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I THE REFLECTOR — J "" "■ ■' ■'■■.TgLIL" 1 .- -J'.. 1 . 1 .. .. IJJ. 1 I ...JU 1 T, !■' ...-.l.-r 'I ■ ■ =±= n 1 l—.UJri 1 . 1 . 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.