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THE REFLECTOR
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MILLEDGEV1LLE, G. TUESDAY, JULY 26, 1818. NO. 38.
BANKING.
M NILES* REGISTER.
ss and end of Banking, with a
"‘ion to establish a new one.
well observed by the elegant
3 « Paper-System,” that the
of money-makers are the legit-
dents of those that Purity lash-
temple oj Jerusalem. The rc-
t just, and obvious to the under-
cvery man.
r the period when th® speculating
hipped out of the temple, “ th*
ion of banks (as we are inform,
nryclopedia) was in Italy, where
•Tines kept benches in the mat -
or the exchange of money and
anco being the Italian name for
s took their title from the word”
the Jews benches in the market
ws however, were much better
resent race, which is at the
•heel; they gave money in ex-
oney and hills—ours give rags
d houses, and money and bills,
"uct of labor. In other respects
ko—the Jews would not work.
speculators—tbey lived by twist
ing, A making false representa-
valuc of things which they wish-
r in puffing up the worth of such
hed to sell, and so do our money-
ers.* The name of a Jew and
n” is synoniinous ; exacting the;
f flesh nearest the heart,” if it be
d for in the “bond”-—and they take
have the penalty strong enough,
ith long knives the modern Shy-
ot stahd prepared, trembling with
y, literally to cut the flesh from the
the people—yet, with like anima-
ecstacy, they view the progress of
! d scheme to break the heart of any
essed of a good farm, a handsome
ought else that they havo cast their
es upon. Nor is there any friend-
adc—ruin, is the word, no matter or
'alls—that they may “ provide for
ilics.”
the origin and progress—now for
banking : reformation or punish-
uilty speculation, fir the vassalage
nest and deserving. The people,
heaven, havu yet the power to de
li of these two events shall happen.
of three of the country banks
and stand about thus in the money-
'0, 25 and 60 per cent, discount:
e who hold the bills of those manu-
ught immediately to sue or warrant
amounts ; and for those of small
itional security must be given,
y bo good when the proud hanks
received merited extermination :
erhaps, some of those who have
y them may, unfortunately, escape
ement of their ill-gotten wealth,
ed it in real property. The peo-
cvcry where to do this with every
not paying its debts, has the iu-
impudence to make a dividend of
t only as a matter of justice, bu
of interest—for I now have no
t the bills of a bankrupt bank will
ived in payment for debts due by
to such bank. Money will be re-
whrn the people of this in time ;
ly advise every man to make all
Crtion, even to sacrifice something
e any debt he may owo a rag-bank,
irectors, or trustees shall refuse
its own notes in payment—ks will
in many instances. But I again
protection, countenance and stip-
h institutions as honestly endea-
and do pay, aB far as they can
shuffling, the demands made up-
We shall thus separate the wheat
aff; gather the one into the gar-
sumo the other with a just indig-
anufacturers.”—Justice does not seem to
even in respect to the money-makers. It
lpon me a note for five dollars which is on-
tne operation is the same to me as if I had
dollar counterfeit note. Nay, the latter is
because if I can catch the fellow that
severely punish him for it—but the for-
en of too much distinction to be thus
, in numerous instances, the capital of
i valuable as that of the other ; whilst
idea id a toath and proclaims the success
ry on the bouse top, the other hides him-
cellars and garret*, and avoids the view
We »ee that a multitude of bills, pro-
counterfeit, and of several banks, have
d in a stable in New-York.
-, where forgery hat been practised ea
rn inis try and openly advocated in parlia-
anging up people, men and women, by
tating and issuing notes of the bank.
■y fraud. I have ten or twelve pieces of
received as money—they are not money ,
than so much blank paper; ergo, they
t1 ought to have known the value of
I received them—I admit it. But the
uire it of me, also, to be able to di»-
“ false bank notes,
y essential distinction between the two
•makers. ‘‘Callthe lawyers," end let
ease.
Among the banks that have lately « shu
up shop,” is that of St. Louis, Missouri. A
long and luminous Exposition of its affairs
is published by the president, on behalf of
the directors, in which its failure is attribut
ed to the speculations of the cashier,* who
traded in bills to a vast amount, with as much
dexterity as certain cashiers and clerks do,
that ikndw something about. But the cash
ier of the. bank of St. Louis was too greedy
—he wished to realize a fortune by paper in
a few weeks, and this lie seems to have done,
though lie has broken the bank by it. It is
hut just to add, that so far as the directors
■•ere concerned, the bank of St. Louis ap-
oears to have been honestly conducted ; and,
uy their exposition, it also seems that they
arc quite able, finally, to redeeai all their
notes, and are resolved to do so.
I do not know that if ever since the news
of Jackson's victory, at Ncw-Orleans, 1
have received a piece of intelligence that af
forded me more real pleasure than the fol
lowing, from ilie Niagara Journal, printed
at Buffalo, N. Y. of the 12th ultimo :
“ Election.'’—The returns of votes in this
ounty afford to Mr. Phelps, a majority of
two hundred and sixty-two over the bank
andidatc. This majority, though mucii
less than in justice it should have been, is
still flattering, when a view is taken of the
arful means that are possessed and were
unremittingly exerted by the dominant bank
faction, to procure the election of their can
didate. From the statement made by the
hank of Niagara to the legislature, it ap
peals that there are upwards of two hundred
thousand dollars due to the institution, much
the greater part of it probably from citizens
of this county, few of whom arc able prompt
ly to meet their engagements. When it is
considered that the control of these immense
demands is in the hands of a few active par-
isnr.s, anil the alarming hold it must give
them on the properties and principles of their
debtors, we have great reason to rejoice that
so many citizens had firmness anil indepen
dence to resist and withstand the overwhelm
ing influence of these bunking politicians.”
Now, what nro the peculiar merits of
this electioneering contest is neither known
to, nor cared for by ine. “Mr. Phelps” is
my man ; and Nia tira county may heroine
as famous for having taken the first great
stand at the puffs against a bank, as the Fulls
are celebrated for their awful grandeur,—as
the adjacent field is renowned for deeds of
desperate courage in arms. It is at the polls
that legislative folly (or something worse) a-
bnut hanks, must lie corrected, to prevent
their extension ; the firmness of individuals
will coerce justice from, or cause the extinc
tion of those that arc.
But after all, 1 am in favor of even the
establishment of new banks, provided, ne
vertheless. they are bottomed upon a legiti
mate foundation. Much good might be done
with one of an adequate capital, properly
located and wisely conducted. The follow
ing plan fully explains my ideas on this sub
ject :
TLAN TOR k NEW BANK.
The stock shall consist of one thousand
millions of old shirts—divided into shares of
100 old shirts each, to be paid in by ten e-
qiial instalments, one-tenth on each share
being paid at the time of subscribing—with
a proviso, that the 2d, 3d, 4tli, 5th, 6th, 7th,
8th, 9th and 10th instalments may bo paid
in by stock-notes, secured by an assignment
of the stock of the bank. But no eight indi
viduals shall hold, by any manner of means,
more than one half of the whole capital Stock
of this institution—and, at least,fifty bona
fide possessors shall be necessary to have or
hold three-fourths of the same : this bank
being designed for universal good, every
possible obstruction is intended to be thrown
in the way of speculation !
The title of the bank shall be—« the rag
bank of the universe j” the mother bank shall
lie seated at Lottery-vilic,f with branches at
Ilooks-town,f Oovans-town,] all near Balti
more, Owl Creek, Botany Bay\ and Twist-
ersburg, and such other places as may be
hereafter selected in any part of the world,
by the directors—who shall also ha Ye power
to put offices on wheels, on ship-board, or in
balloons, for the general accommodation of
all nations ; to discount running, sailing anu
fiying—so that the exchange between different
countries, planets and stars, may be equal
ized and regulated, and rag-payments be du
ly supported.
Here is the place to provide for tho elec
tion of presidents and directors, in the usual
way, but as every body has a copy of a bank
chaf er, it is not worth while to insert the
provisions at present.
As soon as the stock is subscribed for an
election shall take place, and any sort of a
proxy will be received : and the directors
chosen shall instantly prepare for the ope
rations of the bank by building 365 paper
mills, and hiring a regiment of engravers,
&c. and one hundred deputy presidents and
as many deputy cashiers shall be appointed
to sign the notes, that their uniformity may
be preserved ! And further, that the said pa
per mil's may always havo % sufficiency of
materials, and otherwise bo advantageously
conducted—the “ rag bank of the universe”
shall receive all national deposits of rags, and
at least one third of the directors shall be
“ practical” paper makers.
The rates at which the subscriptions to the
capital stock shall be received is fixed as fol
lows :
old shirts.
1
- 1 1-2
3-4
. 14
2
A full chemise ...
Waggoner’s frock,
pail* oftrowsers
do. hose, if not much darned
do. old bed sheets '•
Other articles according to weight, at 5
cents per lb. provided always that fiaxen or
hempen linens and stuffs are only received ;
the growers of cotton being, at present, ra
ther opposed to the rag system» Strong
hopes, however, are entertained, from cer
tain late movements in the south, that cottons
may be taken in deposit, to oblige Our friends
in that quarter.
And, to encourage tiie sale of the stock
subscribed for, a brigade of belloivs-makcrs
and blowers shall be employed to inflate its
value ; and arrangements be entered into to
pay the dividends at Foil Dtimnn’s land, and
such other places as may be thought necessa
ry to assist the rise of said stock.
This skeleton of a plan is sufficient to
shew my wishes. If it meets the public ap
probation, I will fill up the outlines j but be
ing a paper-monger myself, I hope at least
to receive an appointment as one of tho de
puty presidents for my invention, with a sal
ary of 9000 old shirts a year,—et cete ru .'
And, in the success of this great project,
which is to equalize the currency, support
the government, protect the agriculture, de
fend the manufacturers, extend the com
merce, bolster the mechanics, and invigor
ate the laborers of all the world, and of ev
ery planet or star lighted by our sun. I am
as disinterested as any rag-bank maker that
ever petitioned congress or a state legislature
to sanction his schemes.
It'ho'll take stock f
* The exposition give, a full length portrait of the cash
i'er, as a speculator. Hut what (lid lie do ! Presuming
upon his official situation, he drew bills which he knew
would not be paid as promised, and exchanged them for
other bills which he supposed would be paid. He did
nothing riore—no, not any tiling more. Why then so
much clamor about him ?—the like honest speculation is
carried on everyday by banks, and the people yet bear it
with the patience of slaves. Come—come ;—let little
fellows live as well as big ones—there is room enough for
all—in “ brother Jonathan’s” credulity.
+ These places are so large and so very important, that
it frequently happens, when a person ia in one of them, he
asks “ how far is it to” Govans-town, for instance 1 How
blind is mankind ! how regardless of merit; I do not
know of any places unoccupied more suitable for the
sites of banks than those I have named. The mothei
bank must be fixed at Lottery-ville—“that’s flat.”
t It is a serious fact, that the felons transported to
Botany Bay, and others, have associated, and obtained a
charter from gov. Macquarie, with the accustomed pri
vileges, to establish a bank—the capital stock is to lie
20,0001. and the manufactory of paper-money was ex
pected immediately to commence,
CHARACTERS.
Extract from Letters from Washington on the constitu
tion, laws and public characters of the United States
By a Foreigner—published in tlie National Register
RUFUS KING.
Lord B—"Will you now follow me my lord,
into the Senate of the United States, and
for a moment survey some of the materials
of which the body is composed. I feel as
sured you must be fatigued with the rude
sketches and imperfect portraits I have al
ready given you ; but 1 trust you will bear
with mo a little longer, and exercise that ur
banity for which I know you are distinguish
ed, till I shall have finished the portraits 1
intended to complete.—The characters 1
shall select for this purpose are, I believe,
well known to the American people, and
with one of them in particular I think you
arc personally acquainted. Mr. R. King is
a senator from the state of New-York, and
was oticc, you will recollect, minister resi
dent at the court of St. James. He is now
about 60 years of age, above the middle size
and somewhat inclined to corpulency—His
countenance, when serious and thoughtful,
possesses a great deal of austerity and rigor,
but at other moments it is marked with pla
cidity and benevolence. Among his friends
he is facetious and easy ; but when with
strangers, reserved and distant—apparent
ly indisposed to conversation, and inclined to
taciturnity ; but when called out, his collo
quial powers arc of no ordinary character,
and his conversation becomes peculiarly in
structive, fascinating and humorous.—Mr.
King has read and reflected much ; and
though long in public life, his attention has
not been exclusively devoted to the political
sciences, for his information, on other sub
jects is equally matured and extensive.
His resources are numerous and multiplied,
and can easily be called into operation. Ii
his parliamentary addresses he always dis
plays a deep and intimate knowledge of the
subject under discussion, and never fails to ed
ify and instruct, if he sometimesceascs to de
light. He has read history to become a states
man, and not for the mere gratification it
affords. Ho applies the experience of ages
which the historical muse exhibits, to the,
general purposes of government, and thus
reduces to practice the mass of knowledge
with which his mind is fraught and embel
lished. As a legislator lie is, perhaps infe
rior to no man in tais country. The facul
ty or close and accurate observation, by
which ho is distinguished, has enabled him
to remark and treasure up every fact of po
litical importance that has occurred sinco
the organization of the American govern
ment : and the citizen as well as the stran
ger, is often surprised at the minuteness of
his historical details ; the facility with which
they are recalled ; and the correctness and
accuracy with which they arc applied.
With the various subjects immediately con
nected with politics he has made himself well
acquainted ; and such is the strength of his
memory, and the extent of his information*
that the accuracy of his statements is never
disputed. Mr. King, however, is somewhat
of an enthusiast, and his feelings sometimes
propel him to do that which his judgment
cannot sanction. When parties existed is
this country, he belonged to and was cotisid*
cred the leader of what was denominated the
Federal phalanx, and has often, 1 suspect,
been induced from the influence of party
feeling, and vlic violence of party animosity,
to countenance measures that must have
wounded his moral sensibilities ; and that
now, when reason is suffered to dictate, cail-
not but be deeply regreted. I am disposed
totliiuk, from a rapid survey of his politi
cal and parliamentary career, that the fury
of party has betrayed him into the expres
sion of sentiments, and the support and de
fence of measures, that were in their char
acter revolting to his feelings; and that,
whatever he may have been charged with,
his intentions were pure, and his exertions,
as he conceived, calculated for the puhlib
good. He was indeed cried down by the
emigrants of a portion of our country, who
have, 1 fear, far too great a sway in the po
litical transactions of the United States,*
and though unquestionably an ornament to
the nation which has given him birth, his
countrymen, averse to him from party con
siderations, joined in the cry, and lie became
a victim perhaps to the duty lie owed and the
love he bore his country, f Prejudice, how
ever, does not always continue, and the A-
merican people, with that good sense Which
forms so prominent a feature of their charac
ter, arc beginning justly to appreciate those
virtues and talents they once so much de
cried. Mr. King lias a sound and discrimin
ating mind, a memory uncommonly tena
cious, and a judgment vigorous, prompt and
decisive, lie either wants imagination, or
is unwilling to employ a faculty that he con
ceives only calculated to tickle and delight.
His object is more to convince and persuade
by the force of reason than to play upon tho
mind by tho fantastic embroidery and gaudy
festoonings of fancy. His style of eloquence
is plain, but bold and maul? ; replete with
argument and full of intelligence ; neither
impetuous nor vehement, but flowing and
persuasive. ftis mind, like tbutof Fox, is
historical—it embraces consequences tho
most remote without difficulty, and effects
the most distant with rapidity and case.-^*
Facts form the basis of his reasoning With
out these his analysis is defective, and his
combinations and deductions often incoiTect.
His logic is not artificial, but natural; he a-
Imndons the formal divisions, non essentials
and figures of logic to weaker minds, and
adheres to the substantial of natural reus in.
Of Mr. K’s moral character t cah say no-
thing from my own personal knowledge, as
mj’ acquaintance with him has not been lung
and intimate enough to enable me to judge
correctly. I have not, however, heard any
thing alledged against it, calculated to lessen
his reputation as all honorable statesman or
a virtuous member of society. He is weal
thy, and has, no doubt, something of price
and hauteur in his manner offensive to the
delicacy of republicanism, and inconsistent
with the nature of equality j but as a father,
husband and friend, 1 have not yet heard
lum charged with any dereliction of duty,
or any violation of those principles which tend
to harmonize society and to unite man to
man by the bonds of affection and virtue.
This ia not the country, to look for the bla
zonry and trappings of ancestry. Merita-
lone claims and receives distinction, and
none but the fool or the simpleton ever pre
tends to boast of his ancient and noble blood,
or to offer it as a claim to respect or prefer
ment.—The people alone form the tribunal
to which every aspirant for fame or honor
must Submit j and they are too enlightened
and independent td favor insignificance, tho’
surrounded by the splendor of wealth, or to
countenancestupidity, though descended from
those who were once illustrious and great.
• This is quite the Englishman.
t He ajiudes, I imagine, to the affair of Air. Sampson.