Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-03-05

general SGaLlEe DrO0lDltIllS tue VI hO'So
de- particular denomination applies as well to COR
porae as natural persons, unless there be provl-
SION in the charter express plainly to be implied,
to the contrary For, the prohibition is fssnded on
a legislative policy to encourage the circulation of
metallic coins by preventing the issuing and passing
of small notes here and therefore the of the
law extends quite as much to banks as 10 other per-
sons; nav, more since they can most efectualy de-
feat the public policy. In such a case therefore,
the general law applies. unless 1t be modified by
plain provision of the charter. Its silence cannot
have that effect since that allows full scope to the gen.
eral law and therefore the exemption from the gen.
eral law must distinctly appear in the charter Since
them the restraints of general laws apply to corpora
TONS when they within the reason of those laws,
unless excepted SO they entitled to all the bene
fits of those laws like other persons unless excluded
thererom by the charter 1t has been already shown
that natural person is not bound to pay note
made PAYABLE on demand at particular place,
less or until it be presented there and that he is
not bound to pay at another place, for the good
reason, that except at that designation he may
not be prepared with the means for paying, and
may not be able to raise them there without loss
Hence, that part of the note is essential ingre
dent in the contract, and statute, requiring Gre
dtor in his natural capacity to take from his debtor
in payment of a sum due to him at one place. the
note of the creditor payable demand at another
place, which had never been there demanded, would
be plainly Incompatible with those two provisions in
the constitution which restraints State from making
anything but gold and silver coin tender in pay
ment of debts, and from passing any law impairing
the obligation of contracts. Art l. S. TO- The stat
ute under consideration likewise within that clause
of the constitution. For although that instrument
does not mention corporations by name. yet they
within it part of the general law, for the reason
already given and it has accordingly been repeat
eddy held throughout the Union: for example, that
legislative charter to corporation is contract of
inviolable obligation within that instrument, and
that corporation created by State may in the
courts of the United States of another State The
rights and contracts of corporations therefore, have
the full guarantee of the constitutions and conse-
quently this statute cannot be valid insomuch it
essentially changes the obligation of the notes issued
by the plaintiff by requiring them to be taken up
in effect paid-at different time and place from
those at which they payable according to their
forms and their legal effect when they issued;
which may be- and in most instances must be, to the
prejudice of the plaintiff. Such modes of payment
might doubtless, be required in the charter, and it
would then be at the election of the citizens to
cept it not. 1t is remembered that the late con-
gressional charter of the bank of the United States
provided that all the five dollar notes. no matter
where made payable should be paid upon present
ment at the bank or any branch. But without
clause of that kind in the charter, the legislature
cannot give to the notes of bank different effect
from that legally arising from t cir terms when
made, so as to work a prejudice to the bank. The
plaintiff. therefore, was not bound to take the notes
! of its branches in payment of the note held by it
because those notes were not then and there DUE
and because if they had been they were not const
tutonal tender If they had then, at any time
before this action brought been presented at the pla
ces at which they were payable and payment could
not be got, they would have been available as set
off. But that not done, and the turns mere
~ the tender of the notes under the act of 1850
at the defendants banking house. without their hav-
ing been presented at Milton Wilmington. The
act thus violates the contracts constituted between
these parties by their respective notes. both in their
letter and spirit, and is therefore unconstitutional
Under the clause Of the constitution the act is
avoided for another 1t happens, that in the
plaintiffs charter it is expressly provided that bills
notes issued by order OF the corporation proms-
ing the payment of money to any his order,
or to the bearer, shall be binding and obligatory
the same in like manner and with the ike force and
effect as upon any private person, If issued by him in
his natural capacity, and shall be assgnable and
negotiable as if they issued by such private
person. 2 Rev. st. p. 60, S. %. Now, the contract
constituted by the charter between the State and the
bank, though nviolabe according to the constitution,
is in fact violated by the act of 1885, since under
the circumstances mentioned in it, force and effect
is given to the notes of the bank which differ from
that which the notes of persons in their natural
capacity, they would legally have which cannot be
done
| Therefore, the Judgment must be reversed and
Judgment entered for the plaintiff on the agreed,
for the principal money and interest from the day OF
the demand.
An Act in relation to exchanges of Notes between the
al Banks in this State.
Sec. J. Be 1t enaried By The General ASSEMBLY, of The
Stat" Of North Carolina, 0nd is heebg enacted By the
Authority Of he some, That when any bank branch
agency Of bank in this State shall may either di-
recy indirectly present for payment any note notes
of other bank either at the principal bank branch
agency it shall and be lawful for the said bank branch
agency to the thereof with the
notes Of the bank branch by for which the
mand shall have been made whether made the instance
the principal Bank its branches agency without regard
the place where the shall have been issued be
able and persons who present the note
notes of the said bank for payment SHALL required by
the cashier other agent of the bank where said bills may
be presented whether the any
bank branch agency bank either directly
state for whom he they make such demand no
they shall not be entitled to receive any interest whatever
any notes of said bank for which payment may be
refused.
SEC 2. Be it further enacted That the bank branch
agency which any shall may be presented
aforesaid shall make payment of such in the
agency by for which such note may shall be
presented for payment if the said bank branch
shall have sufficient amount of such and if said
bank branches agency shall have a sufficient
the shall exend Pf0rded, after applying in pay
ment of the note notes presented all such note notes
payable at the particular bank branch agency
the bank upon which the demand be made shall have
in possession the said bank shall and may pay off the bal
ance of such note notes presented note notes
the bank branch by for which the said note
notes be presented without regard the where
the same may be issued or payable.
Hon. Henry Clay and Gen. Lafayette.
The National Inteigencer of Yesterday contains
the following note from Mr.. Clay:
A CORRECTIONAL paragraph is going the round
of the newspapers, stating that the of Gen La
ayee to the address which, Speaker of the House
of Representatives, made to him upon the occasion Of
= his last visit 10 this country, was prepared by me
though pronounced by him. This is mistake, which