r" P
f .'- . If :' if - . a - -J - ? - .. i. - ,
V;' ll -J- U
-r -.. - y
- I l. - - . .
"".'AiffiiH-.'v
1 ij T-?Vf
1
jw.f..
Pi
.
' " "in
. Ua -ifp'dT mfty r?,. to live 1U Brpthcrt. , : '
-
jTH CJRSpXY, I ANO ARY 1 8 1 1 .
s. t J.J- .L. I J- . .j
katolinatate
" i. - - iff Li -' t : V:. r
4.
; Dth ATEo ,(he BANK BlUi..
v ' "t t ' ' . ' ' ; " .. ,r
-' ffoutrjtj' Cemmnt, Dtc7
fl? bii forrJtTifljihe Papet Currency, nd
rtabtihicK a Sitie Sink, being onder coui.
Mention ; tht bl&nks hTnj been filled, sod
sundry smendmenu rnadt la the bill,"'' ' ' . ,
:3At. W-W.JoHKs bbjerred. that; he
vi about to make a motion, which might
e said to be intended to produce delay,
.hough this was not his object.. 1 be bui
pad ender gone so many alterations that
he did 'not know what It contained. He
(:ovc'd tKerefore,'to have it "prinTedand
Lode theorder ofthe day for tomorrow
' .Mr.. 53 wye objected, to ihc motioi
(for printing before the bill parsed its se
!conl reading. After ;it ahall have passed.
e should hate no objectlori io'lts being
eprinted.'' V-Y.--.V v
Mr. Jones ; hoped : the bill would be
srinted; before gentlemen i.were called to
t. were many in the samQ, situation with
; himseir,wno were ignoram as iouc con-
ents ot the DULr
: After some further remarks from Mr.
Wilsnri and; Mr.' Seswcll, against f the
xsotionTpr p"iniing and from Mr. Jones ;
nd Mr. NorsWcrhy io fafor of ity iti
was: lost; 75 to v
The bill was then put on its passage.
. jsir. il. l, iUuxtom satu, u was noi
bisicunuon to, have made a wngle.re
incrk'on thr pa&sage o this bill ; be
ause, as the' subject' was emirtly new
to him' he did potexpecrto-throw any
The bill, inr its details, was, perhaps.
very5 correct. (Gentlemen, apparently
conversant on the subject, ' had taken
puns to make it' ictt But the first en-
- ruiry ought to be,, is it for tbetrue inte
rest
met i
tid vani age. in England.where the w hole
t caticn is ccixcerned in oromercc, Banks
Ire ncceisary inttitutionS ; because ther e J
if is neccsaryi ; on iomC cxasions, for I
individuals to raise latgc sums of mo-
jiey 10 answer particular purposes,whtch
i could not be' so well come at in any o
tther way. ;Banks, he believed, were al-
o very ccnvcniem csiaoiiMixacius in int
. Northern and .Eastern States' whert
inuch commerce is carried on ( but in
'crth-Carolina, the capital of the coun
' i ry ; is not in the hands of merchants, it
I- rs of iVc Earth. And would this Bank,
!r. B asked, be of any, benefit to this
- . - r ' : r -i j : .11
Jttcriptrcn of persons I Would it not
Mihtr be.a tax on mdustiy r At pre
seta, .whenever a farmer makes a con
tract, he relics upon the-produce of hi
,) im to enable, him to complete' it ; bu
it thi Bank ?hould be established, and
t .old out to farmers an opportunity ot
eettinir mcneyV independent of;their
f terras, would k not have the effect to
J weaken their exertions and lessen their II
& . v m a w mm n wmm w m m w mp a . . 1 r n m ' a m m www mm
1 1 injurious uccf. ; ne . soouia oe . giaa,
'.owever, to near .ne , remarks .w gen
Ceraen in fivorjof the bill ; but, ar pre
lent, believiiig'Miat it would produce ho
ood effect to the community at large
o advantage ti the Farming. Interest.
he should vote bgatnst iu
Mr.1 Mi fc. Sawte'R" said,' it might be
supposed,' thathe who brought fo ward
:i:ii bill, and lad spent so much time
tmn.. : VirilrlL riicnnsrid to SAVome
'ipMI M , .UUUIUl fcW w..wwv - y , J
' h'inir in favortof Its passage. .
The advantages wnicn wouia arise
. i . u .
of. this State that this Bank should
established ? It is true, that in com
uai countries, uanxs are or great
;!ru aNatidial Bank in this State, are only an interest of 3 percent. Its bul
' erident, tlrat he wondered the esta- ky nature would .make it less cenveni-
t'.rshnient fcaa been so long octayec n
V.vry Srate.in the Union, he belieyed,,
A m. m. ft
..d such an dnstnuiion, and they nad
.cry where btcn R5und beatficbl - 5'he
principil benefif deiived from banks, js
' he increase of commerce, . wherever
tlier are estiblishtd. rThis is a fact
wVich is nroviid bv history. When the
K-nVof Scotland w"as 'first esiabliiped,
wc are informed the -commerce of that
rour.iry was in quhe a ji-riguishing satell
but, jn less than fclteen years it wu II
ie thandocbled. In the northern II
s'cs of this counti' Banks have not
f lr increased commerce but,invjgbrat
Agriculture t they have a)so prodU;
LlZns rotdsy lridgcsTanals, and eve
i .other- impttiementjnthal country.
And would net the same causes produce
same 'effects! iiv N. Caiolina Thry
.rtainlv would J This Bank would hot
nly bo useful d'inercbantSy-bVYar.
:-.tr?, and evefyiotber classf people.
The jrentlcmirv' fromr Mecklenbure
cenas to be apprehensive thai "this Hank
stimulus to Jat.urtthan any tbfng'ehe
When a man "knows Jre' is tdtrcejivc a
reward for 'Ms Industry it is some en
amragcnicnt to himv,Xo persevere.-
Vhen "he can sill whatever lie can'pri
duccat i ready cash price," irfstead of
dispcsin'g'of it at anyrpriceio i le i paid
for at some furure period,. h is exertions
wiirreceivo a frcsb incentive- Etery
gentleman ys atquVintedtwith;ilit sear
city, of money in the country ; and it is
x?cilJknown that "we, arc indebted to the
Northern Stales for jKirchaiers of. our
produce, for want of a sufficient capital
amongst" ourselves It U customary
when Vre havle large quantiaeV ci" wheat.''.
crn, or, oher produce on hand, atid it
btrs a high "price for exportation, "for
the' merchants of New-Yotk and Phi
ladelnhia to send'oh money o purchase
these articles for tKelr'acccirM, at the
current price nere ana upon wnicn 4y
make from 50 to 100 per cent, pruiit.
Whereas, if our merchants 'could com.
mand a sufficient capftal, these; profits
would remain' irr the country; In thit
case, it the farmer sola at me same
price, he would have some chance xf
regaining a parj of these profits.
Anoihcr benent aming. from. Hank-)
in'g.InsiilutionS)tbey never failto lessen
the interest of money. There is no tar-
jner scarcelyi who does not occasionally
want rnoneyi for improving his farm or
stock, and. but few who could not afford
tp pay six per "ccnti per 6rn: for. its use
until he could re piy ' itv Thai thtse es.
MtabHsiimenU lessen the price of Interest,
we need only refer to the establishment
of the Bank or England. Whert thut
Uank went intavTptrakn. inlefest tf
monev was lO uercem." It soon sunk
to eight ; and now the CoVtrnmeht csn
borrow at 3, and individuals at -4 'and 5
per cent. The same thing may he tti
served in our own country In the Nor
thern States the" rate of interest is low
er than here. Thtrse establishments
efTcctually destroy nbtc-thuveti. They
I cunnot exist within the atmt
Bank. So far, therefore', fr
cunnot exist within the atrm.aprrcre of a
cm being 'a
ax on labour, this-Bnk would lend
greatly to ihcreasie it. It would produce
ihe best efTeYts Upon the internal state
of our country, by encbVruging associ-
ations fr the accomplishment of every
desirable object. Our rivers would be
madenavig&b!e cur roads improved, U.
every thing which the genius of man,
it.d the use of money could cCecr, would
be obtzinetl.
lr. T. Brown was ready to acknoW-
(Udge with the gentleman from Eden
. .1 n . i j .
ion. tnat iJarK esiaoiisntu nunu
rable and btutficial terms, arc of great
scrvict to a country ; but lie was oppos
ed to this bili in its present dress, and
would mention his objections.
w In the firs pace, if this bill passes.
our paper cuneucy will immediately
depreciate in value, by rushig a preju
dice against if,: and by intinj: but a
time when it shall rcase to be a ttnder.
At will bpenJa field for speculation.
Peisons who hold small sums in cur
rency rather .than be a: the trouble of
tringmg it to the Treasury to be. ex
changed for Certificates, would dispose
of it for less than its value.
This bill would have an effect upon
contracts. Individuals, when about to
make sale of any property, would make
a condition that they would not receive
paper currency, but be paid in specje.
: . The Certificates to be issued in lieu
ofthe currency, will be of less value than
the paper'currrncy. because it is to bear
cut, and it was to be transferable scree.
ubly to rules to be fixed by the -Trea-
.urer1 and at present unknown.
There is no provision in this bill for
the-paper currency at present in ih
Banks of Newbern and Cape Feari
Some way of redeeming this currency
ught to be pointed out.: It would not
answer their purpose to receive, for it,
Certificates bearing an interest of 3 per
cent. Thejr could not Issue notes upon
these, as they now do upon tne currency.
This bill will bring an additional ex-
pence ori the State vIt-imposes great
duties bpon our Comptrollerr and he
must be allowtd either an additional sa-
lafvbr a clerk. U a
He-thought the ( Capital 'Stocv ..of
" . ..
1, 600,ooo collar a ot wnicn tnts ianK was
to' consist, wculd place irmnense ;. pow
der iiihis hands of a few individuals, whoi
when? once chosen, It wouid.'beTh.artl
jo Uemoye. c ine ;i rcasurer was aiso
vested with .too great pbwL.v fvHe- was
to subScnbe; for all tber shares held by
the7 Stated and to Use thervotcS inci
dent thereto as he pleases! r
j" The btate has job smau an interesi in
khis Bank. Too little consideration isgi-
rven for the great privilege proposed tc
;be Kranted'to1hdividuak:, ; If the State
grants this charter, it pught fa be well
paid for it.T Thelestabrishrhent of this
Bartk is placing a bar. in the way of a
branch of a national Bank. He would
much rather insiruct our Reprerehta
rtives in Congress to endeavor to get us
a urancn or tnc xNnuonai. nanK,- inci
to ooDOse anv ! iank establish mem
which should not offer 'us this accotn
modal ton. : ! f
When this bill is passed it becomes
a dhartef which cannot .afterwards, be
touched It could only be shaken by a
convention. Wei dutrht to be careful
how wc pass it. j Too many of us arc
sorry that the charters already in exis-
.;ence were grantee n is no common
vote, weptight tojbe caulious, therefore !
"how weniveit. ! J
Mr. V. AllenI observed, that except
the S; .e Bunk went into operation, the
paper currency was not to be toichtd.
He would suppose, however, that the
iBsnk would eoirtto operation. A pro
vision i$ m&d: for creating a demand
far the cert .ficates which are to be is
sued in the p'.aCe of the paper' moriey
by making the fourth instalments of tht,
i Bank shares payable in them. If thr
l! Certificates, after they arc paid Into the
- uanK, aapreciaie, uie loss wiii aii on
itfce Bank, and not on inmduals. ;
it has been sap, tnat it win oe ex
tremely inconvenient for persons hold-
inf oaner curvehev or certificates, to
if bring tnemto Haltigh. They will be
t o i i '
1 . i . ii 'i-i. i :i
I for Bank' shareb will seek, out for them.
We shall se persons attending every
public meetinK.tO collect them, for the
i saver, inai irouore. a ne suuscriotis
pvii juc ui jvjvvi tutu iuuiiii m-
talment. i . - .
It has been asked, what will become
nf the paper cirrcn. y in the Banks of
Newbern and Cape rear. The provi
sion in the Bill Embraces that, as wiell
Jips any oheri j
It has been observed, lhat the State
has' at present to little share in the'ea-
i pitil. It might be increased, if ger.tlr-
i men thought-it! desirable. Hfcv had
thought of proposing an increase. It
could still be done.
The gentleman Irom Bladen has said
;thatthc proposed csublbhment will bc
ln th'r way of a National Bank, and
therefore ought hoi'to be supp jrte.
Mr. A. vjid he wjas as ardt-nt a friend to
the est ubhshm'eni of a National Bank as
that gentleman ;
ed of secihi' it.
but he almost despair
A re c en t e vt n t ( ni ea n -
injr, the Keporter supposes, the ldan
lutclv obtained from the Bank'ofthe U.
cretary of th Treasu-
ry; bad convinced mm tnat mere is in
tie chance of - that plan being adopted.
But suppose-a. ijfatipnil Bahk should' be
established, the fteps proposed to be ta
ken by thisbill will be so much towards
putting it in operation. The capital
could be transferred over to it s he be
lieved in; such an event there would not
be a. dissenting voice. , f
.. The gentiemin from Mecklenburg
had expressed so me doubts as loathe ex
pediency of erecting'Banking .Establish
ments in this State. It ought to be re collected
that this question is hot bow
to be decided, JWe have , already two
Banks in operation, which cannot be put
dovn. They exist by charter, and will
continue to exisr unti4 the year 1820..
ration in the State, it is become highly
necessary to remedy the inconvenience,
At present fifty
whole direction
or sixty men nave the
and interest of these
Banks. The S
tate Bank is intended to
distribute this poAver to every : freeman
in the State who feels , inclined to pos
sess, and has the means of purchasing
one of these Batik shares ; and Mr. 4. J
1 1- .1 tJ ......1,1 ka n hovo I
this power in th handsf fifty or sixty
persons', or in several thousanosi ;
It has been a?ked out of doors, if the
Legislature's about to cstablisli a mo
niprl Arutnrrarv.. Ranksl ; as' has been
)already,-ohservedi at presenteaist.f AVe
are now proposing ;w vinuu";.v"t
power ; to ' tak it IVom the hands off a
few and place It; in thosebtmany---;
-Jheris the same spyereigq powef in
every:Nation vjrhether thexgoyernraent
, The jareWaileted to the Siatc have beer,
aitice increased to S 250.000. and the Ba'nk is
to1 teccive. the. paper currency, for onfc. fourth
cf its shares and Writ )ie in its, vaults withou
be a Deroocracy,an Afistocracyor'aMo, high pricet hadjprcduced hislin.flux of '4t
narchy.4; Being a . Rq)ublicao lie did j northern paper and,cashVfnic;woutd4;i.
not wish to see largr powers 'pch ij cjase w ith the causes yyhich produced iu 1
are connected with a Banking Establish? I MrT. BROwv obstrvedjMbatthev,
ment) in the: hands of an individual or
feWwho might abue them-hcuhought
they would he safer in ;the, hands offca
iargc number, extended dyer lheState.
4 The 'gentleman from iMeckle;iburg4
supposea tnat wnen m,en wouia oorrow
money tcom tne mnKtney wouia peiess
Industrioiis than here totbrc flW'iAi
t u Id not sec any ground far this appie-
hennion, 1 When menjborrpv?ifrdm the
Bank.' they expect to irepajr,ahd thtif
inaustry wouia oe excuea to maKe goca
their engagements., r '. j ir
. This Bank will have a ltendencv to
promote the improvement jo'f bbr coun
try. 'To look at our-laws, Kofth'Caro-,
lina Would be supposed to be farther
I advanced in opening canals cleaning ri
vers, &ci than any of her sjstefc States
butthe'se laws arc riot carried into efr
fect for want of funds. This Bank wilr
create funds, and our" public works, will
in future! be completed. ( ifH ;
It is 'admitted, on; alt hand i that our
paper currency is become a nirtVal-
This bill provides for its irediniption;
How I ;By-taxing the people ? : No.
The State Bank, by its operatiohs, will
take out bt circulation ; the 'whole, of
tne paper currency, .without,' taking-a
".1. 1
shilling xrom the pockets ot he people.
All that Is wished is, to have the use of
the capital ''owned by the ' States Jin the
funds cf the- U.-Slates, and the capital
held by the State in the. twojBanks bf
this St.vte. j ; .
This Bank, it is supposed will divide
from 10 to 12 per cent, on its shares. It
will not make so large a profit as the
present Banks, because they being pro
tected by the paper currency, can issue.
nott s to any amount. He believed they
had hot, for some years; divided less
than 21 per cent. And shall, we let
ihem igo on and make these enormous
profits and refuse to let the Govemmeni
uf d People parti-kejof them 1
Mr.' A. could see botevil which could
;rise trorn tne proposed ,establisnment.
If we had no Btfnk, We Should have the
Bank Notes of ovher States, without arty
of the advantages accruing from the in
stitutions. He had been mtormed, that
the State of Delaware had a Bank, which
passed its notes over inso Pennsylvania
on the one side, and Maryland on the,
others This being the case, he thought
we ought to secure'tb ourselves the ad
vantages to be derived from a Vell-regulated
Bank wiihm our own State ; f
We have, said M r. A had an United
StateV Bank in our country for 30 years
but we have had no branch of it in this
1 S'.ate ; the Directors' could riot be gdt
toestaDiisn one wnue ouiij3per currei?
cy had an existence; while that remairs,
ihey will not trut any pan of their, capi
tal here. Those gentlemen, therefore
who are friendly to a Branch National
Bank Will promjotef their jbbjeci by vol
ing. for- this billl j j I 4 h "
He! should not repeat; whatj he hab
said on! a forme' daysresctifcjg our pa-i
per money. vBpt helwculd sate, that a
few days - befor he ' leftf Ktjwbern Jjr.
met, a' stranger' who told hirn!that. H;
came-oni the brthwefd, tht he haa
been selling G bods in thW fate, apd
that he had paid a i discount of one thou-i
sand dollars to get the monpy ne bod
received for'them;' exchahgea inio spe.'
cie ' orjsuch7' notes f a's ; wef !(d! jty In tKt
northern marketv j Who,isisupposed;
lost this money bid the hns jiallupon.
this merchant'? j Ho1; ,itdid1'pbt1 The
persons who bought his gbbdsfaid iu
r Mr A. appealed Jt eyeJ7rrje;mber of
the hnue for the truth of the Webrecia-
ted state of ourreisent irc
diurnJ:-' Whenne&jrcws- br;UndiaTtedf
lered cr sale, alleys f irjrcct.ll .Silsy t'sy
be talsen in har4 r1aoney?thb
cy. Qur property en; acContojjtKis
depreciation, isiiherefore tfJrh lcss:by
from 5 lb 10 per centum' than" it ought
to be. V-'T f::1tHt:-'-::
It yas stated by the genileman from
Wilmington, that dollars hfld jbeen sold
in that tbwn fe1rj'2,,per berjt.; jabovelpar
The tact is, admitted. Ir riWuVjbr; five;
months, outof ci gi t eathisiis haj
peneq. " i ne price 01 ija jrjeilMfau
been rouch;higneT;ihahusua aiid the
merchants were able to ink
re-
raittances'this vjray v and receive japhsi
tlerablcsurplus back, so tfitf fca'shbrt
period hebeJievd;"nrt sand
notesand dofta&WerViKail jfbtft thi
vas atimere ibrtuttbuSaffciirhstancb
aoow)r.jbvreW.M
ciate, as theriivMSi abrpvision jnKevbilti
for, receiving in
wfiucms , . oujinw.Giawotfpuviaieujg,'-'.
ion, 11 wouia oe some time ? oef
consider what would be ibebfidal ta jife-1
Bank,, as what would ri sicryicea to
the State ;a;das he had before
$tate were sufficie tly considered, ir the;
bill as it . wLMti
vj tnepan? 01 iNejvopa;ape i
did not care ' souchfor:tfenJa for
those vvho; hay -posjicd eiibwiir
in jinose insurucns.m si nose iians wut
cuiiuuuc iopay 1 ii ciriiotcs. 1 n paper, ciir-;
had , a con side rable sum.in hose BankSi f
vrb'Qld he wish to receive itln parxur)
repcy ? "HewbuldnoF
ne, was. airaiqv Jiiqiyiaiuis, wpuia pej in
jurcti in.uiis way.-f , &mM:V$&.
i Jie had f noj her objection t thishilU
Hk was opposed to the withdravinfir i
iiuiji iu? tuuus ui iuc; wui etje qiaie, uicy-s
stock which the btate hold5to;olaceVf
them in this:Bajp"--tb
scheme which has-been once tritd an
saici ami navr a etjoo interest, ana me.
did npt., wish; topIace" them jn any har
zard, or tb losefhe benefit w hich I we, at V
pre sent . derfib.mt
r Mr. Sawyer said. iihe ihUefrtatt
irom uioaen couia not nave attend d .to
the detailsof the, bill, lorecuM! not
for, a moment,"enttrtaiu a
bill ypuld cause e pispegr
Dieciate. .With '.regard in hirtmn
held by the State frojrn;;t
U States, the; gentie'aaS
"wmhcc lucuce ji iiiis.o t pc is at pre
sent in tnis piace, and ;an that would
necessary; would be to; makeaansfei;
bn the Books of the Commissioner bfv;
Loans ; and so fat from. IpsinaltlSiri''
by the transfer, the Statcodtgain at I
ieast 3 or 4 per, centby:it,'astie d
dnd$. of the Bank would so fair ;:xceejj
the interest at present received idmtjrat
stock. ; -rs'- :K:i ;:M:ifl
(Vlr T f 1MET,A onJ , ,, '
I r saiuu amis- m a-- iOi
4uciiuu oi grai importance, ne wpu ia-
state Jhe reasons which would govern his
ypte. He j vvasfxine of those .: who waif
anxious that : the .lurtbef consid
; i wiu suouia nave been postponed; ;
Jntil the-bill;
have known what It was ? for it had un-1
dergpne so many aherations that tie : ton--tessed
he did'horjbibvVWhaW
fent containedif Bui the majority insist
jputi ijuutf voting- in tue ara, ana
;;btir,yoi.'"cold.nptib 'r.,C. had jibf been-cbcviflced tnat
BankS'ire;asetui;ititutioni
Always believed, tpat 4yf hen e
Mnder proper TeiliiiGosi IfrVcomio
jcia I country, they offer to men of snec
latton ja mean pfnc'easing thtit wValthf
wbich cannot be had without I theint
p1 -.Mvwjuwinaitf ais spcuia;
ifff- Vhejrtlfthks
fis impasible;tp;a
i. .w f. w.r..L i ao ,mv 5JKIUIC. III IJIIS COUn.
is wb rt humeri ;tiftejci ricrflsta n-y
jucs iuay i appear, ip orposSeSsedipias
much wealth as tKiirjtichfereighbbrsi
But, perhapsheVriad npEtalcett so in
than beneficial :'inatt'i6:Uk
--si a i iter iu lui 1CUS
tike somerhdiice pu the- bilf belbfe jt be'!
house.; : -&th:Hf
C Theost'prontirent-iearu
bin, and 'iO-.wnici:hehatfpbj
tfonleea
Jot; the redemption of the'pa pcf ( jnbney;
f? h 5 a hrnvi tnt$ i m sit A w al 1 r a 1, V.jrt il J
KA Kill tt.. :.,w -v-irf.-ri.."-
UUJCCl
uic iu insianjieo v was-io .pe, ; paia, ano-.
ne apprcnended niiconstitoents wouia r
suffer by the currency. fm their hands uir !
1 1 Was not o liiuch 56t thhobseta 'h-
r earv ne naa no dOopi,y in ywisneo io j
seeihe paper: currency destroyed. ' He if"
'gentle men ; ,-. histimplhcsiionbeW ' I if '
n,k.: v,Ko'mir.:r' Viii'is;' 'l' l?is
nv.. w. . muvi-vv.wiiV,'I;W
) h'e-'ctl'nuaiaik'H 'the!llink c hme''ri;:
i'Fhis made the i rbsibnif:ior e, jec
ionable ltd For i
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