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... -I :v, . k'. 5 Vol .XV Vr- -JRA. .l'1y- Sec: badbtfen brought to icy tofc jealousy i Sirica azu-k .--.-- v f thWr chMTi?r and fcr in -x . v cs?J j r.T,ir ilmks hid trcat- . i c..,. ftanlr. and thOSC Who lac viw- - tith thit respect to huh he consi-ji iazd them ecutwa. . ; - ; tf he "in ihe rowsr u Lcgu- i ' ii uccas; tf ihey cai overitep the .cf the tUrtcl crinieu lo.ioc Sate Uick ; if thercjbc a majority of , lieLegtthwre dctcrpuceap gratny j; ic piunooti rs, crrc application Ji have besn suSctent-' without 'iswbingthe ccadHCtoJ 7 the Dtrec ti oftneSute B-n)c j V a v was ;t ottcsioy to appeal to Cc prcjaJiiCS of gentlemen jby calling tu iiicfiuoa to tnc nouse t.t present .. t t u fccuuxff ir L".C U3C 01 uic cow, City ovtrsnaootra tocatdtc j Ilxse ; or rhy w 'it necessary to j. toundsrnine aod destroy the liber nrs ctihe People 6f this State ? i Cccli it be .with a View ofT cjbtaihing j icorrenoeci&ioaoq mis susject9uui( "t f -t T L .1 this Irutuaiion was charged with ha- riiT thcged the pbl;.tiC4L complea- ico'cfibe ccunty of; Wkei Cuuld it be for this, that uSe gentii man frqm Xcahera called upn the iHouse, in tcfticoce to the management of the Sa:c Biak. to sec the extraordinary itot the L.100 and iho LamQ l h down toccther i' What was the tto'caof rcotlcmef in thus treating a sutjctt roust U;roDvious to every etc If, indeed, this lastitutlon his pro- iucguo.Hn ihcjvtoicaiC ot party jpirit, it h-A tertwinly been produ;-1 tic of much coodiin this respect Bat cocridc ring; all this as foreign U the &uOjt.cK, aud as net calculated uhave auv cfieel uooa the sober jdcenc of thef Lrgiilaiurc, he louid ltvc it, and pass to the sub jet btforc the house. J Tie reasons w tuch led to the cs tUUhment ofthc itate Bank ought u be dirincdy understood ; and if tit pre j mole of the law itself be read, e grouocl of its establishment is toert stated. It is expressly said to for the redemption 'of ihe -paper cuxTcacy tbt currency which the had entiitcd in a Atasso of ex staie prtsauie, alter the example ol several of her s:sier Stated at the close of the UcvolutK-vtaxy stiugglon the 'Vnhofthc Siitr. Whit provision, Mr.C. ei4quirrdj was inade for the rdcmp;icn o. ir.ese hills; Tum to &t acts cf 17d3 ind 17 $5 and it will louad tiut the State pledge , itself .K-tfom-out paper cujicu. 5-' til AnM hwe ? A,, in mkibe this application r .u. taic CuccU mis wcoueriui eni, recon ciling frV.eriiists sod lesTvOCTitsy by meltiM i!oa thcKioleoie of party JiUKii.-uaa UxfshAil be Uia -ijjjl y unui th'vhiU f theKcb'lls "! Lc redev-midr .Yet.tiotn the 17aj t-j itic prcarni timctne coV v.Vivn of thii tax has been suspended.' liuv auenipts vvprc mudc lromtime iotinr.e to have this sirciog fund 'tax forced; but they lwats proved !r:.vCi ' !' ' . At length, in the year 8 to, abw ! tscd tor redeemmg 'the Paper unenryef the State,) by the estab 'licatof a Bauk ucder the name r tnc State Ifenk'of rforth-Carolina. 'as the p&age oftrusljw solicited a- poiticn of the ptopleof the Su e it wa4 Qot. The act was pad holdmg out cefuin conditions f .c people on whitih to subscribe i trr stoct ot Uic St j;e Bank. Aod s-n ad mioudl indjecment to suS !' ' I ticriBcri, the U th section 7,qf th act pro id ct that lib other :Bank shall j bt cstaWihcil 6f any. fatiif e fcKir of Lthii Staic,yluring the continuance of tne torpor iuon,nertDr creaiea, ior whichTthe hlih of tlic SUte is nlfdg; ed." Under this assurance, a miin be.rjpf persons came foYtvard Cb'ajiiU te State jn accomplishing the object uhich thev had in view in passing, the act; ' l;5icultics T erey however, in thc way ox every side. The pa pcts were filled wiih anonymous wri ting against the proposed Institution ; the idea of withdraw tog' the paper currency Ftom circulation, and substi tuting in its place Bank Note which would always command specie, was deemed si together visionary and im practicai)!e 'These writings Iptl the efTcct to intimidate many i:o that part of the stock on' was aubscibed. The act reserved 25. 000 hhres for me use, cl the Suiet to bc.ub' cribed for as sne couiu mate it cpnvcuicnv to pay for them, i'iic Treaiurerin- ! sisted that this prorision meant that j the State should have the whole of . : .' . . these shares t once, and receive full 3W to pv tor about OOOO only. ! Thve difiiculties led to a revision of i the law in the fo!l viogJyea' J Acconlnr;ly during, the ,rssion of I 1811,thr Directors the State Bank wtrc invited to meet cfmrnitieAot j the Legislature to ensidtr this sub ject. Mr. C. here read the resolu tion introduced into the Senate for the purpose of effecting this Object. Here, said Mr. C. was an icv 'na tion from the L-gislaturetothe Bank to appoint a cotrvmmittce to settle ll differences aod cooc!u.-ie such term- as might be deemed fair and honoa b!e. Aod is it ool strange that gen tlemen should now deny the pow er of the Legislature to make a con tract, while they are petitioning tacm to make a contract in their favour. Had not the thr legislature of 1810 and 1811 et;ual power with the Le gislature ofthc present day ? This" committee being appointed In the Banl, they several times met the committee ofthc Legislature; and having at length come to an a greement, each cummktec submitcd the result to their constituents, and the sgreemcn; was fin ally pjssed into abw . The gentle-man from Ncwbern (Mr. Stfly) had said that he was authorised by a Republican Member of the Legislature, to state that it was proposed by the Stite Baukcommittee to expressly prohibit the renewal of the charters, ol the Newbero and Cape Fear Umks, but that it had been refused. Mr. C. said he was a mem ber of the Bank committee, and he very well remembered that particular strets was laid by the committee, of the Legislature upon the advantages which would be eojoved ,y the St tte Bank from having the exclusive pri vilege of the Banking Business alter the year 1820, and that no such pro position was made by the committee on the part of the Bank, because no one thought it necessary. his coropr6mie between the Le gislature and the Bink being, adjust ed & a law passed conformably to it, the subscription-books were- again o pened and a number1 of additional shares were disposed of. The terms of this compomise were, that ffie Bank should not pay the. State fall dividend oo the 2ix000 shares rer Served for her use, but that she should allow ao interest of 4 per cent on her deferred pay mcntVand that the char ter of the Bank should Ue extended to, the year lSSSunderthc same pledge that po th'er Bant should be established by any -future Jaw, during that period. ' i ' . i ; , Here, said Mr. C. xc again Mud the Legislature calling upuo the peo ple to cornc. forward ard subscribe their money i and iu full confidence that the State ould prescrvav her faJtb inviolate they came forward and subscribed ooe million to the capital ,oi tne oaus, wiiii wmiM i wcui inw operatioa, and though from the dit advaatagea wbick 'it hat had to en- to its ttockholdwli they hafe -never WfiitiVAW:-;- ?.!lffl?SJMgfii! -But the dctkoWersor thl jfai Banditerwche if? 1 till the year 1835 Let it beremem-' nereU, id Mr. C. that 'tho persons wKo obtained' charters for trie Bv4nkt pftNewberof and Cape Fear jr xtik Vear 1804 obtained ti:arrei blanche upou their own terms. .The Sate it is true, had t he privilege of iiaking ax few shares, aod their charteS4vecto continue till the Tear. 1820. , In the j year l07v the State according! be I came intereated to the amount , of i 25,000 dollars, upon the capital stock lor these binks. ;;- r " ' j' W hat was the state of things when the cjia.tera of ' these Batiks were granted: The paper currency' was I freely receive a 'and' pasied without j depreciation. Were these .Banks Authorised to recLpve tt in payment for their stok i Y they Wete. to receive gold and silver ,on!y , The Legislature did ; not. intend to 'per-j pctuate the old currency :of the Statev it was their intention to; redeem it;- They expected from-these banks a ppScr of ; betteV, credit. But what happened in relation to this currency t , in a very short time! these Btaks got a large portion of it into their v..ults, and used it as a shield wiih which to preserve their specie, by of fering it in payment for their notes whenever they were, presented for p imnt. So that we had a three foil increase of our paper money, for their notes were identified with the currency. ' This increase of the pa per currency, as was natural (specie not being to be had for it) produced a depreciation of it, and this depre ciation, though disreputable to the State, subserved thc interest of the Banks. This depreciation. . was se verelyiclt by the citizens of Hthis State, especially by that part' of them who had dealings id other States. 1 he Legislature felt the injurious effects produced by the depreciated state of our circulating medium, and deter mincdv upon the establishment of a Bank with a specie capital, by t mean of which the tate might get clear ot this depreciated medium, after the exampleof her sister btates, who had all long since called in and destroyed this 4t i nd of paper. In South Caro- linaja bonfire had been made of 4t4J over wmcn ail tne citizens ox mat State rejoiced. But the Managers of the Ncwbern j and Cape rear Banks were opposed to the redemption of this paner. They wished it still to circulate 7 not for the benefit, of the State, ibut for their own benefit. But the State Bank having engaged to redeem it within a limited time, determined to prevent the local Banks from any longer using it as a shield. They therefore received it from them in payment for their notes until they got the whole from their vaults, and by this means brought them td the ne cessity of paying- their notes in spe cie wben called upon. And this has been charged upon the' State Bank as hostility to these Banks, though it was h6 more thfu self-defence ; for before, this ,was done, the State Bank hac to furnish all the specie that wan wanted, while the local Banks ecurVd themselves by tenderiug yapef tur. rtncy . ' , But if is now; complained Jigiinst the State. Bank hat thev willjnot re ceive the cofrency which these 6-nks hvehow do hand: The tate;Ban.k having bnce eroptiedhcir vaults of the cqrfvbc,& mpeliedthem to-be come Specie, Banksf thcir?6bjects was attained. Atreaty w entered into by the several Pan Q wiich it was agreeil that" every thing like hostility should cease. I Though the gentleman from-Newbemsavs it was not a treaty of amitv but merely a kind of , truce to enable each joXcarryn the war mare successfully to futorei;VyVhat ever mayhavebeeu the views pf that gentleman and his firiendsin form ing'this treaty, he could assure the .tegenianjiahf itil ) 6ut looking at :'th acts estMHshing theses local Bankstit willbe1 percei Wd that thd Lecislaitire at sdmc future Wav, contemplated the establishment; fo(a State Bank, as a mar iits4 vereignty for when they cnartereci these Banks, they expres&lf IflpuiMe that they shall have no pfefercncej tp ayStat Bank, Audi mvthe act-of 1810, establishing the StateBap a provision is made for persons holding stock in these Banks to bea aie stock, holders in the State t Bank. But hp ; they were iiipossession of a mpnoply they-had filled the State, from the Mountains to the Oceah, with their Notes aod Diie Bills They werenot disposed to meet the offer made tot them they laughed the provision to scorn. The common report was, that the 'gentlemen concerned, in -these Banks said, there were.neither mo ney nor talents in theState (out of their Insututions). equal to the estab lishment and mahagement of auch a Bank as was proposed. ' At all e- vents, the oner was not accepted. They were unwtlhng to become pat t ners in the .State Bank j . but on the contrary threw every difficulty in, the I way of its establishment ' ' mm. " '4 . f '-V.- ' C'- put now tne9e persous come ior ward arid tempt the Cupidity of -the' Legislature in order to get their char ters and capitals enlarged. Though they have been reaping extraordinary profits! from their institutions, whilsf the stockholder of the Sutc Baak have been spendihg their ti me and money in effecting Jta establishment : j with but utue pronr, tncy now scck,1 to deprive the Institution of the ad. Vantages whicrHt has lr pVbspect.---' 'If they : th'dught the charter granted to trie State Bank -more ad vantagepus to, the stockholders than theirs, why did they not in 18l(); when they were invited to'do o, aoocx their stock to it ? " No i they are skilful persphs j they saw that the establishment of the 'State Bank and .115 several Branches Would be attend with a heayj ex pence, and that for some vearaj the 1 dividends would of course bV small. But now, when the' State Bank is overcoming the difficulties incident to all new Institutions of this Akind, they come forward, and pray iheL; gislature to withdraw its countenance from the State 'Bank add give it to them. . ' . . ! In the act of J811, in relation to the State Bank, the same attention is paid to the interest of the stbckhold ers in the Cape Fear andNewbern j B?nks. Ccntemplatihg the time whlnj their chalfters would expire, another r opportunity is-afforded them of rest lag inrir xunus in inc jiaic pauit, (Mr. C.-read the pro vision ibii ing the 'Directors of the S?atc Bank to open theirvsubscripitonbopkjs frl the remainder oftheir atock in the year 1 820.) But now whetf jhe statehavapropect of deriviog advan tages from thcx State j(ia6k? the me morialists tempt the1; Legislature -to tbreak its Faith with the stockholders. i IFthis question rests On "which eourse would 1e most" profitable co th Stat he could dembrisirate, tnaXjaorrict; observance ofthc,- compact entered tti to with the State Babk. would pot. on ly be the most nonorahli; but the most profitable courie for the Sttr. , J The S:ate.hp'ds tapitulrot 25p,000 dollars in the htate Brk, ibiiigh hsa paid only 8094 do;Lr-f rpurve .still owts to ihejui ution !l 33j?0dol. lars, uponvhich sum she allows 'aa in- tercstgp, percent. 1 he dividends, as ye,;h4Vf;yot ejeceded vevper: ceqjl. pcrHMurnVbut iiitay be ;')e4ted fhat in . ea for two,i Hi vt Jends '-will lie 10 per cent, arid wlwi iils snabithe case,, the State jiK 'receive jan annual aWHcnd frum its stk p(V2ilobbdol-f larw, from vt hich will be -deducted the interest' of 4 per centj; on thV deferred payment of 153.906 amounting to 6 556 amhoriVy haiifhdriseTjw notteenubsc.hb'ed reman ; earjf :baif irmuUpofr-ine&toeit ot tuc Mt- C. h-ej corrected a iataf eine(r : :mp whichMrVlSyiiel-i -vpfS' & n&ttr eceivea hri&Bantefrpmb -i $mi United ;Siaie6tcfcahd iiM'i? used? by geatlemeh; to pevairfipoh ih V t' flpu'se;tO;;bfea8V tbcvcMW ' t with thState;jpanfc He ccptessed haldi ad va need on t hij$ ceasipOf -r jwhic&h r .never expected "to have hetM mirityin; ' ej on his flpor.' ; Up ffi&'pojt. -isuppbs tbaf at this day, any membef irculf r ha vs eom Forwjtd; ict idtocate the vi t miled power o the Lfgislatute tiFhUV 1 State, fohnded W .th;dcctrini fif iV omnipptenc of tite af4aiit;&'''. Britain.', He regretted that tndgefe man from Atrspo, whoiintrpdjjeethi ' doctrine had oat read m reojp that he , had read ' less ori th ra ' subjee ti1 j Tn e ex--; t r ragant , doctrine somcdmeshfetd ii'; . England as to the powers of lajrlia ' ment rare riot applicable:' he)Thciv- Hjerjtleman ought Have' atrnqei:t our own Ajonsiifuiions ana ine aecsiouf-. af bur own, cbu'rtS) irif relation to , matter Tat her than to . hae drawri pr e ; cedents from the Brduh Govemmtnl Mr C. said he would Ihtrodace art amhornyorv this .subjectthtc':.' hoped would have 6poseralSe''!rt'' here at least v The gentienjian froni Arisen hadsaid that orpOraUona are creatures" of the' Legislature and may be coritinusdrrinulted arj pleasure- J that even thc exception in the law estab 1 ishing he Sta tBarikw hich declares that no, tax shall be jm posed upon'it. is a mere nullitvt that an v! future Lt- (gislature could neve rthejes tax . the iiaoK- as tney mignt junge; expeareni. In a celebrated case tried in the courtr of, 'the States, befcre ludge:sFater son (Van hp ueaJUsse, vk porTahce) i veryi diffet ent doctrine is supported AdVurei own u courts are DitUj entitled tiiwit& -th-jhany otheVautboriiy., triitdsicoun try, every Statajhis its owra, intfepcri fent cohsutudori which ts paramount, ftrid. all vi acts must he In conformity witliHti. JudKerrFa lattve acts whharc in ihe nature of coo ' tracts must bejr filiated by thf; rules and prjitpies;hicli irvade ari govern all caw b coiuwc; And jthis is cthe language, of an 'vAmericafttlsto and an Amcricah Jurist ; wbsre the duty of cvefcy branch- pf the Govern ment is; distrpctiy-nsajrked put and each move wr bin Irs appointed sphere. If the ddctriwt; laidQwajby the gefr tleman from" Anson Were correct, that ', a su ;ccdiag L-gislaue has alright to . safsicp the contracts of Its predeces sors, the consiiiitiQn would heV(raere rr-f'&orfif.Aald MrC what v ja'ri'.n! hri:a Americanyar(s 4 whefn spe, kin oty ihe subject ofar iVmentary power1, in the sale btfgic rtfnredjw : ' , ' ' - ,''-.' j Leltistuin 4s'; the exercise of sorerein iuihiM-ity; iigh and important, pawt are pccessarjty ..vested n the Legislative body j Vhose acts tinder some forays fof verjtunefit' irre8itble und sdbjeciodHCOntrpuI.- i4ttgte& fr11 whence most foC lejtl ; priRciles and leg! slat iTTkMlon are derived the audjoritjr; pi dw( Parliament is trjicen-- dailt andhaa tiu4s j A "'7 saya Sir JtowtwQvkk' 19 oraheendAnt and , for causes or persisithia riyhourtds.'- .viu vi f MB su vours, h,o auas, h inay oe twc97ii ettcvpacunmcu it: na sovereign s,nd 4iacpritrtulxbl6; iut'i ity in - the makinr confirming , irgitig, rtatVaiaing, fcbrogat TnTepearrigieririnP, -ndi eiDOuiuLne cf r. 1 r - a l - . - m. tt WS tenAtenL: 9C all possible de- 1 iioimnmp. ecaiasticai or temporal, civil, mUituTjr. toHfirtier crinanal j This beinr f .he placed where ihsr abslati despotle bow er wiii&a musi.vin 4L pot ernroents reside arechreil entrusted by tbeeostitu(iNi f th kwami ; nmiscSe& and, gric s , yaui. opci itiotij W rcmcdiea, that f ran cend UW ordinary fcourse of thfe aws, ar iri Uthe reichflcii; tm exawdUarfttbiti -hal.It can reu'ave or jeV4node the auc cetsion to :he -crown 4 a msa opc inti reia of feary .VtH. and irMihmiXtJ .UcU . Micrvuc;cuuiiJiircu religion ins iano k - ' - , 7 'j - . ' j 1 V'S mm 'I .mi 3 ' m . fs. y v " .Mil- VI '11 r I; .1 i ft : ,1 C,' i ? mm W 1 m 1 i. 1 . -1 '7hJ:-y
The Weekly Raleigh Register (Raleigh, N.C.)
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March 4, 1814, edition 1
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