The Connecticut courant, and the weekly intelligencer — Hartford [Conn.], 1781-06-12 00:00:00, page 2

TO THE PUBLIC.
On the 17th day of May, 1781, the following PLAN Was
Submitted to the consideration of the United States, in
Congress aflembled.
PLAN for establishing a NATIONAL
BANK, for the United St ates of
North-America.
TH AT a Subscription be opened for Four Hundred
Thousand Dollars, in shares of four hundred dollars
each, to be paid in gold or filvcn
11.
That the fubfeription be raid into the hands of George
Clymer and John Nixon, Elqs, or their agent.
111.
Tltat every fubferiber of less than five shares, pa, the whole
film on the day of his fubfeription.
IV.
That ever, fubferiber of five shires or upwards, pa, one
half the fun, on the day of his fubfeription, and the other
half within three months of that day,
V.
That every holder of a share shall be entitled to vote b,
himfelf, his agent or proxy properly appointed, at all elec
tions of directors, and that he have as many votes as he holds
shares, and that every fubferiber may fell or transfer his
share or shares, at his pleasure, the transfer being made in
the bank book, in presence and with the approbation of the
proprietor or his lawful attorney, the purchaser then to be
come entitled to the right ofvoting, &c.
. VL
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
purposes of regulating the affairs of the bank, and seven of
the directors to make a board, and that the board™have pow
er 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 pursued, appoint the
Various officers which they may find necessary, and dispose
of the money and credit ofthe bank, for the interest and be
nefit 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 fubferiptions, for the purpose of encreafing the capital
of the bank, on such terms and conditions as they shall
think proper.
X.
That the board shall at every quarterly meeting, choose
two directors, to infye& and cohtroul the business of the
bank, for the ensuing three months.
XI.
That the infpe&ors so chosen, shall, on the evening of
every day, Sunday excepted, deliver to the fapeVintendant
ofthe finances of America, a state of the cash account, and
of the notes issued and received.
XII.
That the bank notes, payable on demand, shall by law be
made receivable in the duties and taxes of every Rite in the
union, and from the refyeftive States, by :he treasury of the
United States, as fpccie.
XIII.
That the fuperintendants ofthe finances of America shall
have a right, at all times, to examine into the affairs of the
bank, arid for drat purpose shall have access to all the books
and papers.
" XIV.
That any director or officer ofthe bank, who shall convert
any of the property, monies or credits thereof to his own
use, or shall any other way be guilty of fraud and embez
zlement, shall forfeit all his shares or stock to the company.
XV :
That laws shtill be pafled making it felony without benefit
of clergy, to commit such fraud or embezzlement,
XVI.
That the fubferibers shall be incorporated under the name
of The President, Directors and Company of the Bank of
North-America.
XVII.
That none ofthe directors shall be entitled to any pecunia
ry advantage for his attendance on the duties of his office as
Director, or as President, or Ipfpeftbr, unless an alteration,
in this refpeft, shall hereafter be made, by the consent of a
majority of the stock holders, at a general election.
x\m.
That as soon as the fubfeription shall be filled George
Clymer and John Nikon, Efqrs. shall publish a lift ofthe
names and funis fefpe&ively fubferibed, with the place of a
bode of the fubferibers, and appoint a day for the choice of
directors, to whom, when cholen, they shall deliver the
money by them received.
On the 26th day of Miy, 1781, after maturely considering
the above plan, Congcfs fame to the following rtfohitions
upon that fubjift
mouth of Kershaw's creek, a boat laden with corn, killed
2, wounded 4, and took 6 British soldiers and I tory.
t " Col. Horry eroded the Pedee with 70 men to intercept
the tories, who I expected would join Col. Watson in his
march up Pedee § he fell in with a party of 30 foragers and
as many more to cover them, he charged them on horseback,
in Mr. M'Pherfon s plantation, killed 2, took ig British fol
ciers, 2 torie:, and 2 negroes, without the loss of a man.
" Gen. Lillington reports that the Bladen militia, of N,
Carolina, fell with great tpirit on the rear of Lord Cornwal
lis s army, as he was retreating to Wilmington, and killed
1; men, and took ' between 13 and 20 prisoners
" Gen. Pickens reports that Col. Clark, on the 23d of
March, had an action with Maj. Dunlap, near Ninety-Six,
killed 34, and. took 42 prisoners ; among the former the
Major himfelf is numbered."
• . Published by Order of Oongrefs,
CHARLES THOMSON, Secretary.
To those acquainted with the fubjeft—lt is unnece ffiry to
observe, that when the'eredit of the bank is fully established,
and it is known to possess considerable funds, the notes will
not only have an equal currency with gold and Silver, but
even be prefered to those precious metals. These notes are
more portable, they are not like hard money, liable to be
clipped, or otherwise fraudulently reduced ; the care taken
by bankers, for their own fakes, and the private checks the,
use and continually vary, provide much more effectually
against counterfeits, than can be done by any kind of car
riage, and the certainty ofreceiving gold or Silver on demand,
takes away the poffibifity of a depreciation.
The credit ofthe bank from these circumstances has al
ways been very great, in every country were banks have
been cftahlished. It is therefore a)nioft reduced to a cer
tainty, that it will be so in America, forjn all reasoning on
this fubjedy our surest guide is experience.
To prevent the bank from abufyg public confidence, the
rich and 13th articles are provided, by which the fupcrin
tendantof the finances ofthe United States is enabled to fee all
their operations, of courft; from the deep interest which go
vernment rauft h^YG in ^ integrity of choir midu% he will
The Seventeenth article is framed according to our present
Situation, and what is conceived to be the disposition of mens
mindsto purfuethe public interest: if time andcircumhances
shall, by rendering the duties 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 go
vernment, Ghat credit to bank-notes which the interest and
convenience of individuals will naturally lead them to give
in their turn. Itis intended that the government shall derive
advantages from this institution ; government should there
fore fnpportit : Not indeed by attempts to compel the accept
ance of bank-notes ; this would be equally unnecessary and
unjust, but merely by receiving a medium, the value of
which is unquestionable,
The fourteenth article contains that common proviffon
against counterfeits, which the villainy of a part of mankind
has most Unhappily compelled all governments to make in
the like cases.
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, refpe&ively, dunngthe war.
RHolved, That the notes hereafter to be issued by the said
bank, payable on demand, shall 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 rex ommend to the several
legislatures co pass la ws, making it felony, without benefit
of clergy, for any perlon to counterfeit bank notes, or to pals
such notes, knowing them to be counterfeit; also -making
it felony, without benefit of elegy, for any president, in
fpe&qr, director, officer or fervent if the bank to convert any
of the property, money, or credit of the said b ink to his own
use, or in any other way to be guilty of fraud or embezzle
ment, as an officer or servant of the said bank.
, Extract from the Minutes,
CHARLES THOMSON, Secretary.
,This full acquiefeence of the supreme representatives of
America, giv cs such weight to the reasonings on that fubje&
as carries with it the failed conviction. .-
The fifteenth article which provides fop the incorporation
is of such apparent propriety that nothing need be said upon
that Subject ; and the fifth article, defig noting the rights of
the dock-holders, is founded on principles so well known,
undei flood and felt throughout America, that explanations
or arguments would be fuperfluous.
The sixth, Seventh, eighth and tenth article's, contain the
outlines of the civil government of the corporation after it
shall have been formed, as the holders will not only be nu
merous but Scattered through this country, and perhaps Some
of them re fide in Europe, it will be impossible for them to ma
nage, in person, their own interests: the common doctrine
of representation, therefore, becomes necessary ; how pro
perly .that doctrine is applied, is submitted to the considera
tion of those who may chufe to become concerned. In con
fidence, however, that they will be convinced, proper care is
taken of individual interims as well as of the general con
cern.
By die UNITED STATE 8 in Congress arfembled> Ma,
26, 1781.
Resolved, That Congress do approve of the plan for esta
blishing a National Bank in these United States, submitted
to their consideration, by Mr. Robert Morris, the 17th May,
4781, and that they will promote and Support the fame, by
such ways and means, from time to time, as may appear ne
cessary forthe institution, and be epniiftent with the public
good.
Relolved, That the fubferibers to the said Bank shall be in
corporated, 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 shall
be filled, the Directors and President chofen^ and application
for that purpole be made to Congress, by thePrclident and
Dire&ors elected.
It is not therefore to enforce but to explain the plan, that I
have t;iken the liberty to submit the following observations.
The four firit articles relate to the stock and the means of
obtaining it—Four hundred thousand dollars are named;
because it is conceived drat such sum will be speedily and
readily subscribed : how far it may be adequate to the pur
poles in view, or how much' greater sum might have been
fubferibed, arc unneceflkry questions : let us at prefect mak,
use ofthe resources clearlyH 1 our power, and if (as is most
probable) thole refotrices snail on experiment appear greater
than at prefect, then, according to the ninth article, the ope
ration may be further extended, so as fully to anfwef the end
proposed.
The gentlemen named to receive the fubferiptions are the
prefectdiredors of the Peirnfylv'ania Bank : as this business
must of nccelhty be, in the prefentieftance, tranf&d by
private persons, and as they are 'generally known in that
line, they naturally prefenc themselves to our consideration ;
their private characters will give additional weight to all
tfaeir exertions.
The eighteenth article points out the mob o'delivering
the butinefs over out of their hands into those of the proper'
officers.
take care, that they do rmfvell their paper circulation be
yond the reasonable bounds, which their capital will jidiity.
The Congress having entered to fully into the tone of this
reasoning, as wifely to provide by the thirdhelolinion againfl
attempts, winch private perlons might make cl a Similar na
ture, and with equal propriety have extended, the leltri&ion
only, during the continuance of the war, kava g to a future
period the provisions which may then becejnt meUfary.
The fourteenth and fifteenth articles contain cautionary
provisions, equally beneficial to the coipofation and to the
public at large—Piovifions, which are certainly founded in
me most evident justice—For, however popei it n,uy be, to
mingle all pofiible mildncis in the ciiminallai ol a country;
it cannot admit of a doubt, that the ft grant breach pf the
greatest public trusts, ought 10 receive the excrcamelt punish
ments, which can be iiffi&e4 by human laws.
I 0 ask the end, which it is proposed to answer by the in
stitution of a bank, is merely 10 call the public attention to
the Situation of our affairs: A depreciated paper currency
has unhappily been the Source of infinite private mischief,
numbeilcfs frauds and the gieatcft difiicis—the national
calamities have moved with an equal pace-—and the public
crediphas received the greaceft injury. This is a circun stance,
so unusual in republican governments, that we may boldly
affixm, it cannot continue one moment, alter the federal
legislatures shall have d.termined to take those vigorous and
ebcdfual niealures, to which rhe public voice now loudly
conn,lands their attention. In the mean time the exigencies
of the United States require an anticipation of our revenues,
while at the fame time, there is not such confidence est iblish
ed, as will call out for that purpose the funds of individual
citizens Ihe use then, of a bank is, to aid the govern
ment by their monies and credit, for which they will have
evciy proper reward and security. To gain from individuals
that,credit, which property, abilities and integrity, never:
fall to command.
To Ripply the loss of that paper money which, becoming
more arid more ufekfs, calls every day more loudly for its
final redemption, and to give a new Spring to commerce,
in the taoment, when, by the removal of all reftridions, the
America shall enjoy and pofiefs tfoat freedom,
for which they contend.
In return for these benefits, the fubferibers as they will be
entitled, Io they will receive that advantage from this inveft
°f their capital which has invariably attended the
buhnefs of banking in every free commercial country.
It might be expected chat fomc address should be made to
the pntiiotifm of the public on this occasion ; but this is
needless ; let the mcaliue be examined, andlet it be Support
ed only so far as it is icafonable, useful and just.
n i. A ROBERT MORRIS.
Philadelphia, May 28, 1781,
WE tee fubferibers being appointed by the Judge of
Probate for the county of H impshire, adminift ators
to the estate of the Rev. JONATHAN HUNTINGTON, late
of Worthington, deceased, request all perlons indebted to
said estate to make immediate payment 10 Sarah Hunting
ton, of said Worthington,or to Jofeph%vman, of Hatfield :
And all persons who have demands on said @ftite are defined
to bring in their accounts to the administrators to be adjust
ed, that they may be enabled to compleat the fcttlement of
said eftate.—lt will be particularly convenient for the admi
nistrators to attendthe business of fettling thedebts and credits
offaid estate, upon the lift Monday ind Tuesday of May
next, when they will meet at the house of said Sarah Hunt
ington, in Worthington, for that purpose.
SARAH HUNTINGTON,
JOSEPH LYMAN,
"N. B. The debtors and creditors of said estate, living in
Windham and New-London counties, in Cbnnc&rcup, ° are
desired to fettle their accompts with Hezekiah Biff 1, Esq;
at Windham: who is constituted their attorney for that
purpose.
Worthington (MtfaGHufms-Bay) April 2;, 1781,
_ Hartford county, June
Pfi'jVc NOT I ' E is hereby given, That a Libel is
A , filed before Jabez Hamlin, Judge of the Maritime Court
in toe county of Hertford, in favor.of Amos Judson, of E ift-
Haddam, in said county, against 1 parcel of English & India
Goods, said to be taken by the said Judson, and crew ofthe
armed boat, called the Revenge, on the 17th day of May lift
'r e """" °' '" s :ind " e United Stltcs of America'
Ad penons claimmg.property in said goods, are hereby notil
bed, Tnit a Maritime Court, will be held in Hertford in said
county, on the,d Tuesday of June instant, for the 'trial of
tnejullice of laid capture. All persons concerned are to take
notice hereof.
By Order ofthe Judge,
GEORGE WYLLYS, Register.
AN AWAY bom the Subferib^ on the ifof May
43. fall, an apprentice boy, nam'd ! )AVID HA RRlS
about 19 years of age, 5 feet 6 inches high, pock mark'd-
H: carried with when he went off, two coats, one a blue
broadcloth, faced with white-two vests--one pair of filled
cloth breeches— -two check shirts, one white ditto--- 4 pair
Hockings-one pair openwork'd Silver shoe buckles— Also
one fun oflmen cloths. Whoever will return said boy to
the Subscriber, shall have Five Shillings State Money.
ELIPHAS SPENCER.
Sahfbury, June 7, 1781.
STRAY ED Rom the su^c .ber, about the iff of May
hid, a black MA RE CO LT, 2 years old, natural
picer, a fkr 1:1 her forehead ind a strip of white on her nose
tome white or her near hind foot, her mane hangs
on the near fide, no brand. Whoever will take up said
mare, and return her to the owner, shall be handsomely ic
warded, by ''
NATHAN GRISWOLD.
North-Killing-worth, June 7, 1781.
AL L Pciions that have any dem rods on, or are indebted
to the estate of JAMES MOLESTER, late of
Enfield; deceas'd, are once more defined to meet at the house
offaid deceas'd, on the Lift Monday ,of June, and the 2d and
Lift Mondays in July, in order for a final fcttlement ofthe
fame. Attendance will be given on each offaid days by
JOHN REYNOLDS, °
JOSEPH KINGSBURY,]A dhun Jftmors.
June 8, 1781.