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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-