The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-06-27

must suppose, it was declared, in one Sec |
t,on, that no Bank in this State, should /
take IN payment of IFS debts, tho notes Of
any sister State Banks under penalties, |
fines aud Imprisonment and, IN another
Section, that ii any Bank should suspend I
specie payments Tor thirty days, in year, |
Il should forrest It's charter, aud further for. !
felt and pay into the public Treasury, three
per cent on the entiie amount vi It's clrcu.
lation aud deposiles.
% Friday, the S0th day Of December,
within one Gay Of the close of the sixth
week of the Session, came TO the House oil
Commons certain Resolutions proposing an
immediate and thorough Investigation into
the Banks, by Joint Select Committee
These Resolutions were the offspring oil
tue Senator irom Granville, and, in the
House Of Commons, were adopted without
debate, aud without dissent. Ua the next
day, The democratic party moved fc con-
sideFailon Of them, alleging as the reason
therefor, that they were not broad and com.
ptehenslye enough &c cover the ground OF
examination, which The party had so much
al heart and moreover, that The remainder
oil the Session would be too shor, 10 carry
on that SEARCHING and SITTING luyestiga
lion which the people were So anxiously
/ looking fos. ard which the Wings hereto
+ fore, had wholly neglected. The Wings
opposed reconsideration, and proposed TO
extend, By additional resolutions, if agree.
able to the party, the powers and duties OF
the Committee. They declared, 10 the
face Of the House, aud ID tho presence Of
crowded gallery, that they had no conf.
dence 10 the professions Of the party 10
make Investigation, that The party had, 10.
cu;ioually, postponed, till tina, late day
any attempt 10 raise an examining Com
! mi,,ee that If tue Resolutions were recon.
Sidered, there would be no investigation
thai they were sufficient TO build on. and Il
they " ere set aside, the vote, which should
do this, would amount, in their opinion, to
ia REFUSAL 10 investigate at all. They
charged the party with an iu,eni, never to
investigate on is own responsibility, be
cause, upon such investigation i. was feared,
the charges OF corruption and m,smanase.
ment would be found TO be untrue, and then
would be lost that iavoFiie theme, in all
elections, of abusing Banks. The Wings
announced their readiness and desire 10 give
every constitutional power TO The Commit
| Tee, 10 order 70 aid It's enquiries. To all
this, the democratic party replied, that the
adherence of the VI higs, TO the Resolutions
already passed. was founded on their known
lnscniciency 10 accomplish the objec, o
THOROUGH enquiry, and gave a solemr
pledge, that, when these Resolutions should
be out OF the way, sUCu should be iniroduc
cd as would probe the Banks TO the bottom
and that the probe SHOULD be used.
By strict party vote the resolutions
were reconsldered, with the ayowed oblec
OF permitting them to sleep on the table
and there they sleep
q Thus stood, on the last day Of the yea
1912, aud on the frs, day Of the year Sf3
the action of the democratic party Of ,h,
{ las, Legislature, on the Banks OF the State
D Before We proceed further with The his
tory of this subject, We propose 10 make
E short enquiry into The principles Of the bull
Of Messrs. Brown, Biggs, and Shepard -
{ 10 oil Of them, suspension Of specie pay
qnenss, no matter what the necessity, wal
forfeiture Of charter. This was IN the teeth
OF the chatter itself, which is but the COS
TRACT belaeen tie State aud The Stock
holders. Upon The faith Of this contract
he Stale invited individuals to invest then
money and thereto, i! is provided that, il
case Of refusal TO redeem its notes, wher
presented for pas nent, The Bank shall pas
re- per cent. per annum till redemption
sol. Rev. stat. p. 63, Sec. 20. This IS tbs
penalty The State cxacted in making the
contract, and this the penalty agreed 10 by
the Stockholders. How then can the Leg
Islaiufe add greater penalty wlthou; their
! consent! Again, by the charter, Sec. %
tie Sinie has stipulated, that before she
sill direct any proceedings to be taken
against the Bank, EVEN for declared VIC
laiion Of charter, she will hear lhe excuse
sor the violation. How then, can The State,
without breach of her faith, undertake, nc.
nnly TO pronounce that forfeiture, which
/ was not so when the citizens were invited
70 subscribe ther money, but only attended
Nth penalty Of additional interest, but,
also, 10 declare that she will hear no OK
ruse 'or the act Would such copduc, be
honorable between man and man Mr.
i Biggs' penalty Of % per cent. on the total
circulation und deposi'es, contain the same
gross violation OF conu acf, aud deserve, 10
our opinion, the same censure GGn those
who think toe State able TO make con.
tract and honest enough 10 stick TO il.
Ii, upon matter so grave, when he sub.
i@cts are considered and likely 10 be so dis.
assrous to the public honor, # the proposed
Legislation sbould ever be adopted, and We
had smile to besfow, il should be freely
giyento the proposal Of Mr. Biggs, thai The
Banks should never sell Exchange al q
higher ratio than one per cent. Exchange
10 the difference, 10 value, Of dollar here
and e!scwhcre,- "a dollar here, and dollar
IN Liverpool. That difference depends on
many circumstances connected With com
mefce, over which the State of n. Carroll.
ma can have as lHtle control, as over the