'4
' fih
vlf4 nner fthese
r the rdejnands J reader lijmrt themimqr; afford a tridenti -of J
turn on a borrQwcdxapitaPfor;Vfchicb.4hey,arc to navVi r1
and either do prfrQr able btisinesst .op malntatna sound V J"1
Instances
v -i ""A ' " ' . . i . : A -a . . v - i, l'
S- 4
'W!"vU-."':-M,-t ':-V".'.--:'W .! ..'t.'i".Ti7-i;l . l.acinn-' stated
4 &iiiXkA to fiiT bwn SubmiHed tlieiothw day. The bill
'MMlhW to.cra-
i the Legislature. Mr. M.
Mi: i sWAuyiTnrk in October last, and in order to ascer-
'A
,Sif 01114:- QbUipea on State surety, be made en
'fe4olnfo:f Jflieii&ipal-brakers of that City as to the terms on
Sf 'fiwt H ascertained that han&
ItiRB thau f?1:
to be paid in the City.
i!e hadhis hanfeiie:j)ricea current of '6th October of uch as
?eetoable: Usr.ffWMtock :wiia:atat!time, wortii tifm i w
Vlii 3ten pec cent premiunn and from tliis date we may rerfson?bly cal
fcilte; that if we make the w!oIe3bf our stock irmuVeinable for
; St X n eaito be able to sell it fbr ja prepiium of 10 per cent, and
i '-
;
1
?tlis obiaiiWjie 11 of the money a rate, of interest not exceeding
- five ner cenf.peiarinum ."r ; I , , ;
1 ? A large Amount r foreign capital waf fiaid to be in ew-York,
tiwaiting sa ; investmentsand the State owning stock in fier dif
Jferent iucork)rafed companiest( the amount of a million of dol
flarSard lie considered as safe, and
ft;Culdt obtain wbartmohy she wanted on as good terms, no doubt,
r'Vn notice of; the se-
neiclitiorboottor
per at par, for! bulliddand thus, in Jew .years, om more
specie;' in proportion to its .capital, than anjther .Bankri.the
t i.i !a r u . ;;Ai:'v n mnlrA snnifl effort to. re
union.- A V4)UIU II UUI,,UC! ijVIUl' iWilVJ -. -
tain a portion of tins precious metal at home, instead of supinely
lnlrinnn,whil'itlTiasses into other States for a market ?.
? Mr. M. said, there had been , suggestions thrown out against
the bill on Constitutional gronnds ; he should not argue threques
tion however, until he heaid gentlemenon tlie other side, further
than to say he felt himself fully prepared satisfy the Senate on
this point, whenever, the question was brought up. The
dent, in his late message to Congress, recommends the establish
ment of a Bank for national purposes, on similar principles to
those embraced in this bill, and six or seven of the States have
already adopted the measure, and he had; no doubt all the tates
would ultimately find it necessary to uo ine same mmg. u iM .b
on these principles, if jadiciously managed, might be made the
greatest source. of revenue "the' States could draw on It would
enable them, as the duty 011 importations does the General Gov ern
ment, to raise an ample revenue by the consent of tieir citizens,
and without resorting to direct taxation a mode f , raising mo
ney that cannot be ) en forced to arly considerable extent in the
country.-- But sir there are higher cnsiderations by vhicli the
friends of this bill are actuated, than that of 'dollars and cents, or
ptofit and loss that of rescuing the people from the clutches of a
monied aristocracy'.' If we reject this bill, he seriously . asked
gentlemen, what course they intended to pursue in the present
emergency ? Is noj" effort to be made to prevent tlie wide-spread
ruin that is likely to ensue, on winding up the affairs of the pre
sent Banks ? Ajiathv in deliberative bodies, is said by some to be
a virtue; but a total indifference to the present situation and fu
ture, 'prospects of this State as regards its monied concerns, ar
gued any thing rather than wisdom, and would not meet the high
expectations of the country.
Mr M. in conclusion, said, ha had confined his remarks ex
clusively to the principles of the bill. He did not expect the de
tails to "meet the entire appreciation even of its friends but if the
principle was sustained, w had sufficient, both of legal awl prac
tical talent in the Senate to give it maturity. The lat section of
the bill was added at the request of a few only, of its friends, and
as it is known to be a general rule in some of the Statew, to per
mit no law 'of importance to go into operation until after the meet
ing of a succeeding Legislature, he trusted the policy would not
be obiected to in the present instance. This bill, if it should be
come a law, will go before the people as the policy intended to be
have been Jmenf lOned of -.llie flonrkhinj l
other nanKs, estaonsnett, 111 ;ouui-iaroiuia :mr Iewh. 61
principles something. sttnur to that;iow propositi. But th
I
am h 11 ' . v . T . i. nnrQiiPfl in t hp. fiituro Batikiiisr onerations of the State, and in that
-ri ".tii i iwjisHfprin tup jasi ljftrtsiaiurc i iu suiiituuiitr iuui c man .
WI HIV , 7 'S t ' '
I j6he million "and ftrrty-seven thousand dollars i all of which,. lie
1 ild bemade to yield an incoine t( the Htafei instead fv hereafter
- lviW idle in tlie ;!Veasui'yTie circumstance of the faith, of the
! State beingvpledgedflor the ultimate redemption of the notes to be
' issued by this Bank, appears to operate much on the fears of some
VlifmeoflhSeaate.' They seem. willing to admit the ability
of incorporated companies to effect objects that individuals are
icorapteht to,yet they seem not disposed to admit this principle
UCI?ioppUlU IU VllC.UIrtlvt a wivc vi . - vjfi , mv.
. - c
'onlyeglMmate( Corporation .in -.the countiy? and he trusted the tune
was not far distant; when , there would be no other bodies corpo
r trtori politic inithef Union, tlian , the States themselves. Tlie
4 ' 'tifi&tK !iiSfatfif?!ia! Iiepetofrire been nledjred under cirrumstaii-
. - - .. - - I- O . 7 -----
; i ... ces,mucn:miire: uisau aniaou uia i h:ic Mfpuft-u. funs
;::" r 'Vsidibrpaper 'mney in 1783 and 1785,?and the subsequent einis-
lfiX;i ir stof;KTasurjbnotes, were all made pithout a dollar of funds
v T bfeincr sifecificallv nledared 'foj- their redemption. Did any evil
1 - it:k-';'
MUVifef Jf Edition of a J
T ie real . condition of these banka w jH not be cnrrectlv knn K
nt iiiey, comeim uiaiit? a uuai sciuciuciu. . x oe ue ports or hat
not always, to be relied. upon.. , V,;.,
, 'M(m jiavt? ucaruau .caii at-npM .cpori oi the Gove
of Alabama. But does this; Report-prove that their bank i
ntanie r certainly noi. -Af aoamA laooup nnuer UifficMUies iQ T
banking concerns as welras ourselves; v She, like us, has no I-
100,000 dollars; it cannoTbe profitably; employe Without an !
Kinu oi ousioesswinai. is proiiiauie-io a oanK. - v ,
When .tle.iupness of .m- batilfcifto consist of loans to farm
on extended cr edit, Mri- Maverred that a sound currencv r, 2
not be maintained. t ,; .
Suppose that such a bank has a; specie capital of SlOO,oCtj. j
make a reasonable '-profit'' itinu'st-lssue notejs(to"louble the anwh
oupjwsc uiic-uait i oi soio is n'aiieu on exieiioeo fCreuit, JOOOf
dollars of your notes soon ets into the hands of bet? bank4n(
xi ?'i ... " ' ii' ' " ' . I ".. rvui
me remainuer oi your notes, r ion will nave to pay interest Eor
the greater part to tlie baiiks who hold them. - JAud when it
known abroad that you donotjunctually,paspecie for your hotj
they will fall in value. 1 , -' ;.. --:-'i.-;4 'V,; .'
If we are asked by gentlemen what we shall dn for a circalatW
medium, when our present banks go out of existence. He
unauie 10 prescribe a remedy ; out lie couiu nqt consent Um bja
which he was convinced could answer no good purpose. "
,Wliy go into this hazardous measure ? iWe are ' to lmm
300,000 lollarsi for the payment of which tha Wtlrof the State
to be pledged, as well as for all the Bank pajer which may be httf
We have to hazard the risk of unfaithful officers abusinff tlietn,,.'
confided to them and the State has had too many unfaithful ,ff -
ce-s io overlook mis risK. And what securiry does a bond
330,000 giver II an oih cer entrusted with thefaffairs of this ha,il
l : a. .i-i I o . . ' --v . V'i.i'. ,' '
ermiuejs io ueirauu me oiate, ne miglit do it to an amount tar
-it t
event, he had not tlie uhadow of a doubt, the succeeding Legisla
tiire would convince us that the measure met with the general ap
probation of the people.
Mil. Mearls observed, that the ostensible objects of the bill
before the Committee were, to make a profitable investment of the
funds of the State, aud to furnish to the proplea sound circulating
currency.
Were he of .opinion that, these objects could lie attained, he
should be in favor of the measure; but being satisfied that neither
of them could be. effected,' but that ruinous consequences might
arise to the Si ale. from the passage of the bill, he hoped tlie motion
to strike out its first section would prevail.
Let us see, said Mr. M. from the knowledge we have qf Bank
ing, whether under this bill, the funds' of Norih-Carolioa can be
profitably disposed, of. By whom are the funds to he managed ?
By a President, Cashier, and five Directors, such as the Legisla
ture may choose to carry 'n rhe, business.
Is iUto be presumed, that men more capable, intelligent and
gmvytiit of this , circumstance ? 1 i . I honest? can be. obtained in this way, than have been selected to
vfI his pledge ol taith liad.been.jOt immense advantage, not only manage the present Banks of the State. He thought not. He be-
this , State, but in tbe. most gloomy period of the last war lieed that the Legislature, who, in general, knew but little about
lhcn' Northern capitalists refused to loan their: money, and ira- Banking, if disposed to act from the purest motives, could not
&fipu4l bankruptcy stared us in the face, a pledge of faith given by make as judicious a choice of officers for the management of this
ifcinlgreSH Itor- the -redetnption of Treasmy notes, saved not only Batik, as interested commercial and monied men have heretofore
' StlieVreditl but possibly the independence also, of the United States, j made for the gevernment of tlie present institutions. On whom
Jifft v v! Tfit bonds with at least three good would the Legislature depend fen- recommendations of proper clia-
I?fev l ::."name..: .. in auamon, inereiore, io me capital pledged ror- tlie re- carter
; :demnliou"6f this paper, we shall have the.' same: amount in these Units
"binffSi aiid if from any untoward circumstances, the Bank should
!nof at alii tiiries be able to redeem its notes in specie, the State
. would nt tnereoy oecome a joscr.. now nas the present -Banks
1 istbredyfieVredit .of. tlieir. .paper ? ByH collecting a sufficieot'a
H mouliioifi their debts---ffiuldiiot this Bank do the same ? But if
..jitivmVn'stilvtnk, the refs danger in tte pledge, strike it out
in,' rofhebii!alt the advantage contempjated from it by the frame r
SIJ "TtlcM5"''" a?that it might perhaps giv the paper some addi
'sd ItiolnHl; reitatiotr abroad. Tle Bahk can. succeed without tlie
:. jiledge, if any other Bank can succeed ; for it is Better and more
.i'viHtttingiy ! giiariiedj.than any other institution of the kind .kmrwti to
exist in tliO United States.. Some who agree with him in the ne
ce$sity.of creating a lie y Bank of some kind, prefer one to be go-
Lyerneu Dy: inuiviuuai interest. , it was hoped we had experienced
de
urjiMiu nuj imumi mm wuuiu, or given in nis oeuau. rr lug pal.(
he was unwilling thus to pledge his constituents. ?
And for whose benefit is all this hazard, to be run ? It is-ni
dent that North-Carolina, as a body cannot h benefited bj the'
passage of this bill. Jlf it will serve any description of .our citi
zens, ii win oe ine ueotors to cue present banksj, And who
ihev who call aloud for thru hank ? c 1 ,
And who are those debtors for whomlfhe State is Slnizard
much ? Less, it is said, than two thousand of.nhr citizens.
Thes?were the general views which he hail taken of ' the sub
ject, and with these Views he could not but he in favor of strikin
out the first seotion of the bill. ,;.; '"'K- '"
On motion of Mr. Davidson, ,the Comnlitteerpse,?and asked
are
so
leave to sit again.
( Debate to be continued. ),
7)44 J
$u; ...
4
of ihe Bidi-)ps and Cieirgf of te "rVtestatrt Episcopaf
:ity ef Piul .delphia, held at the houfof the 'Righi M
vto;
Mm? f
If . ,v.
r-'-W.!1'-:,
a. -if -V-
X i
- y r
1 1 ' '
eoimgh Biijiil of tills (escriptin, to knrtw they did not answer
;fiir piiroe but as it seems that is no the case, he would ask
?;theiivatte$fioh until heifgaver an illustration a"'short one, of his
TJ5 je w of this part of the quest iou. The price of property is knovvn
': torjhcpaily graduated by the quantity of the Currency t!i at
' fjsjn 'nrfeulflJioi'f in the country, individuals exercising the power
Krii :-ih53fVlreH rs-r n is; t ttlT i,. o ir-c nio e ti fit I orlscarce at pleasure, could
&J-i ! inereiore operaie as ltijunousiy on inejpetppre,,asiii an, exclusive
td fpcJyjiegja.vgraiiiea'.to jiie... same number ot men, to vend salt.
fe iron. or;uy other, article of the first necessity. Apart from the
5 poiiey tniie ineasure, serious uouots are eiitertameu wnetner tlie
'ltth :LfgiAlxirehad UfeiCnsitutninal riShtPtoiincorptyrate individuals
rhe c ns ti til tion p roli i hi ts, u s from
mniercial oi mariufaCtui ing parpbsejs,
f iiijlef majf$f)lain Ub.be controverted ; but it seems the ingenuity
tOr or caiiiiausis: nas : uiscoverea mat an exciusi ve- nin viiege cran ted
7. Am. '-. mWL : -I ' , f - V v J . r- . -.- "J
' forUhe purposeofmann Bank notes is riot a
P0-"' tioUtmii of that 'instrumintlSJWhetheiviuis ihieiHirctation be the.
s fc-i:.,-!'-
feUftll iwwVy ' pfaiiijnb'id ; cjt e all know the
dollars for the
'f1H'. f osft t, Wmorcr :,!a" nioyourioiiari j i ian unsophisticated
r-fi inidliiUr.; must "appear; tobc not on lf 15ep.it rate privilege but
'j'cM' :.k tvhpiil I'nuitected 'w ith the oiMmrtunitvoftrmnliiiidii ; ii flK
ey inejdaysa isejVa
:v: ;ible. value TbexurjiifSijij oQti-
Sfe ' i i nuc a uaner one ouclit lo be based onjube stronirest niundation 1
vV? '-' . .1111 .IUMIU ur ;,fcii.,.a.it ;'54V "pM Irtlll i) IIIC UUID
ftif . ;- ' " -BnigiitethPm vate andj;0i.
t fevnls(nnlaliv
7 r obtaining Gotd
. .1
itis jKisameu iBanoiild cbthmend?
uniwiuiiig iuMiuuia iuaii;.iuiiuon.u uuuai-5 w in ue "ODiaineu trota
LATE BISHOP RAVENSCROET-
Al a meeting
j Church, m tb city
Bishop White, on Sa turday, ihe tSth div if Mlithl 18flC fiir th4
I purpose of giving some expression of rheir friTl i ntnlati6nittth,'t dt ,
j of the late Rt. Rev. Bishop RascrofVof the Diocese of-Nolrih-daroii) -
na ; i here werf present 'he Rr. Rev. William While, JX D. the M
R v. Henry U. Uiuh rdonk, D D.:th i Rev. Drs. Abercrombie,4Jeas!wf
Montgomery, ami I) Liocey ; with tie Rev. Me6&rT,I5eifeli. Rai V
ledge, Mead, Hawjc. .Tyngand Boyd. rvr ,.f I ;
The R . Rev. Bishop White, a requested to presfde as Chainnanlv '
and ihe Rfv. George Boyd appointed St-cretrtr y. ' Tne Rev. DiV Al.ni
gom-rv sta ted ihe object of fheneetihg, and .ffVred the "follow iu re
tutio:s, whLh.were unanimously adopted:- -
That the afflictive dispensation of niyinerovtdenceicn' nas 'removed froi
the church on earth, tire Rt. Rev. Johw Stark IUvessc'boft, D. ti. has affert-ifi
us with uufeigne.d grief proportioned to the hiffh estima!Mhtrtainel bv u ai'hX'
; cliaracter as a man, as a Christian, and as a Bishop of the-Chorchof Christ
I Tb-'t wr feel deeply the loss wh cii the Church has mifrSmiA ih th mm't
V ? Miglit not Selfish inotieS rhtlier thau fitness and ta- I from Us labours of so firm, devoted and enligh.ened a champion of the truth at
, have an influence in such appointments? 1S ,"Jvsus' . . . .. .. . . ' ' ' .. .' '' .
i ftmcrrciy sympauuse wun tne oereav.ed friends of Ihe late Bhop, witt
the pfergy of his Uiocese, and with all th friends eflhe church n North-Carolina
-, janii ,vay that God' tmy comfort their hearts, sanctify the dfspeniatioii to the
gcoirt ot his church, and direct their minds m the choice of a SUcceisor.
i nai in Tesiimony or our hiffh respect tor the memory of the Uti Rev. RistiotP
Uavenscroft, Rnd of our sense of the bereavement which we in common with ftdr; 1
whole church, have sustained by his deatb, we "will, Wearibe'.'-Usukk ?bad4
That copies of the above be sent to the . immedtateTnen& 111
I the Standing Committee of the U ocese of Nortaardlin&idJbe Secretir
j of the Convention of the same. vl.l.
If. during the whole period of the existence of the present Banks,
men have been selected to manage their affairs, the best qualified
from their talents and experience, is it reasonable-to expect that
the Legislature, can obtain men better qualified to attend to their
Bank ? They cannot.
It is supposed that the present Banks have made immense pro
fits say 6,8, l and 16 per cent, and that the State, therefore,
oiiht to take the hanking business into her own hands, that this
profit may go to the Public Treasury.
This statement is incorrect. He ventured to say, that when
they came to wind up their affairs, not one of- the Banks would
have cleared more than six; per cent, upon their stock from the
date -of their subscription to the r eturn of their capital. It js true,
there have been particular periods, under peculiar circumstances,
when the Banks were shielded by the old paper currency or when
they declined redeeming their notes with specie, that the stock
holders have received dividends of 12 and 16 per cent. But these
tinies. are-past, the-dividenda have been small for some yqars, and
will he sui tiler in time to come. .
And he would venture to say, that no Bank' establishment in
this State, with an extensive capital, can keep up a sound curren
cy, and pay to the owners of its stock six plcent. per annum.
It may be asked, how is ithat other Bariig pay'a larger divi
dend ? Take the aver tge profits made by the Banks of Philadel
phia and New-Yor'i, Mt Mr. M. and it will be found they do
not exceed six per cot; V
As to the notion, that a bank can lend money to farmers, on
accommodation notes, aud maintain a sound currency, it cannot
til
The following is an extract from Bishop Moore's Discottrselln'Tflusttion of !
. j ...... . w... v,..v-w i cvTiti. uraui ui..ui9UO itaiyenscrui1!
kI have been led to the selection of the present subject by that
lemn event, which I announced from this desk; the last sfueidayV t
death of our venerable friend BjsHop RVENseo
an individual so highly gifted, no common wo rncOriiaiiied ti
the Ministry & this Altarby myself, and a native of Virimia?tu-olii
be deficient in duty to you, his riiem
were I to pass over 'the event in silence. Oftetii Srethpyhas eair
dressed you from; tins place j and fotn his.. tomb', loopjekHn i
your ears, the transitory nature of temporal tf)ngs jftesnns; you, t!ii:lj
uu me giwij vi muui, Huurvn huh iij eunsuiutioiu reSDlenueiit :w
laiems, au graceiui ii siruciure, is as ainoweir in!4he Ifield. Y,e
my henrers, were he permitted.to speal to Ton'it ;hlft' nonTeiit,
would direct your attention to thatyu)ur5vho jhrVsuireciias
and the life. He would shew vou the foltv of fratin trtPta
of your souls to any thing short p Christ JesuVi'in
thft Rpdpftmpr ns thpnnlv wV.k-;i!-i
c ww iV 7 i, J: J - jf8ivus,oLwrnai peace;
' He .would tell von. that th -vA' l -i
" , : 77- 7 "v, "Ma:urH iwiaiy in wnicn ue
7'.
- 7 V - - -" ti . . v7 bit V 1 1 .11 IJVJ LI 1 1 j VM I
rency for the State, and that we shall be relieved from the inter-
iei rug currency ot other btates. .
Tliis position was assumed, Mr. M. said, without foundation.
i oe great object ot the billow as to accommodate the citizens of
tTp. ' . . : -rv - .t.tiii- in ii eternal consmeratians.
He would snew yon Heavtn, on the one hand xiUw 4
the regions of despair on teVothclSwitlie
would entreat you to flee from the wratli In nMti knM o
eternal life, Were ho see you halting egbmaot6 'M
ana the concerns if thj wnrlrl k miJrzm-v ,J-r.L'
ins ot i j u r-it-i' ""78.rvy,"VHyi " -
thA ftt.. lt. I.. o,i,i ...i:p ... j MU.fc?,,! uu"me world, Oe woo d bressariicrmmpdiatA renoB
" tauimu ticunj diiu ii iius were UOne, riatinn of thp. thinmi r: r f i ? :vi7:i--7 v :-:-t rz" , . r -fc
Ive defied any bank to maintain a sound currencv. I fSSS!?. tlB,e:. wouldoUcitiJoU awake M
. ni, ... a t :e : V - . J"-: r"'UU8 e up tne uross without v thi 1 rl.l a v. Pe
Ml,rr"? iKtti, rwjiccic iu me amount oi ouu,uou dollars, wou d tp vnuj .tA.:-!:-.' v.ii ;?w.r:xrj -
to doa profitable business, it must make loans to twice that a-
mniln'h' ' Who Will Ita flia Knunn.... TO..S -.1 1 1 ii ' 1
... .; ,. .., ur nv owrri jTiinuipaiiy ine aeoTors or ltisnrouuctiveorerearatkf?i-iwm vTfc',f tnit-
the present banks. Where wiltU.e rioteS . of ,ihR iW
And liow lonecou 1 t i is blisinpss hp mainlninp,! ? .?V'iS.riifc.-. nithie nrnri Wt.i2i urA fJ??M?f ik.
laim jiiey iiiyer, Deiierfexedthan
accepted time this the day 'ofalvatio'h.SlftMlSK(l1 H?k:
(at