fraction Lss 'ban h y have averaged, the sum .of 300.000 which would be equal to the discharge of half the instalments in principal. The whole gross sum recetv a from the stock in ten years, would be p-obabiy about 3 000.000. But he 3 per cen . would be extinguished every year for a ten'h put, which, rating mo ey at the vaiu of five per cent, only, would produce a . bonus to'he.ov r men- m-.ti -an addition. I 1 200 000 miking art al ly worth to 118 4.200,000, on c.e m st mode-rate and unfavorable mode of cuJ- 1 1 C dation. Thus these two items would be worth to the U. S. a,t least go 200 000. But if the stock was not sold, con empla ed j by the first item, i. wou probably be worth much more at the t.me ot suo scription than now. Vhe one half of fund No 3, might al so be applied, in cas-. an if termediate call of an extraordinary !kmd for m -ncy should take place, from war or a fur h-r embarrassment of our commerce, in aid of the rev-, nue, by authorising stock to be issued in a sitmhr m n ver to No. L with tlvs diH'erence, that it' should he rece ived for one half of the subscription and the balance in cah by ius afments. This-alternative might be made subject to the determination of the U. S. Bank I Company, to be ascertained in a limned time, whether it woutci suoenne u stock in the manner I have before men-tion-d, or such portion of it as Congress may thi.ik rop-f to admit, distinguish ing, if we thought proper, between the holders -:of it who at the time of sub cap tion art citizens, and those who are fo reign, is. So far, h wev r, in any w y, as the subscription 'sho'a-d be made on the part of the U S. Bank, it would certainly be attended with a loss to the U.Stafes. If the whole funds slioujd -not be sub scribed, independent of the f urth item, m 30 days after the books open, the di- i rectors m y close them for a period not exceeding 5 years, or not, as they may i find m st proper, unless otherwise or j dered by law. j An i.-tstitu'ion thus established, at the seat of government, under the eye of its 'administration, irr the management of which the na:ion itstll would enjoy a just proportion, from the interest it would hold in i(s funds, would claim Sc oar-it the rnnftdrnce ol the neonlt? and i . of ihe world. It would no longer, when under such control, be unsafe to permit it to deal in the public securities of the country, it would be tendered the most convenient and happy instrument for the preserv ition of public credit, ii would he the means of affarding evety futility, under proper regulations,' which might be required in times the most distress ing to our finances. Lei me not be un derstood to say, rhat this capital or any veiy 1 rge propoiiion of it, would be ne cessary at the seat of govern men -on the contrary, no diminution "wou hi pro bably b? suffered by the branches irom that portion they ntw hold. I he Bank of the U States at Philadelphia wouid, as a branch, perhaps, wield the capital it does now, as a mother baak. But, si-, other br.m.. hes migh: be erectedrt; e iunds would stand a better chance to have a direction for the p iblic' go oi- In times of prosperity, large s uns would be accumulated beyond the possible ope ra on4- of the Sinking. Fund, wnmd not these be bst applied then, in union with tiie funds for internal improvements, or at least in aid of ihem ? It would sip, be the work of a whole day, to enume rate the, certain benefits winch would result to the people of this country, from tne operation oi mis system, snan we, then, thaow away these'.tt iliertng prbs-v pects the present' period presents for such an establishment? Shall we give ivvay more than 6 000 000 of the peo ple's property ? For they have a pro- pertym the advantages oursitnafion pre sents.Sc take the pitiful stim of 1,250,000 of dollar?, all, the Secretary : of the Treasury informs us, this company cal ltd the United States Bank' can give us. Shall we pour into the lap of this, rich Dutch and Fngl.sh company, for ' so it -.is by a majority of three-fourths, these immense advantages, by continu ing to-them the monopoly , f this im .M.an branch of our resources ? Can justice to those we represent sanction i' ? D-ies justice to that .company -but I forbear. 1 btg leave now, sir, to submit the resolution for enquiring into ahe propii- ery or estaonsmng a national Hankr tor 'nere ts none now m exiM while- r migh'.once have been thought of the institution called so, while we had a -hare in its fundsout never, in my o tinion properh c died so a i;-ie nation never had a v .dee iu its) m ,n tgenietit, or any efficient controtil ivhatever over it, I ask a ref-renee of the resolution, ands hould certain y hive asked i ; le fertnee of it to the Secretary of 'he iea iury, had 1 not observed, tht it h sta ted in the report of to: committee I
March 15, 1810, edition 1
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