NEW SERIES. NO. 20-VOL. IV.] BALTIMORE, JULY 10, 1819. [No. 20-Vol. XVI. WHOLE No. 41.). THE PAST THE PRESENT-FOR THE FUTURE. PRINTED AND PUBLISHED BY H. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE, To give at one view, the entire report to the British parliament about the bank of England, and to dispose of some things a considerable time in type, that we may regain the use of it-no attempt has been made to force much matter of our own into this sheet: but we hope that it will not be less interesting on this account. other banks has passed, without notice that a dividend has been declared, In general, we are pleased with this-it manifests a determination in the banks to pay their debts: but it sits uneasy upon the widow and orphan, whose living has been made to depend upon expected profits from such institutions. Baltimore notes generally Boston banks North Carolina 7 1-2 to 10 is. 1 1-2 dis. 2 1-2 to 3 dise 5 to 7 1.2 dis. 2 1-2 to 3, dis. 12 to 15 dis. 8 to 10 dis. THE ANNIVERSARY.-The people of the United Course of exchange!-We have now before us States have just celebrated their great national fes-two "prices current" of bank notes-at Baltimore tival. The aged soldier, in joyous mood, has "fought and Petersburg, Va. The following may serve as a his battles o'er again," and, delighted in the recol- specimen of the "happy estate" to which the people lection of the dangers he escaped, and the priva-are reduced, through the intervention of brokers, tion which he suffered, recounted the history of his begotten and nourished by the paper system: country's griefs and his country's glory-whilst At Baltimore. At Petersburg. Washington and Franklin, and a host of worthies par, or specie. par to 1 dis. descended to the tomb, with the yet surviving 5 per ct. dis. par, or specif and venerable author of the "declaration," were in par the "flowing cup gratefully remembered. Full-Dist. of Columbia banks, blooded youth again listened to the wond'rous story of a nation's birth, and his beart beat with delicious emotions: he felt that it was his duty to preserve the blessings which the valor of his sire won of the oppressor of his country, and his heart was filled with solemn resolutions to imitate the example of those who stood firm in the day of trial and bared their bosoms to the storm. Forever revered be this anniversary!—It is the season when patriotism triumphs over party, and all are seriously convinced that they have home, which is the "land of the free" -a resting place for liberty, redeemed by their ancestors: it is a time when all feel, that vigilance is the condition on which freedom is granted to uswhen we know that kings and rulers are only men like unto ourselves, when we acknowledge that all are created free and equal, and endowed with the natuFal and unalienable rights of life, liberty and the pur-the other eight banks have only 264,000. suit of happiness! Political independence is fairly established. The Bag of the United States is known and respected in all parts of the world: but we have yet to contend for an emancipation from habits and manners which being subservient to the interests of foreigners, render us partially subject to their controul, and depress that high spirit which ought to belong to us as a sovereign people, Scraps about Banks, &c. United States bank stock.-Nominal price, 898 a 90-very few sales. Quantum sufficit!-to shew a perfection in swindling the poor and needy,never equalled in any country under the canopy of heaven, and which must be redressed. It is impossible to bear with it. *If, in either case, payable at Petersburg. Banks in New Hampshire. A committee is ap pointed by the legislature of New Hampshire, to consider the expediency of taxing the bank of that state. The committee on banks reported that they found every bank solvent; but that the Coos Bank hal made an issue far beyond what the public interest requires, having abroad in bills $334,000, while all A committee is appointed to examine the affairs of the New Hampshire bank, because they statel they had some bad and some doubtful debts. The state owns 825,000 stock in this bank. Massachusettss banks. The committee to whom were referred the returns of the several banks in Massachusetts, report: That, after a minute examination of every return, they find them all solvent.' Connecticut banks. It is stated that there has not been any bank failure in Connecticut, nor even a run upon any of the banks. They are all considered as solvent. Office of the bunk of the U. S. at Baltimore-Messrs. William Patterson, Wm. W. Taylor, Solomon Betts, New York banks. We are happy to believe, as we Wm. S. Moore, and Robert Gilmore, have been ap- expected was the case, that the "wholesale report" pointed directors of this branch to fill up certain about the failure of the country banks of New York, vacancies that have recently occurred in the board.noticed in our last, is not true. We find it contra dicted in regard to several; but are not yet sufficiently informed of the facts to give particulars. Bank dividends.—The 1st instant was one of the semi-annual periods for declaring a dividend by the bank of the Uuited States-but no dividend is an-not be generally known to our readers, that all the nounced. The bank of Virginia and the Farmers' bank of Virginia, have agreed to make a dividend of 14 per cent, for the last six months-being a sufficiency anly to pay the bonus to the state. The individual stockholders get nothing. The usual time for declaring dividends by several Banks in New York-An Albany paper says, It may incorporated banks in this state, are by law, required to pay an interest of ten per cent, to the hold. ers of their bills or notes, if they, at any time, refuse to pay their amount, on demand, in current money of the United States; and that a summary modą of proceeding against them is also authorised an provided for by law. That the public may be u possession of these facts, we copy from the "law re-try banks is tortuously drawn from the packets of the "And be it further enacted, That in case any in your favor for $500, is due to day. Here is the Law Intelligence. KIDNAPPING. FROM THE FEDERAL GAZETTE. North Carolina. In pursuance of a notification from the mayor, the citizens of Petersburg met last week, to take into consideration the depression of North Carolina bank notes at which several reso lutions were passed, and a committee appointed to receive of the citizens and forward to the banks, the June session, Nancy Gamble, an interesting looking notes received by them (in their ordinary transac-young woman of 19 years of age, was indicted and At the city court of Baltimore during its present tions) for payment in money current at Petersburg; disavowing, however, any design to draw specie or subject the banks to injury or inconvenience. Tennessee. The Farmers and Mechanics bank of Nashville has suspended specie payments. It is positively asserted that the bank of Tennessee and bank of Nashville, are resolved to continue specie payinents as usual. tried for kidnapping, stealing, and conveying away an infant female child of the name of Margaret Pool, aged 20 months, the daughter of James and Mary Pool. testified that on Thursday the 20th May last, about 8 o'clock in the morning, the little child, who had On the trial, Mary Pool, the mother of the child, just begun to run about, was playing on the paveFrom the Albany Argus. We have no belief that and on her return it had disappeared - that imme ment in front of her door, and being engaged with the evils which are so seriously felt from a deprecia-diate search was made for it without success; the in the house about 15 minutes, she left the child, tion of bank paper, will have a termination, until the number of our banks is reduced to one half. Were banking operations confined, we believe the country would be the gainer to an infinite degree, on the score of morals as well as wealth. Upon an average calculation, the expenses of a country bank, for cashier, clerks, rent, or interest on capital of banking house, plates, paper, and ordinary incidental expenses, must be at least $5,000 per annum. The amount of capital actually paid in, may vary from 75,000 to 200,000 dollars. Take $138. Quo as the average. Seven percent.interest upon this sum would give less than $10,000 per annum; and after deducting the $5,000 for salaries, expenses, &c. there would be $5,000 left, or three and a half per cent. as a dividend to the stockholders. neighborhood was roused in quest of the child, but nothing could be certainly ascertained by her until the Sunday after, (23d) when the child was brought back most dreadfully whipped and mangled from its little neck to its feet. of the rod still upon it-a sweet, interesting, beau- loss of the child, he went with others in pursuit of it; that after many fruitless enquiries he at length Gen. Heath testified, that having heard of the heard it had been seen on the Annapolis road, and accordingly took that direction in search of it, along with Mr. Alexander Russel. That at Mr. Hens worth's they were told that the traverser dined As bank stock usually draws an interest of 7 to 9, sented as her own-called herself Mrs. Williams, the and sometimes 12 per cent. those unacquainted wife of Jacob Williams, and said she and her husband there on Thursday with the child, which she reprewith banking operations will ask, how is the defici-had quarrelled about leaving the child with her ency made up? It accrues, 1. From deposits. The active capital of a bank, is virtually increased by deposits to the extent of their average amount. 2. By the excess of circulation above the bona fide capital. Bank charters generally give power to emit paper to three times the amount of the capital paid in. But this power must be used with caution; for a bank should always have at coinmand the means of redeeming such portion of its circulating paper as may be presented at its counter. to nurse, and pretended to nurse it herselfbefore the family-that she left there soon after dinner and went grandmother in Baltimore, or putting the child out sister's, and staid that night with the child. The nest morning she took the stage towards Annapolis; was on to Crag's Ferry, where she said the child was her put down a short distance this side of Mrs. Gamble's (her aunt) and carefully avoiding the house of her aunt, had gone round through the woods to Mr. Pomfrey's near Magothy. Here she was found by he deposits in populous and commercial towns turday night, in bed with Miss Pomfrey, who had are at all times considerable, and often immense. taken off the child's clothes to wash. The child gen. Heath, Mr. Russel, and others, 10 o'clock, SaIn country villages, on the contrary, they are com-when found, was in the arms of the woman lying in paratively trifling, and sometimes merely nominal. bed with the traverser. Gen. Heath accosted Miss Hence, to render bank stock in the latter profita-P. [supposing her to be the other woman] roughly, ble to the proprietors, dependence must be placed who denied the crime and charged it upon her comupon an extended circulation, or upon operations panion in bed [the traverser] who confessed not according with the spirit of their charters. whole truth without any threats or flattery, fear of These operations are various, and are too well punishment or hope of reward. The traverser statknown among the dealers with banks to require to ed to the pursuers that she had taken the child from be recapitulated. The inference we would make the street in front of a house in Charles-street, from these facts is, that one half of the profits of coun-which she described agreeably to the situation of the Mrs. Pool's-that she took it up Pratt street to al On the part of the state it was answered-That Mrs. Hamilton's near the Kegg Tavern, where she kidnapping was not strictly a technical term, and not left it a short time in the care of a little girl until an essential word to any indictment at common law she would fetch a bundle of clothes from near the that its proper import in common parlance was seminary; that on her return she took the child and according to its etymology, child-stealing [referring brought it on the Annapolis road in the manner to Johnson's dictionary:] That Mr. Justice Blackabovementioned. On being closely questioned as stone was not supported in his definition by the cas to her motive, she said that her real object was to ses he had cited, nor by any other case or prece obtain the reward which would probably be offered dent, or elementary writer-that East had given a for bringing the child back. General Heath said, broader and more correct definition and, description that on examining the child, they found it most of this offence so as to embrace this case, and at all cruelly and inhumanly whipped, lacerated and events rejecting the word kidnap as tautologous, bruised, so that in many places the blood had gushed there was sufficient matter still left in the indictment through the skin. That on enquiry how this had to constitute one of the highest misdemeanors at come, the traverser confessed she had whipped common law. This direction having been given, the poor little innocent because it would not walk the evidence was then submitted to the jury, (the to keep pace with her-that its little arms and body counsel for the traverser, admitted that ifthey should were so mangled, as literally to draw tears from se-believe her sane, there could be no doubt of her veral men then present, especially a Mr. Stone, who guilt) and the jury accordingly, without leaving shed tears freely and clasped it in his arms.-That there box, found her guilty. the traverser's character in that neighborhood was very bad indeed. She had been abandoned by her aunt as worthless, and her reputation generally very depraved. Mr. Alexander Russel confirmed general Heath's testimony throughout. Mr. Hensworth, Mr. Crag, and Mr. Cook deposed, respectively, as to the traver ser's possession of the child at their several houses; and to Mr. Cook she confessed she had whipped it severely because it would not walk, as she was too heavily laden with clothes to carry it--and once she had whipped it because it would not keep in the right road. Dr. Handy also spoke of the wounds on the infant's body, and said they were evidently inflicted at different times. Counsel for the state, Eichelberger and Mitchell. Counsel for the Traverser, Hall and Kennedy. There were also other indictments against the traverser, one for the inhuman battery of the child, and the other for stealing its clothes; on the first of which she was found guilty, and from the other acquitted. It did not appear that she had stolen the child for the sake of its clothes, or that she had deprived it of its clothes without intending to re turn them. Maria Thomas, who had been aiding Nancy Gamble, was also found guilty on an indictment for kidnapping. Yesterday, the court passed sentence on each of the women, that she should, on the first Wednes day (the 7th of July and the succeeding Wednesday the 14th] stand one hour each day in the pillo NEW YORK SUPREME COURT. William Warner, plaintiff-Mathias Bruen, defendant. The defence, insanity-Two witnesses, Mr. Far rell and Mr. Thomas, both testified that they considered the traverser but little above an idiot-with, to be erected in the jail yard-be imprisoned twelve months, and until security be given for her Mr. Thomas she had lived six weeks as nurse to his good behavior, in 500 dollars. child, and had been turned away by Mrs. Thomas on that account--that she would often lie without any motive and disobey Mrs. T's orders; although Mr. T. had no doubt that she perfectly understood her own property as distinct from that of others. Mr. Farrell had only seen her at his house part of a day prior to her going into the service of Mr. Thomas, and occasionally while she lived with Mr. T. but concurred in the same opinion. There was also some evidence of a general reputation in the neighborhood where she had been bred up, to that effect. This cause was tried before the honorable judge VanNess, for damages against the defendant for having issued out an attachment against the property of the plaintiff during the time he was absent on business in Charleston, S. C. and having notice thereof published in the public newspapers under the "act for relief against absconding and absent debtors.” The leading circumstances in this case appeared to be as follow: On the contrary-Gen. Heath and Mr. Russel testified that she was remarkably smart and subtle, saThe plaintiff had purchased goods the property gacious and intelligent, and mentioned several of the defendant, and had given his note, with an ap proofs of it that occurred on the road back to Balti-proved endorser, for the same; he then publicly left more. Their testimony was supported by Mr. Agui the city for Charleston, S. C. leaving his dwelling ton, the Swedish consul [who rode in the stage with house furnished and his clerk in the counting-house the traverser from Crag's Ferry to where she left to attend to such busines as should be required; he the stage) and by Mr. Cook, who had always lived also appointed a respectable mercantile house as his in her neighborhood; had never heard such a sug- agent, to whom he remitted funds to pay all his gestion before, but knew her character and dispo-engagements during his absence, except the note to tion were always so bad, that school masters had the defendant, relying that the endorser would ho turned her away lest she should spoil the other chil-nor it, as the goods for which it had been given, were dren at school-and her aunt had driven her out of purchased on their joint account, placed in the her house. Their testimony on this point was also hands of the son of the endorser in Charleston, S. C. corroborated by other witnesses. The counsel for the traverser prayed the court to instruct the jury that the offence proved was not kidnapping at common law, upon which alone the indictment was founded; that kidnapping was the forcible abduction of free persons from their own into a foreign country, according to 4 Bla. Com. 219 So decided by the court.] for the purpose of remitting the proceeds to his father to pay the note, instead of which a new note was given by the endorser at 60 days, leaving the old note in possession of the defendant, who, before the same was due, sued the plaintiff at Charleston, S. C. on the old note, and issued out the attachment in this city against his property, and advertised him as an absent debtor. On the return of the plaintiff to New York, the until six months after the ratification of a definitive defendant did not think proper to relinquish the at-treaty of peace. tachment, and, on application, the supreme court ordered a supercedeas to be issued. The plaintiff the restriction until the 25th March of the following soon found that his credit had been destroyed; and year, when, by an act which recited in the preamAn act, which passed in the year 1814, continued several respectable merchants, who had frequently ble, "that it was highly desirable, that the bank of credited him to large amounts, and endorsed for him, England should as soon as possible return to the declared, that after the publication in question they payment of its notes in cash," the further suspension had no confidence in his mercantile standing; all of of cash payments was directed until the 5th of July, which was fully proven. The case occupied the 1816. attention of the court for two days: and the jury, after receiving a most able and impartial charge from 1818, the preamble of the act reciting, "that it is the judge, returned a verdict in favour of the plain-highly desirable that the bank of England should, In 1816 it was again continued till the 5th July, tiff of five thousand dollars damages. John Wells and J. O. Hoffman, esqrs. for the plain tiff. D. B. Ogden, esq. for the defendant. Bank of England. HOUSE OF COMMONS. notes in cash, but it is expedient that the provisions as soon as possible, return to the payment of its of the bank to make such preparations as to their of the acts imposing the restriction shall be further discretion and experience may appear most expecontinued, in order to afford time to the directors dient for enabling them to resume payments in cash without public inconvenience, and at the earliest period, and that a time should be fixed at which the said restriction should cease." citing that it is highly desirable that the bank of England should, as soon as possible, return to the The act which passed in the last session, after repayment of its notes in cash, and that "unforeseen circumstances which have occurred since the pas sing of the last act, continuing the restriction, have rendered it expedient that the restriction should be further continued, and that another period should be fixed for the termination thereof," directed that the suspension should remain in force another year. The restriction therefore at persent stands limited to the 5th July next; and, in fulfilment of the duty imposed upon them by the house, your com bank of England, and their opinion with respect to the expediency of the resumption of payments in the result of their enquiries into the state of the specie, at the period at which by law they are to be resumed. Second report from the secret committee, on the expe-mittee will proceed, in the first instance, to report diency of the bank resuming cash payments. The committee of secresy appointed to consider of the state of the bank of England, with reference to the expediency of the resumption of cash payments at the period fixed by law, and into such other matters as are connected therewith: and to report to the house such information rela- total amount of outstanding demands on the bank of tive thereto, as may be disclosed without injury England, and of the funds in the possession of the I. Your committee called for an account of the to the public interests, with their observations bank for the discharge of those demands; and have thereapon; have further considered the matters ascertained, that the sum which the bank were linto them referred, and have agreed upon the fol-ble to be called on to pay, in fulfilment of their enlowing report:Your committee will preface the observations 1.33,894,580, and that the bank were then in posthat they have to make upon the matters immedi-session of government securities and other credits gagements, amounted, on the 30th January last, to ately referred to them by the house, by a brief re- to the amount of 1.39,056,900, leaving a surplus in capitulation of the laws which imposed and have favor of the bank of England of 1.5,202,320, exclucontinued the restriction upon payments in cash by sive of the permanent debt due from government to the bank of England. tion of the charter. the bank of 1.14,686,800, repayable on the expira It is not necessary to advert to the circumstances under which that restriction was originally imposed, by order in council in the year 1797, as they became the subject of parliamentary enquiry previously to the passing of the act, by which the restriction was confirmed and continued. Its duration was limited by the first act, which received the royal assent on the 3d May, 1797, to the 24th June following. From that period it was continued until one month after the commencement of the succeeding session; and again, ty the first act of that session, until one month after the conclusion of the war, by a difinitive treaty of peace. proof of the flourishing condition of the affairs of the bank of England, and justifies that ample confidence This document furnishes a clear and decisive which the public have reposed in the stability of their resources. ed information, respects the amount of cash and bullion in the coffers of the bank, at the present and The next point upon which the committee requirat various other periods since the year 1797. treasure, which was very much reduced at the close After several fluctuations in the amount of their In 1802, the provisions of the acts above referred increase from the month of July, 1815, to the month to were continued in operation until the 1st March of Oct. in the year 1817. During the interval beof the war, there appears to have been a gradual of the following year; they were further continued teen July, 1816, and July, 1817, the market price of until s x weeks mer the commencement of the then gold did not exceed 31. 19s per oz. The exchanges heat session of parliament, before which period war with the continent, for a very considerable portio ? laying again broken out, they were continued of that period, were in favor of this country: ani the bank took advantage of those circumstances, and made a great addition to the amount of the precious metals in their possession. The purchases made by the bank appear to have had no unfavora'ble effect on the price of gold; and there is reason to believe, that it would have fallen to the mint price, had not the bank fixed the rate, at which they were willing to purchase, at 37. 18s 6d per oz. Mr. Goldsmid informed the committee, that "at that period there were no other buyers in the market, at the price which was given by the bank: had there been, they would have been supplied on the same terms, if they had wanted gold." Being asked, whether, if the bank had not been purchasers at 3. 18s 6d, he believes the price of gold would have fallen to the mint price, he answers, "I think it might after some time; but that is matter of opinion France, in the sixteen months preceding the 31st Dec. last, gold to the amount of 125 millions of francs, (being equal to about five millions sterling;) and silver to the amount of a little more than three millions of francs. Of that gold, upwards of three fourths was in coin from this country; and this ope ration has continued during the present year, though the amount of the importations of this year has not been reported." Your committee are satisfied that the bank, in undertaking to pay their notes in cash, under the cir cumstances above mentioned, acted from the best motives, and from a belief that the measure would tend to facilitate the complete resumption of payments in specie. Unfortunately it has had a contrary effect; the last of the three notices having been given at a period when the exchanges were unfavorable, when the price of gold had risen from 1.3 18s. In the year 1817 the bank had a much larger 6d. to 1.4 per ounce; and at a time when the bank had amount of cash and bullion in their coffers, than not (according to the evidence given by Mr. Harthey had been in possession of at any former period man) that control over their issues, which might since their establishment. From the commence- have enabled them to counteract the effect of the ment of the year 1818 the stock has been progres-unfavorable exchange, by a reduction of their pasively diminished. The diminution has taken place per currency. only." in consequence of engagements into which the bank entered (in conformity with the power reserved to There was, in fact, in the half year between July them by the original restriction act,) in the months and December, 1817, a considerable increase in the of November, 1816, and April and September of the amount of notes issued by the bank. The average following year, to pay in the first and second in-amount outstanding in the four half years precedstance cash for all notes issued prior to the 1st Janu-ing, had not exceeded 1.26,771,914. In this half ary, 1812, and 1st January, 1816; and in the latter, to year it was increased to 1.29,210,035, having been pay cash for their notes of every denomination dat- in the previous half year, 4.27,339,768. It appears ed prior to the 1st Jan. 1817. by the returns, that on the 5th of July, 1817, immediately preceding the payments of the dividends, the amount outstanding was 1.25,800,000; on the 4th of October, being a few days before the payment of the dividends of that quarter, the amount was The issue of sovereigns between July and Dec" 1817, amounted to 1.1,240,422, so that had the sovereigns remained in circulation, there would have been an increase to the circulating medium issued by the bank of England in the course of that half year, compared with the average amount outstanding in the four half years preceding, to the extent of 1.3,678,543. The total quantity of gold coin issued from the bank, in consequence of the engagements thus entered into, and the continuance of the fractional payments, under five pounds, appears, by accounts be-1.28,900,000. fore the house, to have amounted, between the 1st January, 1817, and the 1st January, 1819, to the sum of 1.1,596,256, in guineas and half guineas, and in sovereigns and half sovereigns to 1.4,459,725. Your committee have ascertained, that subsequently to the 1st January there has been a further demand on the bank for gold to the extent of about 1.700,000. The total sum, therefore, which has been issued by the bank since the commencement of the year 1817, has been about 1.6,756,000; and no doubt can Your committee cannot avoid expressing an opibe entertained that the coin thus drawn from the nion, that whatever might be the policy, and howbank was demanded, not for the purposes of inter-ever laudable the intentions of the bank, in engagnal circulation, but in order to realize a profit, eithering to make partial issues of coin in payment of on its sale as bullion in this country, or on its exportation. In July, 1817, the foreign exchanges became unfavorable, and have continued so since that period; a profit has been realized on the exportation of gold coin, and the bank has been subject to a constant demand for cash in payment of their notes. The following extract from the evidence given by Mr. Alexander Baring shows the purposes to which a considerable portion of the gold, thus drawn from the coffers of the bank, has been applied: "In France, it appears, by the report of the minister of finance, that there has been carried to the mint of their notes, yet when the exchanges became unfavorable, and the price of gold rose above the mint price, the only mode by which they could have rctained the coin in circulation, would have been a contraction of their issues; and unless the bank at that period possessed such a control over the amount of those issues, as would have enabled them to effect that object, your committee must consider it to have been inexpedient, in the then state of the exchanges, to undertake an extensive though partial issue of coin, which subjected the bank to considerable loss, and a great drain of treasure. Under these impressions, and from a conviction that the continued issue of coin from the bank, by diminishing the amount of their treasure, would have the effect of postponing the period at which the termination of the restriction can take place, without producing, on the other hand, any advantage whatever to the country, while the exchanges and the price of gold are in their present state, your committee were induced to recommend to the house, in their first report, the immediate enactment of a law to suspend all payments in gold cain |