The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1855-01-17

lu'e for The bill charering the Western
Railroad Company. The substitute was
! read the first time.
i On motion Of Mr.. Steele. the bill 10
charter the Peoples Bank was taken up
BY suspension Of the rules, and read The
second lime IN committee Of The whole.
i On motion Of AR. Mebane. The name
Of the Bank was changed from the g Peo-
Plies" 20 The +" North Carolina Bank"
4 Mr.. ID. F.CaldweIl addressed The House
at considerable length on The merits Of the
! bill.
! The bill was amended, by striking out
Wilmington and inserting Raleigh as The
place Of its ioca,ion.
Mr.. Steele submitted an amendment by
an additional section placing The proposed
Bank on an equality with other Banks in
the State, having reference TO tohere the
notes may lie redeemable, which amend
meni was accepted.
Mr. DMgan spoke in opposition 10 The
bill.
Wednesday, January 10.
| IN the Senate, Mr.. Mills, from The CON-
mlItee on the Lunalic Asylum, reported
bill 10 complete, furnish and enclose the
Lunailc Asylum, which passed lis FIRST
reading.
The bill TO construct ship canal 10
connect the waters Of Alhemarle and Cur.
rllnck Sounds with HE Chesapeak Bay,
was taken up, and advocated by Messrs.
Blggs, cherry. Fisher, Ilaugh,on. Gilmer,
Rayner, and others. Il was afterwards
amended. and passed lie second eading
by ayes A, noes 3.
The Commons. on motion Of Mr.. ID.
+. Caldwell, resolved ilsell into COMMITS
tee OF The whole. and look up the bill Ia
charter The Bank Of Wilmington.
MIR. Williams Of New Hanover, advo~
Gated the bill at some length.
Mr.. Martin moved 10 amend nv Sink
ing ont "or their equivalents" wherever
il appears in The bill.
Nj. Phillips favored the amendment.
lie remarked he should. under lis present
impressions, vote 10 strike uut the words
IN all The bills char,ering banks; and he
desired the gentlemen introducing The
phrase ~ their bills 10 explain the mailer. /
lie thought The only safe banking basis
was the precious metals.
Mr.. Myers SAID he could moi see how
new bank could be established If the
proposition 10 strike out their eauiys. 4
Tents was carried. lie argued ,Iai If
the Commissioners were required 10 re-
eerve gold and silver only, i, would drain
The vaults ol The old banks, and compeI
them 10 suspend redemption Of their ont
standing noles, which would bring abou,
monetary crisis, the end Of which can
mot be seen.
Mr.. Phillips replied. iIlal The gentleman
from MecklenbuIg had not reluIe,l his M.
sliIon. Tie said that II al The banks were
rlar,ered that have already been inirodu-
red, "i'h The liberty Of making their basis T,
~ The noirs VI other banks, there would
be lonnd the nosi rotten currency ,h,t
ever afflicted any State. lie srpned ina, I
J there was not enough gold and silver IN
he State ioiorm further bank Ing basis. then
he State needed 10 oiher banks. IL said /
ie only safe system of banking. IN his q
opinion. was a due regard 10 Tie rnpor 4
ion between lie gold aud silver and the i
'aprf currency. lie expressed himself
lo' hosille g the banking system; lie Dc. r
irrd 10 vote ior The proposed hanks when I
z became satisfied the wants II lI,e neu. o
We demantled IL. FL
W. Steele interrupted 10 inquire Of Mr u
'hIllIns 4 his argument was il,al ,ber. q
ia' ~ eqnlsalen, 10 gold and silver; and u
igh'. 4
Mr.. Phillips thought there vas M eoui. Il
aleHl p gold and silver Cor banking $
ass. n
Several questions were put To VIZ. Phil. Ri
rs by Messrs. Steele aud n. r. CaId. r
,rll. 4,
Mf. Phillips continued. lie desired III
'nlcmen Incorporating The ietm !. ot lie
w lhPit bulls. 10 explain Whal 10
~ deemfJ equivalent 10 gold aud s,l,r, u
he committee then rose and ,epntIrd III
fngress. =,
The sPeeitl order. beiug bill 10 70. N
larirr he Bank ~ tie Stair. was t.ten 50
,. aud The bill read HE serond lime. b.
Az amendment was submitted ~ III. 70
erlr. to the effect lliai uhcn tie l,ank III
= clam. against any person or c,rp.. al
non. The mites n the Bank. wiiIront 70. al
Tenre a. 70 where made paysble, sh,u 81
legal lender, slllcl, amei,dmen, va. Of
npied. 4,
Mr. Outlaw submitted on smepJn,ep, Is
he ELECT IIial the Bank shall no, Ism. M
reissue any bill II less drno.nin.,ion
y i've dollars; which. alIcr di.cus.i,n
$ adopled-ytss %. nays IL. ua
Thursday. Jaaulry IL. au
" The Senate. Mr. FISHER. tror. tho ro
nlnhiee % Iuiemal improvement. 90
80 2 long report IN faynr II iae bli w
icefn'ng The Cape Fear aud Deem M. ga