Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1855-02-14
REPORT
Of the Conaneittee the Judiciary concerning the
Farmers Bank Of North Carolina.

Of the Committee on the Judiciary concerning the
Farmers Bank Of North Carolina.
The Committee on the Judiciary, to whom
referred resolution instructins them to inquire
whether the Farmers Bank of Elizabeth City has
violated its charter in issuing certificates of deposit
to circulate money of u less denomination than
three dollars and if the said Committee should be
of opinion that said bank has violated its charter
mstructing tnem to report resolution directing the
Attorney General institute legal proceedings against
the said bank, have had the same under conSdera-
ton, and respectfully report: That they of the
opinion that the Farmers Bank of North Carolina,
at Elizabeth City, has violated its charter in the par
ticulars heI einafter mentioned.
Your Committee are well satisfied that W W.
Griffin, the Cashier of said bank in the moath of
February last did issue various certificates of de-
post to the amount of about So 900 for sums under
three dollars, having the general appearance of bank
poses of a circulating medium and have so been
used. The said Cashier of said bank when examin-
ed, according to his own request, before the Com
mittee stated that he issued said certificates without
the previous knowledge consent of the President
Directors ;'but your Committee we'll satisfied
from the evidence laid before Them that the act of
the said Cashier sanctioned by majority of said
Directors in about three days after took place. and
that it also sanctioned in short time by several
Stockholders of the institution. 1t was stated by
the Cashier that in about three weeks after said GER
tfcates put into circulation the Directors of
said bank passed a resolution forbidding any more
til those who had the control over this institution
had to know that public indignation had been
excited, and reason to apprehend that the law would
be enforced against the corporation.
Your Committee, upon view of all the circum-
stances of the case, clearly convinced that the
" Farmers Bank of North Carolina" is responsible
for the issuing of the said certificates and has, in
the manner aforesaid violated its charter in plain
and palpabe manner The charter of said bank
granted by the General Assembly in 1852 contains
grant of power to issue certificates of deposit
to be circulated cash, for any amount whatever
and it could hardly be supposed by any one, that
the General Assembly intended to allow said bank
to ISSUE such certificates, for small sums and thus
render the prohibition contained in the 9Th section
of said charter against notes under three dollars,
completely nugatory.
Your Committee consider the issuing of said Ger
tifcaes not only violation of the charter of the
company, but also act of gross injustice to the
public, and of great injury to the currency of the
State
Your Committee are also of the opinion, that said
corporation has violated its charter, in not making
its returns according to the requirements thereof
Your Committee, therefore, report the accompa
nying resolution to the Senate, and recommend its
passage.
WHEATON, Jr., Chnt'n.