fMr, GWoVs Speech CdricludeV
T there any peep liar wisuom 01 niiiuntvu om. f -
the
means or furtLei-vrofitable fecliafigesV If-it, answers M these
purpWto them,' ind:they haVe.taKen it out as a '
of tU value of the prnductions of their labour, then the profess
be borrowed jouron vMiavcnu n'r;"' V " Li tt M&X;-r
TheTrasurpr Is tolissue a pafcetjof bono in f.he .name T
i, r. . , i ii.. ...i, iMnnt i fit nurpn i. Kiuiin uitiuuiii'i .---
tl 1 JSTniP i tor lllv IIH uiriij ui .v" v ' 1 v . ' 7i" . ,
'-....I i.wibt ornvp. ipn. anirmin . ? ....... .v
ThKi nre-to be handed over l ine uito ?.
Sinr Tliey are to be !iontel it .to a loxv
SCTfc forWnre of money than at a rate of s,x per
rVnCper annum- auch a discwmt M .will llqw to the art
Ct,rPstofbut 8ixperrent.pcr a.,;Mrm on f Ins money.
Take theords in their first, and perhaps f"
and Jet us see the operation. Xe wi I Bappase Jg s"
bd -nmiumtinc n the . whole -to 300,000 in
.anaSrs ahi ilate. As the discount for fie years on one
anu THieen au fvjr the first naicel the Dm c-
IllIimivu.ui.wnipi.Tr w " i ii r. carm.ii YHvp
msand
bondg-
for S300;000 Wnld he Si 20,000." I4o,not llieye x.mi uis.is
A-si-ned. I can scarcely suppose any memner m nii(nu uiai m,
pntriie a bargain should be made one; that wouM disgrace t ie
.most dissolute anil; w reckless spendthrift-much more those ,WI..
,p entrnsteit xvifh.the euardianship of the.j ublic money, let it
in this sense that a hope can ,nr
ctilT hv liia nan i nmuiUIIV.
What -tlien are the iniblic advantages (or the sake,nch we
are urged to embark in tliis extraordinary speculatioOonsidpr
foiva moment. Sir, some of its principal features. Wehegin with
liat isusuallythe last ad in the career ()t insolvency, ivemawe an
assignments all the property of the State of North-Carolir.a,reaU
personal and mixed.in pooRosaion and in action,to Trustees, to carry
on this adventure. All is literally embarked upon this enterprise.
See sect. QiV These Trustees are to have full power to sell tle stork
of every description Vested in them at their discretion. SectiowZQih
of the Original BilL Sect. dtk of the amended.) Ail the pro
perty thus assigned i liable to be taken in execution, and besides
the whole property of our citizens is mortgaged to supply any
deficiency. Sect. 7th of the amended, and 21st of the original ML
A vast debt is thus contracted ; the public domain alienated by
those who ought to be itsguardiaus ; and the resources of our citi
zens, to the last dollar, put in pledge ; , to , enable we know not
whom to conduct a business of certain expfhse, of great hazard,
and of uncet tain profit, i speak, Sir, what I think, without un
dertaking to decide for others. The scheme i, in my estimation,
little short of insanity.-'
Hard indeed is! the condition of a considerable portion of our
citizens, and in the sincerity of my soul do I commiserate it.
They are deeply involved debt, the profits of their labour and
their property itself has greatly fallen in price. There is no al
ternative. These must suffer. They must make and endure sa-
crifices. It is impossible also that the country snoum noi ior
StateUnd the gpeat political body of the State ifsir
uonrvivp uio, niai a ju ivaie. ixrporaT5on noes riot ls ;tq V 11
ter, because the State has aTinterest (irshare in iu canYi
so long the cbrportioirtiT jprivat, Jit baS all ti 5 !n
leges w hich belong to firHl p f.le
should take so considerable a shajre in such an wee, ,e
la AmIv hv nnilerstandioir the4)ill
'VntertainVd mf getting ihe money. Take it irt the iny other sense
A i:''..kiUc rvnoi.ttinn will be as follows : For the first
' . . :. " v .kn:.. nai antu civ tiuiiistttid-nine 1 tima tiiu riiitfpntineus nf nast overtrading, of enterprise
one buntH'eu iuousajiij, you air i '''v - imv. umi M r.. .
hundred and twenty three dollars; for the second, sixty two thou- checked, and property depreciated. Hut , the country, iinh-ss in
sand fivehundred dollars, and for the third, 0fty two thousand six i judicious remedies he administered, will gradually recover. Econ-
, ' mm n: a m - -it m i v f w 1
hundred ?iud thirty two- dollars, or for me wnoie ouu,wuu ...
bond's, gi91,055 in cash. But while the former isJoo improvi
dent a bargain for the borrower, the second is one at which ou
canubt make a contract. It U true, that by tlu you allow six per
cent on tjie money actually.advanced, and that for six per cent,
money mayalwajs he borrliwed where the security is nuquestion
ed ; but, then this interest must be pid at lcst anuuall and not
postponed until the re-payment of the entire debt, until the bonds
become due. J
The fact is, Sir, ypp can't read tln bill if t ma)Oie allowed to
say o, vritliout offence to the honorable body that has sent it to us
L-witiiout Perceiving that those who adopted it, did1 not under
stand itproyiHiousl 1 have heard it said by its friends here,
tliat the ohji;is to borrow three hundred thousand dollars, re
deemable aV five, ten, and fifteen years, and paying, annually, an
interest oflsix per cent. On these terms 1 have no d aiht the m .ney
nmv he obtained and take, it for granted that its friends here: may
"make it to speak wbat they' say it intends, anil regarding it as if
it were so expressed, I would ask w here's the groim'd to liope that .
the. Bank cart be profitable I
Its expenditures are certain; Eighteen thousand dollars are to
be paid as interest on the borrowed capital. Every man employ
ed in the management of the concern must be paid, for you cannot
expect public services without compensation. To employ a Jfiv
managers and give them the uncontrolled dominion over the pro
pertynd reV.oiirces of the State, would be too hazardous an ui
clert aking : to employ many w ould be to increase the cliarges.
f To get comjietijbtinen, who will iheur the responsibility and can
. iiieeV -it. y'm'HiiU give high' salaries; and with incompetent men. yon
mttct ).v vfnir nrrmmt oi' blunders. mismanHirement. waste and
defalcalioii. You mtist have Branch' s, or tl.- Bank will not sub
serve tjie public convenience. Establish then a principal Institu
tion and four Branches with a President and five Directors Jo r
each. SUre the animal rost 'of ynm; principal lostirntioiff at
V S7,5O0 and that ofeacli ot your Branrhes at ' 40.00 p-r annum,
and!4rae Xiv every oie convei saut with such K'ibjeCts to say if v on
can hope to have t -ompetent Directors, ageftts and servants for less,
and vim a!i! S3,3G0 to the annual expenditure of the establish
ment. making the wliuK S4 1.500. To pay this annual chaise,
'without -.realizing onr cent of profit, you must keep up an active and
j)er(ectly safe debt a say in round numbers 700,000. and to real-
v ize 6 per cent, an, active aod safe' debt of nearly a million of dol
dollars'. It may be doubted whether the whole business of the
whole State would sustain such a debt. Of course, until the local
'Banks shall be withdrawn, there will be no room for your new
: Bank jRut suppose all te local Banks retired, where is the
Wom for your nrw ftank to operate ? The United States Bank
alone can do all the business tbjit is advantageous. But it is said
the United States Bank charter will expire in a few years, and
that i;tl will not be renewed. Whether the present charter will be
renewed, ior not, I will not venture to predict ; but when it is re
colleced hat during the forty years w hich have passed since ihe
rederMCConstitiiti)ii was adopted, the National Government lias
bad a Bank in, operation thirty four years ; and when it is seen
that the President pouples his.denunciation! of the present Bank
w ith a proposal to establish another on the; funds and credit of t he
General Government, there is little room to doubt but an institu
tion of tliis, br of aVimilar kind, will always be upheld, whoever
may- he at the bead of affairs. And now. Sir, establish your Bank
of the Slate with ifs borrowed capital of 300,000, and let it isssue
its paper fo three times, or twice, or even nce the amount of its
capital, arid how long pray you, will it be I ere it ceases to have a
single dollar in its vaults? A very small amount of issues is sufficient
to dain a large jsum in specie, if these issues) be returned h-equentlv
upon the Bank. Are gentlemen aware how the Bank of the JU.
States 'collect and returns the paper of the present Banks? 1
siak from peisdnal knowledge with legard to one' of the institu
tions, when 1 state these returns tobe at the rate of S1000 per
dav. ; J ' ; '' .. " -r " ;
The expectation of profit from the proposed scheme is1 visiona
ry. Butt it is supposed that something must be done to supply the
deficiency of money which w ill be caused by the present Banks
retiring from business. I am far from j entertaining the fears
htcbf Mrnb gentlemen feel w ith respect to the scarcity of money
that is predh ted. That the cotlection of the largedebt due to the
present B siiks will be attended with serious inconveniences I fully
believe. But it most bejcollected. It is too larce for the busi-
s ne-- of the country to eiflure, nd until it is greatly diminished,
liiat husiiurss never can be prosperously conducted. ; ft is not liiow
eer u d!nU'uon of the cuiTencytwhicli fear, las lilcejy to re
m;K from the collection of the Bank Debts. Situated as North
(J.Hojua is.;arrying on imresiU-ained iutercourie with the com
n i rial Bta'ea of the Unim, she! can never have- any ditfi;iilty in
procf-in5 whatever money is required tocoriduptingberexcban:
gel. ; Mot;ry wilj come in provided she has any thing to gjive for it
. ainlihatrshc does not banish that jiioney by toleratiuga? yirious
vrtVi rency of her own. As to the Bank notes of our Sister States,
tl y caiMiever have a eirculafion unless we choose to acif brdit to
tbeui.; nno it they be good, I have no objection to allow them such
a circulation.' The argument that represents us as paying tile an
iiual interest of the amount so circulated, and which lias been so
trifth, to cbatige its 'raradter frrtni' private to jkiblic, l(!u '.as,1n
judgment,!k should berearded as the State acting undo !n
fe rent name antt bound by all the obligations ; an'j ,.e t .a
which attach to the, State. One strav will not iudeed br. i
Camel's back ; but straws may be heaped "pn the animal untV '
addition of one more shall make the hurthen.tnn liiv r. , H 't
Ann lastly we are asneo, now can we support the. constit r
ality of our Treasury Notes ? Tliis question gives me im
plexity. l never had but one opinion on the subiert -tuJ T
emission of Treasury Notes was an act in vioUtiou of tho i
stitution, and that Treasury Notes were bills of credit, emitt Iv
the State. True, tliere is some ingenuity exercised in diu... -l - r
no m
ed in diu.;,:.'
their character. Tliey contain no promise to nav thpt, a
omv industry en:al laws a good soiland a genial climate
. J 1 . . ' . . ' 4 .. f
these are the -sure guarantees ot us ummaie recovery. ior
Banks, if your citizens are disposed to advance a portion of their
ow n mone in under takings of this sort allow them to do so,
taking care that they shall jdeed advance monky, and providing
that they shall be compelled to pay monisy promptly to all who
may trust them. But let not the State, as such, take, part or lot
with them. It is an unholy alliance which degrades one of the
parties,-and corrupt both. Snll less let ihe Mate depart troin its
high dignity and turn itself into a money-lending corporation.
And yet, Sir. I have said tiothing upon the great constutional
question which the hill presents for consideration. After the able
arguments w hich have been presented by the gentleman from Wil
miugion and the Igrntliman from Buiicombe,Jt is tiot necessary
that I should ask your attention at any length to my views upon this
heail. At the last session,! had occasion to say that I was thoroughly
satisfied this Legislature had not the constitutional right to es
tablish a Bank of Discount wrwVCircnlathm upon the funds and
credit of the State, f have heard nothing to induce any change of
that opinion.
The gentleman from Rowan has indeed examined the question
withgreat ingenuity ; but in my judgment, has utterly failed to
get the case without tin prohibition ot the' Constitution. His ar
gument has had one happy -effect, to 'narrow' t ho range ofv discus
sion, and to bring the controversy to a point. This argument ad
mits that il the 'clause "No State shall emit bills of credit," ought
to be regardrd as a substantive, independent prohibition, and not
as a part of or included in the subsequent clause, "make any
thing hut gold or silver coin a tender in payment of debt3," then
indeed, the proposed Bank of Ihe State must he 'abandoned as un
constitutional. Now it is perfectly clear, that if we are to he go
verned by the structure of the sentence, in which the important
clause is found, this cl.nise is as apparently distinct and indepen
dent as any other clause 'contained in it. "No State shall enter
into aiy treaty, alliance, or confederation ; giant letters of marque
nud-reprisal ; coin money ; emit bills of credit ; make any thing
but gold or silver coin a tender in payment of debts pas any
bill of attainder, ex post facto law, or law impairing the obliga
tion of contracts; or grant any title of nobility From the shuc-
ture of t he sentence, we areas little authorised to consider the pro
hibition to emit bills of credit," -a part of, and contained in that
wJiicb follows. make any thing but, .gold and siher a tender in
payment of debts," as to construe the prohibition "grant letters
of marque and reprisal," a part of. and contained in that immedi
ately follow ing thereafter, to coin money." It must be admit
ted also, that the instrument to be construed was drawn up by
men well acquainted with the structure of language, and compe
tent to express their meaning in conformity with it. And it is
know n, that the Instrument itself was the result of long and re
peated deliberation, and may justly challenge a comparison with
any one known for its critical precision of .'style. We are neces
sarily drawn therefore to this conclusion, that the elapse in ques
tion, must he viewed as distinct and substantive, unless the absur
dity of such a supposition, or some other equally powerful reason,
compel us to reject it as superfluous, and thus, in effect, expunge
it from the Constitution. It has been attempted to show, that
r-onsidrred as an independent prohibition, the clause is absurd,
It is insisted in the first place, that thus construed it wouhi inca
pacitate a State from contracting any debt, because to give a w rit
ten evidence of debt might be to emita bill of credit." Now,
sir, if the gentleman discovers any absurdity in prohibiting a State
from issuing suc h written testimonials or evidences of debt as
shall be negotiable -assignable by indorsement or delivery, trans
(erring the credit w ith the bill from one to another in a course f
circulation, like bills of exchange, promissory notes, or other re
presentatives of money, I can perceive no such absurdity, nor,
of 'course, found upon it any reason for limiting the obvious force
of the words. And if he chooses to designate the execution of a
written contract intended solely to evidence the existence of a
debt, not made transfcrrable, not negotiable by assignment or de
livery, not designed for circulation, as an " emission of bills of
credit," then lie uses the terms " emit" and ' bills of credit," in a
.sense 'which perhaps strict Ety mology might justify, but which
certainly they have not hitherto borne in our --vocabulary. Again
it is insisted, how absurd is that construction which prohibits a
State from issuing its bills or notes, and yet leaves it free to per
mit private corjiorations to issue them K Here again, is an al
leged absurdity which I am utterly unable to discern. I know
well, that many wise men have thought tliatif it would have been
fortunate had the Constitution restrained not only the States from
emitting bills of credit, but from permitting any corporate bodies
within-' them--to make such an emission. In tliis opinion, I do not
concur Such a restriction might have itiade the States too de
pendent on the General Government. But be this as it may, there
is aclear and manifest distinction between the two restrictions.
While a Stater is forbidden to issue bills Commanding credit, and
obtaining circulation on the' f litb and funds of the State, theres
no repugnance in permitting individuals or associations of indivi
duals, to send forth theirs, obtaimnir such a circulation tl.',..
funds nd credit may jdstify. Tiie .Constitution does iioi put doxen.
bills of credit, lint retlrnin fh Ktnt 4L:L.--
purport to be evidences of debt ; but simply cettif that they s! Il
be redeyabje at the Treasury in lieu of saurjblwney. yjj -i
is a fact tfiat they Were issued by the State as bills of e'redir 3
the repreiltatives f money, as a paper, medium1 of Virculaif
They," therefore come within the provision ofthe prohibition
What now, Sir, becomes of the gross absurdities - attribirtpii 1
bur construction of the Constitution, that were fo conjnel us i t i
pari i rum uir jnuiu uitriu hi vtrus, ano I ne oriHuai'V Strucri '
f written language, and to proriuunce-that its illustrioiH ami
were unable to express their own views witll precisi n. ami itj
blest expositors, although active in framing the instrameut, wcr
unacquainted w ith its import ? Sir, let others refine anion' 6
filaiuitive, unambiguous terms, until tliey get thetu tiit ot'tliQ
constVviJi, if they can. I cannot ; I dfare not; I have sworn U
suppoi-rTTiis constitution, and vvitli the help of G id, I will (i 8a
not grudgingly, but. with an active, animated efficient zeal.
w ill not perplex my self with i nquiries how little can I do, ami vt
not break my vow; hbw far Cvii I encroach upon its appareit
prohibitions, and not incur the guilt of perjury but I will un.
hold and cherish it. as an object of love and - veneration, as tfi
bond of American Union, the sure pledge of Justice and Tranquil,
litv : and tlie best guaranty of my own Liberty and that fl
i
l.w. fnlil I 1 . i r.w.i
x unir-i njr .- i in i4n-ii .u i inr icsir;nui. w men it imposes
and indulge no petulant solicitude tojthrqw off its trammels. Up'
bounded licence of action the frefvm of the savage, has'n,
charms for me. It is good for man awo individual, it is infinitely
better forbim when vested with rule over others, to have hispowerof
actiou,circumscribed by boundaries over whicVlto must rnt pass,
even in imagination. Which of us has not felt;', that tliere are
moments w hen the vehemence of desire, impatience of present in
convenience, or the suggestions of temporary.expediency, will cer
tainly tempt qs into deeds which judgment disapproves ami conl
science bitterly regrets, unless we be kept baclVul made power-
less to act, by moral prohibitions, which have b4en cherished un
til they, acquire the force of physical laws. Such ought, to be the
obligation, the binding power of constitutional restraints on tbosd
clothed with delegated authority. They check the extravarancies
r a i i . a i i i i: : . 'r
or iue innmeni, ami save us irom me ueiusions oi novelty, brinies,
pediency into subjection to right, conformity and into with funda
mental principles, and ensure ultimately the dominion of wisdom,
truth, liberty and happiness. '
The questipn on indefinite postponement was as taken follows;
.- Messrs. Bnrriner, Borden, Hranch, Buie, Tutnej Bj-niim CampUlV
i, Chamblee, Chesson, Clark, Etcies, Farner, Fisher, Gaston, iGauze, ft
Tens. Messrs,
Carson
liirn, L.reen, Harper, Maughton, Hay ley, Hetlen, J. A. Hill, Hoagti, Jarvis, Vim.
G. Jones, Wesley, Jones, Kerr, Lirkins, Lons. I.oTetz, Webane, Men.lenhaN,
.Moon, Meore, vioy, McGliee, McLean, McMillan, McNeill, Nash, Newland,
O ijrien, urr, Nitride, rurcell, Kawls, Ktiodes, Richardson, Basse II, Nasser,
Ship), Simpson, Snvdiwood, Speieht, Stanly, Swain, Watt. Webb. Wheeler.
Samuel U hitaker, Wilder, J. Wilson, T. Wilson, A. W. Wooten, C. Wodteu.and
vvyene. 07.
Aays. Messrs. Alexander, Arvineton, M. Baker, Z. Baker. Banner. Barnard.
Bateinan, Bethell, Hi ir. Bole, Brooks, Brown, Hrower, Uy.rum, Call waj, CoupW
.-r, lox, Lunnmpam, uavenport, Uozier, Edmoft8tonfc Etiloe. Gary. Grndy,
lk?icock. Hatch. W. S Hill. Hnrtnn .Wrl
1kli'tii fr-vi-ilr Vltillir. TLf i t o , . . f, . . I. . . i a. r " 1 1 r XT'. .1
ch Ison, Th. Nich dson, Pearson, Sawy-r, L. U. Simmons, T. Sim no loan,.
N. G. Sm'nh, S'lyder, Siedmui, Stock aid, Stokes, Taylor, Thompson, Jas. Wlik
"Ker, vime, iuums, vvjseman, k. Wooten, Wright and York. 6J.
i
I
MYSTERIOUS RESUSCITATION.
Some.si or seven years no, every paper in this country noticed,
with grief or with joy, the dea'h of old Kino; Caucus- The friends of
Gen. Jackson claimed the merit of killing the old desnot, andthefir
blow was given to hira in Pennsylvania, But late accounts say twd
he was not killed ; but that lie was concealed, and has been brought
out again by Gen. Jackson's frirnds at Harrisburg, so much altered
that, like old Rip Van Winkle after his twenty years nap, he neither
recognizes his old friends, nor they him. He' is now in few-York,
and unless he should be put down by the new nartv called "t!
Working Menit is said ';e will take the tour of States to trvtop't
a majority to consent to his restoration. We think it very likely
that the People's men. who abused the old fellow so shamefully at Ra
leigh six years ago, will invite him to a dinner in the same place next
December. Such is the mutabilitv of fortune.! And: hannilv so fur-
? . - at . . . " If :
giving are an true politicians '.-catawoa Journal.
oooo:
No bill concerning thejDistric! of Columbia hasbecome a law, re
cently, except .5 he bill concerning the Judges of the Orphaos' Cu''
and that to amend the Charter of Georgetown. The labor of the Onl
mittees on the District of Columbia, to whose disinterested zeal we-irej
so much indebted, have proved wholly fruitless. : The.tW.o Ih',eHf,3VeJ
ot denned to second tfe labors of their Committeesi'iirhe Tepe
ent
tne District are the slaves to raDrice of those who m not reprf
them, ami appear to care very little for the interests of those whoal"'
t all the Union, are committed exclusively to the chirge of the tu"
gressoi me unitea states. iVor. Intelligencer.
r - rfre !::
The Legislature of Massachuset's convened a Boston on Wednesi
Samuel Lathrop was chosen President of ihe JSenat, and 'Villi J
Calhoun was re elected Speaker the HouseJof Representative?.
one o'clock, both branches of the. legislature, preceded by the GTePi
nor, Lieut. Governor, and Council, formed 4, prhcession, aW wtJ
escorted by the Independent Cadets, Lieut. Colonel Baker, tf the
South Church, whereJheKleciion Sennon was preached aj the
Dr. Channinp'. . That Klilllittn ib m
occasion, and hundreds were unable to obtain places ta hear the p
cher. Ibid. - i-;
if.
f; Political Rewdrds and Punishments Tfie following "Trait off
. ..y.M mt-j.i t - ui iv vvuurier oes. Eias urns,
the Swedish Military Chieftain, nnniehrl k;a nre..nl npmies :
s j - 7 w ma h m g
A Swedish peasant spoke contemptuously of the King, wj,n
tloo't care, a Jig for BernadotteTbe peasant' was arretted, an!?60.
an flnripnr luui f tUo. f-k ' j'j j : -.- At.. Ti. tin? IP"
diatly pardoned the 'peitft, aol offered the "law to be repeJ
" Buu'jfaid'..the King t the Jude, ri d6n'lt like to bouii
iiiermre icannot let im man oby: without some unidiiner(T, yr
therefore please; to go to hig hooskand saylto him lin roynaror--' t
-r-' www' hwu iunuug uipui iUv
yuu doii'are;: tig for .BerDaHlQtteVfentdotte drii'tcare afg'
4 ;-.
4'
T
i .I
'f.V'.-, -
V. T . -.
i-1
1 .