Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1854-11-24

which it will one day feel, souless corporation tho
it be. Scarcely any citizen OF the State who "as
natural pride of home. will forget, that while Rail
Roads in Virginia, North Carolina, Georgia and
Tennessee were conveying free Of charge, the invited
guests OF the city OF Charleston to the Commercial
Convention last MAY, the South Carolina Rail Road,
most OF all TO be benefited by any and every possible
result of its deliberations had the meanness to exact
its one fare Its great reduction of freight en- the
Hamburg line and its unrelenting extorton of freight
on the Columbia Branch, will probably be remember
ed by the whole up country, for il is now the topic
of general but helpless clamor.
We regret very much that the course of this Com
pany has produced dstrust of giant corporations,
which viii affect nurously the prospects OF the great
Blue Ridge Rail Road. There begins to be very
just inquiry whether it be good policy for the State
O employ its credit or means in building up compa-
MES which will hereafter despise the patronage and
abuse the rights of its own citizens 1t is time that
Charleston looking after this same South Caro-
lima Rail Road.-Dartington Flag.
From the Greensboro Patriot
MEssRs EDIToRs | understand that there will be
bill introduced into the next Legislature to charter
one or two Banks in room of the present State and
Cape Fear Banks The Banks proposed will, it
chartered, differ essentially from the present Banks,
as regards the basis upon which they will be organ
lied The basis of these Banks will prove more sta
ble safe, and reliable than the present three for one
fancy pretended specie basis Banks" | do not be-
lieve that there is Bank in the State that has now
in its vaults dollar in gold silver where 1t has
six of paper in circulation But my object is to give
the outlines of the plan upon which it is proposed to
organize the new Banks And Tor one confess
cannot recommend it too highly TO the consideration
of the Legislature All Banks and banking systems
are necessary evis-but this think near faultless
as any have yet seen or thought Off rightly
comprehend it. The certificates of stock in all the
Railroads of the State 10 be made the basis of
Bank circulation issues, the following stringent
no atnS To no first
over and deposited with the Treasurer of the State
Comptroller Then twenty five per cent. of their a
mount is to be paid in by the actual o1cnefs OF the
certificates in gold and silver to the officer
agent appointed by him When this is done the
Treasurer will be authorized to have plates of all de-
nominations prepared and bills struck off, when be
will be required to sign and hand to the Presi
dent and Directors of the Banks the amount of the
certificates on deposit and not dollar more-in ad
dition 10 the gold and silver and above the
ifcates The Stockholders are to be made personal
y liable to double the amount of their stock and the
State is to pledge her faith and credit TO all notes
issued on her stock ultimately redeemed. But this is
not all the President and Directors to have pow
to call in additional insaments of gold and silver
from the Stockholders If circumstances should render
il prudent and advisable. The Banks to be pro-
hibted from dividing dividend on the capital
stock more than three per cent Semi-GnnotaHy II
they make more it is TO be paid over to the State
as tax the stock of the Banks. This plan is not
only abundantly safe but liberal, and far preferable
to the free Banking law that relies alone upon the
Bonds OF the State to keep their paper at par and
current with the people Besides it will do more to
improve North Carolina than anything the next Legls
lature can do. My word for it, Messrs. Editors, 1t
will be triumph worth boastng OF If our LegIsla-
ture will but say that no man in future own a
share in North Carolina Bank, unless he one
in some OF our Rail Roads | know four in
! North Carolina who reported to be worth from
a half 10 a quarter of million of dollars each, and
there are scores of others that do not know who be-
long to the school--now not one OF these gen
temen own one cent Of stock in any of our roads
but they do all the Bank stock they could get
and have owned it since 1904, and are now anxious
TO have the charters of the present Banks renewed
that they may hand their Bank Stock, that has
on an average, paid them more than 10 per cent.
down to their children and grand children -
! These have been the active and controlling part
ners with the State for the last fifty years and more
and they ave found the business that they have
been so long engaged in, so honorable and highly
profitable that you cannot get cent out of the1
pockets for any improvement in the State whatever
Nor can the wisdom of man prevent them and thell
friends from again monopozlng the stock IN any
and all banks that may hereafter be chartered, IN
less the plan here family Swallowed forth be adopted
Let this be lone by the approaching Legislature anC
be assured-there will be blow in the way of re
formation struck that will be felt for good in every
portion of the State. Wilmington, Beaufort, New
east and the west, yea, all North Carolina is deep
ly and vitality interested in the matter. Should tn
Legislature but adopt this principle to act upon noa
and IN future North Carolina continue to bull
Rail Roads of the first class whenever they may b
needed without greatly auementing the present taxes
My head to my enemies and my heart as bounty t
the State if it does not prove to be Why shoul
there be preference forever shown by the State
those who hoard up the wealth those who do al
, they to aid and improve their Old Mother
III ~
moned aristocracy, embodied in the Stockholders q
the State and Cape Fear Banks that have LITERAL
grown rich off of the people, and who have as ye
done nothing for the State that has ruled long en-
ough. For one am anxious to change wrough
Why should not the Stockholders in the Whining
ton and Raleigh, the Wilmington and Manchester
the Raleigh and CASTOR and the n. Carolina Ra
Roads, who have sacrificed so much of their time an
capital now be taken in copartnership with the Stat
as bankers on the terms above indicated, as well a
those who may hereafter contribute to the construe
ton of similar marks of Improvement in this State
There is no danger of the banking capital of tn
State ever becoming too great under these circuu
stances. If any thing it will be too small.
REFORM.
MADE GooD-A letter from R. J. Walker an
T. Butler King. states that the deposit of $4,000
, required by the law of Texas incorporating th
Mississippi and Pacific Railroad Company, has bee
dispatched 10 Austin, in season TO meet the require
ments of the law.
SCARCITY OF SALT AT TURKS IsLAND.-By advice
] from Turks Island to Nov g. we learn there is o
hand very small quantity of superior salt principal
ly at Salt Cay and Cockbqrn Harborn There is n
prospect at present of any more being gathered heE
this season. Should the weather, however, durin
2 the winter months, prove fair, there would then
probability of obtaining, early in the coming yea
an abundant crop. Quantity exported, 22.o59; pric
30 cents; export dnty cent -
AN uO,D Scuoo1n PARsoN.-About the time tina