Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-01-17

contrary, INSIST on claiming the whole as q !
school fund, as tlIe only mode in which it !
can be madc to benefit equally the whole |
popuuj:oa. In Difference to this conflict Of
opinion. vour committee have been induced |
10 recommend ;Aat our whole share Of the
S;,rj,!us revenue, shall be deyo.cd equally
20 popular education and Internal Improve
mems that that part which is appropriated
% education. shall be added to the fund
ior comnoa schools" now cxis;ing AMI
shall be invested for accumulation in Bank
stock, By increasing the capital sock ofth"
Bank of Cape Fear, to one million five hun,
d:cd thousand dollars; in which, there Stall
be subscribed. OF the school fund before
mentioned, four hundred ;housani dollars
aud by increasing the capital ock Of the
Bank OF the S a.e Of Nor.h Carolina, to two
millions OF dollars ; by subscription OF the
school fund aforesaid, for five thousand
shares in said Bank. Your committee arc
fully sensible Of the dangers 20 be appFehcn.
dci from an excess of Banking capital; and
have only conson.cd 10 this mode oflnvcst-
men, because OF general prevalence of de
opinion, that Our p:escn capital is TOO small
! They propose, however, 10 remedy the IN
convcGicnccs Of an excess, should one oc-
cur, by provision in The amended charters
for the rcduc ion Of the capital SOCKS OF
both the Banks, il'it S,iali b" found too great
for tic real demands Of business. They ;;l-
so believe tha: this disposition Of the addl-
ton 10 the school fund, can be mach more
economically ana probably made in the
Banks alrrad Y in existence and IN full op-
Grafton, shan IN one owned exclusively by
the Safe; 10. to mention tlc objections al
ready urg:d to an i,S.iu ioa Of the latter
character. In ell monied transactions, your
committee suggest, ;:&t experience he's
generally proved, t;.;.; ':!!vi!uaIs having an
interest in ;:le adventure, hive realized grca-
ter prof 5 than mere ag>ntS. lie propos.
cd nvcs,mcns in Bank may be made with
out any expense TO hc school fund, except
is portion cf the compensation paid 20 the
officers ofthc Banks. The President and
Directors Of lhc Literary fund, by the act
Of the General Assembly Of 1928, will re-
ccivc the dividends on the shares Of that
fund, and rc-invcs. them lorlurthcr increase.
The residue of the public dcpositcs,
(Which is estimated at nine hundred thou
sand dolars,) Your committee recommend
to be adlci 10 ;hc fund for Internal I'm.
provoments, and be placed under the con-
trol Of the Board Of Internal improve
mcntS. That they shall proceed to loan
out the same upon the terms prescribed in
the bill herewith reported-that the prefer
cnce shall be given in making such loans TO
companies engaged in constructing works
for the Improvement of the means of IN
tcrnal transportation; but that no company
shall be allowed to borrow to an amount
greater than one half of lis capital stock
actually subscribed By solvent subscribers :
and that satisfactory security, either real or
personal, 10 be judged ofby the said Board,
Shall. in all cases, be given by TIC borrow
crs. The President and Directors Of the
Board Of Internal Improvements, are d.
rcctcl, whenever interest shall be received
thereon, to make new loans, so Is to keep
the fund in course Of active accumua-
ton. The President and Directors ofthc
Board Of Internal Improvements, have
corporate existence by the act the Gcncr-
al Assembly of 1919, a4d coas:s: Of the
Governor, Tr> asurcr, ard an agent of pub.
lie works, appointed BY the Legislature,
10 one Of whom receives any componsa-
;icn for this service, except the last; who
is entitled to pay for the time actually spent
by him in public employment.
Your committee believe tia. it will be in
thc power of the Board greatly to facilitate
works of Internal Improvement, by the
Adoption Of the plan proposed; while, at
the same time, the fund of the Stare will
accumulate for future use. The regular
business of banking, requires such speedy
rc.urns Of their loans, that neither Rail
Road, Canal, nor Manufacturing Com
panics, can obtain from them. the accom- !
modatioas necessary for constructing their
works. Whereas, the disposition Of the
fund for Internal improvements herein re-
commended, By ahording longer time for
payment, than is allowed by Legitimate
Banking operations, will give 10 them all
due encouragement. Your committee
hayc deemed il advisable that this whole
fund should be placed under the control Of
the Board Of Internal Improvements, rather
than that the loans should be made By the
Legislature, 70: tic reason that but few
corporations for purposes Of Internal lm-
provcmcnt arc, as yet, in operation in this !
Sta.c; and they desirs that TIC accom-
modarioEs which may be furnished by the !
Bill before mentioned, shall! be extended,
whenever lis terms arc complied with. AS
the corporations which may BE- chartered
At this scscon, will lot be organized; and !
their characters for solEcNcv will be. Of