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3D Hi 11 1 uUa i' Ouriarethe plana of lair, delightful Pr.ce, Lnwar p'd by par:7 ra;e. to l.vIIke Zrothera. FRIDAY, JVr ARCH 27, 1818. Vol. XIX. No. . mill i- rTT'j v r. i eti j Lb rf1 m ft a nr A ITT7 V" C.CRREXCY OF W-YORIC. The f.!ovrinr Report hitely ir-nde by a Com-.'-i'-ee.f the I-cjris'.aiure ot New-York, ex j..K;t- ?orac alai-rnlnjr- evils arising from recessive Nanking-' in that- .State, which onht tol?e frencra.lv kiw.vn, in order to p:ari ntrainsnhe like evib in other parts oi" the Country. The committee appointed on - the currencv of -this state, and to whom was referred that part ot" .the (over nor'a speech., respectfully report, in TV i t That thev first! -trjcmselvrs- compel!- as well from the nature of tiie subtect as from the ense thev feel of ; their duties as a standing .committee j on currencv, to take a jrer.eral view ; of tbe operations of banks in this tate : as far as any dectuc tin ns can he d ra v n j from experience, that will throw any i clear liht on what your committee , consider a snhiect of the highest and : ; The commUtee are &t banking estahli.hmentV are jli,;i.j;jnurrnes,ntod:stnnt c: . r .i . t:i. the notes for t sos " IV ceneuciai in a roiunn iikc inu, , iv" large sums from or.e part of the j country to another, anom the head market towns in atfonlin temporary loans at particular: ceaons of the year fcr the purchase of produce, and in sea-port towns where iart;e capitals are vested in s' i i p pi n ii e n l: ire d in fo reign commerce. by enablir.i; the pro prietors, with temporary loans, "-to pur chase freal; carjrocs. and "despatch, their vessels. 5fo far the committee believe ihev are warranted in saving, that ex perienee has shown that banks have been vc ry benefici al to thi s state. sura if thev could stop here, without violatic their character as lepsla tors and as a dia r, s of the publi c ' e 1 fare. Butas such, thev must irive it as their undivided opinion, that like medicine, Wlt I J llUitl'M (IVll.l li.i.HV. V "- phys ica 1 b ody, i t removes obst ructions, increases the circulation jof its fluids. d, ,r . . , Tl r.,.-i,- . . , - , i rr too protuselv, prouuees moruii anec- - t ' ..0,r c . i --.iTuir-i -:..:t D . ' - C . frAin Ann tiirl r i i ri mis jiui. ....... , A i x . .i fi0,inS0P of the state to the otlier, it has render- J , .. . . i. ,i... in i:j i r ii I'm. ifiif . I. i Ptl It impOSSIOiC UC Ul'ilU nuiuuu loss.: in consenueiiceof local!) L ir I an iA-ii.i uo.-v j v. .v. . - . . culation in their neighborhood, and tiie j dcnreciaiion -of tlteir notes abroad, to 1 t;ie very great embarrassment of in- j ternal commerce. But this is not the j extent of the evil, nor in the. opinion of tre committee, by any means the rer.test ; but t h e etTec tit prod uces on society . immediately w i thin their vicmty,"is still more to be deplored. They enable the d esigmng, u npn n cYh-ve io the Credu-li ie ,i c cip! cd speculatorsvho in tact ha tmng to lose; to impose en lit v of the h on est, i::d ustriou s . un su s - j farms ; p! es of this sort a re Ion co mm o n a n d rotrious to r.ced any iiiustiatioiis from the committee. In applying for their charters, they al prciVss to have the public good soiv in view; but in too ma'iv iu. j strces tl.eir conduct has shown that! . i : i x ii ... bank not to pay the notes thus sig:Ted, and tuMecting the owners of to loss aiv.i '.isannointme!!t. roin- . om either to sea t hem foi .v!.at.il.t y v.o:;hl fetch, or to return v.i!hoi.t 'cr.:npli.shii:g the business t:.'y wort v,r.. Tins is done in more t.huit mx iristarce ; iluis. in open dav. cenn.itting a barefaced fraud on tile !-uuiic. :" . :"- ' :::- - , . - , - i i - xrtt. ;t thus Sfiuandermpr I '" with an. extensive external antJ inter-n i - s i x r- i- r :iw,. ;.. nioney fr their )r ral conimeice, by afTordmj tacil:tv isi ; ... t ., . 1 , . . - , . :,:, -! titers, on condition V-: mnkinr remitfances and in transmit-;- . , . . v a. r 4K . their note when due n eti, as t:i ia 'tiie interior' of our I of tiie abuses indicted or. t!;e public j consider of greater consequence to , of individuals, and tiie ufiauthorised ! . means for the purpoe of furcin their ref t 'entire! Vail the bene-1 7 a m:-su-c of banking pri-. ile-es. : the communiiy : and in the present i ! emissions ol small notes by corporati- i : paj)er into ciu ulation, and whether isxoected'froin 'thcrii : ami j Of all aristocracies, inti more com-' : iustance, frou, seeing notices in the jj ons. They require the immediate and , they have, duitngt!ie last 18 months, rc;r.i p''e.c....; ' li'fi'pi pletely enslave a peop'c han t?iat of j state paper of 18 new applications for ; con :ecting interposition of the legist- ; promptly and willinglv complied with instead of facilitating exct:ange ami tiie, lJ -v . i. i - . : - t1;..j-v ;nnjnJ t,. i.J,,,...!,. ti.,-r : ... ...... .... ; :,n . : i .r . r. - I , as a .1 i I TA ft-rt ftil' fl1fr' ,,rv . .i.tfM,! i Mill I M 1' 1 1J'-I ! I' US. HIT IV 1MT I 11 V HI I V I H I 1 I fWl T V T O . ff.aaiLajaIk.'k.n'- r" rl t 1 tf m Otf'frai caov s . . . . -. -J . ct;n ru t of the community bv '1 c - 1 nc 'i:urot:; pici. ju.ugi:icui tens mm is wioog. nuu coiiiuvaic iiaciaio uispeoei. . ; . iuniy, .onn-aroi.na itavjrj assccaKd Je . ' 1 M ofp, .r ' V iJ"; ' ' m their reach, 0 as to requiif no favor ' f vur committee are constrained to ! produces an apparent activity of busi- il thtuiseivejt with a Utiuitman m Xtu'-YorK ; "oi,- : r,,ea uoWand one cares com-j; carne. to .ch an tent, anil Hut K is all lactitnius and Jrcepiivc, ! st,,re No t V. .-J, thfir rain iomiomatvirid' tKiSr'i P,a! ':- r :::;;,,;--Y-.-'-y.'--:.;:;'--.J:.;' f??. oc!;??a,.eMOtjaage;vj.esembh.ig t!.e hectic l.eat of cinsuin- ji,,,,,, ,,, P.,r n!f ,,,, avtly e..n:nS j ' - - - - - . .k . . ... - f ... : , m . aa : t B..T s.. .... ... i.r p.. (lip chaiilt J. v,.n Jf i ill lliliuiaiil Uuilu3 I l.iliUiliU l"S . ( 'v tvh uj iiiui.iuuuictj w ; ni ui.t.u-v.( w v mv, ui. ....... - , v.v i i -. j . i ii ;. w.,t f!,. iJt'on, declaring that.no ms i hou'd through the medium of these agents, to , tween conflicting establi-ho.ents to l -v.irv oiubiv roit oa. lr ;u!optinga variety of schcTnes to it3 Crt;t heir notes into cu cola!:-, uch f331? 1 he spfre of ; ; . -ik ,n th, .i.rncn. we shah ,efl al kcin.. a martial fund in a diant zt z Lveiy : j .. Atlct,ont m. raJ m,,. rVf at thc EaR,e b-''k tore'' ' tc;-rar.'r" and af a con?ence f t' c 0 bank contracts tiie era ot their j j viut-: in tiiJtlp'., F.fry sh'a ot Stuck 'i teVihe fact becmnes g Paf circulation, and after) suliect- jj .-.x bute li.uk Nor ' t-at their paper is at wUoin their res- JOMA L L FVj. terssuinVan m-ssi !rbruIrv 25. i8!8 ' b i, ed wi;h ink of a diilerent shade, at 1 -1'-' - , i oan iv. j -. ---c .r, ." . ! 'V , V i' " i 7 V A RI'N W A V ti. !tnJt;.;-,,.i.. legislatures, collectively and ;ndi-,riodpr(duselv granted, and at another j ltuA'2 Others-, bv a dilTorent stratagem. ir!ed from u calf!: and independence ..lost (therm Iuvo j I'mi:,..- .... : .... i ! Dut no I infnr I a spec purp money ! else bv rende ste ftncf. ,v"h Vr ii iinfoi tiiMHte as to l ! hold them. There-' are other -practi- less cont.arv to Ah mtentand tuc ainss or -ruin. ana despair IcrenceV its nur rprvti,,, Tit;,! ,,,f;1i,r.i1-..ii .r- '::r in of their chVter ha;e issued ' ; -and crc a.so the comttee beg operation and influence of banks, their us capita!, ti.e increaU cf civilro" ios.ot paper canen lac.my nore?. n -uvc,lv v .:,..um,.uc ine uuncy and eilecton society, hrhvr r... -! secutions. mnlflnli,,,;,.,,. r :,rtmo; to ue ymariie in neii.ici ce-sanlr or a pub! ,c nature, they must tne injurious enhancement ot t,ices . . u -iT : I .r. .r,rw- . . i I.i.-U i-.K -.. ' t - ... ' O ... .-.iuuuvm.-. wi I CIICS Vconntrv produce, or any inin? ; : v ...u,.v. laminar to all. Then, surelv. this 'am the iianr,,luVrtPre;,1n nr:i: litl,a9byorshape,an.lthere-j:pinsatarm rendered his honorable body does not stand in need ijare amonr the , ich iefV ..!.Vr!V . rinc their names appropn- mnuon ccmionaiiie ana imiepen- hot instructiun from anv illp.itMn.if. ! I from thin sf.fp .,f ihJn. ' onW.hr fiiitatin- the ruin -bfri 't? wisnm- to raise tlie sum of one i source. " J ,,.,,. ,.r..:;... : '...r. ' V u ce wiich the committee arc informed f ; cet it out or the bank without any dit nre verv common. a:d they believe ! ficnlty or hazard, and that he would will nofbe doubted, vhich no less vi-f endorse his note for him, and that he tiate the first principles of their char-! tcr. i !;ey ;!ve lare acc.ommoda tie.r.s to individuals, cnnditicnally : to some, that thev wi!' eep in c;rcula tion a certain sum i desirrnated by a pri V specified time ; but turn sooner, he is ar with the discount on hich notes are j ! mark) for a . case they rc-i to be charged i ich sum for the t i remainder of t.? ' ue ; to avoid to make lonr nties to ( Jianire ' oiher banks ; i time and his orit. The o- thev will pav I vhat i called h current monev .'n!r;r .!:ir notes of such of the banks t l.rouh oh t the sf a ? c d eri ! ; r t h ci rs e n ti tied" are current ; ey not const- i that apnella - te uorrower, ' I is obiir d to pa v for thf s m lie r ay ; ;be deficient in as the tiie draws near;, j a Cio.-e, a premium of f om seven to fourteen, and sometimes, as vour c-m- tion) which compels te Dorrower, h '? wurn imm ..uuses -reany j . ne.ow, covered with darkness and des- joy corporations ot their own creation, during the time his n is to run. to : ; ver balance all the benefit- derived ( pair. Such the committee extremelv It is therefore evident, th;t deh'terhrjs lav by him a!! the curn-nt numey heT! ;,:n tl,lc:n?. 11 fon,e t;:e duty of a ! appreliend will be the result of manV ' : poi-on has alreadv taken tleeo root and call collect, which of necessjtv he v i. and decreet l-is!ature to ceare ! ()f the present institutions, which in requires imno di.lte leislar've inter must lose the use f, an-! f.-r whicii he lnn r,antinr those powers ; and , tlieir fall will brimr ruin and distress .1 tViiuce with their ufmt (r,.,- I mittee have been infornrd. as hih as .due deference t the honorable beuy are a 'number of ivinks in this state tain, they he-"leave to oOer the fbi ' twenty . per cent, for ore dav, hen ; which they beitm, as ve!l as to . with real and solid capitals, Lat whose. Towing resolution : j his note is atrain reneved. anl the i their predecessors Hit the commit-; circulation is small and conse.uently H Resolved, (if the honorable the se I same operation is comrm oced anew, j tee cannot refrain from remarking, tlteir dividends : whose allairs are coiv- j natc concur herein) that a joint com J 1 To others, on condihon thev ex-I jhat tJie hitherto iibal and extended j ducted with prudence and care, and i'mittee of t!e senate and assemblv he change with them, a s:m equal to j encouragement pven to banking ope- j fVom whom the putdic have nothing to appointed to enquire into tne mode & their note offered, in n-tes of other j! ration beyond its legitimate object, '! apprehend. jjinanncr in which the several incoroo- banks (for which they ar- compelled ! l'a annually invited to (.ur capital, j On the whole, the committee coin-J' rated banks within this state have ad ; to give a premium) and eceive t't-eir ; ! -kiltul and experienced banking a- jcide fully in the opinion expressed by : ministered the trust granted to them. own in return. lo othe-s, on condi - ; tim one halt the sum rmaiii in the bank until the note is due. thereby re- : . . . . - , ceivmpj a usurious intere-f. Ihecommittpe tee! theriselves com- ii . . . committee, no svstem . . - f , ter devised so perfecf-v s ever bet- en-'ave a 4 mr:de of ?shinents , the v en-1 .. . .... ", comty.a5ie P' J , V.VJ . v I. .. V! 1 . I i AJ ! I C t II C S( Itll 111 ii.l 1,! T . . ,:.-- - ticc to destroy. 'i'hey hold the pu r -o -;' ciefy, and by monopi of the circulating medium :iirs of ?o- the v. hole ?' f ise co m- - try, they t orm a pre c a i i . standard, i by which all the proper1 i the cficn- i trv, houses, lands, deliis d credits. person! and real estate or H tions, ere valued, thus n ering tiie - wu,'e enmmuuity depentl r on thein, ac prescribing every ma who dares H opnose or expose their unlawful r.rac - ' J . j t tr specie or current notes; and heic ii' ' 'cie or current notes ; and he.e the committee beg leave to .rate, as a j1;: i d.recfors o! a hank , nnspil i i .LJ.i I rc v ui uui omcv. , a 4.. i cwia i;,: ; . l 1. . 1. . i I'lrt I , s. r?t4rt l.-l .-,v.;. g th:SC n some "..' : .1. .' pans v iiizi c uu.-u.tts nave u venrs establis'ied, with t' have h ad none, th ey are ast . then! arming d i s par i t v. TI. r the one case, the des(daf loos r made in s ocieties, that w or prosperous and bppy : ',X drey have brought on a.i in,,: number of the most weahh v he'd at i max: see v havel before ' rj;n aK) rmers.r era and they and their fatnilics s idesly n iuijut;)---auu. ifi i.ic i: ti ()i 'Hir "" ft,,v mu .h.i- iu ul iiia.nv xk wnv. , im r. any suii.iJiLib iu oMii sciiHuj i u-ii vijv. iiu.i.i,iu loaot: u:)vi;i i.iem lor I aV I . tv : 1 x ' 1 . . h v I I . i I. . ws ...... t . 1 . . f . . I a a j j to make abroail, is contented to p(ck- : aslVme hanking powers vt ticre none ; substantial -; health : a re-action soon ;j ilKi tAn)t, by tae piece only, i j et the !ors, occasioned bv tin thqireci- wore ever granted ; and alter having ; j takes place. These drills are in turn ! Thc;r acqiu;nt..nccs are part'cuL-Jy 7r.vi 1' .. i.:... i. . T i. i. .. i o'! Ii... nrA .i....U.r i!n(Un'ia .!' ..l!.i.ii.l In. ri-ql . c ', 1 11 ' , . i a i. r n i i c f ! ed to Call, :):itnle:il tfitv shall . ulili'" tr zard tiw.irrescntinent,bv banks of the great cities, and in j .- i- ! thousand dollars, to assist his ciiil H dren, .was told y a director, he could could continue it to suit his conveni ence, with which the farmer accord ingly cofnplied. At the first renewal, he was told the note must be raid ; that the bank would press the payment, I jout as it was not in his power, the di - lecror toia o.m, ii ne would give turn one hundred dollars besides the dis - connt, hs vcould obtain t!;e renewal, which he did ; and at a subsequent M renewal, the same operation was per lormtMi, but a judgment was required also in favor ot said duvctor. and the I result was, his tarm was soon after o?d without !iis knowledge by the ! hrni!V and pit .rchased. by s.iid direc- tor t -less than, the judgment. loc co:om;ttee aie sensible, that all ...-'.institutions are subject to abuses ti om the misuse of the powers errant . i -".eti to t. :.:m ; out they humoly con-i i y .- uwi-.hiicii.-.. i.h auuses reanv here toe co "-c manner in whicn bank charters j ihave hitherto Deen outamed. i,iton: j this subject they would speak with all '' ! renrs. proiessing general and not io - ca! oljects, and who appear to have ; forgotten tor the time their public I trusts (for which some of them are re- Ji ceivihg a high salary,) as well as all ilpresenT session, nave no uouot.comc ;. j! up with hih raised expectations of;, reaping a rich harvest, and by amal - h j gavuating banking bills vvitli those of more importance and mone salutarr in I ; their nature, and bv assorting and can - .vassini: tne nou-e with an tne coninct- i n ir interests of individuals, until all distinction is lost between the fair and honest petitioner an! the cunning de signing speculator, and thus the man ;j who asks in the simplicity of his heart conceives his ' right, is soon made to understand, i j tj:at in f.rder to obtain it he must be- ! ome the instrument of designing :' men, and advocate that .which his bet- iculatmg on the eucouragement and,: j 'f "' , di ' ririslaturc those agents, have' had ;the un-.;.; d temerity to petition the le - vidually reflecting seriously on the ? ot this state and urire them. :1 Iran's. The. continual strumc be.-' . ... .... i i subject as to its consequences to them-tj-settle ilovVn into a state ot torpid m selves and to the state, and suller no !. action, and become mere conduits of ! abstract considerations to influence their judgments : but to decide every j question upon its own merits, and frown with i nd ignation on every undue !j attempt to influence their opinions, : and in that way restore to the legisla- tare ol ' this great state, what your VCCIU!: ct; 'C!:c-'-YeS i'1 a great degree ! me committee wilt conclude this T ... ... -w general report on the state oi the cur r?ncy : by examining briefly, the foan dation on. which the present circular tin medium is based. The coinmit- tee believe, the present circulation in me state principally consists of the I j meuts, the ari cultural interNt is the notes of those banks whose nominal. j principal sui!erer by these proceed capitals are small, and composed prin- ' ings." cinallv of The t'dfps af ti J ;.r.,-;.:....i i ! h' f. : it. r..- !j stockholders, called stock-notes : i i that the securitv of the public consists ; of the rrivnrp'fnrtMMn'- stockholders, and tJsosc fortunes, in a Sreat measure, consist of the stock of the bank : And as these banks make lar-e dividends, many rapid, and what : are considered solid foitunes are .1 .. . .1 ... -I . . u.aue. iiKe a bov mounting a sum I Y 1 mit as tnc sun is setting, sudden! v ob-' serving his shadow on the -opposite i precipice, 7 repaid less-: of th niit" h- fwcen), is astonished to see how tall ' f hp h.-. t-rnwn I on :k. 1 ("""') iinui cipursi i ' a vai e, ne is pinneu, sua- dow, substance and all. in the abvss ess thev chanjre their mo .'e of d,;nj; business. I he commiitee take pleasure in stating on hand, that there , j fns excellency on tiie subioct of trie banks, in his speecli, deliered at the opeasng ol the session, woere he says : " Tjte evils' arising -from the disor- dered state of our currenc v, liave been consideration, voether the mcm-pora- tion of banks in jilaces where they 'are riot required by tiie exigencies ol cm- merce, trade, : .or. manufactures, ooght to be countenanced. ?ucli ' in.s.ntutt- : ons having but few deiisits ! 'money must rely lor their t.ronts nnacinai'v , upon the circulation of. tiioV notes, anl they are tlieretore tempted to ex - tend it beyond their faculties. 'I iiese bills are ditlued eitlicr ;n tiie sit ape of loans or by appointing confidential agents to exchange them for those of! , other establishments. I);it the former ' ' 'mode being conducive to profit, is at -liist generally adopted ; and in the J , carl v stages of tbeir operations, dis- ' payment been required, the .only re- source left is to call in their debts, ami - exact partial or total returns of their parsimoniously withheld, they finally ij accommodation to a few iudiviiluals. ; The le";isluture arc then solicited to j apply a remedy by the incorporation i of other banks, whereas, every new one of this description, unless attended by peculiar circumstances, paralrz.es a portion ot capital and augments tne ge neral distress. The banishment of ! great augmentation i.f uch institutions jway not, u, course of time. pror;iiceaa c.vplnsioK that vil! demolish tk? tvhvte system. The sh.w and periodical rc- ; turns of husbandrv bein inc.nnrrrpnt !to ihe exigencies of batikine etab'!isi?- be true, and your committer have no j doubt they are, together ' with others j eqiiady reprehensible and to be dread jed. such as, that their influence to frequently, nay often alreadv begins I to assume a species of dictation aito- .1 I , seiner aianmng, and unless some ! i dicious remedy is providctl bv leislx - tive wisdom, we s::all soon witness af tempts to control ail elections to of 1 1 lice in our counties, nay the clectmss I to tins verv lei J-.t-ir svtf 1 1 members of asemb!v will he indebted i tn, K-.rl t. . . , in" u...ma ini uirii ,cj I 1 11 ills f :i !H : Ml . j ; ann thus the wise ends ot our civil in- islitutions will be nn.anfo.! infU,!,,, In order, therefore, that this !e is- ijlature mav have more full and substan- jjtial information on the subject, than it 'b possible for veur committee to olv and woetiier any or either of the offi- cers, agents vr d:rcct(?rs, or other per- sons, uy t! em autnorised, ha.ve tfecredr" 'jor impliedly divested any part of tuc j; lands thereof to any improper purpos- j tne payment ot their notes in specie ijand whether any or either of the" said !ollicers, agents or directors, have bee a j; guilty of any fraudulent or Usurious ! : pracuces, as sucli--and whether any ! ; or either of them -have used, or now do : use, any oi taetunusor the sai? bankc lor cavernitis or oppressive purposes ; me s:r.a commit'ee nave power to j; send foipersoiis and papers. ti:a: they ! report their proceedings herein to thill j legislature, with all convenient speed. ISAAC PIE HIS ON", Chair'n. EW-YOUK. "2" A MRS LEA, from Caswell Cottntv. and ; CJf .1- V. A. WILLI A.MSOX, fryn. I'ei . ! xTiri UU( in :t ina,,.icr tut XY.iL j0(ibt .ig.vt enure satisfaction. ij February V) -5 r OX the nt e.f j!ii;e,ny ir.ulatto man nam ed LA .st linkway . He is !jout 23 yrarS ol sfre, a!U'5 f tt 8 uy h-s hv'hi a iia;d-cmc weh mitJen.-n, w.th a acar ult ,vs j ne ot nl his i r.etJ, ind a very blck heaui . - . a a. . a, - ol naif. I iie n. ;fus. i.u: r.c via 'lifcfce :cr lJetersbur, Vi'mu. Iwdi ijive r'ify J)o!hr3 rcwa d tjr hit apprehends ; o that 1 get h.ra Mnn, WM. FA SHOW. Sp&rttusbjrgh ccumj, S. C. Dec 1. - h A fi V I
The Weekly Raleigh Register (Raleigh, N.C.)
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March 27, 1818, edition 1
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