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trtCfcial, agricultural, dr manufacturing pur
suits, tiewiuiii their private capital would not ex
tend. The draining of a marsh, or the cuttnmol
a canal, may treble the value of an estat>, which
would otherwise remain cumbersome to the own
er, and Useless to the state. - Rut it is asked have
tve hut alieady enough bank capital in the
state, to serve all useful purposes? To this,
one single fact is a full reply.
The value of the annual agricultural produce
of the state of Georgia, is upwards of four mil
lions,greater than the Utmost that all the banks of
the state can issue. All the banks, likewise, have
already issued to nearly the full amount to which
they are permitted to go, and not one tilth of the
present crop is in market. Mow is this great de
ficiency-tube supplied ? There is at present hut
two alternatives—either the state must create
more capital of her own, or we must resort to
the banks of other states. To the obvious ob
jection to the last, that we will be giving those'
profits to other states w hich we might keep to mir-
"Sehes, others of serious import may he added.
There are now nearly two hundred banks in
the United States, whose notes differ from each
other in value almost as much as the notes of one
individual from another. How are our citizens
at once to know the relative value of each ? VV ith
them, for-some time, one foreign bank note w ill
be equal to another foreign bank note ; and they
•will only learn bv deep and bittei expeiience,
•whatslender security is often coveted by an act
of incorporation. To those who recollect the
calico notes of the New England bank, or the
Alexandria notes of the late war, tin* argument
need be pushed no farther. Another inconven
ience will result from such notes not b-.ing
precarious subsistence, derhablc-from. hank tTt£’ilSit of
other countries. , , , .
lu the original institutions of banks, they nev
er issued more paper than they had gold and sil
ver in deposit. Gold and silver became more
safe from robbery by being placed in the vaults
of banks, than in the possession ot mdivid-
ers appointed by the public and the amrn«,.-
of public money. PP r optwJj|
It is important that the money raised r
hu ms should not go to the increase of „ lr0l »
capital,already too great, hut to the imp™!*" 1
of those farms themselves. l lo 'eonm
\\ hilst bank stock, commercial canllil i
id extravagance, have been * ,,,i,|| v ’ u,llr l
our country itself is becoming Lre^I,
ed. The poorer class of f, Pe citizens are
mg to a more numerous black slat e Donulatf.
Our lands are becoming exhausted. If ^ 0I
J'elil.
Its.
not able to prevent these evils, wc should an it{
use every means to prevent their increase,’'
us have no more banks, and restrict those’,,)*
-, my present indisposition, it is with much ddlicut-
cliangable for specie. All debts must be paid ill tv that 1 iise to make any remarks to tiie house
required in gold or silver, and a man possessed ol upon this question. 1 len uioscims ot my in-
any sum in such mites, may not be able to pay a j ability todo it justice. Rut
lends! to the substantial -support, derivable 1mm
a farmer’s life. •
Rut I maintain that as vet, there is not a suffi
ciency of circulating medium in the country. 1
hold it to be a correct position, that whenever
money can hg loaned bv private individuals, at a
greater or even the same rate ot interest which
the state has prescribed to govern contracts, it is a
proof that there is nut too much in circulation;
and that the means of advantageously appropriat
ing money, are still within the grasp of our fel
low citizens. And will it be denied, that any
man who has move money than he has immediate
use for can readily loan it to his neighbor at 8
per cent.
In fact, whilst a vast extent of newly acquired
territory remains tube peopled, and is inviting
the enterprise of oar fellow citizens : whilst we
have not as yet, a road or a navigable water
course in a situation to afford a facility of trans
porting our produce to market, what gentleman
will say that we have no way of employing the
capita! of our country, or that we have no use tor
an increase of the circulating medium.
If we turn our attention too to the rising gen
eration
ital of the state he advantageously employed in j because it has nothing in it. Their only security i extensive influence was exercised by M’Kj,.
the establishment of schools ? is upon the persons to whom the bank has loaned n \'j; . , c , . '. 1 „ I’ rpsc, ‘ t petitioners.
From the left bank of the •avanp.ah to the its paper. Therefore,just in proportion as the) 1 Ills banking influence is fraught with danp,
right of the Oakoiulgee, a warning voice is heard, banks extend their discounts to those who have) ou f countl '.'- 14 may he made use of to tfij
calling upon you tc foster and to cherish inter-, no capital of their own, does the security of the | “ ma )’ he the
nul improvement.. Nothing can be
capital.
Mil. GILMER, (from Oglethorpe.)—Under
ual», nqd the paper issued being the proper repre
sentative of gold and silver, was more conven
ient, because more easily transferred from one
place to another and could be more safely kept.
But all the banks in this state are authorised to
issue three times the amount of their stuck.
The bank paper of this state has long ceased to ...
represent gold and silver. It is now very well we already have, as much as possible,
understood that the banks do not even keep one Rut the greatest ot all mils tube dreadedTrus
third of the gold ami silver required by their char-1 this and all other hanks, is the power which
tens. It is a notorious fact that the merchants ol may acquire, and which may enable them tor J
Augusta dare not ask coin of the banks. If they <rnnl the irnvernment. «»•
do all discounts cease to be made them. It is
with the utmost difficulty that the country people
can procure any quantity, whatever their wants
mar he.
troul the government.
It is an old and true maxim, that wealth
power. This power is the more dangerous I
lewer the hands in which it centres. ”]f
011 increasing hanks the whole monied intemt!!
Rank paper having ceased to be the represen-j the country will be under their controul, ji, I
»•' » t i ti. .4 :4.. i will form a nnvvprml :tr'ut<ipr<vw,, ...i* » ... I
tative of gold an<* silver, what security have those
will form a powerful aristocracy, which'will 11
non >|ed to controul this legislature. - -
in. are we enntent with the provision made j who hold this paper, that they shall be paid any > ® ,l leu * n j l ' ls legislature. Recollect
ieir education ? Uouid not some of the cap-j thing for it ? The bank itself being no security, j ^‘ 8 ' iil «
e done without! holders of their bills lessen. Just in proportion : lj . v which a foreign power may govern our cw
single debt. .Supposing all tlie banks in the un
ion to pay specie, the possibility of obtaining it
will weigh little compared with the inconvenient®
of travelling from two hundred to one thousand
miles to obtain it. A wither and must serious in-
convenieni e will be the facilities and temptation*
it will afford to counterfeiters. The notes ol on ■
hundred distant banks are circulating at the same
time in the state—it will be impossible tor any
pe son to know the minute difference* which dis
tinguish the genuine notes ol each bank from the
counterfeit. If this be the ease with merchants,
how will it be with the great planting interest.the
sinews, the bones and muscles of the state ? 'Ill
planter will ne-er be sure but tint the greater pat
strong and cond ol
ing is toe iuteie.-t wuich propels me to re-ist so
• a* i have toe power, the extensive bank inflli-
,nice w nicli is exercised in this country, that all
difficulties yield to it.
H it particularly called upon, from the re-
maik* el the honoi'dOie gentleman fiimi Putnam,
t isiy »ometiiing in mi own defence. Hollas
e^iatged me witn illibcrality towards M’KJlinee
a id f*c .ultz, the petitioners for this bank charter,
iti so*?.!', mjservclions wlucli were made or. last
l'hursday.
I stated tiien, and now state, that the pe-
the banks are increased, do you compel them
j to extend their discounts to persons without cap-
ital. Therefore, the paper currency of the state
becomes insecure in proportion as banks are in
creased.
It is important that gold and silver should be
restored to the country. The iiiiinence quantity
of paper money in the country bus created a
great rise in the price of property. The value of
property having ceased to be represented by gold
and silver, but risen beyond it, gold and silver
cannot be laid out in tiie purchase of property,
but must leave this country to search for a better
market. This will be the case so long as we have
so much bank paper afloat. Therefore instead of
increasing it every exertion should be made to
lessen it.
Gold and silver is now at par in Europe, whi
ther our produce in sent to he sold. There would
tition ot M’iCinnee and Schultz is insulting to
tiiis house. Do tney suppose that the legislature j therefore be no difficulty in again making gold
of Geo gin have convened for their particular i and silver the medium of the country, provided
"of the money lie receives will be counterfeit.— advantage, nd to grant them exclusive privi- \ the bank paper among us could be destroyed, or
The wholesome check our laws have given to lege.* ? Wnat do they state in their petition r even lessened.
this crime, will be practically done away. Should | l’li-it sensible of toe evils of private banking,| A great evil of the immence quantity of pa-
a man attempt to pass off'a counterfeit note of they pray that the legislature would charter a! per among us, is the increase of luxury and
our incorporated banks, the evi ence is at hand bank m such a manner as to secure to them 200,- extravagance Every man who receives pa-
to convict him ; but Imw are we to obtain evh ence i)0b dollaia as individuals, and 400,(-'JO to the per money feels that its value is uncertain. lu-
frmn Vevv- Yoi k, Boston, Virginia, or even Caro- { Steam Boat Company, in n liich compan y tney j stead of waiting for an opportunity to make valu-
are largely concerned. Who has created this {able and permanent improvements, the insecuri
lina, for this purpose ? He will laugh our law*
to scorn,and pursue Ids infamous trade with im
punity, which we may regret, but which we
will in vain attempt to remedy, unless we break
up the very foundation of our mild criminal code.
1 will now, sir, endeavor t" ieplv to the remarks
of the honorable gentleman from Gieene. This
gentleman stated that the high prices of our bread
stuffs vias tu be attributed to the superabundance
of money. No sir, it is owing altogether to the
scarcity of these articles ; the planter finding it
more to his interest to plant cotton -than corn —
And it is an aphorism as trill as antiquity itselL
that the “scarcity of a thing enhance it* value."’
It is not the fact, as stated uy the same honor
able gentleman. that the high pi ire of negroes is
the effect of the depreciation of money. Will
any per* m who reflects serinudy. suppose that a
man would give $> ’030 fora negro, if he did not
evil of private banking but M'Kdnnee 5j‘ Schultz ?
yet they have the insolence to apply to this house
lor particular advantages, because they have
jeopaidizcd lie whole currency of the country.
The honor bl n gentleman from Putnam objects
very much to any charge of illegal conduct i.
>t‘K.innee and iscnuitz I stated what I had
been informed and what 1 believe to be true,
that M’K.i1inee and S-olmltz previous to making
their retui ns of the amount of money in circu
lation upon which torv were bound to pav 2 1-2
per cent, they pror.uivd as many of their bill*
to be broiightin as possible, t call this acting
in fraud m the law, whatever banking gentlemen
may call it. and I believe that.the lionestpait of „ „„ „ lul „ u „„ s llla „ c
the community will no differ with me. so much mense fortunes to the destruction of the poorer adding to the selfishness anil corruptio*
for M‘K.mnce and Ischuilz. j class around them. I would ask upon what class * belr country. As directing fli° counselsof
Upon the gencial question vvhetiier it will be of men the country depends for defence in time! l,UrC0U,1 try-we must be actuated by olhermolM
litic to gi ant a . barter to thcAgiicultural Bank of danger ? Is it upon the poorer class or upon i *”•»“ *varice and speculation. We are svvornt*
the rich and luxurious ? Was it ever known consult the good of our country. Wesre'l»|
that a bank director exposed hi* life for the safe
ty ot his country ? If there ever has been such
in one, his name should be known, that he may I
ty of value of the money induces him to lay it out
in any tiling which presents itself.
M e should so legislate as to secure as much as
possible the peace and happiness of society. The
uncertainty and anxiety which the people feel
concerning the value of the paper money which
•hev have in possession is a misfortune. We
-liould lessen that misfortune as much as uos-
•ible.
1 am opposed to all banks, because their ten
dency is to create monopolies, and to produce in
quality ol property. The greatness of a nation |
try. Who does not re.c.olleet'tiie contact offc
Nevv-Kngland bankers during tire last war, By
procuring as many of the bank bills of thebulj
of Nevv-York, Now-Jersey and Pennsylvania
they drew most of the coin from those tab
thereby destroying their credit and disable^!,„
to loan to the government, vvhi *,t they vefusedt*
lend the lea*t aid in the prosecution of the va,
themselves. How easy would it be for a comb®, I
atinn of the banks to "prevent any operation of
war. Money is now the great engine nf uu,
I’lace all the money of the country in banks,lie
government would be unable even to defend
self, but through the menus of those bank- f \
would be a very indifferent matter jilu
vei ned by a foreign enemy or internal j. •
ristocracy.
Instead of increasing flie number of bank
should lessen them. I would, if possible,getrid L
ol an influence which is already so great, anil at* 1
eessarily so corrupt. I would not enable any bodj
of men who bow only to the God of Mafr .aq,
whose *mils are but the essence of selfishness,in
an v manner to direct the public will. These ire
not the sort of men from whom proceed that sod
breathing ejaculation in the hour of danger,''W
save my country.”
The great and wise men who framed nurfs
verninent, gave it such form a» was calculatedt» I
make a virtuous people happy. The peiu»
cv of our public institutions, and the realizq
the promised happiness offered by its free cowl*
fution. depend upon our continued love of cw |
try and public spirit.
1 know it, is consul'r d simple and old fashion'
ed to talk of virtue. But perhaps there mat it
some old men in this house who may recolleclliJt
it was not mo,lev, hut virtue, public spirit ill
love of country which acquired and secured f it
glorious liberty that we now enjoy. Let the*
ecoilert the dangers and difficulties then tt-
lepends, not upon the wealth of its citizens, but | co . unt «f e<1 - , Ll,t f! ; e "> recollect the value of
upon their number and public spirit. I f? nze , tl ’ e Y obtailie ' 1 “e' 1 mp ans euiployed.be-
Banks enable a lew individuals to make they, bv our vote, lessen the value ofthitds
expect t. make considerably more bv his labor
than 8 pe • cent per annum, at which interest he j permit u’e to obseive,
could loa.i out Ins money ? Uertiinlv nut. Let! I'hat it is impolitic tu grant this charter,bc-
cotton full to 12 l-2or even 15 ceits, and s'c; cause there is sufficient banking capital in the
whether r e prices of land and negroes will he state. I'lie question oeiore this house must de-
graduated oy that standard and notin' the amount i pend upon the proof ol tnis fact. 1 now pledge
of circulating medium in the countiy. j mysell to the house io prove that there is sufli-
Itis ail-ii by some pretended, that the high, cient hanking capital in this state to answer ail
price of our c. >tt in is attributable to the excess. So the purposes ot commerce anil internal trade, so
consequent depreciation of money. Those gen-, certainly that no one shall doubt but th.se who
tleinen ci tainlv sport this idea without giving t'j have i.rivate le.isnns fordoing so. Toe capital j than numerous hanks. This position might he
the subject it* merited reflection. Uan it he sup- nf tiie Planters’ bunk amounts to i ,000000 of dot-1 proved by numerous historical examples. Rome
pus d that the prices of cotton in Europe are at! bws. the Shate bank 1,500.000. the Sugusta bank would nut permit its citizens to engage in coin-
all influenced by our bank capital here ? Will »-j 000,000, making the amount, of bank stuck be-
nv gentleman pretend that a merchant in Europe ! longing to the state and its citizens 3,100,00(0
will give a farthing more per pound for our cot* j These banks are permitted to issue three times powerful nations of Europe. Rut such has been
ton, whether our ca> ital was one or one hundred the amount of their stock, making 9,300000.; the effect of monied institutions, trading eompa-
millions? Certainly not. Gentlemen must ad-, Add to tins sum the probable amount of the js* j nies, and excessive pursuit of wealth amoii'*- that
in it that the prices of produce here, are -eguLt- j sues of the branch hank of the United States, I people, that liberty has taken its flight, and the
ed by the pri es iff foreign markets, and are nut which although unlimited, except the demand, | name of Dutchmen has become infamous through-
in die smallest degree, influenced by the floating' we w 'll *unpose to he 3,000,000, the amount vvjll * v
capital of oor own country. A merchant must in -; he I vO-'.'O 000 of imports ut 30 per cent, upon the
deed have more money than brains, who would invoice price, making 15.500,000 will make the
bu v cotton at 30 cents here, with the prospect of i whole trading capital of the State of Georgia
selling it in Europe at a less or even the shine | 2r.80i),000. The whole exports from the state
price. It may safely be affirmed, then, that to' amounted last year to 14.000000, leaving a sur-
the high prices in Europe, and not tu a depreci-! plus . f capital for the purpose of inter ud trade
atioi: of money, by the creation of banks, is to j of 13.800,000. At the largest calculation the
be attribute!! the high price of n»r c ittou ; and ( intern'd trade of the state does nut require more
than 2.0(51,000. On the lii-l year when tlie a-
guardian* appointed to protect it fiomdanger?
to look with jealous eyes the approach of et«
the appearance of corruption. "Weigh well iff
receive that immortality which lie so well <le-( . vote _^.- vol i (l| is question
serves. Justin proportion as luxury and love of
money increases, public spirit is lost. I know of
no better method to increase speculation, uuna-
tuiul love of money, and excessive selfishness,
merci : Holland, small as it is, was atone time
enabled to resist tiie combined attack of the most
untiif produce exceeded very far any former *** corruption to he eonfiued to them. 1
that to the preference given by the planter to the
growing of cotton instead of corn, wheat, &c.
and the consequent scarcity of toese aitides, we
may safely ascribe the high prices ot the neces
saries of life.
How wdl gentlemen who hold the convene
nf the proposition, account for the di piecii.tion
of prices in tiie bread stuff’s in Maryland, Vir
gil.,a slid N ith Carolina ? In these "staves they
have much mortbunk capital than we have, and
yet eorn is selling at less than fifty cents pi i
busnel. \\ hat will gentlemen say -.1 the d"p e- (50 per cent, and the Augusta bank some tilvu
ciation of money there r If the increase of bank* | during the winter doubled its Stuck. From this
has a tendency to raise the price id the neres*a-1 calculation it would appear that there will he this
lies in Ifi'e'here. Imw will they account for its ear nearly double the banking capital to pur-
having a different operation in our own neigh-. chase half the produce there was last vear.
'borliou'i ? j How then is it, that gentlemen contend" that
Rest assured,sir, that whenever cotton shall there are tint a sufficient number of banks ? It is
•decline, in price, the planter witi again turn his jdemoiistratingly clear that the good of tiiecoun*
attention to corn and wheat; ami whenever there , try is opposed to any increa-e. I know not from
uduction, we shall be able to pur- what source
out Europe.
t _ 1 believe all banking institutions to be corrupt.
J lie very reason which the gentlemen who advo
cate this bill, urge in its tavor, is the reason why
1 am most strongly opposed to it.—They suy,
that hitherto all the benefits of banks have been
confined to the mercantile part of the communi
ty ; that planters were unable to procure money
•coin banks as easily as they vv ished. Banks can
only be really u*e!ul to commercial men—1 wish
year, and probably was double what the present
year will lie ; there was capital sufficient to pur-
tltase the whole produce of the state at so high a
price that the merchant- lossed bv their purchns-
e-, although there was no foreign capital in mar
ket, and there was at that time but little more
than half the banking capital in operation that
there- i* at this time. The State bankonlv lovi
ng in operation 60 per cent, l’lie Planters’ bank
is in excess prod
chase at reasonable prices, without regard to the
superabundance of bank notes in circulatii n.
Besides, it is a fact, that the circulating me
dium of a country, like the element of water,
wilt always timl its level, and if obstructed in
it- progress,flow.* back upon its source. When
ever, therefore, liter sha I be more bank paper in
circulation than is sufficient for the purposes ot
exchange and the purchase of the produce of the
country, it will return back to the respective banks
and lie dormant on the hands of its authors —
Bank stock will theieby depreciate, and the mo
nied aristocracy of the country, of which gentle
men speak with so milch acrimony, will be hum-
lilt".!, They will then l»e willing to exchange a
these gentlemen’s conviction
pro
ceed.
A strong objection to the increase of banks
arises iroin the effect it will produce upon the
banks themselves, l’here is no maxim more
true with rcguid to banks than this ; that banks be
come jess solid in proportion as their number are
increased. 'J’!tc experience of each Mate in the
union, where mimeiou*banks have been created,
has most clearly proved this maxim to be true.
Kentucky, Ohio, Pennsylvania New-Jersy &c.
are the best possible witnesses in proof of what
lias been advanced. The currency of these
s ates, has become so uncertain, that its value
changes almost every ten miles. Will we not
profit by experience'? Will we suffer ourselves
wish to see the agi irultural part of the community
going into bank for the purposes of speculation.
Neither do 1 wish to add to the facilities nf obtain
ing credit. All men know how deceptive credit
is, and liovv many thousands are lured to their
ruin by it.
It is important that the money that is now in
tilt, country should not be wasted in bank stock.
\Y e have numerous livers w hose navigation should
be improved ; many roads that should he turn-
piked, and various other improvements, that can
o,il> be effected by individual enterprise.
It you charter a hank, tlit 1 subscriptions to
which aie to be made in every part of the state,
all the surplus money now in the country will he
absorbed by it. The great mass of the" people
prefer investing (heir money in bank stuck, ra
ther tliatr to appropriate it for any object ofinter-
nal improvement, because banks yield a more im
mediate, profit. Rut refuse to establish banks,
and the money which is now in the country will
•ffot remain idle.—Companies will he formed for
improving the navigation of rivers, the sit 1
tiui of our roads, and the establishment of •
schools. Is there one in this house, who <
admit that these are objects infinitely m
poitant, than engaging the honest agr
interest in banking speculations ? If tl°
be such an one, his opinions must be
motives which have no relation to the
It is very well asceitained, that
internal improvement are better
activity ami enterpU «.e of indi-
motives of private jjterest, th
Your cliildat |
may yet be the drawers of water and the hewer*
of wood to those mighty representatives <*( ^
God of Mammon, Sl'Kinnee <y Schultz-
(Tiie debate will be concluded in mtr nti'L)
SENATE.
^Thursday. JVovembcr IT.
On motion of Mr.'Swnin, a committeevoi^
pointed to prepare and report a hill tobeenM
“ An act limit ng the time for persona tu tw
out grants in the several counties in thi*
except the lottery grants.
Mr. Grantlaud agryeablv to notice, intrwlac-
ed a bill to be called “ An act to raise mmiet¥
lottery for the purpose nf aiding the furnla *'
Benevolent Lodge, No. 32 of the town of Mil-
ledgeville, in the erection of an edifice in sail
town, to be called the Masonic Hall.”
On motion of Mr. Blackshear, Besolw
That his excellency the governor be and b* *
hereby authorised empowered to appoint fin*
lit and proper persons carefully to examine, w -
vey and report to the next Legislature the |’ m '
ticability, the distance, depth and |>r* illJ
expence of cutting a canal from the river A”
malm to Turtle and Sepclo rivers, particularly
designating the points on each river, ami ®
course or courses from one point to another.*
generally any other information on the suty 1 ®
that he may obtain.
On motion of Mr. Thompson, a commit^
was appointed to prepare and report a bill to®
entitled “ An act to repeal so much of the Sr*
section of an act passed the 19th Detf. ISHiJ*
titled “ An act to appropriate money for the
provement of the internal navigation of
State of Goergia, so far as relates to theapP™
priation of money fur the improvement oft®
navigation of the Savannah and Tnguto rivertr i
from Augusta to the mouth of Panther crecK.
HOUSE OF REPRESENTATIVE?'
Jfindtiij, November lG.
On motion of Mr. Dou sing, a commits **
appointed to prepare and report.a bill to autpe
ize the Inferior Court of Lincoln county f°f r *j
sr ' records into new bound books,a*
same. Ordered that .Messrs-
"old and Tankersley be that fon
dled up a report which hej^
being read and amen 1 '"’
ivvs, to-ivit: " Th* ^
ferred the communirt*
•nor, relative to the i® -
nto this state, reports
iubject submits 9
-ds uf 300 Africa*