The Republican ledger — Portsmouth, N.H., 1801-02-17 00:00:00, page 3

enough so, to represent the other circulating pro
]>erty and to distribute to each man his propor
tion ; men of different political sentiments are not
deprived of the means'" of acquiring and pofcfcig
property"; no one bank has the power of building
up their friends and favorites at the expense of
those with whom they are disaffected ; property
is fuffered to flow in its natural channels ; the in
dudrious and enterprising merchant, is er.courag.
ed ; the produce of the land finds a ready market
and the mechanic and laborer a profitable em
ployment. He mull be ftupicHy ignorant of ho
man nature who can believe it possible that all
men should think or reason alike on every fubjeft;
ho,v ridiculous and contracted then mull be the
policy, that would deprive focifty of the talents
and exertions of any, merely on account of their
political opinions !—but experience, alas !. has too
frequently taught ns that nothing is too ridiculous
or wicked to be expelled from men who will lay
(Continued from our last.)
The operation of banks however beneficial to a
country under proper regulations, may also pro
duce the moll serious and lading calamities to in
dividuals and to the public if concluded on par
tial and illiberal principled ; and this is almost cer
tain to take place, when men are left to pursue the
gratification of their avaricious pillions without
fedraint by law or competition with others. If
one bank only was permitted in a country, and
that under the immediate direction of the govern
ment, it would soon become an engine pt dppref
fion, a sure foundation for tyranny and defpptifo,
and more dangerous to lire liberties of a people
even a finding army. If granted to individuals
under exclusive privileges, an aristocracy wohld
be created ; a few wealthy men would engross
the capital, the many become tributary to the,<w,
and be brought into a Rate of vaflklage to thole
imperious lordlings.
The length of time (fifty years) for which the
N. H, Bank is incorporated added to the circum
stance that the managers are under no rellraint
whatever by law, as to the sum to be issued, ren
der it peculiarly heceffory that a fecund bank
flwold be erected in its vicinity ; they are now
permitted to iffuejuft as much as they can, find a
market for, even co five or ten jiffies the amount
of the silver and gold deported in the bank.
A striking example of the operation of a Angle
bank without a competitor and without any legal
restraint has been afforded us in a neighboring
Ilate. The MafTachufetts bank, was for several
years the only one in that state ; with a capital
Clock of only two hundred thousand dollars on
which a million of dollars was issued and in circu
lation at one time, this at fix per cent, gave the
proprietors the enormous interest of 30 per cent,
for their money. By means of their exclusive
privilege of loaning bank-bills, the Directors of
that single Bank (like those of the N. H, Bank)
had it in their power land actually did govern the
medium of cb/nmerceHn and about the metropo
lis -, by free dffcounts the price of public 1 Tecuri
ties, an important article of traffic .at that time,
and all other articles in the market was suddenly
railed, and by refufing again 10 loan, an artificial
scarcity of-money wks occasioned and the prices
of the fame articles depressed ; individuals were
compelled to part with their property ata loss ;
bankruptcies prevailed ; and bubnefs in general
tendered so fluctuating anti uncertain that a few
adventurous people ohly dared to engage largely
id it. Had the mifchief been confined to fpecula
tbrs and swindlers who, like some within twenty
miles of Portsmouth, had accumulated fortunes by
fly and deceptive meafurei from the hard earn
Qigs of the war-worn soldiery, without adding
to the common flock, or in any way contributing
to the public good ; pne set of Jharpers bad only
destroyed another and the community would,per
haps have benefited by, the conflict. But
it has been frequently affected, and probably not
without foundation, that not only in Boston but
in other places where the circulating medium has
been\uuder the contronl df a single bank, it has
been the policy ofDireftofs to call in their ntonieg
rs the season of the year when the principal P dlt
of the produce of the country is usually carried to
market,that those articlesmight be redhced'in their
price and the stockholders themlelves with their
friends arid favorites have ^ opportunity to pur
chase under that advantage till they had obtained
their supply. All this is possible, and perhaps not
improbable ; if fitch has beeri the management
in this or any other State, such a bank ought not
Only to be checked in its career by the encourage
ment of others but even to be deprived of their
charter in future.
The government of Maflacbnfetts was alarmed
at the operation of the bank, arid in the winter of
1792 found it necessary to limit the issue of their
bills to double the amount of their capital ; tb^
operated as a temporary check but the evjls com
piaiired of could Dot be effectually cured till other
banks were erefted. The petition for the incor
poration of the Union Bank in Boston was re
fitted by the fame opposite and incoidillen; rea
sonings that have since been- used agninit the New-
Hampshire Union Bank ; by some it was conlider
ted, that between two banks having equal powers
find opposite interests, enmity would eufne and
the utility of both be destroyed § by others that
teach bank would be too liberal in their difeounts ;
that paper bills would be too plenty and so fuffer
3 depreciation to the great injury of those whose
income waslimited t but happily for the interelh
of that Rate, party spirit had not then blinded the
minds of their rulers ; they were open to convic
tion,and the better informed were able to difeern
the fubtilty of some and the ignorance of others,
and against the molt jealous opposition from the
bank already efbbblhed the Legislature had the
wiJdom to grant the incorporation of a fecund,
and lince ;hat period, of, four other banks in that
pate. Experience has (hewn the propriety of the
inea sure and that the evils predicted by weak an^
designing men can never be realized ; mpney q
just as plenty there as it ought to be, that is, just
IN THE LATE j
NEW-HAMPSHIRE UNION BANK,
of our country which may prove to the intelligent
and upright, of whatever party the person, com
poling it may be."—Altho' this advice will not be
afted upon by Mr Jay's federal friends, (If we
are to judge of the fpeciniens of dander and falfe
hood that have already issued from monarchical
preifa) the propriety and correctness of the ad
vice will not be leffeaed.
A STOCKHOLDER
FELLOW CITIZENS.
For the REPUBLICAN LEDGER.
TO HIS
Altho' paper money issued from banks where silver
& gold can bf had at all times in payment can fuf
fer no depreciation & cannot exceed the value of
gold & silver the place of which it supplies,& that
would circulate there if there wasno paper money,
yet it is acknowledged to be possible that too large
a proportion of the whole commercial medium
may be in paper. Shpulda country, fur inftante,
where the circulation Was chiefly carried on by pa
per, be suddenly alarmed with the pryfpe^t ot a
war, and large funis of silver and gold become ne
ceflar, to 'procure supplies from abroad,' tie
paper bills which had teen received-for imposts
and taxes mult be sent to the banks for payment
which' might exhaust their funds, or at least excite
such an alarm that the whole of their paper would
be returned-, and for want of silver and gojd for
its redemption the bills would be%lifcredited, and
the public be left for a time without a circulating
currency. This evil may be provided against in
two ways. First, by limiting the sum below,
which po bill can be issued ; for if the fhiallell
film was five doliars, there muff then be in circu
lation gold and silver fuffieieot for tranfafting all
business under that amount, which in our country
would probably include almost all dealings be
tween the retailer and consumer, and ,& he
ceflarily employ a large film in silver #^%ld,
which, if bills were issued for the fin^ffimns,
there wonij be no occasion for. Secondly; f>y
permitting the multiplication of banks—for if
two or mote banks should throw into circulation
all the paper bills required, and which possibly
might have issued from one of those banks there
would be two or more capitals for its redemp
tion, Inftead' of one, and the danger to the public,
that might otherwise arise would by this means be
lefTened or wholly prevented.
The following observations, coming from an
author of the higbeft eflimation in the political
and commercial world, written in modern times
and in a country where the operation of banks
had been experienced for ages, muff be con
sidered as the mod respectable and conclusive au
thority that can be produced, and let any one
who shall read and attend to them with candor,
believe, if he can, that the eflabliihment of the N.
H. Union Bank could have been injurious to the
public, or ought by an arbitrary law to be annihi
lated.,r 6
" If bankers are retrained from
issuing any circulating bank notes,
or notes payable to the bearer, for
less than a certain sum, and if they
are fubjeded to the obligation of
an immediate and uncondititional
payment of such bank notes as soon
as presented, their trade may with
fafety to the public, be rendered in
all other reipe&s per/eAly free. —
The late multiplication of banks in
the united kingdom (England and
Scotland) an event by which many
people have been much alarmed,
instead of diminishing, increases
the security of the public^ By di
viding the circulation into a great
er number of parts the failure of a
ny one company, an event which
in the course of things must some
times happen, becomes of less con
sequence to the public. This free
competition too obliges all to be
*more liberal in their dealings with
their customers left their rivals
should carry them away. In gen
eral, if any branch of trade, or any
diyifion of labor, be advantageous
to the public, the fieer and more
general the competition, it will al
ways be more so."
[Smith's Wealth ofNationQ
(To be continued.)
It is foggefted to the Merchants and underwri
ters, chat a meeting should be immediately called
for the purpose of preparing a memorial to the
government on the subject of the recent and ex
traordinary captures by die Eritifh privateers in the
Welt- Indies. , [P@ila. Gaz.]
aside their reason and fuffer prejudice fnd paffon
to usurp the reins.
Various and contradictory have been the argu
ments Sgatutt the incorporation of the N;H. Uni
on Bank, but that u hich carries with it the molt
plausibility and has really had weight with many
bjuell minds is that by adding to the number of
banks, paper bills may be so increased as to otca
lion a depreciation in their value below that of
gold and silver.,, #
The bed reply that can be made, to tins objec
tion is in the words of the fame refpeftable writer
whose work has been so frequently quoted, —
" When the people of any particular country
have such confidence in the fortune, probity and
prudence of a particular banker as to believe that
he is always ready to pay on demand (mh of his
promifTory notes as are likely to be presented to
him ; those notes come to have (he fame curren
cy as gold and filvir money from the confidence
that fuchmoney can at any time be had for them.
The whole paper money of every kind which
can eafilyteiKulate in any country never can ex
ceed the valise of the gold and silver of which it
supplies the place, or which (the commerce being
the fame) would circulate there if there was no
paper money. Should the circulating paper at
any time exceed that sum, as the excess could
neither be sent abroad nor be employed in the
circulation of the country, it rituft immediately re
turn upon the banks to. be exchanged for gold and
silver. Wten this fugerflpous paper was convert
ed into gold and silver, they 'Could easily find a
life for it by fending it abroad ; but they could
fiod none while it remained in the shape or paper.
There would immediately be a tup upon the banks
to the whole extent of this fuperfluous paper, and
if they (bowed any difficulty or backwardness in
payment, to a much greater extent ;^ alarm
which this would occalion necessarily increalirig
the run."
©e Lleputlimn Ledgei ,
—<-<4te<fy„fc h —
Portsmouth, February 24, i3oi.
—<<g^,>-> —,
The following gentlemen here inserted,
form the Republican Ticket, to be flip
ported at our Election of State and County
officers, for the ensuing year, viz.
Hon. Timothy Walker, Governor.
Levi Bartlett, Esq. Counfcllor.
ohn Goddard, Esq. Senator.
„ ofiah Adams, Esq. Rec'r ofDeeds.
ofiah Adams, Esq. C'y Ireafurer
John Langdon,)
[ ohn S# Sheiburne, | R'eprefen-
Clement Storer, f tatives '
Henry S. Langdon, Efq'sJ
-<-«§>.>-
, , NEW-rpRK, FEB. 16.
Received yeflerday, at the Office of the Mercantile
AdvertiJer,jrom out Philadelphia Correspondent.
Ele&ion of President
From a fopplement to the Philad. Gazette.
" Washington. Feb. 11, 1801.
, . , half pafi ^o'clock, P. M.
" According to the rules of proceedings
established by the House; they proceeded to
the Senate Chamber where (Mr. Nicholas
and Rutledge, the tellers oh the p'art of the
: Senate) the votes were counted, and the re
sult declared by the Vice President, as fol
lows: ~,
For Thomas jefefof, 73
Aaron Burr, ''73
John Adams, 65
C.C.. Pinkney; t%,
John Jay, 1
The tellers declared there was some in
formality in the votes of Georgia, but be
lieving them to be the true votes, reported
them a, fochc
The Vice President then, in pursuance
the duty enjoined upon him; declared that
Thomas jefferfon and Aaron Burr, Being
equal ip the number of votes, it remained
'for the House of Representatives to deter
mine the choice.
The two houses then ftpa-rated; and the
House of Representatives returned to their
chamber, where feats had been previouily
prepared for the members of the Senate. A
call of the members' of the hpufe, arranged
according to states, Was then made, upon
which it appeared that every member was
present except General Sumpter, who is un
well, and unable toattend. Mr. Nicholson
of Maryland was also tin Well, but attended
and had a bed prepared for him in one of
the committee-rums, to Which place the
ballot-box was carried to him by the tellers
appointed on the part of the ilate. The
m<he of balloting w^s this :—Each date
had a ballot box, in which the members be
longing to it, having previously appointed a
teller, put thevotes of the Rate. The teller
on the part of the United States having then
counted the votes duplicates .of the result
were put by him into two general ballot
boxes. Tellers being nominated by each
state for the purpose of examining the gen
eral ballot boxes, they were divided into two
parts, of whom one examined the general
ballot-boxes, and the other examined the
other. Upon comparing the result, and find
ing them to agree, the votes were stated tothe
'Speaker, who declared them to the House.
The firft ballot was,
Eight States for Jefferfon,
Six for Burr, and
Two divided.
which result continues to be the fame, altho
they have already ballottcd seven times. A
motion was made about half an four since
ro repeat the ballot in one hour, and was a
greed to. The balloting is to recommence
at the expiration of that time. Some of the
members have gone to their lodgidgs to dine,
and others are taking refreshments in the
committee-rooms.
It is not improbable that the balloting
will continue for some days yet to come. I
connot learn from any conversation" what
will eventually be the result ; I am inclined
to fupprfe Mr. Jefferfon will be chosen.
Yours, &c.
" Three o'clock P. M. Two ballots
have been taken fince —The lame relult—
Ballot to be repeated again at 4 o'clock." —
[Thus fur our corrfpondent.]
rtMfc^-,
The Washington Federalist of Friday 2
o'clock P. M. fays ', The House of Repre
sentatives have ballotted upwards of 30 times
and adjourned till to morrow [Saturday] at
u o'clock.,
Our communications from the city of
Walhington are as late as Thursday morn
ing half after 3 o'clock. At that time the
balloting had, been several times poßponed
for an hour at a time ; when the hour ex
pires, and the members are called to proceed
again, it is ludictou, to fee some of them}
running w>h anxiety from the committee
rooms with their night-caps on. Numbers
of them are provided with pillows and blan-:
ALL persons having demands on
the Overfeeds of the Poor for the town of
Portsmouth, for flipplies for the Alms-house,
the past year, are hereby dire&ed to present
their accounts for settlement, to the fubferib
er, on or before the loth day of March next
ensuing. ,'
Nath'l Marshall.
Portsmouth, Feb, to, 1800.
'TQ-LET^
A convenient Dwelling Ho# *
% South end, near the town wharf, juttable
for one or two families, for farther particulars
ap„ to Nathaniel Melchkt.
evec^ut, ll of the United States has depo
: ° f * ch]ef niagiitrate, an ^l
- ^T' Pe rha Ps m °re than ful
h f anf ":^? e purposes tor which this
branch of gotermfot was intended. This how
ever, feem^not to be latiMadory to the advocates
of power and executive influence ; the federal
party are anxwUsto extend and enlarge the sphere
operation ; their opinions mark, wiih
deciced peference, every measure which tends to
augment the influence which is already poffefled
° f the States—the pro
of these opinions would eventually termi
-1" '° e e^bli/hmeut ofan absolute monarchy.
The letter of Mr. Jefferfon, [published in this da)s
agerj has become the ground of a severe & ac
nmomous censure, because in that letter he has
I^mfelt to be the firm friend of republi
can:fm and the enemy of that monarchical influ
ence which hrs opponents for many years past
have dehred to be rendered universal through this
country. It is ffrange that a letter written with
much good temper and tranquility of mind, so
c ~%. correct, and unexceptionable in point of
principle, so congenial with the letter and spirit:
of our condmrtioh, and so well calculated to har
monize the American people, should ever have
become the object of ceufofious remarks by any
one, even the most abandoned and profligate of
that monarchical faction, which for so long a time
has aimed at the deftruftion of our liberties.
Mr. Jefferfon, it is said, has avowed an opinion
^ that a preponderance in the councils of the un
ion ought to be vested in the legislative depart
ment and this, in the eflimation of strong fed
eralifts, is a great objection against the political
charafter of this enlightened citizen—but what is
the ground of this objection, and what the spirit
of the principle that is contained in it ? If Mr.
Jefferfon had declared in favour of an executive
branch, and that a preponderance of power ought
to have been deposited therein, he would have
been justly chargeable with the fame accusation
which has been so often and so justly brought a
gainst Mr. Adams, that of being unduly and im
properly attached to monarchical government.
Mr. Jefferfon's principles however are too well
founded to be easily diverted from the great ob
jefts ofAinerican republicanism ; and,it is the uni
form attachment which he has exhibited to this
cause that has brought upon his head all the ca
lumnies of the Britilh party in this country.
kets, and the cchteft would Rem to be who
t± molt strength of conflitution, or who is
molt able to beat tai„ue. Many of the
members lie down in their places, deter
mined like the heroes of bid, at Itaftto ikeo
it not) to die at their pjts.'
At the request of the Ipeaker of the house
of representatives, the mail from Washing
ton was detained until 4 o'clock, Thurify
morning in order to give to the members an
opportunity of Communicating totheir friend
advice of the above proceedings.
The balloting which Was to take place at
40'clock, made the 21st eflay of the house to
come to a decilion. It is most probable
that the result will be similar to the preced
in ^- , ,
Feb. 12. failed, ship Murdoch, Henderson, Balti
more. Feb. 21,fmp fefferfon, Cutter, Weft-Indies.
Ship Thomas, Turner, Charleflon. Feb. 29, brig
Planter, Boardman, Weft-Indies. Brig - Hart,
Tobago. Brig Sally, Grover, Weft-Indies.
Feb. 14, arrived sch. Lively, Holmes, Grenada.
Feb. 20. brig Orlando, DriJco, Tortola,
WHEREAS SALLY, wife of me the
fubferiber, has behaved in a very
unbecoming manner, by leaving my house
and refuting to bed and board with me, this
is to forbid all persons harboring or trusting
her on my account, as I will pay no debts
which Ihe may contra& after this date.
Benning Adams.
Portsmouth, Feb. 23, 1801.
DIED—In this town, Mrs. Eunice Hill, wife of
Mr. Janies Hill. A child of Mr. Job Harris—and
a child of Mr. Philip Worcester.
Your faithful hand does unobff>'d impart
The Jecret feelings of your tender heart :
Andoh, what bliss, when each alike is pleas'd !
The had that Squeezes, and the hand that'sSqueez'd.
MARRIED-—At Dover, Mr. Joseph Hurd, to
Miss Mary Flint.
At Salem, Mr. John Warden, to Miss Rachel
Ross—Mr. Charles Reading, to Miss Betsy M'lu
tire.
In this town, Mr. Samuel Wiat, to MiG Betsy
Marshall.
Watch-Tower.
Errata.—ln the head of this paper, for No. 26, read
No. 27. Rr Feb. 17, read Feb. 24.
In Simple characters of truth unfurl'd,
“ There is another and a better world."
DabW Marine Lift
CempTe of ppmen.
NOTICE.
^ortalitg.