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; V . -Y 1 v : ' c ' Y.r a!'x'-' v 'rYV;-Y- ' , rTf : .jS : ; - , K T -J a J j- J if! 1 i i I i ' Y,rnu ' J'-.' ii .': 1 " I . .. Yvu-; Y; 1 . y,- 4 mil m kmMmii mte his) i ;T5 :r . : :: vi. :s ?f? ' m . , :Yi . yt'..rj-.'. ' 'S-r.iil! ;y).,itf; ' J - ' Y- - I - . :k . . ' i. .Uawlrp'dbr party rs,t llr)Ik BrUtr . V. f , r i N , . ' tASK QUESTION .55I nh hit b M BT?t tUu J0, We jio not n K ViJ ilLlk Icn t chla Mr. i x ll. . Y k: thrfcr copr . it Mr. . Camerca; wno caa J. fecc their ccuspm.ed:pp!itc; rca who uau juak. ; bii nl him .ritfi pleasurc-He ailVrtb rr, becausehe Cbser. nfihe crntlemao, although ! :,ycf his ability, feU so iar short of , u'.i5 thr argument in behilfpf .the I u'of Xtwbtrnfnd Cane Fear, ! if bouse were not already sans-. (.' tMicved it wal in 'his $owcr -rivrr ui - - i . Ttir vra goodpolicr, and that tJ jrisliturc were notf res trained ioto tdaptingtnat policy b any thiog , rchbsd io he acts grat.tjng the . chrr to the State Bank Tie house . w mi pardon him if he first noticed vmc rcourksxif the gentleman which did net relate to the merits of the qucjt'fca.; His observations,- when oe abjcct raefore the.house on a j fsdav,tb ugh then unnoticed by tc g-ctitlcjrm from Orange, were j fv.w riiVf hv him a violent attecintl M cjt ue jhe, passions, and to ere tr a J jcsy or me xegisiamre .lowaro Lie o itr Dnt, aoa were.consiut reti set 5vt5ticciiy rpectfol towards wli.t manage ;thit institution. 'r, Siac'y saidihiS observations. .ta Fere ailuded to, tn nouse ou!.! rtco!!cc fttfc mide "upon the itnc:uciicn of the, nsemorbr from vS:te Bink : this mimorialhe had IhtS t. tcd to b; a tissue of error, ot in tact aad In f reasoning ;s"yet, fcu fur what he. cohside red the arro- prceand injutiftbf ths memorial j icrnrd to the Bank a 6( 'Xewoernl Cajc FearVnUiteiferygroundi of fmpiaim might &e ebtcd ogainst the Stair. Bank, nht Vne-worti cf rc- ptoidh should have esraped' his jtips. Th; irnalsof tfr BVnks of NAv. tc cLd Cape Fear contained nothing to jaststv the laojguage'of tht.Sute Bink memorial : ihev 'rlain!v anrl feiwhu'iy laid befortithci nehislarnre e diiStukirs under. which, they Ja T. ftd trrni theoptraiionk of ihe State crk. Wii fiout jnv crimtftanrn nf that toMKutior. and "to m-nle the subject of charges and 5nu,i?c.os, ungenerous and uni ctedtd. 1 his was the1 provocation hich he spoke; if he spbte tvk nrth. he hd stVil ,p kfa with tru'thV disrlaind any intepuqrkiof cre ", ns uoioucded jealousy gairiat tr : ,u He addriscd .himsdT e ber reasqo olthe hou, when - CJCI bJo-c them trTe danaerous en our rhn an"ariuoctacy oftfic cst dan-1 : . "si outous Kino an '"toiititrv1. 1 nivintr ttei.ii.j: oiir;8v , 1?c their, friend, every debtof th'qir ,UV;?; tbertsill nor otxlv ciit in.,U .otxlv ciit in- din t! Will nut'otir Of lhiihnn.; U,.m. I - W W A erthev oeW: 1 S,'f, ts . i . - a view whi-h ptru f in JusuGcs me i taiingoi the dan. r.itn inrrdtatt Uank would ' S if, for v;:nt of cccuragcmcbt ;. ike Legiiture, .c Banks -of -r: and tspe Fear should sufr-l -v tr-eir ch4tters 'and.icai'e' the- "f Lk ittjoafa nvaCunauTecy IT'ii-.- . i - 1 - v.ci.kcu oy any fornpttitor. tu sric mondinsntutiob;un5er t ccnijictc control of three orlfour t:,c Yes, sir, with4, S ,PhB "l erj corner. of the ,;frkrIlh 'ival, ;he soU arbiteri LI V credit of uheVdiihtrv1.1 nivlnrr . ' . - v - rrmiii mniirn r- i iiim iiikiiiiu inn 11 i m .tx-ti r -rw Qnn m 1 va n m JIBLV: Jjlcfttorjticlf: "With dmebf the dir ! rectors of the:State,Bant I am proud to acknowlcrlce an ioti maty-and for when' that friend aspirca'to'be aty- rant4 not because he loved Cieaar lcaabut because he loved Rome m'( f esosir, I speak the plalnthough it may be the offensive language oi truth regarding we directory of uit lh . rr1 S tatt Baal ,n ot because 1 Tcspect tnem respect th righ ii riTil the interests' of my coun j Mr. Stantyaald the report, the committee now under consideration proposed to extend the; duratiohnd to cnhVge the capitals or the Banks of Newbernand Cape Fear. .The advantages which had resulted to the state and to the people from the ope rations of these Banks, were admitted by every person of ordinary inform?.-1 moo. J hey were the' hrsr, andrtor seven 'years the only 13 inks m this state. With a fcapital of only four 4 ' hundred thousand aoil3r their Den uf.rince tnem, mat ro gram mc i nciai inuuence nas extenaea tocverv " .1 i . t I k ' . i. .' part of.the state. The public , trea- surv.has repeatedly been assisted jby loans from then, the citizens accom modated upon terms, of uupreccde t ed indulgruce and scarce' a public in stttution uf importance which had not in some way been; benefited by their operationsv Ujn jhr decision of the presrnt question it w..uld gready depend whe ther these advantages should be con tinned Jand. enlarged, or whether the Banks and their benefits should cease to exist. J- s f . , -L. The State Bank, instead of con su'ting the interest of the commtmitv,' in chrrishing harmony with the Bnk of Newb'ctn and Cape Fear, which t found in exi'tence instead of ex tending towaid them that liberal spi rit of intercourse which ought to ex ist between fluchinstitutiooi, created! a well is itself for the public good, had assumed an attitude ofh'-stilitv to ward the other Banks. 'Eveu before its own stock was paid up it Vbegan thc,warfareff)y receiving the notes of, the other Banks at a discount in pay- ' ment of stock although its charter required the stock, the fourth p?yn,rnt' excepted, to be pa'td lagoM and sil-"' er , Subsequently .it bus had agents employed at .daily wages,- hawking ihe notes of the State 'Bmk'about thtf state, in exchange for thejnoies of the other Banks. During the shorty pt riod that the State Bank had estnb fished a credit for their notes in cer tain Northern Banks, and their ndtes thusj, answered for remittance," they, obtained" tHe" notes of Newberd'and Cape Pear at'adiscount in exchange for their notes they held out cVery inducement to thc people tbpay them Newbern and CaDe F.ar Ndles.'and wyjihese notes obtained toy?' these mcan oy snavmg ana owerwise, r'.ey made run5 upon the Banks" Al though the crurtersf, of; these Banks have yet some years'tb run, itbehoyes fim as e'ariy as possibletaascertain under whit circumstances tncy are to exist, l he past, warfare vruvmg ad ded nothing to the- character, to the credit or jo the interesV bf ' th.ilState Bank,- may be supposed 0. b& cliire gardedby them ;butit iss impos sible for. a pa -k of two hundred thou sand dollajs capital to carry on 'it's! o 'pcratiqns, pr.optably,' against the con tiihiejd hostility4 of a Bank ofne tntl liqn'caphnl, as its for a;cyid to'con tend against a giants jThe hdmbiest vine has jts'iise as ifcltas the loftiest oakV. The-lianks, of Newbern an Q Cape Fear, hc.should shcwLhad1 in fact been more valaablc to ijhe state ) and more profitable to hc stockhold ers "thah.thcTSrate Bank: "and were en titled td; Le.RiU.uye,. protection,! ;buv uua,ancy were jcii fcjc,.iu ucjrpu- ilen, 'do wn ' by; lthe tatjiaiktiHe sooner itieyJaid thir ciarerjat "the leet of the' Legislature the bctjefj ' t. 'Mr- Stanlv said5vvksV&nrto prescrVc the Banki of Tcbern and tafs,Ms afforcjingthc ooly. probable ( mean of checking te StatcMianlc pe venting theXstabliahment of that aristocracy wnicn nc nad . Defore men tioned.: If the tiankB'bfewbern & C ape t'ear surrender their charters,-) the State Brink. is leftlone to decide; at the pleasure of a few leading direc. tors, what descriptions of persons in the state sh:ill.brccommodaied with loans and wht refused. If from ca price in the Bank, orvfor the pronio tion of their designs, particulaV indi viduals arc doomed tqi destruction and indulgenre is denied them hio other Bnkbejng in existence to in terpose its assistance between the de voted irfdi vidual and his ruin the sa crifice of his credit and estate becomes inevitable, or he preserves both by a surrender of his political indepen-H denceto the views of the aristocracy Another advantage to be derived from the continuance of these 4Banks will be the increased convenience by which the state can obtain loads on an emergency An instance of this con venience is at thismomentbefore you. We are all desirous if poisible,to alleviate the burHen ofthe direct tax, by assuming it and granting the peo ple two years to make the payment instead of one. The only means of , fTe ting this desirable objedt is to j borrow th monpy and;advirice it to the United States. As ii member of th--committee4 to wftom this subject m tnis suujeci lv said he had iatioii With the was referred. Mr. Stanlv part ken in the negot Ba. ksfor the loan. They had first applied to the State Bank, i A ( ' : To the enquiry,' will the State Bank lend the State the nioney to advance t the tTnite'ct States for the direct tax, or wht part of it, and on what terrm as to credit and inter est? The answer whs, the State Bank i will. lend; in proportion to its capital, if the Rank of tftwbern and Cape Fear will aha I lend their proportion & upon -.the trms which the Newbern and ape-Fedr shall consent to Yes, sir, this is all the satisfaction the com mittee obtained from, the State Bank we have it in writing : they vou'$ j notive ia direct answer to any enqujT : ry, neitner as-toine sum, iney wt)uiu lenu nor the! rate of ihjtcrpsj, nor the Irngth of credit. different was the treatment the state received from tbeBank of Newbern & Cape. Fear 'Instead of evading the question, and "attempting? to throw upoorn rival in itituiori the bdiurry of defeating a fa Vprite'cneasureofthe Legislamre,they replied promptly. and frankly, we will each of us lend the' state thirty thou- sand dollars for the assumption ot the direct tax, and as much more, de sired, for ..the purpose of internal de fence, at six per.cent. interest, tand payable in two annual instalments-. Ajtcr these offers, and not before, the State Bank, nbfcvyjefindependeht of punuc opinion, gave us reiuctani, its rsullen consent, to lend its proportion .upon the same terms Had the State! B nk stood atone; this money would bot!havc been at your - command, or you might have obtained it, perhaps atan tnterest otrgAr peircenu Y; Anothetvadvaijtage ; to- the tate frpm the preservation 6f the Banks Fbf Newbeni; ind Cape-Fear; 5 will: be tne revenue, wn ten tne statek, aenves ftjpm taxes and shares . OnUhispqint let experiencefspcak. The stat)has stock inteabh of these Banks to amount of 825,000 for Jsjnch i t; p$id is own paper'' moneys In -five years: te,t,ate has deriverbtnitoestf Banks. in'cU- videndsat ihc rate df 10 per cent, and 'thousand dollars iEnlarge the capital and increase the shares ofthc'Statr, ho d "the pro fi t of 'er sta tewjU be j inl xreased 5a.thc.same proportion , On the'otberside yaurf accbuntwith the' State Bank exhibits , very different yjew.'i.c-,v - Y s v2k 7:.Th&'Btate- s,uberib Ut S25Q00q s'fnck mthi State' Bank of which sum .there has-been paid in the funded debt! Xit. tne uniteov oraies oeiu oy misscaie .and m 'cash 886000; and for the ba Ubct,Sl6000,i the t3ank,the state pays an , interest ct percent, TheS tati haS pSidW BaVK'tof.Wogf years;an4pine; months jntereat ?on: hgI64.00O at 4;per cent. f IBfWO 1 The.S ta;teas relinguAshed anouail j payable ntfieT fundecl debt pf the Unl iu ntw iifc. ui ii't ed ! States t'issisTfned it; whic to the 31t of the present j- month would ; f havej ampunted,' ; books of thcyc6mmisio7ier ' of Lqahs, to y 1493 Makipg'an aggregate of Fo which thtr State hasjre , ceived three -dividends of two and a half per cent, on Itsstockj amounting 32.633 w- 18,750 Lea vipga'nalanceof actual y Y loss btheatefr'om its i concern with the' State - Bnk6f ' ' V ' SVM83 To whic'njhay'be added the tax not. paiu uy uit ujtaib urtuiw, wiunt n pniw at the same rate as hat? on theothcr Banks, ope'pe'r cent, dnits actual ca pital, Si200si000, would liave yield ed to th'e treasury inthe three years' it has existed; S36.000 which sum adr ded tu the actual loss shews, that while1 thr Banks of Newbern and Cip Fear have profit e'd the state fifty thousand dollapthe State Bank, by thfern.0 agcmeotof its "wise jnfenhas lost the state an edual atoodnti U ,-:.' Y. - - . . . -,An her5? 1 TOhe '"vatioo of;the gentlemd from ,Or ranee, rvirrAamerontnai mf oaass of Newqernf and Cape Fear were in vi?ed to' Subscribe to the State Bank:, but that like undutiful childrefi they -had refused 'theigood provided for thrrn !J.It iyuesirhtockhojd : ers in these Badks.had' not confidence in the1 promises of , the State4Bank projectors ; ! they declined the in vita- ; . tion to convert their stock into State ! Bank; stock'i"Ninety oiner in an j hundred of their fellow citizeno't j fas they did and didnot suhsiriSei ! are JtheTcfore .alike urdutiiuU i he Bank of Newbern and Cae Fear stiUdecUneihts transfer of tJeif funds. They -make1 tea-per cent.' dtyi'clends while the State Bunk can get bbl five 4 their ambition does not t!: ompt hetn to become partnears m tne aristocracy; atthe expence of five per cent a year 'on their capital: . , - i ' bother beneficial effect of entrg ing the: Capitals of the BanofeW bern ah Cape FeV ' wastfte Commercial capital, and ' commercial enterprise of the swte woui' thereby be en'reased. -We should haVembrp purchasers' bur produce at home bv sendioffile produce.' Virginia fori market, xiur citizens ulde,, reiiderec Tes tribtjtao oerXtalei between the tarmerjand tnemercnant both woulil 'bejJpefited.! , , A farriit.ner importnceloutYfetc be overlook, ed -if thett capitals afe enlarged, tnese oanKs may csiaojisn prancnes litai'RI-olSnronWiWs flourishiBcl'towS .cfrco'tmltes hay.e the benefits of accesl'tb Bafnks as r wellaslhe :5ehnb Aresenf fe ar eidt oitd-the fuse-'oT bas ;fi')r a; sron mpneuyrruwty. , jAmBng i the' uses' oBanks;heTr denxyjafprightM crmdueted, to f&p';apwSsury b- v erl ooked V but neither this.nor ' iriy: J othe p ol; tlieir uses can be cakultedi on, ii u)te oeoiic asiog'c U4ii. . Y mong Bsisca c6mpe.tiuon s necfeiry to securedi licence aodin Kitsposition byood conduct tp obin public -tavpuranu connaence. -: ? r Tbjt 1 mavtiot be thought ply j pointsjl wiU.adthjEf;'li.o ot the opinion oi ur oioage xnp in teiligent author vbf' Statistical c-.-- .. 'naif :v nn j 'JVLL r j ' JVIanuat lor'the- where at ptesenttnere are npne;Why4 shall not HillsbbrpV4Varfenj,on; Ha fcatt&okingiv -0im v there isxa;suffiaenthunilwrotW oefits. pom tbwnc oBr. oj7?qpQ inf-f v bitananHigpitalll , Hon. &'vi;in. ' -more partsJrfliiA fAaall ;M!!;jS': will be Sous mo averigeof theottimo;t pubh nieoce?is Bank the sue of notemittedy hlollarsia crcuiatitm ottchtyiei: by increasing thccWeT,f community bne toSi' mqupfodp y et as ifcis the" nature of mitn tb imtrb ? general instoiJ of fSfnthat bandir'MfrPott sinpli' compah uoib: . banker shoXildfiave- a extenye rtontrl sh thnces,se jfaGst sentlsto ouj'iwtral or fpolitic isceuici : thbk!dprine " with a taptai ottrmore ir onerr y ymi- feimMfiferiito LliahB Out rBiodeet iaiot tonmicn mav be lefto freguUtejtselfjsinjt, ng prinipiejna.ype carrieu witn . - ru that tne:tnmff . . - is bad. 1. ;Jbrl4. wanWa,vthe..8u ' It is as abs;uoItxet.iaDie;-j;. v y to obljgetir adifc()6iitiTi ; to cxistjn 'ali4.!bank hay)ngfe; j . s. sole right Ito'carypb'o ness, as it would bi to fceifoHlowlUYv'-5'" lad the? exclusive privilege :dtse.Iii)gj our opiri ions,,6h4he reason xf jAhe thingj brsqex:itormauon ir-ora snwrituigs bXdicticafmep and beneafteffts reonltoibd eijctleidfe establiment xi anotft the su- v rest mode to protect thev peple frorn the politicalinfiuec I'd it ectors.; tc inelcer' the tniforti ' thc fusuriobs gripe ofhc three-per enua t month' men; drf rbmi the shavibgfopew; iratiou of a ewwure. :jbo!rrqfr! is to nave ?rivai nan Ksintv-rf -ut. nave ?ri vAKDanxsjxt?' iVng fajdjr: Y wererurgea in opposition to iqe -p,ray, 7 z trJtdmfthWi . theBarfksf &mifr,...r -$ mill K enlarge toejin vapiuus 10 an amopnc ;i au'ii-toje'e v Y veaT iM0wrie?neif would vxovrp. ,tortnc y c jr 1 mlis-nointwsarit aHhe4Statc; ' ' - tgawstiHhta; -010810 ,itj is,,af." " p mm-l leedttliatnencrease ; Mm liant can accommoqaie .iowiy - ft'W'Ml liaibe?n!toeto- i :Y -At j.Gai 1 a - j -- s 1 b. - . . l i. : r :K ' Jtf .Y, - - r-l i- fit s !' J. j r'; 1. 'ijll If - 4 : cr.:r ? $ J1.i ' I' 1 .. Ii ti d :YHY "teu'iii f i-'Yt4' r !1'Y:i Y-;f Yia-;T, I Ml A . 1ft.. .... j 1 - r v . - Y 'if ii-.-f
The Weekly Raleigh Register (Raleigh, N.C.)
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April 1, 1814, edition 1
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