Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-02-14
CHARLESTON g. CINCINNATI RAIL ROAD

COMPANY.
Col. Memminger in his report to Gen.
Hayne President of this Company, after re-
turning from his agency in North Carolina,
says:
The following are the amendments which
have been added to the Charter by the Legls.
lature of N. Carolina. :.
l. After the Rail Road shall be completed,
the Bank is to issue no Notes of q less denom-
nation than ten dollars.
>. The Branch in North Carolina is to be
located West of the Catawba River, and its
capital is not to exceed One Million of Dollars.
This location would, in all probability, have
been adopted by the Company as matter Of
course; and the amount Of capital it IS con-
ceived will be found fully adequate to all the
purposes of a Branch in North Carolina espe-
cially when it is considered that the Branch Of
the United States Bank formerly located IN
South Carolina, had capital of but half
million more. 1t was thought too, that If
another branch, or larger capital, should
hereafter be found advantageous to the Stock
holders, the very increase of business and pro-
gress of the Road, which would make 1t ad-
vantageous to them, would induce the people
of North Carolina to ask for the change.
3. The State reserves the right OF lnterpo-
sing tax not exceeding per cent upon the
ca pital employed in North Carolina but no
tax is to be laid until the road is finished, and
until six per cent per annum Is realized by
the Stockholders upon their whole invest
ments for the entire period during which they
may have been out OF the use of their money.
This amendmen; was necessary to preserve
equality among the banks in North Carolina.
They all pay an annual tax of 4 per cent,
and it was thought after the Stockholders had
been made whole, and the Road finished, this
Bank should stand upon the same footing with
the rest. For the same reason the 26th Sec
ton of the Charter (Which makes the Notes
tender at State Treasury was stricken out,
there being no such clause in other Bank
Charters.
4. Counterfeiting the Notes of the Bank is
made crime, and subject to the usual punish
ment of forgery.
5. The Legislature Of North Carolina may,
whenever forfeiture of the Charter has been
incurred, order proceedings to be instituted
against the Bank, for trial Of the matter be-
fore the Courts, reserying to each party the
right oftrial by jury, and of appeal to the Su-
preme Court; andin case oijudgment against
the Bank, the Court may appoint Receivers,
to collect and pay its debts, and distribute the
surplus among the stockholders. This clause
is nothing more than special repetition ofthe
general law, applicable to all corporations.
g. None but citizens of the United States,
are allowed to vote at meetings of the Stock.
holders. The only effect of this clause will
be, to give the management to citizens of the
United States; thing which would take
place without the amendment.
!. In case of an over subscription, prefer
ence is to be given to the citizens of those
States which grant the Charter.
8. Other Banks are restrained from subscrl-
bing to the Stock Of this Bank.
Another subject submitted to the North Ca
rolina Legislature, was the act passed by this
State, to amend the Charter Of the Rail Road
Company. The object of this act, was to give
corporate existence to the Company, In the
three States of Tennessee, North and South
Carolina alone; in case Kentucky should not
relinquish certain conditions imposed by her.
If Kentucky should release these conditions
this amendment will be unnecessary. To this
amendment the Legislature OF North Carroll
na added an amendment, which was then
much more important than subsequent events
have now made it. It provides, that the Rail
Road shall pass up the valley of the French
Broad, and shall cross the Blue Ridge East OF
he Butt Mountain, into Rutherford county