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THE REFLECTOR.
MILLEDGEVILLE, G. TUESDAY, NOVEMBER 24,1818.
NO. 55.
eorina Legislature.
epresentatives— l'uesday, Nov. 17.
ise strain resolved iisoH'into a com-
tlio whole, Mr. Wellborn in (In
he bill to incorporate the Agrieul-
The speaker, (Mr. Williams)
mend the original bill by a sub-
rh was received, nail and agreed
1. Moore then moved for the
to rise and report that they had
o the hill.
TER (from Putnam)opposed this
lie following speech in substance :
nnan,—Asthisqueslion is dcsign-
the fate of this hill, I will beg
mit a few remarks to the consi-
the committee before we act np-
d perhaps it would not be impro-
0 premise, that upon all banking
feel that my own information is
d indeed ; if therefore, I should
ciasion, advance any arguments
strange or unsound, I do hope
timl a sufficient excuse in the
those who hear me ; for this is a
information with which I have nc-
nversant, and therefore it cannot
hie that l should not be intimate-
ed with it. 1 will however, at-
first place to answer some of the
marks of gentlemen m the oppo-
botli upon this and the former
[nil I will in the second place ai-
:iuine the question itself upon its
unkind and unfeeling stabs which
mile at the feelings of M‘Kinnee
1 must be permitted to observe,
ere in my conception, extremely
extremely unmerited,
ve been charged with issuing their
rent an amount, that they wen
edeem them ; how this fact is, 1
itively know ; hut I have always
tiled, and so I believe the fact is,
"nnee and Shultz have always been
oiling to redeem every hill by them
Has not the attempt been made to
■m ? Have not the enemies to thi-
i sent their runners in every dim -
rcliase up their bills? and what
consequence of this most illiberal
le moment that those hills were pre-
ley were paid off to the utmost far-
old and silver. 1 must thcrclbn
hat the gentleman (Mr. Gilmer;
this observation, was mistaken,
norable gentleman from Oglethorpe
imer) lias also charged these gen-
1. <J- S.) with a violation of the
lie land—with acting perfectly in
Jo, and in contempt <d their uuthori-
.this tact is, I do not individually
ut 1 have never known, or even
‘ore, that they have ever violated
1 have heretofore believed, and !
that they have punetuilioi.sly
•with the requisitions of every law
hear upon them ; documents in the
jer general’s office go very far to es-
’s position. 1 must therefore he ex-
believing that in this statement the
must also be mistaken,
n. gentleman from Oglethorpe (Mr.
Iso stated that the Bridge Company
>en of service to the people in geii-
oii the contrary, that they have
on their best interests. Now, sic,
man would tind it a very didicult
ng indeed, to convince the people
country that this position is correct,
he people from the upper parts of
do know, and they have Jilt that
Company has been ol immcncc
to them—they do know that they
able to borrow money from this
they could not get it from your
[ hanks. They do know, that this
has been the cause of a consider-
as«' in the price of cotton in the
ugusta, vvliii h otherwise would
taken place—and they do know, sir,
[ever their necessities have requir-
of specie, they have been able to
this hank, when they could not
i your chartered banks. Wlicre-
, the necessity of assailing the fecl-
ose gentlemen—whi re fore attempt
heir characters with every burning
rul epithet which the English luu-
apahle of inventing. 1 fear, sir
to raise an unfair prepidice a-
s bill, and to make an improper
ged into the gentleman’s argument, 1 'am at a
loss to perceive ; vvlint object he expected to
accomplish by it I know not; where he design
ed it to hear 1 cannot conjecture. But be
lieving that he had some object to accomplish
by it. I have thought proper to answer him.
The luin. gentleman from Oglethorpe (Mr.
G.) and oneof the lion, gentlemen from Chat
ham (Mr. Tatnall) have expressed them
selves perfectly astonished, that M. & S.
should have <lured to lay before this legisla
ture such a petition as the one upon which
this hill is predicated. For my ow n part I
am at a loss to discover any thing very alar
ming or very astonishing in that pc tition. It
is a hare proposition very respectfully sub
mitted to the legislature, which it can accede
or reject at pleasure; it is such a proposi
tion. however, as other legislatures have
received and have acted upon ; and it is such
a proposition as in my opinion ought at this
time to he crow ned with success ; and if the
gentlemen really are astonished to see that
M. &. S. dure produce such a petition as this,
they may now add to that astonishment, by
seeing that 1 dare defend that petition upon
its merits.
The lion, gentleman from Oglethorpe (Mr.
G.) has notified this committee, that he feels
himself the representative of the true interests
of the people of Lexington, and that lie comes
here prepared to pour out the whole of his
strength in opposition to all charters indis
riminatcly. I have no doubt, sir, of the
gentleman's sincerity ; I have n ■ doubt hot
that the people of Lexington have been very
..minute indeed in the selection which they
have made of a representaive ; they haw
been fortunate, sir, not only in Si lot ting a
representative of trunsrendant talents, bui
also in selecting one who seems to have a
dopted a mode of thinking peculiarly calcu
lated to subserve the particular interests of
t ie people of Lexington. But for my part.
I feel myself, not only one of the represen
tatives ol the true interests of the people ol
Eatonton (ilie little town in which I reside,)
hut I also fc. I ay self one of tiie representa
tives of the true interests of the great body
if the people of Putnu u county and of the
slate of Georgia, and 1 do n it believe that 1
an more effectually support their best intc-
r. sts Ilian by lending my powers, feeble as
they are, to the support of this hill. Y-'s,
sic, 1 do unuesitatiiigly declare myself an
advocate of inis hill, with the exception of
one or two amendments, winch 1 hope to see
adopted.
The lion, gentleman from Baldwin (Mr.
L. Fort) has taken a new ground—he con-
tends that we should act, very unwise indeed,
to add to the monied capital which is already
in the town of Augusta ; that by doing s >,
we direct the whole commercial strrnglh anil
intlueiice of the state to that one parti'alar
point; whereas, we should make our arrange,
menis in such a way as to induce the pros ms
who reside in the western part of the slate,
to take the whole of their produce down the
Ormulgeo and Oconee rivers to the Altama-
lia, ami from thence down to the sea-board.
This argument appears to me to he badly
■ iined ; hut at a future period and under dif
ferent cir uiuslances it. might lie entitled to
ronsiderahle weight. present, however,
it is my opinion, tiiat we should act unwise,
indeed, to break down so useful an institu-
tion, as this promises to lie, for the mere sake
of gratifying the momentary whims and ca
prices of the commercial part of Milledge-
villc. We all know, sir, and every man of
observation uiusi know, that Augusta now
has, and fm a long time to come, must imvi
and deservedly too, a very great advantage
over the western parts of the state; and
when l sec the comparatively little town ol
Milled gevilic, cunt mding with Augusta in
point of commercial consequence, it can hm
remind me of the story of the frog in the fa
ble, which in attempting to swell itself into
the size of the ox, bursted without accom
plishing its object. But, sir, this hank is
not designed for the peculiar and exclusive
benefit of Augusta ; its advantages are to
he ro-extensivc with the state itself. The
man who resides in Jaikson or Franklin
county is to have as free and as ready access
to its benefits, as the man who resides in the
town of Augusta ; and for my own part, 1 am
as willing it should he located in the town of
Augusta, as in the town of Eatonton.
1 w ill now Mr. Chairman, attempt to say
something as to the necessity for this hank.—
It has been stated in argument, and 1 think
correctly, that there is not now a sufficient
ilrrd thousand dollars—Each one of these
hanks are authorised by their charters to is
sue three times the amount of their capitals.
Let us then suppose that they have each gone
the full length of its chain and issued up to
the very summit of its power, it would give
four millions and a half in circulation from
the State Bank, three million from the Plant-'
ccs Bank, and one million eight hundred
thousand from the Augusta Rank—equal in
the whole to nine millions three hundred thou
sand dollars-t-whirli s the very largest sum
that can be in circulation from those three
Banks—Add to this ilie amount of our last
year's exports as stated by one of the
gentlemen from Chatham (Mr. Sheftall) at
two millions iifilollars.it will give eleven
millions three hundred thousand dollars,
which taken from the amount of our exports
leaves a balance, of two millions seven hun
dred thousand dollars, for which there is a
clear deficiency. But there is also an im
mense consumption of money within the
State ; there is an enormous demand for it to
answer the rontrar ts made between citizen
and citizen for property which is never car
ried beyond the state ; and this sum in my
opinion is not very short of the amount of
our exp >rts. I will however put it at tile ve
ry lowest sum ; I will say six millions three
hundred thousand dollars, which would
make the whole deficit upwards nine millions
. f. dollars.
Anil in further proof of this position, it is
i fact susceptible of abundant proof, that
last winter from the month of December i;n-
td the month of April in the present year,
there, was not a hank in Augusta which was
ihle to discount more than the half of the
good paper which was tendered, and this
iwing by the acknowledgments of the direc
tors, to a deficiency in funds. I therefore
'hen am induced tu h'dievc thut the position
lefore assumed is correct. The question
then presents itself with full force to our
minds. What is the most politic plan to he
pursued to provide for this deficiency ? shall
we remain in a situation to tie speculated up-
n by the hanks of other Stairs ? Are we
not in that situation now ? Do we mu
very day see the bills of other States
in circulation amongst ns answering all tin
purposes of money ? Do we not know that
if we do not issue Bank Bills up to the full
extent of our demands, that we shall he fur
nished with the deficiency fr )'n itlier States ?
Vml is it not most reasomihlciejust that those
profits should he distributed amongst- oui
own c'Uzcns? 1 am therefore im lined to
believV that there should bean imnase of
our Banking Capital. And upon this sub
ject I most remark, that there cannot be a
more liberal or beneficial plan prop >sed
than the our. dcM'lopcd in this Bill; upon
tlie ground of necessity I f ci bound tu sup
port, this litil.
There is one other view of this subject,
wlik h is in my mind equally clear and equal
ly conclusive in favor of this bill. It has
been slated, and correctly stated, that the o-
riginal p dicy of ail hanks was designed to
extend their favors to but a few. This is
yet the prevailing policy. Banks as they
now exist, are but the spoilt children of cities
and incorporated towns, whose smiles seldom
beam upon the man who resides beyuinl tin
limits ol* those cities or those in urpornicti
towns; aim this fact the people have at l.ngtli
discovered—they have i.i .nil out this secret,
that i.o matter now many uaiiks you estab
lish up in the us .at plan, yet tiiat they are
not to he lieiiefiiteil by them. This is tiie
reason w hy bunks have bet ome unpopular.
But the hill before us has in i ontemplatioii a
radical change in the very principles of bain.-
ing ; it has in view an extension of the ben
efits of this bank. This is a change in eve
ry way desirable—the best rights of the
great body ol the peoplo require it. Tins
will give- to the country man as easy ami as
ready access to the bank as the townsman ;
and this, sic, will form a check upon Urns,
banks now in operation, which will tend
greatly to the overthrow of that power wind,
bunks arc every day acquiring. Tins is the
great ground upon which I am so solicitous
mr the success of this hill; for in defending
it, l feel that I am defending the best rights
of my constituents and of the people, of the
state in general. I am not in general an ad
vocate for hanks—1 believe that we already
have a sufficient number upon the old policy,
but 1 do contend tiiat there ought to 'or- an
institution of this sort, by which the peoph
ran he benelitted. It has been stated thin
upon the feelings of some of ilie
( members of this committee. But, quantity of circulating medium within the money and power are synonymous terms. Is
rt, I should be sorry to believe that I State to purchase up our produce. I will it not dear, is it not conclusive, that to in-
iy gentleman here who would so far i now attempt to prove that this position is
self and the important duties which! correct, hut if 1 should err in the ealeulation
•e to discharge, as to permit iiis fi d [ which I am about to make, I hope, that no
nc moment to he poisoned, or his i gentleman will be so illiberal as to attribute
warped by such a in' 1 ‘‘•nesse that mistake to design 1 , for I do solemly dc-
1 clare that it is my first and greatest wish to
j. gentleman fine ". j argue this question fairly and to do all sides
cry roundly s if it justice.
d more than o Our exports for the last year was up-
lact is, I car
nor do 1 k
rntlemnn 1
lay not I
reinp
diff'erc
O' 1 *'
P
t
s of fomteen millions of dollars—Let
»o this as a data to ascertain the a-
hat our exports will be for this
ching year, and then see what
ifi circulation with whirl
capital of the Stati
’ a half. The capi-
is one million, and
Hank is six hun
sure prosperity and happiness to the peopl
of tiie state, this motley, and consequently
this power, should he equally distributed a-
mongst them. Uau it, then, he seriously
contended, that where the funds of a hank
are confined to the city or town in which it
is located, that it does cither directly or in
directly promote the prosperity of the peoph'.
If we were now legislating exclusively for
the benefit of the people of Savannah, Au
gusta, Darien and Miitedgevilie, I should b,
clear that this hill ought not to succeed. Bu
we are legislating for the hem fit of • h • peo
ple of the state ; and, in my opinion, their
rights will he shamefully violated by its re
jection. But the gentleman from Baldwin
(Mr. T. Fort) tells us, that but (hr the pro
visions of the law requiring three, day 6 no
tice to he given, the chartered hanks now in
operation would with pleasure discount coun
try paper, without U town endorser. Now,
sir, there is no absolute necessity for this
change in the law. It is true that tins notice
must be given before a note ca^je regularly
protested for non pay ment, liqTTt is by no
means necessary to give this ififtice to enable
the holder to rerover the amount from the
maker and endorsers : and if it were, this no
tice could be given at the time of discount
ing the paper. But gratify the gentleman •»*
making this express provision in tiie law, and
we shall then find that we have gained no
thing by it—we shall then learn that we have
been decoy ed into the gentleman's measures,
by a masterly stroke of ingenuity. But it
lias been contended, though not before this
committee, tiiat t is hill amounts to a mo
nopoly, and is therefore unconstitutional
This is a sublime discovery ; the author of it
certainly deserves great credit. But I will
now advert to that part of the constitution,
md it will lie seen at once by the committee,
that it deserves but one short reply—that it
does not apply to the question. Crawfonl
tint Marbury's Digest, -24—•• But monopolies
<f land, by imlividuals. being contrary to the
spirit of our free government, no sale of
territory of this state, or any part thereof,
shall take place to individuals, or privato
omp lines, 'I'liess a county, or ■ounti s, shall
have been first laid off, including such Jerri-
• ory, and the tu.liaiis' ciglits shall havdshjeri).
extinguished thereto.’’
It has also been slated that this bill-mSs
grown out of interested motives. 1 will not
be so nncandid as to contend tiiat M'K.inuie
and Schultz do not expect to derive a benefit
from this institution, it cannot he expected
that they should give their attention to it
unless they saw their interest in it. For my
part, 1 am p’Tferlly willing that this institu
tion should bo nude profitable to those m \
provided it can lie rendered so to the peoplo
of the state in gi neral. But do we not s o
that a great share of the oppositi.Wi wincii
this bank has met with, is from interested
motives ? ,Do we not see that, the whole of the
banking interest of the state is in arms a-
gainst it ? \\ by, sir, the very mention of this
oil! operates like ail elertru shock up -n this
whole count cl ion. I therefore think that the
' ry of interest mines with very had grace
indeed from gentlemen. But this, like many
other grounds, has been relied upon to add
one moi’i pillar to the support of an unsound
ause. 1 led, sir, that I have said all upon
this suhje. t w hich has presented itself to my
mind—1 fear 1 have already exhausted the
patience of tin-, committee, 1 must therefore
coni laili": but before 1 do so, permit me, sir,
to return my si were thanks to the commit
tee, for the very patient and indulgent milli
ner with which they have heard me. I ain
only sorry that I have not had it in my p AV
I' to do the subject more justice, than I have.
Mr. BRANDAM(fromi*i.lnam)offcri'd us a
substitute a lull embracing the following pre
visions : That the« apital stock should con
sist of one million of dollars ; three hundred
and fifty thousand for the use of the st„te,
-ix hundred Thousand for the use ot toe riti-
/. ns. and fifty thousand for Ilie uso of M’-
fxinuee and Schultz. This lull contemplat
ed tluve prominent provisions, directly op
posing the prim iples regulating the chartiri
• <1 banks of this state.
1st. I'tiat loans of money should be made
on country security, thereby affordiu, the
firmer and mechanic access, in common with
the merchants, to a monied capital.
2d. That the private property of the stock-
bold r should he held responsible for the ul
timate redemption of its hills. And
3d. A refusal to pay specie should amount
to a forfeiture ol‘ the charter.
In snpp .iff of this charter, .Mr. Branham
briefly remarked, tint if no other reason in-
11 iteo ed him to support the bill, its agency in
equalizing the wealth of the country would
induce him to do so. That it was a fact too
notorious to be denied, that wealth and pow
er are words of the same import, and always
dangerous to the safety of any government
in proportion to their locality. That under
'lie present banking arrangement, tiie cur
rency of the country is uncertain ; it rests
in an eminent degree, on the. fluctuating and
fickle capital of the mercantile and speculaU
ling part of the community. To give intrin-
| sic worth to paper money, the landed piupcr-
j ly of the state must he concerned, llencc,
j to have a bank rest on a permanent basis,
you must, have the farming interest of tiie
11 ountry for its support.
.Mr. B. further remarked, tiiat he should
vote for the bill, not because he was an ad
vocate foe the hanking system, hut from a
belief that it would operate, in some degree,
as a corrective to the obvious oppressions
produced on a large portion of society, by
I he bank influence of this country;
MR. WALTON (from Riihunnd.) The
general principle that the interest of the in
dividual is the interest of the state, and tiiat
no law is politically useful, which prevents
individuals from pursuing their private in
terest, when it is not to be forw arded by
force or fraud, is so fully proved by experi
ence, that it is now generally received as an
txinni in political economy. Why should
tanking establishments be considered ns an
xceptiot) to tliis rule ? Banks are usefiil, as
ithev enable individuals to undertake coin-