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L . - r . w. 1 .... - - - . ... - i , v 1 f-v v- , , - li - ; ?it Oari?tHpItifrlrJtllfhtfil?eceJ'(t . .. , - J.rp'4ky prty rtre. to I Brother, 1 fS? - VV- . ' -; 4 . r:; . t!" v;;: FRI D AY. tXnUARY. 7. 1814.: , V 1 ,A - tiVrf fin ' ... , k w. - 15i i i f. vT: DE13A1 On-'Mf Address to h.MBLY. J? President rCondudeti.1 j After .ionic "recraiL; frbm Mr. 3d frcm Mr. Murphflr'tgwost it ,b5 notes tsken 01 wiiii Dyc uu ihiaV.) the question w9Uukeii and hc pcsiKMent carncho to 29. Mr. Uark :ben prcstted an Art Jress copied mostly frcn the one ,w;rh had been pottponeiowittiog i-e objecuooable parts, aM adding a j i scotcrces decbvmg jtachment it, sc. ; r, Not. 29. . . 1 . '!t- wnich paceen mo CbrW , at the thse of the read ; when nr. n'ovcd.to aii-nd striking out thri hole u oids Jatfcs 3 adtsrr, .ttirg err vrhuf c red Hth at tb- sai ..e 'oc . . t d tor attention tiVh c oi our aes-bcPtj?,. woVtiutc -,,H'" -aUcxpressiots -riect iseit Aominlitrattou-ifthe Cr. -rt. ard or approbatn 0f .V". 'Murphi-T ecquireti oVxhe .' r. if itwoiiUl be t ordftjt0 rnendment (o the amtM ; p: i -n?oWd7aod -bring ansfer - y & -flirmattve, after some re ' i the point of qrder, he rrlv- rh'rh urn. U j-i-r-s finally agreed to.) In; t ibi amendment, the mour i. had been the frtit of. a crlj . n tsc between himseif and frieiJiB gtntleman from EdgecdnV . friends and he! hoped thiV at it would be tmanimously1.. ret J to. ' , j ' ' " M. Branch and Mr. Holmes dr 1 t j r aving hadimv tlxirro,do witk .promise? tvhith hadbecn a-. r J, 2hd refused to be bound -.t. CUtke crt firmed what had r-t hi byAlri IVlurpheyf spt'iDg t -t had been induced to make i iDreasions, fr.i ihr sake 'of u- though he ac'lcnowtedged he t. altogrthei phased with thr i rr. in iti preytr.t form, but nte for it. He (i'd not wish i edt men with Whcm he had y agreed on ?His question to ' .lerwise than as tb ir judg- rccd them. jHidesire was ' err v. creat unaniSiitv as pos- thc 'dccUioni of this qtio- the r. Af iu a ftw Vemaiks from .Ir. (ivnr ol the amendment to ' t - dire it, the qufsiion was ta ' .:r cnriied by j eas and nays as ' 1 likinsoo, Arnbld. Biton, Bcp r. ie. amrr, CUrk )dwcll Debcrry, t, F.rrn, kocT,fDy,Gil! kjiic. Gar "Tiproii, llimori? Juhnon, Jonr, Mr .V!irhcv, Nanrri0ea. Parker. 1-nvUnd, U.'SiSderson K. Smith, j 'iJrd, Mde-.ttTrrt;J Smith, V. ii , J . ilium., R. Wil- Lt.tlUIUrd.'DrmrfcJ)," K 4 jr.ttiu4' .vtr arIitiHl, More, - iuas! .'&ndtion, . Williams. . rnr.i.AQUpSTio.v. . f Ccrjmvn$Fncftyt December 10. cf iiie committee to wborn hid - r urrei the MemnaUcf the Stock oit.e Lar.kofewbcrnandCpe - ng lor it;xteiioiLol tlaircbar-. ! aptik, l;aiDj; Wen read, and a i mjing u.e prayer ot the Aleniori atoeatct: j. -. 'ins ha vim? been a-mrm- "f ttntmiitccjyfho'maoe this JTid having diffcVed in Opi a majority of thifse who 0 with hin., wished to offer his v-ss (or,thU difleVoaei atd fo rpvsc of bringing thi 'tbjet1 U"e house, hr iLmlcJ move that : ' t be Indefinite piistponed. 'r these reyenrts, he should ia' of what'his 'optnious would; -'n, had he ba.antipportunh) 1 uccaujc nc must con iss tnai nej view-. in a umueu ume, us .vame , is aiso cu .tneestaDiisnment oi an larxre mo- neany equal to mat oi(.oanic -imoks oieu mstitutHiOs; wim rtprertension, as to the effect they migrjt hayc tibon oiirv political institutions, especiallyi where they bad nb n?aL' , He bcffcVd I j to 'be understood, tmreforf, as'r: ptcaaiog no opinion as to ine propri ty of passing the law establishing th State Bank. 'Bcior sent 1t tha xious.e to act upon such - matters as should come before1 the Lerflature, he wt)ulcf take the libertvofrpress ing his opinion upon the subfect, now before them ; and this opinicp would be perfectly ; disinterested, as he had no interest in any of the Oanka,' He was moved only by the good tifhis country, which ought; alorw to influ ence every member in his-yotes, on this floor, . Mr. H. said, he was opposed to a concurrence in this Report, because of the. injurious consequences which thr passing of a bil like the present would in his apprehens'uiu produce on he community; for it that, case, t-.ere can be no doubt but the couo rry wotild be again deldjed Lwith the lagged paper currency cf the State Mr. R. gave a short history of this paper currency. In the years 1 785 and 1 785 said he, it became ne cessary! to issue this taper money on the faith of the Stue without any t otner lounaatton tor its payments To make same provision, however, for redeeming this pledgr ofthe State, the act of 1785, proposed that a Ux of sixpence shoultl be la d oh 'every 100 acres of land in th:n Stjite, and ttther ta sables in j?ropcrtioQ, which should form a sinking fund, for the discharge of this debt. t?ut some years afterwards, the necessities Mi the State led the Legislature to mke use of this fund for. o:Ur purposes. I he debt still existed, nd the duty of refunding it remains f as sacred as ever. But, as might lave betn ex pected, this paper moo depreciated in value, as all paper ncney certainly wi!l do, which is nor redeemable od demand wiih specie. Il is a facti known to even one tlm the State has ipaineJ 25 per cent by th'dtrprecia Oon. Fit tht paper wriich.w issued it 3 shiiiings to tho d liar, fs now to (betaken dp by'the StitbiStpk at the irate of 10. InJted, uofclfihe law je&rablishfnK the Stite JJimk wis bis3ed,this currcocylaocK the New born & Cape Fear Bankljofes, which v4ere icdentified with thtrcurrenfy, xsnnbeing prtstnted to the I3;inks fo payment, dicy wU paid in; it,: wjU still further depretiating. Every rnab who had money to ' pay 'our, of (his State was fubjectto a heavy loss torn this deprenatioD, and the repii- kation of the $tate luflcred Rr'ttly froto thu disreputable paper meditim. Jc Sides OnrDanrr enrrenev heina m r . " . w r- .hui depreciated, it sunk the yalue of i very vman 'a, property in the Stats to ie amount 'flf the tk&ieciatipb'::for ail' articles .of men.hVndize -'were Sm ed just 0 mucH more 'tfiTan our Ainrv wa.s worth lel; tfkn trVnnrnt. nifAiiue. ; I 5; In order jS raise our fallea credit, it became necessary trthe State to adlpt some' plan for rf daeming their paler money, and accordingly passed thdiict lor redeeminj its currcciy. and for the establiahroeht of a Srte Balk. . What has bn.Hhc ip&se queVice ? . Haa it nntUirl-cfiVr'. (lit M die Sute and' oloui" curtency C. 1 iL. i r " m u And all' this has. been effected by means of the State Bank, yhi9h is now attemptea to dc sugmauzeu ana . . Mr. R. came now', to that part of the i subject, in whic ; it .would ap-1 pear what services the State Bank en gaged on her t part tofdo,'and what" the State in consideration of these servicespdged herself to perform; neita. laooring unoer a aeoi qt t least &300000'to her citizensja- ree with the State Bank that if jthe. tockholdera of that iBank will re- (Lemi this debt for the -State, they slalf have oorivals in the Banking Business after the charters of the prt sett local Banks . shall expired The stilujkqon is in these I words : 'u That noWther fBank shall be established byiny future law of this Stated dur ing the continuance' of the corpora tionpercbv created, for which faithloi this State is hereby pfetlged 'Mi. R thought the question be fore he house would depenfd sdlely on tht acts of 1810 and 1811 estab iishinil' the State Bank. If it shall appesjAhat the stipulation above cjuo ted.wai intended to include the case now j under consideration, this uLe gislaturi surely cannot grant the prayer ol the petitioners. I That il was nhe iniention of th le gislature in granting, this charter. to redeem trie paper currency, there can be no doubt. I.avs, he said, ought'to by construed according to the rciult of the construction. It is said, we ar not at liberty to create a new cTirrter but that tye may extend those already in existence. He would compart: what he considered to be the intention of tie Legislature with this construction. " J . It was doubtless .the intention of the Legislature that the State Bank should have rio rival: I The Bank was estabftshed in 1810 with a.eapi-! tal of 1,600.00Q dollars. The jnext j y ear tit w 33 discovered that all the; ktoclt "vas not subscribed for, yer an- ; other law wis passed i enforcing the State?s doubtful claimtb ftllldividrndv conduct I :-:Itli?reoiriB m dei thenr?e! velisdissQlvetrjo veryobtiotiarXTe ;theywiU:comi(mH beuy-topr receiw dividend 6n iw Otipaid stoct.-' Vt ' M CI But sUppose iftftto Wjftpu nolve its concerns hecTncw , notonVy'bet-puiS 3 our- citizens ; to -perform" jtheir ! cdn tracts,' and 'ourselves refuse'toxioro ply, witrj : our own I Shall theTaltn of the' State be' considered as nothing f Shall it be, a - Gartnacenianfaith 2 a Faith which ' may be crushcdlike an eggshell;-'', --i'; , .; --y. Mr. R. was ' thrhore induceds to believe that his cbhstructioh f ihis part of the' act was; correct v from thi circumstantei ' The Act for; iacprno rating the State BankVwhicb enacts that no othr:Bank ,shall berestablish ed during the cohtiuuancc bfits char-, ter, carries atl exposition ori the fae of it"? for It provides' thelm'artoer :in ! which the ewhern and CapeFear Bank may become deiunct by be coming Rank id the any part uaving a sernnrl ltur n cam openioc: the sub3crintion.to the :1 lution-jor ine-o.iace u vaic, State Bank in the year v he a their j charters expire. K t rf V The provision in the att jof ineor. : poration prohi!.ting the establish-; ment of any. other Bank .during the ducement to men of capital to cofhe .as: pppoisedjto th forward and subscribe their meneyforil another grounds lwouWhrow a v 3 mucn oistressi fpo tvepaue. rom tnei iig&sasrt-1 - 1 h w owners of Stock m lheStte-i1 WSrmtt? tiwmKJmW$!m t M amodnt otihe Wfolff':or ! mt -of any'tberv ccepttu, ot tnis-ouejy m tne if " uppvr m t" - T JTT ' 'I , 7" . , . . . K " t . " . "T. . . . 'iJr'iu'.'"''.!'' 1JJI J.li .'..'''.'I or ovis ion -ffd5?-ft-r " 'i lSlhf.Vnan'd ? CnsFearBankS ihaft- :'l?Sinli''' take y may again into 'cirj. 3 1 rj'but ftcr. that period,; it ; tgSSiX: S ifct If 'DC-expecteu enqy ; wm mrpw ic . fc;. yil-?f than been H. tsublishtnc .iuc 10 siacc m-wnjch U was invoiiea l Arid has ttnbt by piin the vilue of our paper; medium, terij per clnajso raised thi value of nro.' Ipertyi of every kind wihiiVtheJ State1 luper ceni 11 etriaiiiyfis- ; , But itmav be said, ttat t lw efiecti JiaVe not been' produced' vby. the State BHnk alone ihat the notes 1 of all the BanTs arenowcqtial in crc rdi'u But Koir, said he:has this harv jpeoecl ff because the Sbte ankhas , forced the "piper currenc ,but of the' faults p( the' local. Banks, add obliged jthem tb pay '"specie 'for( iKcJr notes when presented, r An j 'heState iiaua furiug cnwKcu wrciieeni me mjwhtn th -law w hole of the old paper ciTeocy.iYith. hall oda State Bank ill , ' H .-"T V;: ; rJl :,f i :.-... "' t -- - on g250v000, though more 163,000 of the stockrhad not paid lor, 2$ insisting upon the Bank's rcueemtng ine wnoie oi cne paper currency within five!! years so -that the State rendered nearly one halt of .the capitafof the Bank, which con- Isists of little more than a million of dollars.mer.ely nominal, & a'l that n asi aone on tne part ot me otate in re tUrnwas addirig five'years to the! char ter, and making a new pledge that no rival should be established: -nor any tar be laid upon it.' Canfit be ; suppuseu mat sucn a oans snourj oe i Constituted jelo dt se?i Such si con 1 structi on would be against common j "" .'ml mi. I ien3e, ct-such would be the construe tion contended for by thoe w!io argue that though it was intended to prohibit the erection of a new Bank', yet there; was oothiog'in the charter to prevent the extension-of; thejcli-tr-ters and.Cpttals ot theold;one : be .capse this , would be , producing the same thing! which jiyas guarded a painst in a side wind . waVy t : And i f all the bad consequcpCes intended to be guarded against by th.e prohibiting proyisiob wbuld arise . from the pro posed .invasion of the charter ;!jandif the, views iof the j Legislature : nd Stockholders would bcuhereoy dc feared, the lair conclusion is, hthat no such.constriictioa can be given to the -l Having ascertained what are the stipulations of thef law, we j come next" to epqdire what, obligation this legislature 'lies unci er to' carry .the rh into effect. He would not doubt that Any- member would- Lesitite1 about carrying "into ; effect any stipulations fairly" made., by' aj preceding Legis : ature. contrary , cbnductj wpujet bej in hz highest (degree degrading. vVhat 1, shall it. be iaidrthat theflle cilature ofi Stater the fountain of lanor, is less honest, ahd honorable .. - .; . ?. ' ji t-" io us dealings man an : maivmuait Mm . ' i-. '." ' -..if.' ; : 'I .' . J : 5. hall we. saiahe. mate, laws to bind: j the stock. And this inducement was confirmed by theact blUe, following year. . : But it is said, the Legislature is not bound by this contract, because it is not inexpicss terms. -This reason ing, Mr. R. trusted would not sdc cced in this ho3e. We 'providethat, individu U shall be bound by impli cationiin their contracts, as' strongly as by express terms ; but' the Legis lature shall not be thus bound. Hn contended, ttan, that if the Legisla ture be not hound in express terras (which he held they were)! they are bound by implication, which is as strong as any other tie, "l ' Much; has' hern said about the po litical influcnr r which this State Bank has and will acquire He paid but little respect tp-these representations as they cone fi-nm a njentleman deeply intcrtsted in ope ol thepriyatesBariks (Mr. Sunly, from Newbern.) He knew there had been ho goodwill be 'tween the .State Bank and' the local ihislkinoTorctrcuiaiiibg me diumk;' . tth-'il would be recollected, that some years 'r T ' Banks -put coo" mdhy Iof their-; Notes GWmt'''-l into cir colaunn, and the consequence : wa a denreciation of themi and: this w;ild be; the .cas again. ! -'. - We have already .a'tiufficient Bank-mmm$m. inn: Capital for thic State';, and ;s'ure-.-itV. fV; ;. ! ty the Legislature will not ':9dthotise;;SSfe j the adding of ,3,20030 dollars mot Mfv ! which, to be prdfitablemuibeapu-J, U; :l Diet' pr ircuitu iu Jluu&. hu;c - u A gentlemen say to beput down, i:.l AVlst- thm .will hthiiir'w tllilt UIWIII ' T M'1V j :vi-V',! .!. 5 i kl'rtk. Mit'K4ril rtiljiiftif ?.t ...K-irJ'i if.M-Bi i :- .,"1 tiun f l Their'es&blisbmetft De supporteo.- - ., - ; ; iMir:vf;.V'- 9 ' torwarq at ,nisiuaie fsmmm ; m B.nk. Sortie of the acts ofboth, he ; had no doubt, had h?en improper. ii ma!c tie trusted, however, that the vote 1 .tri of gentJemen wou'd not be influVncvdj by any remark s of thi s kind, as the ! State had. a security, from its control1 coni charters have yet seven yenrs to Whv do; they: come ibrw3rd at;a pe nod S'.'--:..;-.-'.'- ,P l - '! in the mun-gement of the institute :-hV, by means ot its 'votrs in theeJeiticai ot Directors,which would prevent any abuse ot this kind. He; hoped that if members were 'convinced that hthe Legislature Had entered into a solemn contract with the Stockholders of this Bank, not to act in theway proposed, they y wo uld li r mly ' resist any tc rp p ta tion' which may be held out to induce them to a departure from their duty More especially when by doing so, we should again throw the paper .cur rency afloat aud lose ' the great inter - 4, whea- they' -state riiie ,cm . .,- : by B,nks I, WM.m ; mmm , eir t natter; are aoouc coexpirc j .-v?:" : V ' Kt:if'.Banlrw3s ;before ui)etor?:v;: ' iiV'r W we had tied onr bands r - j l-lrXt by agauist mono stated frbm one , commori one or siness of a Bank, said hei monev. and that rinrtt any, man j r.- - . li v. i has money may exerciscf fr.s. i a Iter the !B-onlt is establtshiT jfoVe. : -. ':;'f--:";r":' I rbateteebntlnuei rMr."''lnclaedlm.;oB -shewing that, the ' ohjcciibry; Wi ' ..;;v this contract," as cpn ic rr ,R.a- j: IB . t- poly,. er4 ucroundtd. ac a;, monopoly to b,':thewt3ki' ; ; set'Otimenianghtbicnsfe , . and general and giymg ?tM4 ' two exctusively,;,:dt the-.bu ?mmMiM Cft which we hold in the State Bank, ; - : T r which will, ere long, produce a hand-1 j NOTICE, somereveivv.';!.ltc- V X V! Tt , U i is not the 1 the c burse, will have n ; the Legist: becdine a i to violate j manwoulti He had l cy would ( l3t6n. ' F. State Ban' draw divif: iheyjhave" -weight on1 currency, U6t .it i tha- with burp ?: thern 'bou Legr$iatin ther less' vaults. '.Siippos' r The C iTi3 ri tip 'ii T.i?l, 1 1 . "; - ; k v v ' - . ):U . " Ui : Xfe.k;ci M'iM U3'i 1;- --'i Mi-i -' ; - -V Hif-i -fi'- ' : .-'-;IS.; ii i,. :o sr'j- ii"; ! ,i;;.,y ; !Mppfj , ,. ov ,v. -.f,. - V- rau tor njUr :y jmmp f ' , X) 000 iu t:ti ! ' KiV'.f ':.)iur - Xwf'tlfltMIh1' ' :M; -'! f' ' hifT-aiatv. c.'! ; V ;r;. ..rVy v, j .vii Jej-v V.: ;?' ;Vq Jt'fsc tf.- :om.' : ", r lit" 'at r'cf-- " 'aL.F . Huract.yet hoi- Ve':tA? i fr !U.;rVp.s'rybiie?i ienBank-:,cVr: ,-.;-.r u fcfc -v.. --f-; .H.nts i.r?t 'k '" ! T ! us-. ' 4f r'.'iViture 'slsouiu to. violate' Us..r fa be nrevaui traci'aiid .'' itjte Ha:1: should not i i rgiyp tti ;'-u.:qcss,- what will he ioj j 4V.' i Oct-' 4: 1 -1. i i .1 r'- ' . . . . - i -. ,- r f-l. . I.
The Weekly Raleigh Register (Raleigh, N.C.)
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Jan. 7, 1814, edition 1
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