Newspapers / The Weekly Raleigh Register … / Jan. 14, 1814, edition 1 / Page 1
Part of The Weekly Raleigh Register (Raleigh, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
. . 1 . -v, -t-v-,sv. Axiis : . u. , 1 . "- 9 . ' . . j. i j . , V: iNpM lr V : . " rfVi" ;i FRIDAYx f ANUARY 14. 1814.1 V r.' ' - '. . xf ' . 'Na.74 l.nr QUESTION. I n vKK QUESTION, J ,oaol if.. And hewopden ,0tJf , retpecttu- thf rights k. 4 that t.tK1"4"' . : J rr filth of the S'.tc f it ..thcrbv the acubfl810. F Ms 'u.l ihc faith ot thr btaw couw .iw, i -idof corporutiuos, led 1 KC T ..i- ,k-.r the? LetjLdaturc. or to aunur uu ni. l 1 I ' v. .1 riJ trmr. fcc d: rived mjsi of our ria-iples ! . r. 'd extract frofr IJ -k-iic's u .i OicotaTies. to sfiet? that 'ca- LssJ-aie'CAnnct bincl a -i'C-wtu.cg L-Cturt, and to prove thr vAiiciiirtv .f the LfkisUuve R e . Im h lhc tegir.ature cf laiO, t o-itx p op.tr to grtwt to a pjit 'toj ot ffiCi . enjtia privi-k-es c i:..vr nghv.f we tblok oro p. ,.i.itUmldc Hcjiok'edup-o-j :r. Kat.: a a gratuitous one ,for erf r pu poscf ; a does imt ir,v: c r:; inte dedf4his L-gi-N w.- a a rnht : annul i- Aeon n. v v;otiLr; woufil putUL in trx p.v.i . icLegis'atutc u sU this ccf.i. . F r, it one LegitUture h i : fci . . uur a c n?ract ot,the Rioi tr.flir..j kind, hicK'cannot be recti tu bv succeeding ijesture, y:u . it t.:- t owcr ot wicfding the l -zii he oau do intcrrit in c:rc: .i tnc I3snkf cor hut anv fc.u i. i.-. county j but if wc.perrrit w-. ..rn.c ot thi ktr.d to kave a fuot ic - wt uivc the Lt tabture a pow er V p.i air that wannot be rt pr: : Suj f or this khiaiu,. r.A3 it crcs ol land, and no xrrc tMU .c h'iJ by anuccerdin tcg .uc. ou!i thisibe submit :j? h w mid not. r sav tRt lac Ltri-UiuK-'can ias a la v which UK.t c d, i io itab the ii denies f t it pttjpic The people ivca riciii :o jwuticu lor h redrrss c&ricvpi cs ; atd if ibcy deem this b.xt a rr:r ai cc, haU tney not com. pLih r ... tv:t; u l'naftcr Lcgis- tr it r.hJrtcr . I.-, fcrrgumv rj i-kr, that a wr r i. . tac ppcr of pas- . i i nicr! u r.otitit bt!gto-. j rv on ..mcUt. ton-ail ' future ! k iew :t . ird nv left to im- e L 'J hty aie f 1 hat nc o cr Hrk ihi.ll be tkubihed bv any f-Jtue Lw of this State, duiing the B'.inuiict of ihe i.i;-rutirn hcr T citaud ; tor .winch"' the faith of ti-b, c hereby p'edged' He pu tended not to te.veiy well itd iu ahj.-ci of criticism. " But c pprihcLdrd ihrte wordr, in com uou pajlancx, must reljr to the ere-' tntl say ncw Backhand ha4 oo $Wuc to Banks in existence. ci sid he, to giv uptre d-."fc"--r;ghu cf this country ircm ulju. iuu:cD ul hci of thefLegiilatufc t Uwhiih goio auack thi ove 1 :i,aty cl the Country 'must,. at ieaet .'taj-rcsa urms. j r-cn, it vc have tht the power of a- wtnc ngais oi ;aoy corpora Hwatevrr, e cerutnlr hatr th 10 rcguhie them ; and the only STf-iT create colporatjons lor .W' J ad whenever thev 1 1 .. ... cue thu end. thv havr He tatnltted that wa haVd rjfcfot th richt to impair the oWieatibn of ccli' tticts, ' Butle would givilktVt nioQ or tm t ecu on ox tQeiccnsuty- tion of the United Stat le duinoj think the Iramera ofthat;jf:5trucicit had in fcr contracts hptvit eav t ms vereign power Jhd Inividu' j presumed, to baVe xid a.Statt1 shouM not do a thingWoUW have Jcen aij. ing the States were not spverjiigc," They had.ia riew contracts betvrrtn individujli.' They kner tfiut cpn- tra ts wou'd uke,placelietieeQ citN zrns of jdiflcrent Sutes,' had' iWsi caue had reference to aucM tl Mr. p. said it might he nicrsiary. to give his opinion of the coVact tn question. So far from iti,hiviige .i valuable contract- to ithc'St te, he 'h ught it had beefl a veryraurious ue. It was .doubuess decmdJberie- ticral t the time, but rt haH ,Wovfd! orheiwise. The State had nit ojjlf qivcn up the stock which she pekln thr funds of 'the U. States Jt-Jiie State Uanlrbut'she stipulated ihar no i.i shoutd'be laid upoo thi new Dank. So that gctittemen migrr ? cat the whole of their estates Ja thls Huuk, and thereby escape ta salvia -altogether, xcept the poll tax 'j And what has the State received from'. th'p lianlc ?' It has been two years' ani a h tit in pperation. At the end of the lHrt year after its operations a m nnenced, U divided 2 X2 per cent up on its captul,and it has made twolalf vcarly dividends' aintr of the same a mount, which has done little 'ravrc jihaa pay the f mr per rent, whicll the ; State had to pay upon her deferred payment. 4 ) Gendemen say the Hank has bttu prevented from raakio&u larger drvi dend, by the clog uh.ch. the paper currency has bren upca their in-it'lj tion. But they were not comf ellt by law to take up this currency til! the year 181 7 OwW to anW collision bctvt'ren the CanUs, hos- l 1 ' Bank, and will be as readily revived. j!: And if the B-nV has r ken up ihe cutrency, they bate . put thir own ! notes out in its steud nd he conn Idcred ibeHs verj trifling ro them, j rhev have a" right to issue upon itr; jwhzthcr it would be safe to do so, (he could not tell. But nhilc it was ; to circulation it was as valuable to ihe people as Bank notes. - - Op'the other hand look at the pro fits derived from the Newbemaod Cipe Fea"r Bauks. We have vested but a small tapital in thosr Banks, but thev produce 'us a-large profit. Besides we have taxed them, and thereby obtained a vonsideraWe reve nue from them. But when the Slate Bank was established, Capitalists from different pirts oi the State pla ced their funds W Baok stock in or der to avoid taxation. The act es tablishing that Bank is an act curtail. ever, tney nave cnoten to caxe iq in sen inai a. uum, iim a specie tap considerable part of it sooner. But alone cannot be carried oo in this in the part ot the State in which he'l State ; and ih the next breath, ask to lived? a ten shilling bill is worth jibe allowed trie privilege of conduct mil hat a dollar note of the State i-ing a bank of this description. I f I'ui'-r. i; ltl been intended ! ing the power of the L'-gulature aodJ i -t no v- JL .ditdle should lr- f therefore not biodin upon iC 1 ne rTM?e .. ;'.i bu.;rct, why not ex- l-egisiature writ n passed mat taw P n bk".j s ,m a:cthc words ousht to have known that it, was cot in it power to enter into such a sti pulation. So far from this law be ing binding, he hid no dolibtbut this legislature might rightfully pass a law to tax thi Bonk, as well aa any other ptoperty. ; Mr. P. said, that the biU before the h( use provides, tht in case the State 'Bank surrender Herj charter, the Ncwbern" and Cape Fear Banks will take up the p'per currency befoi-e the y ear' 1817, in the same manner as the Ststev Bank had agreed to do. We prbpote to! place these Bank's up orP the sam 'groupd With the Statt Bank. If they have taken up a' past of the currency already, it wasbe raur they ? found if their advanugc j rordo so. Ail the advantages deri !vab!e frbrn the State Bank will y I tear Banks, it the prcicnt bill shall pass and the difference in the stipula tions ;U very great. ' We have not said trtat anotner legislature snaunot. act upon this subject. We have not said another legislature shall not tax them' To say so, inftm opinion, was striking at the foundation of the prin ciples ol our government.- - j Mr P. aiked whether it w,oul4 be right tqletthe charters of the New oern and cape rear uancs expire. institutions which, bad been so uei fur and beneficial to the State. If said he, wc permit these Banks to go ojfwith'an increased capital, and tax1 them as we ought to do, we shall derive a revenue . from, them , of at Uasf220,CXX) a year, a dum greater than is produced by all the ton pro perty :n the State. K But it was said, too much Bankj ing 'Capital woud be injurious to the people. He dU a it think so. The more money brought into market the, more easily it would be obtained. No more of it would be put m cirr cuJation than was necessary. It was the business of the Banks to take cure how they let it go out, and they I might saMytiUstcd with the ma nagement ot their own concerns, j Mr. Irxdell viewed this question aa one of. the most important that could be brought before the Legisla ture -a question which is to decide whether this Legislature s. to be bound by its contracts, or whether it i above all Jaw human and divine. He acknowledged himself a small, stockholder in the. State Buk ; but said it wai perfectly immaterial to him iu that respect,whether the Bank continued in'opei atioo, or not. But he felt intereste'd for the honor of the State, and for. the interest of his con ntituents ; and fur these reasons, he would 4tatehia objections to the re port and bill before the house. ! , Before he entered upon the subject ihe would remark an inconsistency which appeared on tne lace or tnc Memorials and of the arguments used in support of them. They as ii . . .. ' i t WW.. 1 . W JL. . . M I We are told th?.t this offer proceeds from ihe disintercsied Patriotism of 1 V J . 8jbckholdcrs ofthe Newbcrn ind Cape Fca Uanks. He had belieyed that patriotism had little to do with die stocShoUers of Banks he had ciWcluded they were generally actu ated by 'considerations of interest a Ijne. , : i. , m : . . .. It had been stated already, and was well known in this-house, that, the legislature entered into a contract wtth.te stockholders of the State Bank id the year 1810 and confirmed it id the subsequfu year in the lol lowing word "that no-other Bank sh d. be establ'shcd by any future Jaw of tbis'State, during the, continuance of the Corporation thereby created, for which the faith of fhis State is pledged.". He considered this com pact s binding upon this' Legislature not 'lb act oh the subject before the house.' - It has been said it is not sp, ftcVue thV LcgisVatures bf 1810 and 181 1 twdf no right to bind succeeding legtiliturcs ; that the acu are there fore unconstitutional, add not bind ing. ' ! h! : i r The gentleman from- Anson, who spokfe last, had laicl doWn the brjoad position that oc-LegisIatuVe cannot e bound by a preceding one, and in- tca'd of adcjucing ajny proof of this from any of bur own institutions or Constitutioni, he gqes to Great-13ri- tain forrWbo'C' It is true that the doc- trine; which he had qute'd,"had een laid 'down by Blackstone ih reference: to' tnBsV?: M h's docttindocs riot hold gbod here. ThcvLf AslHure of 4luVSute arjdjof evcWdihef Swtc,Js bound by 'their C6dititufion ;;ttd;'c&-oM6rc; brekV cj nthtc tooce made J thab an : individuf! can. break his contract.. This principle has heeb decided in UllS ptatCi Ifc W OCtlUCU lUlCW uoa 4o' pur University ; ijrhep the State had attempted to take back from that Institution certain fands which it had before secured to it.-? The principle had .also been decided -over and overagain in the Supreme Court of the U. States., A - It had been said, that the clause in the Const) tution,of the. United States' in relation to the impairing of Icon tracts, does notpply to States be cause that instrument did not intend ;to affect their sovereignty, The ; juciges ot ine oupreme u;;urc nao pucj I 1 if.i. y r i j c , I j a uiuci cuwoii Uviiii 4Jiuu it. ; 11c believed it w,as intended particularly to apply to State Legislatures, as 'there was more dapger that a Legis j lature might pats such laws in thei: own behalf, and therefore jt was de- 1 cjared, u-th?t no Legislatures shall ipass any law to impair the obligations But the pledge of the State to t?e State Bank is said,;o be void-because it grants a monopoly. In the first ptace he contended it did not grant & monopoly A monopoly is where a privilege is granted to an Individual or a set of individuals, to carry on sqme trade or business, such as the British Last India Company. But the Cpnstituttpii itself to ikes the dis tio tion. TViwIAdoIv includes ex- elusive privilege Aitih.ctt 'may be an exclusive piviieg, and no mono poly. Exclusive privileges may be granted in cousiuenmpp of publtr In this lervicet. Members of Caogress, f Ssd' ffi uky, se iristance, h ve the priviltgeof frank ing letters ; but this is not a monopo ly. vThe Siaie Bink possesscs-a pri vdege. but not a monopcly. Wnat the business of the. State Bank ? (t is to discount Notes and purchase bills of exchange. Is this business confined to the State Bank ? Cer tainly not; every ;ndividual in tht community, who has the means, may discount Notes or purchase bills of exchange, as well as the State Bank, But the State Bank has exclusive pri vileges. They have them in their incorporated capacity solely; they are allowed the common privileges of incorporated companies. But it is said, that whtn the legis lature tnacted - that ' no other Bank shall be established," they did not mean to say the charters of Banks al ready established should not be exten ded. He agreed with the gentleman frqm 'Hillsborough, (Mr. Ruffin) who had so well explained this subject, that whenever the meajiiog of a law is ascertained by the taw itself, tH;t is the meaning which mu-tbe put uponi it. If the meaning of the parties to a contract a"t "the tims of making it can be ascertained j that is surety the true meaning. But take the words of the Jaw themselves no other nk; shall be established, Ucm" Butgentldmen say the renewal of these charters, is rrot j establishing another Bank. But sure. I ly it is the same thing, If they are ! not renewed, the Newbern and Cape ' . . . - rear li :nks will expire in tne year 1820; and therefore to sa? now they (shall exist for fifteen years after that period, is in effect to establish by law new Banks. This law will cot take effect till these charters expire. Sup pose the charters of these Banks had expired yesterday, if we say they shall still exist, and grant them a new charter, isit pot erecting them anew? It, must be so considered. . t The. tears of members-have been attempted to be excited by the great 6tress which has been laid upon the political influence- which- the State Bank would acquire. If hf could believe that it would have' such ip0u chce, had he an ; hundred times, the amount which he he'd, . he would ra ther throw the whole into the '4re than appear in ita support ; but h? could see' nb foundation for thia ap-. prehension. ; At present jthe' Sate, holai one-T utih o i-- power to sfev torsol thoL yt.-. it? Oirec'' 1 1 talof thVBa.k ; arJ :l1ic nun. ijirv.t!, aud i.-rji-ie aatikfe4 t ,v!f4 berofvotei wh'.,h ilv- Scale tlvt&u. -rMn oa:l? ?f , , tjp its' Acent i uiitc r re... rcr 1. . r 4 . - . ; 1 ,-i - iu, .:-.f.if,r,Ji- I the election j. u n o-s"- ia the:r caum, ni-irfiric; W'hii-tieti''4ir'-,; ; -ilJMil the Treasurer .is Directorex oHicid. ; Jf, sard Mr, I - thtWgislaturymake a contract Jis it not right that it should ; be bound by it ? ' -. y Does J itfnifjr.; j;; w hether a contract he mae .betwa public oodies or individuals ? jjThe ;i tegijlature is a body, a' ways in iv itence. (The mbmeot that one ,scl of members goes out of power, y; ther steps in. . If then, tr)e. last r Le gislature bound ' itself to pen'orm a ; certain acti this legisla'ure is ecual- ; , Iv bound,' .' He made this remark, be- ::. cause it had tveen said, that one; LeV gisUtiirc f ould jaot-bkd a succeeding: LegitUture. J ' -; s ' ,:f -; "r ' But admittipgthat theXegtslkturr-f! have' the power to rescind a contract j j -though he was as firmly tdnvioqed of 'the contrary as he eculd be convmed i oi any ining . auu uiuugn iiiiuuiuu 7? had been, con firmed by deisibps j of s the Supreme Court of th? State and of the U." State Admimng;triatait these decisions nad b?en em;heou- , ly made yet would v it b poljac j in v this Legisliture to teli the pecple througioUthc TJ. States, I the Leetslattlre of N'orth- tht we, Carolina, though tve may make contacts, wbt' firm 1 11111 rivr ?v& ill im iv Lit wr ii:inriii...:' . aside at . pleasure" Beciruse whve c.si;dv:;;-? i; no superiors on Eahh, or above &ji mf Larth bet ause we are complete. . ' sovereign, snail we teirtnereopieApYV " ' m . 1 T I - . . J. '-: wm not ce oouua oy our conira ii.xra.cwc. In this season of War, :nd L, Cj." IJ AT- T I. to look for supplies for the p'ot "th the Ma'i tion of our sea. coast, arid for the pipe Cotton chafing of munitUii of' war? only resource is Loans. And upon , what foundation, are these to be ob tained ? What7 but the fih of the Siato 1 WhW then, will you tell the world that you consider your faith ay nothimbut a stray IwiiUh y$u , caj breaktileasUre ? This is not, the way .e3tahlish'.ptir crdjivf Con gress were to adopt a course like: this, what would become; of the; general Government, and how couldive, sup port the; present, or any fujUrcr War i Taxes cannot be'fronfarery.icollect i lecied. IToans niust ' alwaysj be re- forced to m tne nrswnstance, ana tne faith of the Uuitedicatcs: is pledged ; j for their pa) ment yThb the only J security the moneylender hasraml it j is deemed suiKaent. But if a doc- trine like the present, is td be;b'oach jed, all confidence in Ocvejrn men j would vanish. Nothing ought! to be UielJ more sacred. trTan pubni'C x faiths 11 suouiuoc; pure v& a virgin, Sr uuuour For his part, hchould never wish to livedo any. Country where; the Le gislature shall declare the mseivea at liberty to observe br break thcir.con trarts at pleasure! '. t " ";' . , Mr. I. concluded by saying lhat I he hoped that te . dccisioraj 4 4his questtbn would noHje , innut:ncecs i by passion or prejudice ; but that, :gen tie men would seriously and L soberly detcrfiitne whetherHhe yaih f the State shall be preserved inviolate or whether it is i. worth nbthing A an individoal, he would perform his con tract, whether the law bpnnd hint, to do ao br not; and as ajmmbeij of the Legislature, he j would! po say pe waa less bound to pcriorm -a con tract entered into on behalf of ' th$ State; . ; ' i ; ,'' Debate to be continued I JOSEPH ROo? 1 W1L.L sell that part cf his lot on fi .t viUe Street, novir occusaediby A etU 4 4 sr Fuller, Mason, Atkmson,lttckrs, ax ftliilcs, r fflWnit. an iodtfcemeat to " thoe who w'qiw? ;v.. " Vmi?3f3f ' ''ni ""i . nm " ; i, ?.'."; 'il , uLiyi ;i ic; C i, V kfli'ti Jf dial tf XV Jbff tlp,nit he uas:&aslilie ntus awl lot tn ilie lown cf Hiilta-jro', hu?3yf ?cct Md if : iIeitfyi$fco9iptoQi Esqi si Hie mam sXieet-oet weeKidgfSa ta rvtra iu,o4 see hiiMfea&;&irifV$$ Dill 'V t.j j via:- - " Mr: '4 1..'' 'k 4 1 11 mm, 'ii. n 1 I iv Mm I W WW n "'.file J i.iv ftp i iff .. "Lit uff fW- fu . im 4 mh it i ; fe- ' If mm V. -!.... i.'. ISvf'i Pi ' jr- '.!( rftM-'i.' . i .1 r . . - 5 v' i y. , -. !. - ! i . ... M1
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 14, 1814, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75