Newspapers / The Weekly Raleigh Register … / April 8, 1814, edition 1 / Page 1
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I F , ' " n ' :i T ; V V ' j t I . .Sl) Speech caobnued. rule the gcDtlrnco under- fSo' I do knojr, ho 1 aHhotigH the romcd autc of C cf 'rAdctir torpid cotamef; '-aodthJ opefatrpn?orthe- "t$ tpoDtoj lhfe. Ucnfd the M?iyi"---bj. f s W the urney U15 ap as 10 the Bks. tljwrettl! nficanon. for i murh tbe baoks rta'flid-Aod jo 'ar from money be otyd t6per.cencl;1Bood pa- scUs at a discount or 35 per fenu J lh. state Bank r aery of its branch MbeTicve they, could Icmfmorc than tent, tet them n- nitariamgoe iojoaa "Jcy:, thfrt rt tpplications toborrojnorc uniWeiisting bank cati Iced, U absurd to ar .there uy reidy top v h.nVtn? caoitaL as tt would b& ta declare toerf are too iratjeh 1 landl ,?.rrr!i or too many housed buiUt J thcegh every field was cultivated, -ud' s house had a teoantl The use Hrvcd th3t North-Caitilioaj the hllh state of the' Union. ui pouji pFpopuJ-v Ucn and territory, has not aa mu' h vtaltb and trade;vand caOnot employ' 15 much bank capital as i? keptjn ac c?i:)in the o-mile-quam sirict of Columbtaor in the little, fit; F of Rhoclhnd? Aod .ctstrhcx :piu:iofrhe Ba.ksif xtended as pro M3rt, taa that or me Dtaie aanc, rm . . a IP f. cot togtthcr eiceen , tne nan 01 tne bck enpiul in the district of Colum bfa pr in the small stnie of Rhode-Is-haJ. Tht tbe ?t.nte bank stock is rusonght after, only prove that the p io nd maigtnient of jthat institu tes hatr 'nr-tasecuretl general coofi. od'(. , It cannot br qu'c cons : sic ni u ihit diec ia already feank stoclcJ ri uch td n4 rr.or sell; aijd yet tt lua'thcre will 1too much if the fc:'J futhotjsea the bankYpf Ne"bern acd Cpc Tear to ro'arge their stock Sm e if the H-kV is i30t wanted,' ciinpt!oo wj'4 noc, mi anu tnc tcrcxac Will be on paper "Only. 13ut ktit be supposed ? For tpe argument ttlfcicrcmay be more baokiiic c4p'i tdactual! subienbtd. and paid for. V U . t . exuresa mv clear convict wo that ail excess; of .hank xapital tirnot be io my wise injurious to the .cnanrurity; U the bank errut notes . r hichtherc ,is po eropldyment, Aty will leturn 'upon (them ' they ott pay uVm in specie 1 .this error fwnot locg'be. indulged rfdrthtir c:cr5st, sake" they wiU not co m rait it Jice The surpTus capital thus use kwin bants, will Wail be-direct- .edtood-cr purpfisef 1 the establith- maouuaurcs,: tnc mamug turnpike roads and canals This ipmEtable to'theproprictorsaabank- M it will be as!beneficial to potiic . On thtrother"handt4iup. Y the banking pifal q the Atate; "too hide, there! is -then .in'tfact a Wc;tr of circuiting pcdiunivi thei -quences arc obvious enterprise f !: . vd- pfopetry. and "produce fall JcJuTiout, wou'd be high beneficial; tht state. It Is furU1VriibJccfcd, at tllte. bv mmnaf WytfK'1.! j BankVadein the yK8l(i 'of cnooey or its substitute ;bant tote?, b proportlr.atd to the cqimcrct aid wUhofthe state.' Can U be -be- t will be thr cbnteooence? SirJ v.nure to t fnn.' l ! t!-."p. i ngno oi';Tni iccinaiurc wiiDm its L WS i1"-, Pf ?-,,f94aev i?aititri(inal Dtniti it- .upreme ; e. Jh ,,0.cU!l(ltr-8elbected by ihe'peorteV.d&e andfto tosJ-n?1 (.Kf&rrbfetheyhavpthsin. tMrnt .?--?etlb't , conUi5Udpowir67dojoVvet7 thing ..Uia oe Created AO fatv frnmJ n . - W . " ir.ttLV. ' i : B u precluded from adopting &c furr. Tb this oniuion.,Mr. Stan) acts did not import any such compact ; and tfthe compact waa'cveu unequi vocally made, it 'was unconstitutional ndvotfc$ThipTioi triubjectini inc (ULcrprciiiiiuu i aa s,5 viic legislature implicating the faith of the state J and, an examinattbh of the con stitutional powers of the Legislature; be hoped )o, should be pardoned for the time he should consume" in its in vestigttiD.K0 w,f;- r- 3 an; act passed to 1 604'the- Banks 01 Ne6emVnd;Cape''arveiv in corporated fortixteeo vears.T'In the year 1810 the, State Bunk wis incor porated for twenty years; and in 1811 the term is extended five, years. In consideration of certain advanta ges represented at resulting from the State b ink (though in my humble opinion these k! vantages have noiyer nor ever, will appear) the legislature, in both acts declare, no other bank shall be established by apy future law of this State during the continu ance of the corporation hereby creat ed for which thelfaith of the state js heVcbv nledcfed': :? O " ' e. promise 'or the legislature is tharjJi other bank thauvetstodUsn .w'Uphn.tbe meaning of the'-word 4 cstamijsh1 depends the c3ctnt of the promisev 1. shall not, as i enOemaq who, has preceded Tr.e, has donr, aort to Johnston?? , Dictionary: to aid me in diggingafter the Greek r,bqt of common ;,an4 popular sense. The meadmgof the word establish" is as well settled .by common accepta tion !aY that of any Other in 'our Un gu aej tohei if to create to found1 v to erect."A In the 'constitutionot theJnited Slates wftere every f word was weibethe word establh,, is repeatedly v uied in this iense 2 wc the 'people of the Unted'Statcs I do establish this constitution."; Con gress shall thave power to establish post roads' Mo establish an unilocm syftem,of bankruntcy," 8z:. and in the act of Congreis creating the bank of the -United Stated, and in our own acts cridting the banks of Newbern i Mtxl Cape rear and toe State Bank, i( is enacted that the Danube ViLxi I'uhcd; . Further, Jto shewx?th'at' the wojfd eitablishV does not mean u to improve or to alter,'.! would make tHis appeal to ht undersunjjings of every 'member of. this hbuieMl hel State Bank was creicd in 1B10 ; fry, art of 1811 its chatter Was extended fi ve years; does any man say that the State Bank was e'slafiishe&in tSUi or, should the" bjJJundcr 'consider . - tion become law, will any raandf common sense say weh.ve passedan act establishing the banlci of NewberQ and Cape Fear? 1 t If theov;to establish me :a create, toct ect or to : put into exis tence, and mn to alter, or to ihiproej what is already in existence, as thej banks of Newbern, and Cape . Fear, .werereated and invexistenc'prior to the year 18 16, and the bill reported by tne Committee Hoes not, create erect or establish n bank but only nioii dies and improves those previously established, "Stanly conceived such an action ?n no wUe mconsisfqi: with the. promise o(thc acts of 8!0 and 1811. But it is contended in be ballot the Sute Bank, that although the wordiflA'jA1? doea oof mean to create," yet the Legislature U9ed it in another sense.iiTthe acts of 18i0 and 1 81 1.. . .Without adtruttin the irprds used in, the acw to be" suscepti ble' of any doubt, letut examine what course should be pursued if the words used . Ually were . equiocaL The the pubUcnoocsl to be done il not; forVuidenbyj the iconititntloo of: the1 State' orj.by I-the conttituyOO ro "ipc; uc;ira atairsr-i This soertVcn-poorer of jtrclRing ia'ni Uctiogit aCMmpantetTty a' dutyt aj iovereirn! of uiolcg that which' is caw jiaci3a'anwimoranf.3ucu corapaci ; 11 pvucur iiia .racx nC ingni;otrtne(' State (tJanlc,',co pnvile other tnsn pcatc;7 rassingpy ine CDropuQEA. n J lime puoucnoocsu uic-uiiutr proposea H- 7 ,"iUvuxaica.xo: promote incLtpuoucgooa Ue thoUd custad thit ttwe tVhe right ot the Icgulitttre Si counriy, and Mn Stably said beheld it to be a prirtcipleof ,)aw-. perfectly settiedi.that equivocal wbrdi infthe Vcrzzt of a sovereiru shall jbe ebnsu. ed mostbenehcially fc)T the sovereign' f it the grant ot the kmg can insure to two inteota ' it shall be taken in that intent' most forr the benefit of the-) Sidg SiicK at toast is the doctrine of the common Ujv,' aa ktabUahed since' the time of tKe year-books andi recognised; by Lord : Coke. lt will nor oc a question wntcn or tne con structions contended fof is most fa vorable to the State. That insisted on by, the State: Banks-puts ' fetters oh the handi of the legislature. erects an unprofitable institution into an odious iod dangerous aristocracy, and jfrras it by means of an exclusive' privilege witb'po Wef over the freedom and the t fortunes? of the people. 1 TEe con struction vjhlcnI -.sijpport, while ; it saves to me oiatc oant its corporate rights; I eaves the legislature free to do an act, most beneficial in its nature for the feveoues of the State amlfthe interest- of thepcople-ipreservea a rivalship among the banks, : the only meani to keep down usury and pre vent oppression ; and forms a chetk 4nd counterpoise' to the political in flucne? otthe'. State Bank - ; j v.lie constructuio for which I-coh tend'mut thn nrevil as most favors-1 bic to the tionor to- the satety,and to the interest of the stated TheiegisUfc rure of 1 3 1 0 and 1 8 11- who promised ndt to "establish anotheriaok' knew that there Were- then in exist n e, two banks established by law, in promts ing not to establish another, they en gaged -only not to created new bank To this only is the faith ot the state pledged, and that pledge is it no wise violated by anact, whicn,VjktnPUtes tabrtshinjsnotrrerljank, only vthodi ftcs and improves those al.vactyex istintr: But. Mr.SDeaker. the rieht of HU5 ICtSULUIC WJ pass UIC iur 1 II proviogtHe banks of Newbern &Cape Far, does not, in my Opmon, depend on uf shewing that iio compact has been made with the State,, BViik; as insisted on by that institution ; for sirt if that compact docs exist t o the ex tentclaimed by the Stat? Banks it is a nrant of a monopoly and therefore toncoosittilonal and 'void. - We must nere Keep ui view, mat me oiaic oanc promire, that neither the Capitals) nor the duration of tKe banks ofNewberu and Cape Fear shall'be extended, no? any new bank created; but that after the. duration of theresent term 6t 'the ranks' of Newbern and Cape Fear4 ine,oiaie oanc saaii oavc mcsoic nd .exciasiye prmjjrge; of carrying onXanktogoperalions iov this state. Such a promise I contend ij a mono poly, It is necessary nere to. hare a 'correct idea of ther word -4 monopoly The opinion ; which 1 advanced on tbVpdinf, on a former day4, has been: assailed by 'several of the? advocates of the StHe tiankreach oftwhom has given a.utnereot expianapqn oi me L term. ; ' Ohst geqtlernan, j f RJr. VVtU i t r;meanihi sole righofseViogC5rt modilie and tnbu eyr and bank, nates; He thinks, cannoC bbonf ide'rd;cm- modtiiet. Anoter3r.;Ruffifl) saya. t is a pfivntgcftakebiffoljaxjd granted Xapne Aribthcf (Miv Ire deH5 that tt is concentratirig tri One set of men certain rights .previously en- men argue, and are jp'ioed in", the ari gumentjby the getiUema from Of aoge,(IVlr. Camrbo),thaC"tbjP' busfi ness 'ol a! bank being to lend . fnonty, and-every-roap having money being at liberty still to lend.it,inOthing istaf ken from 'thefftea bodybf -the tieoa pie tunning praotcu iu oiaic uaqs there is no solidity, knd"bai little 4in genuity, in this argument - it the acta of 1810 and 1811 grant to the' , insists that.the words of the legisla qre jth'racts of . 180, ni 1811, , that nbothejj B'nk shall , be estab itsbed, t hail -be. construed itjtO a to tnesc "acbv and -no privilece end was thfaVthof HhlState pledg cd f F Why has so muchlabbren Bestowed to keep that pledge sacred, and Wliy sb much' opposition to ex i ending the privileges of the.bnts of Newbern and Cape Fearif AeyaK ej4ylpoV5eft ? Sureliiri 'I need ij nprexplaln Ito'- thishoue, the privilege which the StocHoldera in the State Bafikf as;a -corporatipnV os, sess ! they set. apart act jrjtain potion of their estates as a banking cspitaV upon the credit of which thev issue ! ixicir notes; tuey contract acnis wim oUtingpeHon them y if by ibad Jbebts or other calamitis I this capital is lost, thf residue of thieir estates are exempted fromuiahility to their Idebts; their notes bv law are a tender,in all payments atlthe trea sury i ; the death o a Stockrider does,not,sas in other, cases of pa' t nership, dissolve the ' con cein,. their tights die not witri the personthese and every oihef corporatiright they erifoy by.virtue bnlv of the' isxoress grant of the legislature j1a$ thegrant is exclusive so is the eniovraeht'r'L,. Amonopory lSyCennea oy law wri ters, for centuriesV.to be a.rlr.ense'or privilege, allowed by t)i4 Srateyfor the ao!e buying and sellipgyroring;,6r uswg any thing whatsoeverI,ll quote from Btackstorie's Commentaries; -Then Sir, as the Stockholders of the State Bible claim under the acts of 1810 and; 181 1 the sole privilege of making bank potes, and Using the business of banking a with- the actdi-1 Itionai pnviiege ot corporate ngnis, their claim sems to me as monopoly af if they had the sole privii lege of makingand selling 'shoes, or using'any mechanic artjoriiberal proJ If siich.be reallylhe nature'oftfie brant ot the acts of 1810and 181 1, you Lhave only to compare thein with the clauscbofthr Bill cf Rights, which Vi yoid. ' Nonoan or set of men are en titled to exclusive or separate embjlu ments or privileges from the coufhau nlty, but inxonsideratidn of pubhoaer ' ivices.; " nac no nereaiiary. emolu ments or privileges, or hdnobught to be granted or conferred iriithis Istatc.'.' , " That perpetuities and rtio nopolies are contrary tne geotus pi a free state, and ought not iotbe aU "By the firstlaiise exclusive,, 'privv leges may begranted in consideration Qf public services: chprivjjeges? are often granted 5"he exempttp; ustices ot the, .peace from militia k duty vof jurojspmars ot toe; instances. But no pri vilege shibe granted If it be a perpeuity,-if iit be heritaryV or u ii oe a wowoiuj-t.. napipiiy.ior thVpebple bfiisijb.untry8u oower la retained in ir own s. We,. thiriPtesentatjves,' can-onl aciwithm!;tna:linait by the constitution; ,l4kethe attorney. 3V olTan individbaij we cannot go beyond e authority expressly delegad.. If we do tfite act is told, ifed "thfects POLY, are.so:tar to everyntemfKi? n7 now. . n , nxinirom vrapgej at ictasin wivwnc polot.-tnat an act of the legislature, in vtoJatiQtf of ;he , constnunob, i$ void j tbe, taw, the .opinions iOf the. gteuiaq, (Judp;lPttersoii):.wHIie read lb thatlpbrns authority'; ph. .ftiat jsueitlat is, day uecessary ''Teilibgl us "then; w jth the: book in i-Jiis handthat tbe leiMar ture Kave; mad a confrac Stzie Bank; :f to; grabt tni a :moao pblyj that we can nqt "ibaVcdni tracts fhegentlem3n adds he has an highe? Security fbrh'eobseryance of our contratt than the faith of the protect you jotn-soi? Maxsniiifei . Amwm if yotfcsn BndoA.wfiSaradgSrS4 thkiBeVasptir HcrAoOtk'- greases aousnir j, ineoanx mmeiJtJ Sfe- k ' tio Other hart V?ha1 1 tfii&Vi -i rhe auestibnik4:ki.t r rignt to merraej;w tori not sdiryforray pUrQershe theybavd icr lup ine 4uesiion mrtner thrtCf - 4idsbparii win frr - nla;iiairre1nbve ca ine rf sponsimiuies oy qe;panK0f Newbern and Cape t earilVf,. V, v 15Iirir.Stantyd 'finedvh)mscljra;ih v &1b4ne " ejundiog tHeattero Webernrnvape.fi! eddrsfe 0ahretty wideidigressibi fcom the tJbifitl fie had iifditfged Htm seinirigdi flifflcoi lated to" lessen; the claluisb? theSanka cifewlhefn Ind Caoe "FeW ihf pfuJticstirHation aiu. c -v4 avicft of, iwie staiejjanc anu its ity Hehasr s?id ihehafterfiOfl the; Baokf jof JJe wbrfabdOi jiep?eai grab t them .'the extraordinary povcra . ofilctnjddgthent agaiot thclif tlebl- 'WA dptyi hdticvgfHten3ayitu iwoer q ano japc r ear ueait i n pa per; mone aoa theinbtelhibt pa? out of the: State ;Uhaotherst$t4i dealt only in oldfand siiyefiThat 1 the! Stafej Bank drew 'theVpa"&Hh& hey fram phe Banks of Newbern and apc -rear, jiqc . irom nosuiity, out from duiy-tKat" thev Jiad made It treaty wutitfie! anifepe Fearafid had 'oSyHit (Thif ;Lthe Cjapitals fNj': Ke . gendeuiao i amprrhtrj -. uoes, noc aavance xnese oosexvauona and maltioationa . tqe lhflixh th pas stebit; e , sj's.against ,o Neajberd: . aad t3pFa s "f will consider theea ; asjaddresded w onr understandings :ermiige postpone jtlfxasa.- . ; I V State ' of MrihCbrl :wi8i lvJi-; tvrtt -sirinh'sbitJLDt fotcriJerea 7 tb Couri; that uWjcaUOOoe j njic iakhcf !'&ieigl -Register t ,' : ;to be held; tliic0aVy iS 1 t T appear mg to iKc sstisfactioB.or theCoorr I- 1iUviMneXriioi0jae defiwdaiifi; la of mi St tttf i. It i f &ere, iM f . J' t 1 iV". I '.'HOT 'Pi! t. . "!f:, lb; mi t fc-l "i. i I 1! if MS -5 1 Hi - : I. 1 J ; :4 -
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 8, 1814, edition 1
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