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ed * peremptory Forfeiture of each share paid in,
whenever the succeeding one was not paid ac
cording to the conditions of the clifffter—for all
Maniple was before them of the consequences of
■iflius relinquishing the only tie that could bind in
terested men—a regard to their Own interest.
Every one remembers^hen the great contractor
for a loan, during tlie late war was released from
this.tie—and every one knows, that being thus
released he left the government in jeopardy, by
declining to fulfil his bargain, except just as suit
ed his own interests. That distinguished person
age has now a bank of his own, in a neighboring
state. God help us 1—and, as a reward for his
patriotism, 1 suppose,has been specially exempt r
ed by an act of legislative grace, from a'law for
bidding private banking. One might be puzzled
at this inviduous and unjust partiality to an indi
vidual, did we not recollect that he is a worthy
member of the honorable body, which granted
this'privilegc of doing what was forbidden to
every one else. -' . • '
•WFhis-, sir, furnishes a striking example of the
good effects of having a friend in the legislative
''councils of the nation, as well as of the conse-
-quehces likely to result from the policy we see
•every where pursued, of associating political
leaders, members of legislative bodies, judges,
&c. iu the advantages of this great paper sys
tem. The time may, and must come, at no dis
tant period, when the legislative power, will be
called upon to restrain, if not to destroy, this
-great and master mischief. The judicial autho
rities, too, will be appealed to, for the purpose
of deciding between the lights ot individuals,
and the wrongs of the paper aristocracy. ’ In such
a case, the good of the public, and the ends of
•justice, will doubtless be marvelously forwarded
by appealing to bank directors, in the persons of
legislators and judges, who will be thus obliged
to decide a question in which they are themselves
parties. When the interest of the legislative
and judicial authorities shall become, as. they are
every day becoming, diametrically opposed to
the interests and rights of the people—the charms
of freedom, and the hope of obtaining justice, by
legislative wisdom, for the wrongs sanctioned by
legislative folly, to say no worse of it, will beyond
all question he exceedingly multiplied in favor of
the aggrieved party ! Men may and sometimes will
act justly, even to their own injury—hut it is an
elevation of virtue which cannot be generally re
lied on, without the credulity of mankind being
severely punished in the end. Men ought never
lo be placed in 4 situations of great resposinbility,
whose prime interests are thus at war, with their
first and greatest duty. It is sufficient I trust to
have pointed outthe.se things to public notice,
leaving it to the good sense of the people to ap-
-ply a remedy.
‘ I have spoken plainly, perhaps too plainly, on
■this subject, but feel myself justified to my own
heart, and my own understanding, by the mag-
• nitude of the evils I have attempted to expose.—
The particular examples I have alluded to, were
selected solely because they were most no
torious, and alarming. I war with no state,
nor do 1 drag from the mass of corruption any
particular object, for the gratification of person
al or party feelings", - and I shall proceed to esta
blish the principal positions I have maintained in
this letter, by quoting a part of the most able re
port made by a committee of the house of assem
bly in the state of New-York at their last session.
The whole of it discloses a scene of consummate
iniquity, not peculiar to the state of New York,
but extending in every direction through the U.
States, and F regret to see that it has not been
more extensively disseminated by the newspa
pers. It is not the work of a rhetorician, labor
ing to distinguish himself by fine phraseology,
but of a plain honest man, telling the truth. I
know the chairman of that committee—and 1
think it an honor to know such a man as Isaac
Pierson. He is one of the most extensive iron
manufacturers in the United States—he employs
and gives bread to six or seven hundred laborers,
who near the word of God every Sunday in a
church of his own erecting—and whose children
go to school at stated intervals of labor in a school
of his own endowing. IVhat such a man, gifted
as he is, with a penetrating understanding, and
an honest heart, says, ought to' carry weight.
‘ The committee will conclude this general re
port on the state of the currency, by examining
briefly the foundation on which the present cir
culating medium is based. The committee be
lieve that the present circulation in the state
principally consists of the notes of those banks
whose nominal capitals are small, anil compos
ed principally of the notes of the individual
stockholders, called stock notes—so that the se
curity of the public consists of the private for
tunes of individual stockholders, ana those for
tunes, in a great measure, consist of the stock
of the bank, for which they have given their
notes, so that the bank is enriched by holding
their notes, and they are enriched by holding thej
stock of the bank—and as these banks make large
dividends, many rapid, and what are considered
solid fortunes, are made. Like a boy mounting
a summit as the sun is setting, suddenly observes
his shadow on the opposite precipice, regardless
of the gulph between, is astonished to see how
’‘•tall he has grown—when night ensues, ere he is
«." aware, he is plunged, shadow, Bubstance and all,
in the abyss below, covered with darkness and
despair. Such, the committee extremely appre
hend, will be the result of many of the present
institutions, and bring ruin ana distress on the
country,unless they change theirmode of business.
‘ The committee take pleasure in stating, on
the other hand, that there are a number of banks
in this state \Vith real and solid' capitals, but
whose circulation is small, and consequently
their dividends, whose affairs are conducted witn
prudence and care, and from whom the pubiic
have nothing to apprehend.
‘ On the wlmlethe committee coincide fully in
the opinion expressed by his excellency on the
.subject of banks, in his speech delivered at file
_ ' opening of the session, where he says—
“ The evils arising from, the disordered state
of our currency, have been aggravated by the
1 banking operations ol individuals, anil the nnpu-
thoriseu emissions of small notes by corporations.
They require the immediate and correcting in
terposition of the legislature. I also submit it to
vour serious consideration, whether the incorpo
ration of banks in places where they are not re
quired by the exigencies of commerce, trade or
manufactures, ought to be countenanced. Such
institutions having but few deposits of money,
must rely for their profits principally upon the
circulation of their notes, and they are therefore
tempted to extend it beyond their faculties.—
These hills are diffused either in the shape of
loans, or by appointing confidential agents to ex
change them for those of other establishments.
Hut tlie former mode being conducive to .profit
isat first generally adopted $ and in the early
stages of their operation, discounts are liberally
dispensed. This produces an apparent activity
of business, and the indications of prosperity.—
But it is all factitious and deceptive, resembling
the hectic heat of consuming disease, not the ge4
nial warmth of substantial health ; a reaction
soon takes place. These bills are in turn collect
ed by rival institutions, or passed to the banks of
the great cities, and payment being required, the
only resource left is to‘call in their debts, and
exact total or partial returns of their loons.—
The continual struggle between conflicting esta
blishments to collect each other’s notes, occasions
constant apprehension. The sphere of their op
erations is narrowed. Every new bank contracts
(he area of their paper circulation ; and after
subjecting the communities within their respec
tive spheres of operation to the pernicious vicissi
tudes of loans, at one period - profusely granted,
and at another parsimoniously withheld, they
finally settle down into a state of torpid inaction,
and become mere conduits of accommodation to
a few individuals. The legislature are then so
licited to apply a remedy by the incorporation of
other banks,, whereas every new one of this de
scription, unless attended by peculiar circuit,
stances, paralizes a portion of capital and aug
ment3 thfl.general distress. The .banishment of
metallic money, the loss of commercial confi
dence, the exhibition of fictitious capital, the in
crease of civil prosecutions, multiplication of
crimes, the injurious enhancement of prices,and
the dangerous extension of credit, are among the
mischiefs which How from this state of things.—
And it is worthy of serious enquiry, whether a
greater augmentation of such institutions may
opt, in course of time, produce an explosion
that will demolish the whole system. The slow
and periodical returns of husbandry being incom
petent to the exigencies of banking establish
ments, the agricultural interest is the principal
sufferer by, these proceedings.”
‘ If the facts stated in the foreging be true and
your committee have no doubt they are, together
with others equally reprehensible and to be dread
ed, such as, that their influence too frequently
nay, often, already begins to assume a species
of dictation altogether alarming, and unless some
judicious remedy is provided by legislative wis
dom, we shall soon witness attempts fo controul
all elections to office in our counties, nay, the e-
lcctions to this very legislature. Senators and
members of assembly will be indebted to banks
lor their seats in this capital, and thus the wise
ends of our civil institutions will he prostrated
in the dust by corporations of their own creation.
It is, therefore, evident the deleterious poison
has already taken deep root and requires immedi
ate legislative interference with their utmost
energy.’
Having thus pointed out the evils and dangers
resulting from the paper system, the cofomittee
proceeded to otter a resolution for the purpose of
ascertaining among other things “by what means
the charters of former banks had been obtained
from the legislature”—This part of the resolution
was after a long debate finally negatived I
FOREIGN.
LIBERATION OF MR. MEADE.
Copy of a Royal Order, addressed by his excellency don
Jose Pizarro, minister of state of Ins Catholic .Majesty
to the secretary of tlie supreme council of war at Mad
rid, relative to the business of Mr. K. \V. Meade a cit
izen of the United States of America. ,
In consequence of our lord, the king, having
made himself acquainted with theconsulto which
the supreme tribunal of war in its hall of justice,
in union with the associate judges, remitted to
him on the 4th of October of last rear, his majes
ty has been pleased to examine thoroughly with
the greatest care, the whole of the proceedings
relative to the shit between R. W. Meadefa citi
zen of the United States, and J. M’Dcrmot, a
subject of his Britannic majesty, respecting the
restitution of 1,050,327 reals vellon and 20 mar-
avadies, which in quality of deposit, were deli
vered by the former, and notwithstanding that
with anticipation and security, it results from the
proceedings that the deposit' was made in effec
tive specie, since it had been so acknowledged by
the royal hacienda or department of finance.
That consequently, this matter being most so
lemnly proved, Meade could not be called a bank
rupt, nor could he be subject to the imprisonment
wliicli he is suffering—that there was no possibi
lity of declaring the deposit null, whilst its vali
dity was acknowledged by.several royal orders—
by declarations from the treasurer of the royal
finance department, transmitted to the supreme
council by the first department, or secretary of
state’s office—by that of tlie minister of finance,
and likewise by information taken directly by
this supreme tribunal of justice itself: Notwith
standing all which, his majesty has been pleased
to hear anew what the minister of finance had to
say on this point, being one directly connected
with his royal treasury, and by the report or
statement made by said minister,' his ma
jesty has been confirmed in the opinion, thit the
royal Hacienda or finance department, could not,
nor can it do less than confess, that the aforesaid
deposit is real and effective and in specie, and
to acknowledge itself bound for its reimburse
ment in the same species of money.' His majes
ty has therefore been pleased to declare so anew,
and to resolve, that the necessary orders should
be given with all possible dispatch for .its delivery
to the cqnsultdo, for the otyect of tji£suit pend
ing bfeYweensa'ul t parties. t , . . .
His majesty however, sec's with the deepest re
gret, that fiie disagreeable consequences which
were to be expected from the long imprisonment
of Mr. Meade have been realized—this event
crossing ami Augmenting not a little the difficul
ties and serious compromise of the important re
lations Of his majesty with tlie government of the
United States, in one of the most critical mo
ments, giving room to (lie strong remonstrances
of that government in support of their minister
in Madrid whose reclamations on the subject had
not been attended to, and exhibiting an impres
sion through the medium of the press not a little
unfavorable and alarming in that country, and
very inconvenient to the interests of his majesty.
Anil finally, his majesty has recently received
information of the determination .of congress,'
promoted with the greatest warmth, to expose
the subjects of his Catholic majesty to the rigor
of the most severe reprisals.
In consequence of all these circumstances, and
no such motives instigating us as those stated in
the royal order of the 25th April, 1816, and on
which the supreme hall of justice founded the
imprisonment of Mr. Meade, his majesty has re
solved that he should he immediately put at liber
ty ; apd that considering the deposit as real, va
lid and legal, and at the charge of the royal
Hacienda—that the cause in every respect should
be continued through tlie usual course ofjustice,
which I communicate to you by royal order, for
the information ol the council, and its immediate
and exact execution
God preserve you many years—Palace, April
20, 1818. JOSE PIZARRO.
From France.—The Paris papers of the 26 th
April contain an official announcement of the
approaching evacuation of the French territory
by the allied army, of the financial means pro
vided for carrying it into effect, and of Ihe spee
dy meeting of the allied sovereigns, for the pur
pose of fixing the precise time, and other pre
paratory circumstances. The sum required for
the final liquidation of the claims of Foreign
Powers is reduced from sixteen hundred millions
of Irancs (about 66,665,6001 sterling), the a*
mount of tlie original demand, to three hundred
and twenty millions eight hundred thousand
francs.
Louis by the Grace of God, King of France,
and JYavarre—To all present greeting
\\ e have ordair.ed and do ordain, that the Pro
ject of the law, tenor of which follows, shall be
presented to the chamber of deputies, by our
Ministers, Secretaries of State in tlie depart
ments of foreign affairs and finance, and by the
Sieurs Count Simeon and Baron Monier, Coun-
cellors of State, whom we charge to explain its
motives, and support it in debate :—
Article I. For the purpose of providing for
the full and entire excussion of the dispositions
of the Treaty of the 30th May, 1814, and the
Conventions of the Treaty of the 20th Novem
ber, 1815, so far as concerns the payment of the
dents contracted by France anterior to that epoch
beyond her own actual territory, there shall he
created and inscribed upon the grand book of the
public debt, with interest from the 22d March,
1818, a perpetual rente of 16,040,000 francs, to
meot a capital of 320,800,000 francs.
Art. II. There is opened in the Ministry ofFi-
nancea credit of twenty-four millions of rentes.
In consequence the Government is authorised to
create and inscribe on the grand book of the
public debt, in concurrence with this sum, rentes
which may be employed only to complete tlie
payment of the sums due to the Allied Powers,
conformably with the 4th Article of the Treaty
of the 20th November, 1815.
Art. III. An account shall be given in the
Session of what shall have been done in virtue
of the above second Article.
Given at our Castle of the Thuilleries, the 25th
of April, of the year of our Grace, 1818, and
the 23d of our Reign.
(Signed)
LOUIS.
(Signed) hicheueu.
Constantinople, March 28.—We have received
some details here, respecting the revolution which"
took place in Algiers. The new Dey named by
the army, having been taken by the Moors, the
natives ot the country, was conducted to their
Chief, who had seized on the treasures, the mag
azines, Ike. and had carried off every thing to a
fort which commanded the town, and where he
also had retired. This chief, although half a
savage, had the generosity, not only to gtant
him Ids life, but even to give him several millions
of piastres, with two slaves, and contented him
self with banishing him to Mahon, where the ex
iled Dey has for some time resided. This Dey
has determined to come to Constantinople to pro
pose to the Porte to march against the Moorish
Chief, if they would grant him troops and muni
tions, to join himself with an army now encamp
ed on the mountains in the vicinity of Algiers,
and which only awaits his Highness’s orders to
act. It is not yet known what part the Divan
will adopt.
London, May 2:—Sir Charles Hamilton is ap
pointed admiral and governor of Newfoundland,
in the room of the late admiral Pickmore.
A battle was fought in India between the Bri
fish and Holkar on the 21sf of December. The
latter was defeated, but the loss of the former
was severe. The enemy lost 2000 men in killed
and wounded, besides 73 guns, mostly brass, 7
elephants and some hundred camels.
Lord Castlereagh has offered a motion in par
liament, to extend the alien bill for aii additional
term of two years. This bill gives to the secre
tary of state the power of sending out of the
kingdom any suspected foreigner without a legal
process. -i" -
Fifteen thousand children are educated jn-
charity schools in Liverpool. Eight thousand up-
der the patronage of the church of England, and
seven thousand by the dissenters.
A Glasgow paper of the 28th April mentions
that letters :had been received from Paris, stating
that Mr. Gallatin had completely failed in at
tempting to arrange, a commercial treaty be
tween the United States and France, and.th.aj^the
conference on the subject had been closed.'
Affair of Fuflldes—The trial of the I
accused of the murder of Fualdes still mi,- *1
The sitting of the 23d of Apfil was one ^1
most interesting since the commencement s a!l
examinations. Bax, who before, had tuM' , I
a parCof the truth, is said on that- day
made at-fall disclosure. In conseqndHce'or I
disclosures, other individuals have biaSi,,
on the list of the prosecution, agai^I
ceedings wifi commence. We shall soon bi^l
hie to mention the results. Bax said on ente'* I
the house of Banca| on the night of March lifl
1817, he recognized Bastidc, Jausion, Bessier» I
Vey,'nac,YenCe d’Istouinet,Louis Bastide iwl
Cbllard and'the wife of Bancal. He saw w, I
Mr. Fualdes, seated on a chair surrounded I
these individuals. Jausion had required if I
Fualdes to sign some bills, which when he hi I
done, Jauson put in a port-feuille which Til
held. As soon as this was done, BastidedesifS I
Fualdes to prepare for death. Fualdles then'll, I
and said with emphasis, “ who could hificI
ed that my own relations and ffitrhds
among the number of my assassins
then seized Fualdes,to stretch hitir oW-tW ta^ I
where he had signed the hills. Fualdids'resi^
and requested time to make his peattVhH ft*
ven. Bastide, “ go and reconcile yontsqlf
the devil.” At last, said the prisoner,
was stretched upon the table, and Jausion
held a knife in his hand,'struck the first blov,^,
Fauldes made an effort; the table was ovyrtain.
ed) he escaped from the hand of the assassia'-
he ran towards the door. I was placed there
but made no effort to prevent him. Bastide who
saw this gave me a blow : and by the assistance
of several other individuals, seized Fualdes nd
stretched him again On the table. Bastide then
plunged a knife into the throat of Fualdes, who
uttei-ed,groans and stifled cries. The witness I
in this manner went over the circumstancei #t
the murder, fully implicating Jausion and lu.
tide, With some-other individuals not jet mm.
hendfed.
Patriot War against St. Domingo.—We mu
soon expect to hear the result of the operation
against the Spanish port of St. Domingo, bv the
combined Patriot squadron under Com. Airy.
They want a port of rendezvous, & .will give
much for one, especially one so convenientaad
contiguous as the city of St. Domingo is. to the
best cruizing ground in either the West-Info
or South America. The success of this ente-
prize would give them the facility of enterhij’
the Mona Passage, the greatest thorough firetf
all the islands, in a few hours, choosing any pit
of the coast .of Cuba, or a run over to the Mii(t,
at will ; in short, it is the most judiciqus'por
tion they could.have selected, and would aimed
put a stop to the Spanish’commerce in those sch.
Twenty years ago the fortifications Wefe fojl |
be formidable ; but Aury’s spies noWyfrportl
they are neglected, and might'; be,.
advantage.—Washington City'Gazettb ..
A serious misunderstanding has arisenbcltretj
the Chinese authorities and the British tndml
respecting reported smuggling by the countril
ships. By an official statement it appears flyil
there were burnt in Russia, after the retreat til
the French,the bodiesmf 243,612men,andl23,l4;|
horses. -The Spanish fleet recently purchased |
from Russia, touched at Deal on the 28th April,!
on their way to the Baltic.^ The British Par-1
liament have been engaged on a project iotrgduc-1
ed by Mr. W ilbeforce further to ameltofiate^the I
condition of slaves in the West.'lnilieiw--jl|
communication to the Chamber of Deputies;(inI
Pans,) has been made relafing. to.tho settlerfih!I
of the pecuniary claims of the Allies upon France* I
I he sum which Russia is to receive, is stated at|
52 millions of livres, pith interest; Austriffy|
Hamburg 20; the low countries and HollandS?i|
the amount to.be paid to England and the otW|
Allied Powers is not exactly known. The fir*
of October is said to be the stipulated time lit I
the Allied Army or Army of Observation, to wid-1
draw from France.- Sir Gregor M "Gregor hd |
a narrow escape by the overturning of a stage I
coach in which he was a passenger lorKdlubirg.l
——The duke of .Wellington was in Englandtol
the 5tit -of May.——A public meeting was WdJ
in Spa-Fields on the 4th May, at which many re-1
solutions were adopted on the subject of Pnriii-1
rnentary Reform. Watson and Preston were WI
principal speakers.
1 - * " ' 'FOR SALE,
•Jl J.au_lard, and a large quant it a of
P. J A Kit ATT*
Mrlledgeville, June 21.
, . . ABNER LOCKE,
R espectfully informs the public,
he continues to receive and collect,
donation, loan nr purchas&tntiipiitiesand
osities, Natural and Artificial, and soliciti
ronage. MiUedgeville, May 12,181
AUCTION. 1,
I N consequence of the intended dissolutieW
the co-partnership of M. Greene k Co. tit!
entire stock of Goods and .Groceries, t)filonaa|
to the firm, consisting of about fuur or five toot-
sand dollars, will be offered st-Auctrenv Ot :thci*|
Store-dosr, on the 15th of July, without ceserW
on acreditof six months, for all sums above ft*
dollars ; under that sum cash will be expected
Notes with approved security will be reqsittj
Sale to continue from day today until all issoU
' : BOWER & GREENE, Auct’S
Milledgeyilte, June 30; 1818.
• si - : • .V t '4k. CARD.
■l^r'Rv SHACKELFORD respectfully ioforni|
ifjfc his ;friends, that he shall have a vacatie*!
until the 13th of next month ; at which time h*l
purposes commencing his school again, *1
same hoijSe, and at his usual price. He hope* t* I
meet with the liberal encouragement! herejof**|
received ; and is gratified in file belief, that "|
will have it in his power, t.o_give , cqujriete';*»uJ , |
faction to those, who may feel dispoeed to | "*
iee. his institution, , . ■, i v ;
Milfedgcvilie, June 27,181^’*"