The Pennsylvania packet, or, The general advertiser — Lancaster, Pa.;Philadelphia, Pa., 1781-05-29 00:00:00, page 2

TO THE PUBLIC.
€n the 17th day of Miy, 1781, the following plan was
submitted to the consideration of the United States,
in Congress assembled.
Plan for establishing a National
Bank, for the United States
of North-America.
THAT a subscription be opened for four hundred
thousand dollars, in Shares of four hundred
dollars each, to be paid in gold or silver.
If.
That the fubEription bepaid into the hands of
George Clymer, and John Nixon, efqrs ; or their agents.
111.
That every fubferiber, of less than five Glares, pay
the whole sum on the day of his subscription.
IV.
That every fubferiber of five Shares, or upwards,
pay one half the sum, on the day of his fubferiptio^,
and the other half within three months of that day.
V.
That every holder of a share shall be entitled to vote
by himfelf, his agent, or proxy properly appointed,
at all elections of directors, and that he have as many
votes as he holds Shares, and that every fubferiber may
fell or transfer his Share or fliares, at his pleasure, the
transfer being made in the bank books, in presence and
with the approbation of the proprietor, or his lawfull
attorney, the purchaser then to become entitled to the
right of voting, &c.
VI.
That there be twelve Directors chosen from among
those entitled to vote, who at their firft meeting Shall
choose one as President.
VII.
That there be a meeting of the directors quarterly,
for the purpose of regulating the affairs of the Bank,
any Seven of the directors, to make a board, and that
the board have power to adjourn from time to time.
VIII.
That the Board of Directors determine the manner
of doing business, and the rules and forms to be pur
sued, appoint the various officers which they may find
necessary, and dispose of the money and credit of the
bank, for the interest and benefit of the proprietors,
and make from time to time Such dividends, out of the
profits, as they may think proper.
IX.
That the Board be empowered from time to time, to
open new subscriptions, for the purpose of encreafing
the capital of the Bank, on such terms and conditions
as they fliall think proper.
X.
That the Board fliall at every quarterly meeting
choose two directors, to infpe& and controul the business
of the Bank, for the ensuing three months.
XI.
That the Inspectors so chosen, fliall, on the evening
ofevery day, Sundays excepted, deliver to the Super
intendant of the finances of America, a state of the
cash account, and of the notes issued and received.
XII.
That the bank notes, payable on demand, fliall by
law be made receivable in the duties and taxes of eve
ry state in the union, and from the refpe&ive Gates, by
the treasury of the United States, as specie.
XIII.
That the fuperintendant of the finances of America
Ihall have a right, at all times, to examine into the af
fairs of the Bank, and for that purpose fliall have ac
cess to all the books and papers.
XIV.
That any diredor or officer of the Bank, who Shall
convert any of the property, monies or credits there
of to his own use, or Shall any other way be guilty
of fraud or embezzlement, fliall forfeit all his Glare or
frock to the company.
XV.
That laws Shall be passed making it felony without
benefit of clergy, to commit such fraud or embezzle
ment.
XVI.
That the Subscribers Shall be incorporated under the
name of The President, Directors and Company of the
Bank of North- America.
XVII.
That none of the Directors fliall be entitled to any
pecuniary advantage for his attendance on the duties
of his office as Director, or as President, or Infpeftor,
unless an alteration, in this refped, Shall hereafter be
made, by the consent of a majority of the flock holders,
at a general election.
XVIII.
That as soon as the fubfeription Ihall be filled George
Clymer and John Nixon, Efqrs ; Shall publish a lift of
the names and sums refpedively fubferibed, with the
place of abode of the fubferibers, and appoint a day
for the choice es Directors, to whom, when chosen,
they Shall deliver over the money by them received.
On the 26th day of May, 1781, after maturely con-
Tidering the above plan, Congress came to the following
resolutions upon that Subject.
By the UNITED STATES in Congress assembled
May 26, 1781.
Resolved, That Congress do approve of the plan for
establishing a National Bank in these United States, Sub
mitted to their consideration, by Mr. Robert Morris,
the 17th May, 1781, and that they will promote and
Support the fame, by such ways and means, from time
to time, as may appear necessary for the inflitution,
and be confident with the public good.
Resolved, That the fu bferibers to the said Bank fliall
he incorporated, agreeably to the principles and terms
of the plan under the name of The President, Directors
and Company of the Bank of North America, so soon
as the fubfeription fliall be filled, the Directors and Pre
fident chosen, and application ft r that purpose be made
to Congress, by the President and Directors elected.
Resolved, That it be recommended to the several
States, by proper laws for that purpose, to provide,
that no other bank or bankers Shall be established or
permitted within the said States, respectively, during
the war.
Resolved, That the notes hereafter to be issued by
the said bank, payable on demand, fliall be receivable
in payment of all taxes, duties and debts due, or that
may become due or payable to the United States.
Resolved, That Congress will recommend to the fe
vetal legislatures to pass laws, making it felony, with
out benefit of clergy, for any person to counterfeit
bank-notes, or to pass such notes, knowing them to
be counterfeit-; also, making it felony, without bene
fit of clergy, for any president, inspector, director,
officer or servant of the bank to convert any of the
property, money, or credit of the said bank to his own
u'e,or in any otl er way to be guilty of fraud or embez
zlement, as an officer or servant of the said bank.
Extract from the minutes,
, CHARLES THOMSON, secretary.
This firfl acq u iefeence of the supreme representatives
of A merica, gives such weight to the reasonings on that
fubjed, as carries with it the fulleft conviction.
It is not therefore to enforce but to explain the plan,
that I have taken the liberty to submit the following
obferyations.
The four firft articles relate to the flock and the
means of obtaining it—Four hundred thousand dollars
a e named ; because it is conceived that such sum will
be speedily and ' readily fubferibed: how far it may be
adequate to the purposes-in view, or how much great
er sum might have been fubferibed, are unnecessary
quefiions: let uxat present make use of the refourc es
clearly in our power, and if (as is most probable)
those resources ffiall on experiment appear greater than
at present, then, according to the ninth article, the
operation may be further extended, so as fully to an
swer the end proposed.
The gentlemen named to re eive the fubferiptions
are the present directors of the Pennsylvania Bank : as
this business must of necessity be, in the present in
stance, tranfaded by private persons, and as they are
generally known in that line, they naturally present
themselves to our consideration; their private charac
ters will give additional weight to all their exertions.
The eighteenth article points out the mode of de
livering the business over out of their hands into those
of the proper officers.
The sixteenth article, which provides for the incor
poration is of such apparent propriety that nothing
need be said upon that fabjed; and the fifth article,
designating the rights of the flock-holders, is founded
on principles so well known, underwood and felt
throughout America, that explanations or arguments
would be fuperfluous.
The sixth, seventh, eighth and tenth articles, con
tain the outlines of the civil government of the corpo
ration after it shall have been formed, as the holders
will not only be numerous but be scattered through
this country, and perhaps some of them reside in Eu
rope, it will be impossible for them to manage, in per
son, their own interests: the common doctrine of re
presentation, therefore, becomes necessary; how pro
perly that doffrine is applied, is submitted to the con
sideration of those who may chufe to become concerned.
In confidence, however, that they will be convinced,
proper care is taken of individual interests as well as
of the general concern.
The seventeenth article is framed according to our'
present situation, and what is conceived to be the dis
position of mens minds to pursue the public interest:
if time and circumflances shall, by rendering the du
ties more laborious, or from any other cause, require
an alteration, the means of making it are provided for.
The twelfth article is intended to give, on the part
of government, that credit to bank-notes which the
interest and convenience of individuals will naturally
lead them to give in their turn. It is intended that
the government shall derive advantages from this iu
ftitution; government therefore should support it:
not indeed by attempts to compel the acceptance es
bank notes; this would be equally unnecessary and
unjust, but merely by receiving a medium, the value of
which is unqueflionable.
The fourteenth article contains that common provr
fion aganft counterfeits, which the villainy of a part
of mankind has molt unhappily compelled all govern
ments to make in the like cases.
To those acquainted with the fubjeft —lt is unhecef
fary to observe, that when the credit of a bank is fu'ly
e ftablifhed, and it is known to possess considerable
funds, the notes will not only have an equal curren
cy with gold and silver, but even be preferred to those
precious metals. These notes are more portable, they
are not like hard money, liable to be clipped, or other
wise fraudulently reduced ; the care taken by bank
ers, for their own fakes, and the private checks they
use and continually vary, provide much more effectu
ally against counterfeits, than can be done by any
kind of carriage, and the certainty of receiving gold
and Silver on demand, takes away the possibility of
depreciation.
The credit of bank paper from these circumflances
has always been very great, in every country where
banks have been e ftablifhed. It is therefore almoff re
duced to a certainty, that it will be so in America, for
in all reasoning on this fubjed, our surest guide is
experience.
to prevent/the bank from abusing public confi
dence, the eleventh and thirteenth articles are pro
vided, by which the fuperintendant of the finances of
the United States is enabled to fee all tl eir operati
ons, of course from the deep interest which govern
ment must have in the integrity of their conduct, he
will take care, that they do not swell their paper cir
culation beyond the reasonable bounds, which their
capital will juftify.
The congress have entered so fully into the force of
this reasoning, as wifely to provide by the third re
fotaion against attempts, which private persons might
make of a similar nifurfy and with equal prourefy
have extended the reftriAibn only, during the conti
nuance of the war, leaving to a future period the
provisions which may then become necessary.
The fourteenth and fifteenth articles contain caution
ary provisions, equally beneficial to the corporation
and to the public at large—Provisions, which are
certainly founded in the most evident justice.—For,
however proper it may be, to mingle all possible mild
ness in the criminal law of a country ; it eannot admit
of a doubt, that the flagrant breach of the greatest
public trusts, ought to receive the extremest punifh
meats, which can be infiifteJ by human laws.
To ask the end, which it is proposed to answer by
this institution of a bank, is merely to call the public
attention to the Situation of our affairs. A depreciat
ing paper currency has unhappily been the source of
infinite private mifehief, numberless frauds and the
greatest distress—the national calamities have moved
with an equal pace—and the public credit has received
the depeft injury. This is a circumstance, so onufu
al in republican governments, that we may boldly
affirm, it cannot continue one moment, after the se
veral legiflatiires fliall have determined to take those
vigourotts and effectual measures, to which the pub
lic voice now loudly commands their attention. In
the mean time, the exigencies of the United States re
quire an anticipation of our revenues, while at the
fame time,there is not such confidence efiablifhed, as will
call out for that purpose the funds of individual citi
zens.— The ife then, of a bank is, to aid the govern
ment by their monies and credit, for which they will
have every proper reward and security. To gain from
individuals that credit, which property, abilities and
integrity, never fail to command.
To supply the less of that paper money which, be
coming more and more u'elefs, calls every day more
loudly for its final redemption, and to give a new
spring to commerce, in the moment, when, by the re
moval of all reffriaions, the citizens of America shall
enjoy and possess that freedom for which they contend.
In return for these benefits, the fubferibers as they
will be entitled to, so they will receive that advantage
from this investment of their capital which has inva
riably attended the business of banking in every free
commercial country.
It might be expected 'that some address should be
made to the patriotism of the public on this occafon
but this is needkfs; let the measure beexatrined, and
let it be supported only so far as it is reasonable, ufe
ful, and just.
ROBERT MORRIS.
Philadelphia, May 28, 1781.
L O N D O N,"
Feb. 22. In a letter from general Clinton toa friend
are these emphatical words: " thank Ged ! I have now
every thing to hope, and Washington every thing to
fear."
HOUSE of COMMONS,
Tuesday, February 20, 1781.
Mr. Ord brought up the report of the refolntions
come to by the committee of supply the preceeding
day. While they were reading a second time, fir
Philip Jennings Clerke wished to know how the sum of
57,910 1 . 12s. voted for American fufferers, was ap
plied, and whether any statement of the appropriati
on of it was before the house. The reason he asked
was, because he knew, that if some of the American
fufferers httl their real deserts, they would have hal
ters ; it was owing to the falfe information which mi
nisters received from such kind of gentry, that half
our calamities had arisen. Sir Philip said, he under
flood, that if any of these pretended fufferers cams
and told such tales as pleaded the ears of ministers,
they obtained just what pensions they chose to ask for>
and that the public money was thus thrown away, not
only with profusion and negligence, but to feed a set
of vipers who were gnawing the very entrails of Great~
Britain, and spilling herbeft blood. He declared, that
he was informed one of these Americans, whole place
in America brought him in 400 1. a year, now received
500 I. a year, as a pension from government, and he
appealed to the house, whether any man ought to re
ceive more for being perfectly idle and having nothing to
do, than when he was in a&ual employ, and had hi^
hands full of bufinefs^
Lord North assured thehonorable gentleman,fas well
as the house, that no one A merican fufferer received
from government as much as his office in America was
worth to him, nor any thing like it. Perhaps the per
fun aflnded'to had forfeited a large eflate for his loyalty
and attachment to his foveretgn, and had a numerous
family to maintain ; those considerations, added to his
fofe of a place of 400!. a year, might have weighed, as
he thought they ought to have weighed, with govern
ment, and induced them to give him a larger penfic^
than he would otherwise have had. His lordship said,
the pension granted to each fufferer mail be governed
by the particular circumflances of the case, for what
would be to one man a tolerable compensation and a
decent maintenance ; would not meet the diGrefs of a
nether; or enable him even to support his family. This
rule was attended to, but he could take upon him mot
confidently to assert, that no person who held an efe
fice in America, and had been forced to fly to Great
Britain for refuge, received any thing like the ameunt
of his offi iai faiary, nor did he believe, if the honour
able gentleman enquired further, we would find that
he had been rightly informed.
B A L T I M 0 R E, May 22.
Extract of a letter from itgentleman in the fouther^
army, dated carrip before Camden, April 27, 1781. ,
''Wneu I fay that our commander has behaved him
felf as heretofore, I only barely do him justice. Look:
back into our proceedings, wieh so little means, where
have you read of so much having been done! Let this
man be uuf rtunate, or let bin; be fuccefsful, in either
case he wi l be the great man. When we get more
troops, we will win battles • and w en we have better
means, we will recover loft countries. Ifthe south
ern States should be overrun, blame no one in this
quarter. We have dene 9vr duty; would to God I