Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-02-02
Remarks Of T. H. williams,
OF rEw-HANovER :

The House having resolved itself into committee
of the whole 10 consider the bill to ncorporate the
Bank of Wilmington, Mr.. Williams, of New Han
lover, rose and said :--7S
MIR CHAIRMAN This is a subject of grave i'm
portance TO the people of North Carolina, upon which
feel less competent to address the House than upon
any other that may probably engage lis attention the
present session. Involving, the discussion neces
sary will, an examination into The whole Banking
system of the State ii will indeed be task of dith
cult undertaking for the ablest among u.s. much less
| for him who now attempts it. Peing raised IN the
| country, unconnected with mercantile or PROBES
sonal pursuits, and therefore unacquanted 10 con-
siderable extent with the business operations of
commercial life, places me under great disadvantage
in the discussion of the question: but The relation
sustain TO constituency deeply interested in the
success of this measure induces me to disregard these
personal disadvantages, and to claim the attention
of the House upon the merits of the bill
The subject of Banks and Banking, Mr.. Chairman,
has for centuries engaged the profound consideration
of the ablest fnanciers of the world From the in
cepton of its simplest principles In the tenth century
until the PRESENT. it has undergone the ordeal of rigid
scrutiny and public discussion; and upon this sub
ject, upon many Others the amount OF ability by
which it has been advocated and opposed. has been
very imposing, and nearly divided upon either side.
In entering into the history of this subject and trac
ing it up the present, hope not 10 be understood,
as certainly do not design, giving any thing of
partizan character TO any remarks shall make. In
turning to Roman history, we find that the great
controlling element OIL mOQeTn tneS~-Gn6
interchange of the commodities OF the world, owes
its origin to limited commerce. carried on from the
tenth 10 the fifteenth century, between few Italian
States, ami that this alone the only species of
national trade then known TO Europe. To he rise
and pei lection of this system indebted for the
institution of banking When Italian commerce
began spread itself to distant markets, some
other of trade, than the actual exchange OF
property itself, was found 10 be necessary-some
circulating medium was requred-some standard
which by legal well as general consent, should
measure and represent the value of property, and
thereby facilitate it's exchange. Various articles
were used for this purpose, hut none found to be so
we'll adapted TO the business OF trade-uhllng
, such Just proportion between intrinsic and
represent ave value as that which denominate
money.
The word Bank is of Italian origin, and derives its
name from the custom of the Jews in sitting upon
the benches of the market places to borrow money.
The first bank established at Venice, in I15, to
assist the expedition of the Crusades This Bank
answered but Of the purposes of our present
banking system, being bank exclusively of deposit
In 1345 q bank established at Genoa, and re-
established in 1907. uniting the business of loanlng
money TO receiving deposifes and dealing consdera-
bly, in bills of exchange. In 1850 the privilege of
t banking granted to the cloth merchants of
Barcelona, in Spain In 1909 the Bank of Amster-
dam established in 1919 the Bank of Hamburger,
in 1855 that of Rotterdam, and in 1894 that of Eng
land This last mentioned Bank may be said to be
ing the three departments of deposits discounts and
d circulation 1t was projected by merchant named
Patterson, and was chartered 10 assist William and
! Mary in carrying the against France. Here
i arose alliance which has ever since existed, and
n been handed down to us, between governments and
such chartered institutions In 1890 paper money
issued in the colony of Massachusetts to assist
Y the expedition a. ainst Quebec In l712 Bank was
! established in South Carolina, and 1870 in Rhode
Island, Connecticut. New Hampshire, and Pennsyl-
P,,ts no or o1ft cur.
rency-so destructive to the healthy trade of the
n coonies--so injurious to their morals and pursuits,
hat the British Parliament in 1853 prohibited the
O ISSUE of any paper money by the colonies This
prohibition lasted until the of the Revolution,
G when Congress, to enable to prosecute that
= war, authorized the issue of what was denominated
. Continental money! and made it treason on the part
c OF our citizens to refuse 1t IN payment OF military
stores This extraordinary Legislation could only be
justified by the extraordinary crisis of affairs, for
j It's deeterinus effects felt for long time after
the close of that The Bank of North America
was chartered IN 1884, repealed In 1885, but echar
tered for fourteen years in 1887, and then continued
by successive acts f the Pennsylvania Legislature
IT, 1881 the Bank Of the United States chartered
= with capital OF Ten millions by the General Gov
ernmen and expired in 1871. In 1916 the Bank O
Of the United States chartered, with capital o
e thirty five millions, and at it's expiration in 1886, the
number of State Banks had increased from 80 10 561
in 1910 TO SOL and the LIST January 1854 10 1,2O8
Thus see, Mr.. Chairman, that from the founda
" ton of ours, and almost every other Government
e. aper money has been issued and recognised
J. parvalue currency Sanctioned by the different Leg
islstures they have issued and lated their note
in all parts of the country and been adopted as tn
!, universal medium of exchange. Purportlng to b
~ convertible into gold silver, which they promise
pay on demand, each note goes out as the repute
representative, and the aggregate issue of these note
- represent the specie basis of circulation Any IN
elimination in the amount OF this clrcula
w. ton alters the relation between debtor and creditor
I change of either may effect materially the price
y money, and therefore its relative value clrcuat
- ing medium, while the increase every trade, occu
49, patton or profession seems embued with new life an
Al activity Every enterprise finds ready purses an
al willing hands Our whole population feels it's slim
va uatng efect-industry tolls with hope-commerc
widens its scope, and wealth spreads It's bountIes
.. every eye But change the scene. Every thing
- now dal k, gloomy and uncertain. Trade langulshe
business stagnates apprehension and dstrust are fe
by the entire community. But none feels so sensibl
its keen distress the aborer who tolls for his dali
' bread ParaIzed in his efforts and encompassed wit
b want the gloom OF dependency settles thickly aroun
ra him and the bright star of promise falls from tn
,ro dark bosom of his future.
~. But sir, admit that until very recent date
great deal of the elements of party have been mike
IN up in the charter and management of banking inst
cE buttons. The party opposed on the grounds th
W they in the incorporation of such institutions
~ return TO the old system of Feudal tyranny-a col
10 centration of power in the hands OF the few-tE
IA withdrawal of capital from other more legitma
wy sources of investment, and a consequent neg ect
m agricultural Improvement. The Bank of the Unite
roo States chartered under the auspices OF one wi
a. declared it to be political engine assuming
~ we'll regulate the political the financial afai
me- of the country. Was it not reasonable 10 suppo