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then"* If the trust has heretofore beet nithf ullv and qblv executed, ilie merit i fo be ascr bed t?? the virtue and fidtlity o ttheagents, rather than to the want of an power or opportunity, to abuse it; at t any provisions iu the laws, to restrain n punish it. Under these circumstances this Sute was perhaps necessarily force* to entertain the question, whether she hai irrevocably parted with all poiccr to re gulate her o\Vtt currency, or delegate* that power, without reserve, rcstiaitit *?1 nai't'icinn tin bf>r nirt. fo conirui* vi omj'vi ? the tefttt of years for which she lists char tered her rnonicd institutions. If in fac thare does exist this impcrium iniwpcrio for the exercise of so important a power the people of ths State might well ask, up on what constitutional principle a sover vign right, which can only be exercised legitimately by their own Government has been delegated to agents, politically irresponsible to them. In such an issue, if is n?>t a ?ery remote or fanciful anticipation, that if so inportant a right were indeed improvidenlly lost in law, it would but too probably, in the absence of any other resort, be reclaimed by revolution, The wisdom and propriety of retaining Some checks and guards, similar to those which have been proposed, upon the extraordinary privileges with which this State has endowed her chartered institu lions, is, I presume, universally uuiuu>cU, in reference to those hereafter to be chartered. Ii will readily however occur to every reflecting mind, that a prospective legislation in this respect, could remedy none of the existing evils. The Banking Capital of the State is more than equal to its exigencies and requirements, and the most of those corporations in which it has been vested, have many years tocomplete the term for which they werechartered. Such a discrimination with regard to futue and existing insliliu. tions, would thererfore be as inefficient as it would be invidious. If I have a just and proper conception of the objects of the proposed amendment, it was with these views anJ conceptions, that the State thought proper to require these salutary concessions from her chartered institutions, to her sovereign authority and supervision. Deriving extraordinary privileges and immunities from her liberality, she has pre-eminent and irresistible claims upon their confidence and gratitude. Trusted for a long course of years, with the exercise of rights and powers and franchises sovereign in their nature, and which can appertain to to none of her citizens individually, she may well urge a moral, as well as political right, to be trusted in turn, with a dis-relion. which she canuot exercise for her own interest without promoting theirs.? That she has generously sustained them in ail past misfortunes and difficulties; is the highest evidenc of her future kindness and liberality; und sould be the last pretext invoked, to sustain either present or future acts of contumacy. And while the interests of her citizens are so intimately connected with their stability and success, the restraining influence of a just und enlightened popular feeling, will be ever ready to interpose, to prevent the capricious exercise of legislative awthori* tyro these high considerations, may perhaps be added another, of not less practical importance: that the salutary influence of r?late authority would perhaps greatly conduce. Lit times of extraordinary calamity, to prevent these controversies and dissensions between the Banks themselves, which were so unhappily exemplified in the history of some of our own institutions during the disastrous even!.* of the lute o.Thai it ha? nlrendv exerfis - - - , < <! a salutary and judicious influence, may be inferred from the fact, tliat under the operation of its provisions, the Banks of this State alone, of all the institutions South of the Polamac, have ill good faith and reality met engagements or demand for specie, without pretext or evasion. Whatever may have been the motive, or necessity which induced to the enactment of this statute, ihe rejection of its provisions, by some of these institutions, has made it a question of the gravest import. from the discussion and decision o which, this State cannot, without a sacri flee of her dignity and self-respect, shrink or recede. In this aspect of the question I fell constrained, by every sense of duty as well as of allegiance, to exercise at the authority with which 1 was entrustec by the Legislature or the Constitution, t< enforce the objects of the law througli the judicial tribunals of the Stale. Will this view, I deemed it proper to engagi the services of several of the most effl cient gentlemen of the Bar, as assistan counsel, to co-operate with the Attorney General, and Solicitors. I regarded it a: mrtrA 1?i>oecurv In dfl SO. MS the St8 son of the year at which the Court wa held in Charleston, as well as the demand of their resperive Circuits, would necei earily deprive the State of the able servi ces of some, if not of all, of the Solid tors. I had no authority to comman their presence and services in Charlcstor and under such circumstances of iucot venience, as those tinder which the would have teen rendered, I could nt presume officially to request them. Th arduous duties which would therefore hav devolved upon the Attorney Genera could not have been performed, even b his indefatigable zeal and industry, out the expense of every other duty and ei gageinent. And although having evei confidence in the talents and attainmen which have st* deservedly placed him the head of his profession, yet the gra< responsibilitiy of advocating tho inters > -w ' * V " ? ' . ?* ; r '-. V 1 of the people, nnd tlic dignity of the s Slate, on a question of such vital impor'f tance, I regarded as too great, as loo sey rious, (and it was even deemed so by bis) 0 modfest sense of his own merit.) to be de-1 r volved on the abilities of a single, advoit cate. d From the manner nnd ability with J which their duly has been performed, I have derived the greatest satisfaction; and 1 the people nnd the State I trust, lasting 1 ?*r ' 1 -/*- fmt.t-tn ilin ortlnntic , and CSSCIlliaj UUIICUI, ih.im n.w , r and able efforts with which their rights and interests have been vindicated, and t discussed. In connection with these remarks, xela. live to the controversy into which this State lias been so unfortunately drawn, by the recusancy of some of her Banking inI stiiutions, it may not be improper forfyou to , direct your views to tbe consideration of some permanent and prospective mode, of regulating our currency. I assume, of course, that this State can never acquiesce in the existence of a National CorporaI tion, or admit the necessity of subjecting its monetary affairs to the arbitary and exclusive control of such an institution. Much of the pressure and difficulty under which our community has labored, has arisen from the constraint imposed upon the operations of our Banking institutions, by the dissensions, necessarily incident to an inequality of Banking Capital. There is probably no fact in the economy of Banking operations more incontrovertible j than that the business of a moderate capi-1 tal, tinder ordinary circumstances, is usually productive of the highest rates of profits. And if, in our experience, there exists any exception to this rule, in favor of the hrge Banking institutions, it is because the late policy of the Slate, in ere- , nting so vast a disproportion of capital as now exists, has substituted the dominion of the few, for the honorable competition of i all, and thereby produced strife and discord, where nothing but a generous emulation of profit and usefulness should prevail. The greatest profits of the Banking system are presumed to be derived from its operations in exchanges. In proportion i to the exorbitancy of the rates produced by the derangement of the currency, and 1 the pressure and difficulty of the times; i and in proportion to the advantages of the I eapital by which an institution may mon- i opolize that branch of business, so may its i interest and tendencies be directed to pro- i tract, and even to increase that State-of disorder, from which it acquires its great- i lest trains, it cannot therefore be a wise i policy which supplies to private corpora- i lions, ill excessive capital, the power, motives, and inducements to profit by the embarrasmenls, or to extort from the ne- i cessities and inconveniences, of the people. I do not mean by these general propositions, to imply a censure on the conduct, or illustrate the abuses of any one of our own institutions. The example of one of them, at least, during the late suspension, so far from manifesting such a policy, cannot be too highly commended for its forbearance in the use of its advantages, as well as its wisdom and firmness, in maintaining the faith and credit of the South.? Still, an undue and dangerous power over out currency,'is necessarily incident to the position of financial autocracy which it occupies. And if that power has not been tyranically or corruptly used to its injury, or the detriment of the public, it has been owing to the discreet forbearance of those who wielded it, and nut to any safeguards provided by the laws to restrain it. A reduction of the capitals of the several banking institutions of this Stule, t K o 11* oliartora lit h?. rf>fl PVVPll.t to \"W* ? ? ' I some common and modcrale standard, less ' than that of our Slate institutions, would probably prevent the recurrence of fu'ure i evils arising from this case. But in the mean time, to strengthen the influence of our Stale Bank, either by an increase of capital or of immunities, is perhaps at . present, the most efficacious, and the only i means of correcting existing ills, which , legislative action cunnot otherwise reach, , without violating the charters which sancf tioned them. Whether this Slate should . participate in banking operations at all, f cannot now be rcgurUeU as an open or a practical question. But whether she should not use her institution, in the lan| guage of a distinguished statesman, to "unj bank" the abuses of the system, is a policy , that deserves to be well considered. Such , a position it is presumed the Bank of i this State would occupy, with a most > dignified, salutary and judicious effect.?I . Uertutn it is, in my esumaiiuo, mui du t long as the Slate engages and competes in f bunking operations, her institution should 3 at least exercise a controlling influence on . her monetary affairs; or else present ihe s strange political anomaly of the public s Treasury, (with which it is practically i. identified.) and the people's money, subj. jected to the capricious and selfish domij. nation of private corporations which, ft however benificently exercisetl hereto! fine, is always liable to abuse. That its i. present resources arc inadequate to this y object, is bin loo apparent from the mcon,1 venience anil restrictions, to which, in all ie times of great pressure and difficulty, it .e has been subjected. il, Whether it may not be expedient, in the iy event of increasing its capital, to associat ate private interests, which may always 11- exercise a salutary vigilance on its operarv lions; or, by merging, as their charters ts expire, the whole banking capital of the at Stale into one system, proportionately controlled by the Stockholders and Repts resentauves of the people, are measures - - ' * a g r'*'. \ m j which I would suggest as worthy of your! I consideration. Such a system of finance, if uniformly adopted by the Stales, rejjuI lated and modified by the influence of a I national Sub-treasury system, it is believj ed would furnish the best and soundest I currency in the world. The Report of the President of the Banlc, will apprise you of the profits j which have accrued from the transactions] . i of this institution for the past year; ami j for a review of the circumstances and em-1 bsrrasments prcvading the community tinder which they have been realized, you need not be rcfered to a monitor niorej faithful than your own experience. Sat isfeclory as those profits are, considering the character of the times, they have been derived from accomodations as benificcut in their effects, as they have been safely and judiciously administered, f<>r the benefit of the institution itself. Without resorting to any of the usurious expedients of the limes, its resources have 1 believe' been as faithfully and humanely directed j to-protect the property of the citizen, as patriotically to subserve the interests oft the State. From the aspect of the financial affairs of the Slate, as you will find presented in the Comptroller's Report, you will perceive the expediency of exercising the same rigid and judicious economy, in the disbursements of the revenue, which has hitherto prevented the necessity of increased taxation. Additional burdens upon the labor and properly of the people, should not be imposed in times of such : embarrasmcnt anil distress, except for I objects of such primary necessity, and im-j portancc, as affect the permanent weal i and safety of the Stale, or any ? f the! great principles of constitutional liberty.j Improved as onr resources are, in com-I (1,,, ncnocl nrpcotllpll rt I I lie las) I |/ui ioi/ij tv; viiu urj/i-x v j/ %-ww... - session, the Treasury is still far front having obtained a redundant and overflowing condition. It will be found I trust however, adequate to meet all such necessary exigencies, as cannot be neglected without consequences more ininous, than the most wasteful and inconsiderate extravagance. The condition of the public works and improvements effected at so much cost to the Stale?some of which are still unfinished, other unprofitable, many falling i into decay?will demand your attention, j either to abandon, repair, or olhcwise i dispose of them. The sale or lease of; many of them, under the supervision of commissioners appointed in the several communities in which they arc located; at u price not less than the value, (as estimated by the Comptroller or Superintendent,) would perhaps be one of the most efficacious and satisfactory modes, of relieving the Suic'frum further embarrassment and expense. The impracticable condition of the road through Vance's Swamp, and its great importance, as the ordinary, and I lie- j lieve, the only channel of intercourse with; Charleston, to more than three Disiricts I in this Stale, as well as a large portion of North Carolina, makes it highly desirable that the liberal appropriations already made to improve it, should not be utterly lost, by the ruinous and incomplete Condilion in which it now remains. More than twenty thousand dollars were expended by the Stale, in constructing the original road; from which it has derived neither benefit, or improvement. Ten thousand dollars was afterwards received by a contraetor, for erecting the skeleton of a Bridge which, having been rejected ns perishable and dangerous, was abandoned and removed. Of the last appropriation of twenty thousand dollarrs, to embank the swamp, the contractor has received the first instalment,'and after accomplishing a very considerable portion of the; work, at a ruinous expense to himself,; has been compelled to abandon it, from the exhaustion of his resources, the influence of recurring freshets, and an inability to complete a contract so far exceed-; inor the estimated cost and labor. The! balance of the appropriation still remains in the Treasury; and if diverted from the object first contemplated by the Legist)-' ture, will.leave the Slate without a single corresponding benefit, to compensate tor all the sacrifices of treasure, which have been so ruinously sustained, by built , State and individuals. No portion of the police or statistics of of the Slate, is presumed to require more; radical reform, tlinn our system of Road working. There is no object upon which so much labor and expense is so unprofitnbly bestowed, or so unequally contributed, by the different classes of society. Notwithstanding the annual impositions upon the time, labor, and purses of our citizens, the condition of our roads is far from manifesting a corresponding degree j of improvement. Nor is it less obvious, that mucli the greater portion of the burden which the present system devolves upon the people, is sustained, almost exclusively, by the agricultural interest.? The labor or profits of the capitalist, or of the professions, (110 mutter how productive or enormous,) are practically exempt from these assessments, which always recur, am' which sometimes fall with much inconvenient force, upon the interests of the Planter. Nor are the objections arising from principle, less cogent than those which are so amply illustrated, by the experience of its inefficiency and inequality. The sovereign power of taxing, even within a limited discretion, the property and labor of the people, as possessed by the Board of Cotnmissoners now established in the several districts of the State, cari never be safely or' wisely reposed in any body of men, however jZZ- - '^r'- ' > -n?,. . f 1 ;v 1 virtuous or ciscrc.et, not clccttd by ".lite! people Iheinseivea, an-1 wholly irrespousi- j ble to any of the penalties of the law, or even to the consequences of impeach-, mcnl, for. any of the ordinary abuses of; j the trust. The powers'entrusted to .live ; ! nC fTi\mitiKginiif?r<_ :irr> lint Olllv ofi a ministerial, but, to the extent to which | they are vested, of a legislative character; and if they have not been hitherto abused, to the oppression of the cttizc.il, it is because the forbearance and justice of the officers, have imposed more salutary restraints, than the provisions of the law. If powers of the same character J and extent, were conferred on a military, or any other tribunal, accompanied with the self-perpetuating prerogative of electling its own-members, the liberties of the people, and the authority of the government,, would be regarded as deeply endangered or subverted. I do not know whether the effects of the present system are most to be deprecated, in the execrable condition of most j>f our high-way's, or in the capiicious, partial, and oppressive exercise, in numerous instances, of the * most despotically and obnoxiously admin- i istcrej power, in the Stale. if, therefore i tho present system must necessarily be i continued, from supposed impractic'uMIi- i ty of devising any other, I would Tecom- i mend that the appointment of the mem- I hers of the several hoards, shouhT de- < voice upon the people., at the same time, i a lid under the. same restrictions, as appcr- i tain to the election of their I'lepn seniatives* : IT it cannot he inspired with a spirit and < energy for usefulness, let it at least be I shorn and divested of its power and ten- t dencv to evil. I cannot I trust too im- ? prc.ssivcly invite your attention to. a sub- < ject of so much practical importance; aixT < while the improvement of the roads, as < one of the indispensable m?ans of'adVanr". ? ing commerce, has justly been regarded t in all ages of lite world, as the evidence I of increasing prosperity and civilization, I the patriotic emulation which I am sun? ' you are always ready to manifest in I promoting the public- weal, will direct t your most sedulous exertion to the irrr- < provemeut of our own. ? The revision of our criminal law, in ' many essential particulars, is required by t tile dictates of policy, as Well as of hu- ' inanity. The effects of the time and cii- I cumstauces, have produced so many mo- dificntions in the character of some crimes,'? that it is difiicult, in many instances, either]; to nrriniiv con vir.iintis. or en forco -- nuirisli- ! i merit. Where the penally exceeds the i sense of public justice, or when; the feci- < ings of commiseration l'ur the culprit over- I power the apprehension of consequences i lo the safety or interest of the community I neither the wisdom of the Judiciary, or llies t firmness of the Executive, can prevent u Jaw from becoming as obsolete as it is odi. I ous. Of litis class of cases ma y perhaps l be enumerated some of the lesser grades ' of forgery, the pnuislimcnl of wljfeJr, as a < capital offence, has gradually been amelio- I rated, even by the policy of those nations, '< from u hose commercial exigencies, they I were originated. Were it even necessary 11 to have exceeded, in this instance, the iis-i' dictions of the divine command, in the s enumerated offences to be expiated by i death, it is hoped that the force of that I necessity has gradually diminished, under < the' influence of time and circumstances. The trial of slaves for,capital offencesin the ordinarily summary mode of process, and in the.midst of all those circum- 1 stances of excitement in which feelings of partiality or of prejudice are so apt to pre U 3niin<*l IU| IIIUM UU tll'limil'U IU UU t?< j/(tuig j of producing those perversions in the ad-1 illustration of justice, from which the J rights of humanity and the interests of. property should be protected. Within the ; small circle of neighborhood cornmuni-; ties, so easily swayed hy passiou or feel-' ing, vindictive motives to the master, may |' sometimes ccnducc to the punishment ol' 1 the slave, while the innneiiee ofapopo-b lar favorilf, on the other hand, may he success,'tilly exercised to extenuate the .! crimes of the culprit, 'i'hc result ol my ' reflection and experience, therefore, induces mc to reiterate tlie recommendation of one of my predecessors, to alter the 1 present mode of trial, to a jury of twelve' freeholders, to be assembled at the court ' house; and the prosecution i:i all cases (ami the defence when practicable) to be! conducted by counsel. The convenience | o'f the Parishes, remote a? some of them I -1 _ i are from the seats o! justice, may rcauiiy; bo accommodated by special provisions.-? If, in making ibis recommendation, I have said little more than to repeat the' suggestions of some of my predecessors, it is perliups for that very reason entitled: to your more serious.consideration, as the i results of the matured and accumulated | experience of this department, in all its' stages of occupancy and of succession.? ; I'I'he instances of awakened regret and ' contrition, on the jiart of so many ?'i j i these judicial tribunals, invoking the interposition of Executive clemency, t? inn-j lily or or rest their own hasty and often il- j ; legal convictions, are of frequent and ?;r-j !dinarv occurrence. j The present mode of a/iplyiirg tlic Free School Fund has been productive of no! benefit, to correspond with the most inn- j vifieent of all the benefactions of our Slate U .jvernmem, m imjirov C 11 i U liiut ui . \ condition ol Iter people, 'i he experiment. of r.ianv years, not only presents lis with' tlie result of a larcc proportion af our in-; liigenl citizens, who have jrotvtl lip without the encouragement or the opportunity to participate in its advantages, , but at the same time forces upon us the /the conviction, that these opportunities, j when cvju'jcd, have iu many instances ; ' : - -i V * ,c '" ? v' ? " ' -'' ' ; ~ - ; ? g*'*rr r-. ? . been accompanied by a 3tamlardr of. znor^ als; us well as of tuti-onj as vitiated, and perhaps more injurious, than the tVocst _ consfcqiHtices of the most profound m* . ranco. While pur grammar and literary seminaries have!o<Fvu.hceii .and improved in proportion to the increasing, intelligence of the. a?*. and to': the' higher re cjuiremsntiTof uur college's, ihe character <>l our free schools hitci depreciated in,all * the essential requirements <>T-aiotJild atid judicious course of eclucatio'nC. Where are their honefinul effects to be witnessed, in any of lheir iuflutmces oiv.socidlj?? Where are. the monuments. cf "their usefulness to* be. seen, iuiny new illumina-.lioha of. science, or iinproVenx.e-ntg in the arts? . What signal exumplo can be ad-' dwecd, to illustrate: a solitary ins^hcjeof. moral or.intellectual reclamation, "for'the expenditure of -niore than tliirty-six jhonsurjd dollars annually? Ceticr wy>old it-be to louvre the mind ejttirdy. to(haiu re'sTrilluenres, and - Heaven's inspiration; than-; to"pervert the iin'deralandhig, and corrupt .. life heart, by a depraved atrd .tnjiHlicious course of education.. The if^uft.."of "so many years' experience, is enough id-ilissaiisfy your hopes, .in the present rnodeQf ipplying the liberality _of the State;' but apt, I trust, 10 discourage your efforts to improve it. When ihe-.Stale assumes to. become the guardian of the education of' my portion of her citizens, the chatacter >f that education should he of, a kind not" nfetior to the most useful and improved standard of tuition.; I am inclined to the conviction, that if efevai'ed 'to the condiioa of the highest order of English Gram-. uar ocnoois?-one - in dc esiao.usi.ieu in -acli District', County, or Parish?the murse of instruction being chiefly direct-" d to the acqu-ilbu of some of those'sci-' Milifio attainments so iieeessary to sue- :cs?i.n the iiscfol and mechanic ftris?uiul.. . v issociated Willi a system of manual! a 0 invigorate the'dimly, us.wellas'toe[H iglitea the tinder-landing?they would iltain to u mtlf.h more permanent and ex'r ii(leil.s|)here' ?:f usefulness. . Biit a very ircessary i.rrangement, ,iii my view, to my radical reformolion in the sysi^ou vonl.i be the appointment of tu-Geiicrid S u per i n tend a n t, w hose practical e bsetvy ioii and excellence; would furnish maiiy raluu^le'su?r?jcslions':\Akr yourfuture "nc.ion, as well as liiirbdiKie in theajtiiaiy improvements', in'the pccdchty miiJe. of instruction". If the yspeiisfi.of 1 salary should be thought to cofislftutu tit objection to llds-experiiifent,'the anoiint necessary to compensate tru'cbyatiy iflicer/might .be hencliciuily alistrarSed Tom tile fund itself; fa rid I have, tfo ifduSt d ..in .... r i ... Iklil Ut iJllll U tu Itf U.IU VH .UJI V-*ny, as well as the itrsp?-i>vinir rlfrcte .ail-; ting from the distribution of. the balance'. In pursuance of an Act of the Legisla-' tire, to carry into effect a trruiy, itr ei-*" - ' iiiguish the iflio ufthc Catawba' IndVahftr." ' o lands in the Districts of Yn.ijt and Lum* '.asler, uqd to .purchase.- other.iri-riioiy or their resilience and^uhsisteiice, Vtt ' igent, ill \vhpse ititciltgejic.e ni>:1 fjilcliiy* he greatest cqnlidenee is reposed by ibc Proprietors and Chiefs', was" ajipoijfc jy this department; witH-snch specifyV' junctions, as were deemed be "si ounporlisg witfi the wise and henevojept riervs of the Legislature... By the report yf lh>. jgent, ht reufth transriHile'd,- it^wflf be 1 . perceived, that the objections' urged bV the Executive of North Carolina, to tho purehasb r? f" la ml i u that b'tatp, precludes the possibility of gratifying. tli,e wish expressed by some of their Chiefs? to unite their declining tribe, with the remains of tbu C'hcrohee.Nation, now resident there. It is hoped, lidweycr, tliat the .icqnisiti'on uf oilier Jands, with iu. the limits of our otvii dof?5i;i? may be advantageously made for them; and the faiur| of tlic Stale, as well as the exigency of thisjiow linmeUis and landless people, require that thene- . cessary appropriations, should . be made [luring the present Sessiont to. comply with this important rendition oCjfte treaty. The Proprietors baring on their.part. conformed to all (hp stipulations'-anu rcijuireincnls of the law.and the Treaty, the luxes imposed by the Legislature, having been received into I lie Treasury?and the annuities which have hitherto constituted lilt* ordinary means of subsistence to flic Indians, being accordingly adstracted?" the fulfillment (if ihe obligations assumed by the Slate, is now imperative, to relieve this improvident people, Iroin a state of litter destitution, and depenlencc on the charity and benevolence" of the com 121 (I Hi IJ I regret to communicate to you the resignation of tin' late President of our College, whose sphere of usefulness, in that high arid dignified station, has been occupied with such decided and distinguished lienciit to the institution, and to the State.I;i)tier his wise and judicious control, its '> literary character has not only been more than fully sustained, both in the acquirements of the Students, and the. ability of the Professors, but its morals*have at the same limeadvancecd to a state of purity and improvement, which it is believed has never been surpassed, in the experience off this or any other, seminary. Deeply regretting the loss, as well as the circumstances which have deprived us of his services, we m.-.v still confidently hope that his charac ter ami example are so indelibly impressed tiju'ii the institution, nud its successive generations of youth; that its lingering iuilue'nces' will continue to guideund to actuate it, in the same honorable course "of virtue and success. I need not, I trust, recommend to your continued favor and patronage, an institution, \vho#te enlightened contributions have extended to every pursuit and avocation?every art and sci etice, as ctrltivaled in our State?and ? r. ' \<.