Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-01-08

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rious, Profigate and bargaining course Of the CLAW
men, is very great, and certainly not less al those
prominent Jackson men, who have suffered them.
selves to be seduced and ruined by accepting
their abandoned advances. Public opiuion has
much to do in this State before our poli,cil attos
phere Will be purified OF the pestilence which has
Adams.
As for Col. johnson. there i, no doubt ,h,, h;v
old Congressional District will call upon him Nv
reclamation to 20 into the Houre Of Represents
rves At the next session; that the effect of tbs,
iate intrigue will only be to bring another efcien.
political life. Indeed, there is belief and desire
prevailing here, that Gen. Jackson will at once
place Col johnson upon an emipence still moro ex-
allied. en-
BANKS OF NORTH CAROLINA.
report Of majority Of the COnfuiffee.,
me Joint Select Committee, to whom was re-
iefred SO much OF the Governors message as re.
rates 10 the Banks within the State,
REPORT:
/, That IN consequence Of various rumoufs cIrcu.
ia'ed, and charges made against the Banks, .youY
committee have been induced to direct their at
tention and inquiries to several points hing Tho
conduct and situation Of those institutions at vario,
periods and more particularly have enGeavoured to
as the stock of the Banks has been
paid tor ~ the manner, and at time prescribed by
their Charters whether they have at any time issued
more paper, or contracted larger debts than iheir
charters authorised; whether they have paid spe-
Gle on demand; whether they have dealt or traded
IN any articles unauthorized by charter; whether
they have exacted usurious interest; whether thew
have purchased up or specula,ed in their own pa
per; and such other matters az were necessarily
connected with thes. Inquiries
your committee have been satisfied from the
evidence adduced TO them, that the LIST and 2nd
instruments OF The stock originally subscribed for
in the State Bank of North Carolina were naid
'oT IN specie and some small proportion of rd and
tth instruments; but that much the greater part
he yvh nlaN of fka Cr,lo
were paid for in the current Bank notes OF .the
State That this circumstance arose, first
% me an nstanent,J from The imnrac,;
caoiiity OF procuring the old paper currency of me
wh'Gn a, mar time, was monopolised by thu
other TWO Banks; and secondly, from the circun-
stance that the Bank, having gone into oierat;on
As required by its charter, after the second fns,I
ment was paid and before the third was due ena
aaslng issued ITS own notes TO large amount, re-
oeeuiaDie on demand in specie, was necessariiu
compelled to consider those notes equivalent r.
specie, and as such receive them in payment.
your committee. however, further state that q,
! .ne ulne when third instainent was due, there
was m the principal Bank at Raleigh A Iaraerao
mo,,nt IN specie, than three fourths the stocH .rh
serloed Tor at that place by individuals, and d.,
previous to the time when the fourth instalrner,
ecafne due, there had been in its vaults SI6f ~,
IN specie, which subsequently, and before the AZ,
iifstaIment was due, was reduced, bv runs mr.
the BANK, TO S62 800 in specie, besides Sll $50
IN me paper currency Of the State. That.had the
"ho'e capital subscribed by individuals at she prin
eipai Bank in Raleigh been paid in snecie and -.
per currency, there ought then 10 have been Ma
rency. ~ P"P'' cur
AS TO the manner in which subscriptions -ws.H-
PAID Tor at the various branches of this in.,,,,y
your coSmit,ee have had no direct evidence '"'
Your committee have no evidence of anu t;ns
eehg prescribed Tor the payment for stock dffes.nt
rom mat prescribed by the charter
~ IS inTther in evidence before your COMMITTEES
tOck nf
scrioed Tor when the books were originally onsna.,
ana nat ny an act OF Assembly, passed in the YEA
iSii, the corporation was required again IN onsn
uooHs LOT subscription TO fill up the nnaubscr-
oed stock' amounting to 1920 shares which il di,.
IN November 1918; and that these shares were
paiu 'or IN such notes as were then currentv fir
coia'en IN The State; and that although the Banks
% p .'ie o'a.e were then considered specie paying
fahks, yet appears that at the principal branch ~
the State Bank, there was at that time SagoTa
oo ioo In specie, while the notes of thar m. m
IN circulation amounted to 81 1856 .677
~: AS 70 the Banks OF Newbern and Cape Fear ON
.'s point Of inquiry, your committee report' fhst
tne evidence satisfies them, that when those in
sttotons iirst went into operation by virtue ofth.
act OF 1904, their whole capital was maid i'm snec;a
naa "hen 'heir capital was enlarged by the n w
charter granted in the year 1914 tho nei. sNai.,
was paid for in the Bank notes of The Stata "a
Their current notes 'e snu u
hsto The second point Of inquiry to which yo,r
soli'!ee nave directed their attention, whe,ner
lIrr.
issued more notes, or contracted larger dah; az.
'hey were authorised 10 do by their ch sttere, The
'epo't' u GOES not appear to your Committee ,b.,
e'ner OF the Banks Of this State have isaucd $3.50
tnan tthree dollars for one Of theft chArtarad
capi'ai; but that all the Banks have issued tonra
IMAM three for one for every dollar in spscie 49,,
ally paid in Cor stock. seVu-
.,a 70 ne next inquiry, whether TIE Banks have
pau . 'Pecp on demand Tor Their notes, your con-,
miitee report that during the late yvar ~, eo,h-
"no'e ooHtheTn states were drained Of ,be;r go
Gle IN consequence Of The large eynen5;.,xpVs
money al the North, the Banks OF Norm Csrn,.,'
together with all the Banks in the United ST.,
oou,h OF the Potomac, suspended suecie -,
menus, as necessary protection OF their snstyr'
.ep,.a' ann mat soon after The war viz I'M gsIs
o' VI or the Banks OF this State resumed d.,
p"s.ee o. specie and from that time did nsy
specie on demand for their Do,e4'i,nGI Jnna td,Gy
mnen oy aJoiht resolution OF the three BsnEs :;
was resolved to resist the heavy drafts made iJnor
,heir funds by brokers; and they declared d.,
"ouiu not thenceiorward pay specie 10 brokasa
or Their agents That since il has been fou,s
mat brokers compel them TO pay specie, The RAM.
nave IN general paid brokers their demands
ana nave az generally refused. payment Of tlIsi,,
notes TO citizens OF the State Tot owing box.a,.
"a is believed, 10 any preference which ths RaNI
enterSin for brokers over citizens; bu, bcc.""s
the former being capitalists have il in thsir nn,.
10 coerce hem; while the latter ratba-,, -
dnTe the law sd"ayscon ut thefnse n -,oi,, e
notes, and forego their claim IN sneei r.,.
snce maj period, Gune 1870 th6upb. in az"
.he bshks OF the state have either volunt,r;,y .,
oy conputsion paid all demands aeainst mem
n,i'cn were persisted in. in specie or funds deem
~ equivalent 70 specie; yet frequently those die
mands have not been met p,onnntiv. an5 IN -.
Instances, payments have been made only ,h,6its+
the coercion OF the law N il boyo,,o. -