' - "l itvhtk mli-House cFCom.nons," from Dec. 23 tVJan;e4LctKeexistinffBanks,at.LfuidIal .toj&ta iftteMtVMltS$St4
i- X, Sihu
flchac AuneMMj tn before ihem tlift.LeplalMre'of,lSl(;rr814r;ora317;atiit.
'the SS &S
i T 1 Si".V"V Vin.V:. M VW J.i-w ':.iv-ill i;.- . W j iv ... A naid Tor m naner, monevwhen tbvlaw reouired it toilse baiUit
the bill on the-'tablewas rfcsorteu WTA.uiBfwwrwr sfruauiniuwn - , r n..ri;i vui.unj, vi no(u rmuuiu
""was issued 5 and tliatasrtKennpre ilbne;KliJp"LegWative its yaults the Baiiksof ;NewbernXnd Cape-Fear andHse a mam
? bocly.'af rferesent'd Whtromjhniinsv ? fItyvasr a favpHtoprojectat that claya it
u&rio
en
ten
X .becamelfiiejther feold ' WIWcrrot?the repiwfitativej ofold and is, tiiat tThe State Kank wat to wrilw.4uii.tie jiaper money
NsilverfSur1i;:8irJiVtheM and tlxe.BanU f Nevhern andXaper-Fear, atd MMt -Iiankof
,rfWtL,85iranU-i totetf'toSwanowtaptheteB
1 ' , ciiTuUtioff 'ipWTuii'of, toOave no pe- otVNewbernand Cqpe;FcarBlut the Barvkspf Newbern andJape-
' dminRViuafity but tbathicli 'hall belmpaited tb-it byvthe !G6-; 'Fear-did not chbeto accept tbeluivftation to subscribettbeir ca-
terrjoi PiocIamat Cl pitals pn. tire books of Uie;State ;Bank,. and have naaasuraDC
- L 'AlTVWtfcSe f?t before;lhVm .wW.tlietegHIatur idispoed to that w similarinvitation on behalf otthe, Bank of.the State would
:vVpuf.a'periud fethisKpeVV ihbnfyrpolicrJV'OiiKSKafuie bhokln- Sneef;wiih' any better success now. V Tiie project failed then; and it
oVfonnsV'otirerw raaV;,faU aain. - :l'r- ; ; 7 ;V' tVww.-
! adopted n t78aAil fn'riuriVtBy by that' in ITlie net, thing to which call the attention of tbe.Cbmmit-
V fifiMim-ntfrom'emUtTnbiHH i'nC'ditr making anytliin?? but teein thehistoryof these Gorporationis, that the Banks of Nefwr
i i vcold apit 'sitVera tenderin bern. and Gape-Fear not-having, subscribed 'their capital in -the
P sm d had hotthe hardihood to ; violate? tttlitmVisionVrhutrit waa; books of the State Bankapply to the Legislature, in' 1 814 for an
imt:lowg:Amdl they fd wasdis-- exteusfon of their Charters and aujncrease'f .capita!.; ; It was al
ii ' ' cbvemiAii wVleani from. the wamhirio fhV charter,;" that the lleged in tlieir behalf, that althou .h BariksvAere jn themsVhes f jei-
u, incrraftingnopulatiHii ana comnwrrcm uie;gisTrjcip;oi vyinning- .rruuiij uanuriunu vwuMuunuirs, mm umisptMisiuit to nre wpi-
; , -rvtoii aiidFaVettevUlei.-ceVdfil'iyd h'expedientthat -rfi Batik .huutd fare and cKaracter of N0rUi-Carolina,,vet4hat competition and ri
! ibe esiabirshrd yalJihip in. this, as m every thing elsewas '.necessary,- thata sin-
, j': andUheamd session iwasJfoVj gle Bankvould be pernicious to cornmeiTe,vand dangerous tW.the,
I I -ipmlh.p rtke iiriviIeeesitoNe liberties ofthe, people. Cohtrqlline the'. whole' monird, apita of
; t 'chicvous rfoctnti stealth that tle country, it would wield an: immense, political influencevand
1 b-,Vhich iiH bpenlviconferriid )itfiiVuiJglnnrtoHswer tlie,purV generate, that mast odious of all aristorracies, ran aristocracy of
1 !. ; k "nosV pfco to "proude against money'." The argument prevailed the fanrite project of but one
) r- Uo"At;sea f huiUiat nimerce' ightbe'thws effectually aided, State, Bank, was, in Ushort space of fotir yenrs, abandoned and ,
' ! , , ;";rhcMaVine Iusitrai ff)rgotten :; and the faith of, the State, tyvrre plighted by solemn W
" ht i trBritik" iii4 fact; acts, was held to apply, liot to the increaseTcif ihecai
M ' ':J "ibid."-- l!ieV ,Nere)mef:prv 1,ta, f,f a Ban!i al,'.ea(lvi in existence, but to the establishtnentM
H tNid.ufWttsilktpaifeciV the same; for, as I shall hereafter shew, in proportion as Baukitis:
; e iajjged prnlamtioptponeyl ierVobtained3tonifiiratV"tur- capital was increased, Banking pnfits were dimirrislird: Jri thV
Ii' I rfnrvoiiiil tiavingl8 hrief period of four years, the Banking capital was'Jncreased jii
"( v oTYuTclamatiop irney; the ratio of eight to one from 2400,000 to g.SOOOO And al
I I Vvthi uited (bisiraggeil Paper,;at applicants fo;gold and ilvfr though it has been shewp; in 18008600,000 constituted the entire
J 'Tho imnicAlessult;waft the banknotes and the paper circulating medium of the State, e find in the year J814, three
ui-reiidvhat raowied institutions in existem e, with a legal capacity to "issue,
i 1 ; " tl lattefiSatuf.the, currency VcatfsSl it as wot redeemed at all. 812,800,000, more than twenty-one times the amount in circulation J
1 f'lfi$the ineatfm to exempt at that day, and more than twelve times the amount estimated to
' V,L' be in. existence four years before. w - -,;f.r. -'-
1 -.Hllimate conhqicisiiiaii Mr. Chairman, at this,stage of. the argument, be fore'.wV adopt
!iee mal. ilKiividendsi determiped to share the 'ispoil. And the language of the Resolution on the table, not that it is suggest
fur the rM-stjrifsXinc U but "-that it appeers that the State Bank, the Barkof Neu'beim
I i 1 WrcWter ithmmiVdnntunfiy bsuhscribing 5000 to the ca- ted great frauds upon the peopje of North-Carolina, and before we
iji . pi,.l cliviBg Ki ' ' determine, in the language of the gentlemati froiu Granville, (Mr.
j - J 109. 'wtien&rBiinknoHes'f'andIie pape currency, were P.otter to bring the Directors of these Institutions ir the bar to
j) 1 . ;:aUke depm iatedtVthe 1 hear. their doom," permit me, for mercy's sake, to enquire uhe-
1 n; . rtcardy Jhc f viUTj if, thepaper ther there is nothing can be urged in their behalf.' Sir, it is' the
currCitcy; could ifivifgp of the vilest felon w hn expiate his. crimes upon the pub-
; ttoul(j vvaj;sptTte lie gallows, at the awful; moment when his condemnation is aboii(
n; - c'Thfa'wasuiiintte Jf it would have to be recorded, to have a patient hearing,, if he can say any thins 1
I 'i':r?Te!Kteveo: n iriiiui-jrcimi ui wnj 'acviiicnvc ucitiii aiiait inu un iriMMjuuceLi aguifrst liirn. And
lit ' taxuiionapdriPW fhe;m are these Bank felons"! without the pale of the Constitution ? Is
I ' ':'Zf t try thfffeVrfut -there tioredeemlng Wait in their characters TiNo single act of their
Vj fti'Vn a , , Jives, which, if. it does nofextenuate their guilt, entitles them to
-' Alt', oiih iitUwoyers pre,vioustp this time, th t State had be-, our compassion I stand not here as their advocate,1 but I will
4 -V: Vn iiitiVdtihiteseJnstitutions ftniouht of one-s'etehth not, to criminate them, become the anoloarist Afinwi lpiciati.ii
' " -". of t!:cii"Aiiole stocK, aUHL- waiittnxiuceu to . provide a junu.iorj
naid ror.in:ftabrmonev,Jwh
gold and si I Ter-Tileeeht!eroanfrjll1l f Gran villeVe wrisrlffc reear J )
m is. as n is strong po irii anu;.ne:u wei i- ainiiui z pcuun ur;ui
phasis. It woufd.be;a grievous cliar utterly'
crroundless," that;I must eonfess;I m sorry- to heatt 'it-Urged bylso
hotTontemplaJed b V' thLegislature of :t 8 A ilt -i impossible foi
ingenuity to raise quibble upon-this poit.l?Stppose,theJaqguaffe
10. ue amuicuousjs u not niauer.oi, mswry juat.ai. tiuajt nine
and that Jt was our interest ttf m
niu uuuurr ih oi me niovi siriKin? lnsiautiwiiitii jqaii.oc jriv
i.of the' frailty ot hunian greatness: .ttaie the ctimraitteeitorgot
-n vyhoNwaS; the author- of thecha:rters'of I8l4 ?rlas the ablest
arcmneni evvr,uenvereu oy iim uiiisiriouvSiavesiiiiiiwiiii at iiiat'
dav represented th'e tounof New herns Vso aoon fadect, from N)ur
memories ? It is;a .source of,mort in wiqn,! may:ay reproach,
that In this city 'I liaye 'sought foiVlioyofrit irt-vVne' Tjinf na
Hewii ibat'his opimons vvete fallacious ; hpt where is the mortal
wJioriever erred ?The Isrisfature onfideihln his4udgmerit, and
Vrre is the4 individual wbo.everjieard.tbe toneif jifs VoicSfe, and
Wjll not extend his, mantle'to conceal their; fra(Im?t-y'V .
,Tf e State ; subscrilird 8200,000' f this, fabrieateil f capital,"
00,000 i n each Bank. -and was her.su bscri ntuin paid i n'snecie J
bscri ption paid in specie
Not?a farthing.- .The, Banks gave us ,836000 lorheir'cJiarters---wfe
Paid themrreasury- fmtWtotlie amountjof 882,000 liorej and
the, Hob 1 ic Treasurer; J
quired him to pay the remaining 882,000 'Jn go!d,andfilver
at all events ho never did so. and in the absence "oflallAther autho
rity, f should be-deposed to ive to the acts tf ourVpfficial Officer
Hciaifv vnw ciiarai;u-i: oi. :a ;.coi;emporaneouj exptisi.iionuiROt
statute; '-Where does thVentlemaiVgeVhis e vide ucthatu poll
thisw fabricated capital,"the,8l,100,000nhscribe
of, 1814, nearly at fifth of which was owned iyjKe'jstaleSx notes ;tg
the amouiit of between 3 and 4,000.000. vvrre issued have
i
heard ;porte?tiuooyv that goes to sUew,,thatbolh institutions; upon
the "rthote amount their, capital, ever issued more twrt.'Aay'tui
sum.' -V " "KJ- V1--- tv V'-
CONGRESS.
IT J n t ' - ' ' r
1 M
, Monday': February: U
if
P.
1
. iTh p bill 9 n fifntvri a f i no-", n tfipltf.fivo . t K ni'e. , 1 lnMM rX -; -i :' t: r
ThoinaW'L. VVrnthrop;;AodtherC;urreytor' qf an assochjion !c-tle4
'The New-Engiapd 'Mississippi LaodlCmainV? -vai VeAd a ihird time.
and rejected by the casting vt ofjhe Vict? i Presdent. VSubenuemly
' ? of t!:cir "iixjiole stock,' abiJL-'vyasiiU afund .for,
- :?:xtiugiMlilngtiVe
A ecu- ujH)n:t!iatpor(ipn .oT:,s bindlviduals.. It
. ! "t'as',ulti"inWiy tha't thSjji sliouhl
V-fweivefiiBjirofli's-iVpmVtier, ovn TtocUv and exacffroin,Uhe qther
s Lc orprattjrs a -it P oTiedoBair -peralw thistax liaa heen
4"lver sincerrTltt 'Say have beett constitutional I pretend
''lh(V4o:dtermii
-" rtVl have before stated; that1" pVevihiis; to'tlnrestabjishment of any
iBafik, thelperuwy not: exceed 8300,000.
' '1 :,Thoo vvhMltheeyentsV IJapehen(I,susi
i tain me in the'opini(Wthaii if coiistHpfed at least one' half of the
;cntirecifcu)ating 'eiuWilT??8 a rnv 8600,000
va4 a sumreritirely adeduate tb'the commerce' and usiness'f tlie
. 'V State. : JnJ909-Uieriwtualc and
1 N - L5U1C i v tira9v ptjv.ujuyw iic, , v-w m kihicu n ti.ittu.utci r.i- nuii h
'iaVge proiortionjof terproclaationmoney ; their potes,com posed
ValnVot exclnsiey 'tW ami it is not there-'
CA fore probable, ;that'thoiibleadiounVufth medium
, ' V of Uic StativJgreMlyt VscededS8bo;o00, and yet sir,vat that dav;
UiPnmili!int Avas -not vvith-recardio the nukntitv but the niiali.
-t of 2w:v incjrculationiySoViposeTthat onhlie lstoffJTanuary
vv 'Sfcte'thcn vith that in w)rtch?we ftm itn the Jst'oOan-'lSll,
";ivfimdYJ l?teniiine,h6r at:realJyVthe.authrs;of-i tliVevils'df
- Cwhicli we ro , feeljiiglyVndsoustlylcomplainv
,'s wjII icr'-llect that vw 1810, the btate Hank vvareslabUsb-ecLrwitb
i
1 believe tli at neither of these Institutions have answered the exnec
tations of teir founders, that all have been mismanaged, that-the
StaterB oppres-
sivjp.anii ruinous 10 me comnmntty. i aOmit without hesitation.
tliatjlie whole; system ,ot exchange the- purchase of cotton of
I
uniifi oiaies siock oi, ineir own notes is not only, wrmig; but
indefensible; Bnt wrong-as thse practicesare in principleit is
not front them that the injuries which the community sustains have
proceeded ; and these vices may be 'corrected without Vtmrtiii ii
the trOiieridous Higiiie of; oppression which the: bill -'-nifimiWfi An
troduce No,,Sir, the evils which have come upon the conntrv
have .not been pnduced by usury, by exchange, by; tlie purchase
by an inordinate auxietv oh
uie.pan.oi ue ohiik 10 maKe larger uivKientls, anu an iiisatiabl
(lesire 'on.uie-part ot , cue community;, to boirovv' money. TJiese
were the capital evils from which the comparatively little irregiH
larities, followed naturally, . not inevitably. The commuhitv
jmxioustto borrowi moneyi the Banks to iend the country' was dev
Mr. Rubles gaye notice ihat henjuIdtu-nioVrfViibjrevtnai the Se
- ate rHCfonsidertheabiwejyol'fujTbe? ofl'llh
,nois and JVjrssoori "to sel their scbooUantrs and saJines ,rasVaseiiriie
' Vice President cotnmiinicatedV Jetitrr from thejSecVetacy ofthe lNa"vv,
transmitting a 'report ami Sundry clocunieiits, ioaier ftheVresoIu I
expense hitherto .fncurreil lit. fiting out an"exWJithmYoiie'xn!or 1
pedilion;;lhe amount trAnsferred tothis pftrnln.VppropiAtioni',
made-for other o6jYcra,';y
Re pgrtand docimentswere Veferred
fcirs, ihd ordered, to be printed.. SoVetiiue7was8peat ' in iW cubiid-ei-atioaf
'executive business: V J VVi'T' I'
. . Mr. Inson -of,Kcntucky gave jot ice that would:-oo4Cth i ofgiUy, J
move that the'Serite proceed tothe fection
wll Reported, that in. discharge; If dut yjjuYthe - Coin mt tee iipoint
ed on the part of the Senntc, : to '.notifyAnd re wJ4ckon"of his -'elettioa
t .. v v x : " vu 7 tarft iroin, ine loo mi m iart i
JtffXt, that the President Efec, ;in rnifying to lhenv Ms' 'acceptance
;f this, officexpressed his deep f niibility.of itst respor.sib'litiei, an4
h 19" gratitude t'o hwrniinfrv th?4 r a ir r ? ' n i ii' Up. I
moteover, instrucfed the CommUtte t WVivV ft? i'r .cio H,nii
luged with paperproperty rose in value money depreciated in ,ucVfJis Wsh-conVidm
proporttonarevulsioti jwas .inevitable-ipay-day came-alike ti near theJjoUr.and half'in the considefattonfEiecVvebuiio
The Banks and tire people, and found both alike unpi-epared to ineet it '-3!3--irff-" 1 fry! if- !
In Uissitate'ofthi.wish thoyactsHdarAntTnie.4iia ' :P0E3?NTA;;r
ing- that,;the Batikand their -fletrtors Wta' like iWestin: the A V'' '
worst of timesI: ?. 7 t?"";
j;But ,to ieturn,to a subject from WwIiVirJiave-reied ul?i,.n?.lfc
erernothing:w;;iclixan be;s E??f r?0
fessedli :tlAhst ulpable of niie tl reVf ! lftrflM ibVlIerahWmued his j&er-;
thVVieation of too muctfNtork T'ch had been-acted on In CSmmittee "on Vridav,-WeVe "ibea f
mucji .paper. fyrFt? J ;le author s of tins, evilonli 5 hdf, pevstponed ontlut day; for the relief r-ihe heirs of Walter Liiinr-'u
heailrests the b lauie. and t herein fit fl.Wi" fnr" urv jlvj,r- JnJnL Am Jt wejeiiet 4iine ne rs o.uio
. - . .n.-.i -.1 i.t niin ill t. iinii iiinT nn ii.f lur I a .... .toil - : I ... t:c...i .t, . . :.-r , t . .... . .-i't"K.. ummtwiinju uu.taio. iiu..-u
" . r ,. ;.-?"--,V 6'?'-!"i.3"-.'p.'cenorraou3,exiensioiroT.Uankiheanital. c?re-S'J:onlrt,-w4iipn.,sc.l anAjMl to a dwAiwinn in tn miiW
.-. 'tu.3 i.i actual atdacttvf..i.K'l)6n.'",TlteVe5ayis,-.tfiat;.onltbat and comemictitlr Bahk.issnes, br ttie addition nrjr'ii!n;flnnW orCwhicli U "was ksXml?.i! Vji-. .-S'2''
rws? ofn,c.naMa warrant K4 fe ? dUjiHiuisI.ed ctembircf the Senate, wit :hSSfS r ipprSjSiSH y tffe fules o4e HoYott' f
. ,.ya,.itacs,Oh'Sooi . fat h toom- ,artB,r!,.il.f B.nHVf fevi iUrri.e Slocktioldera of the Stote Bankuuon thS jL ? i"Hl.D,:" wa occupied in tfie presenfitioriof Sititiini'knd 'ft'pW l