Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-02-09
COMMUNICATIONS.
THE cuRRENcY.-No. . o. SDD.

LIN GOhhCNO1.-NO. q
MEssRs. EDIroRs:-To illustrate the difficulties
which beset any other solution of this question,
than that have attempted, the arguments resp,c,
lively offered in favor and against the I" ones and
"twos of the Bank of Fayetteville, singularly
appropriate. By most persons these are considered
to be very clearly within the prohibitions of the
statute, and it is contended that since such was the
purpose of many ribers in voting for the new
law, that the marked discrimination Of which have
spoken, was not the result of mere accident 1t
was either intended to punish that institution for the
advantage it has gained over the other Banks-(all
OF which are expressly prohibited from such ssue)-
by omission in her charter Of the usual provision
concerning notes under five dollars; to rcbuke its
persistent contempt of the legislative authority,
which, in lS50-51, gave it the opportunity by a
vote of its stockholders, to descend to the common
level and conform to the policy of the State or it
was simply intended by dropping the obsolete
enactment, and adopting the present phraseology
which legalizes in effect the small notes of other
States, under certain circumstances to reserve the
power in the Legislature to say in what particular
cases only the privilege is to be granted The course
OF that Bank, in continuing the issue of this class
OF notes, seems predicated upon this notion of an
exclusive reference to her alone, and iustiics the
legislative instruction to the Public Treasurer which
has dIshonored her entire circulation; for no other
construction it is said, be placed upon the sew
enth section, which is as follows:
The Public Treasurer is hereby directed not to
receive IN the payment of public taxes the notes of
any Bank IN the State that issues bills of a denom
nation less than three dollars,"-or upon the
eighteenth section Of the act to recharter the Bank
OF Cape Fear, passed the same day. which prohibits
tna institution from paying out such bills unless it
be IN settlement with such Bank. And here we
may remark that good deal of this completely has
grown out of the publication of this Resolution Of
instructions, as section of the act concerning the
currency, the resolution having been introduced and
passed, and as such merely, originally published by
the State Printer
1t is further urged that no artifice or evasion will
enable the Bank to escape the penalty fixed by law
for the papabe violation of the act to prohibit the
notes mentioned in the chapter, among which these
are clearly included, the same being not expressly
and plainly" allowed her; that the promotion of
pubic convenience is no compensation for the sacri-
flee OF the lasting interests Of the community and
that 1t is dangerous and scandalous thing to see
great moneyed corporation setting itself up against
the public will, as expressed by the representatives
OF the people, and in despite thereof usne priv.
ege denied to the rest of the community forbidden
by our laws and subversive of our policy, for that,
under the same reasoning which lcgalizes her
zones and ''twos," the Bank of Fayetteville may
very clearly issue notes for the sums of twenty-five
and tiftycents.
Upon the other hand it is contended with equal
force that the prohibitions which mark the charters
OF other Banks, and particularly the Bank of Cape
Fear IN both her original and present charter, are
lhappiiCaole 10 the Bank OF Fayetteville, which
modern institution founded in more enlarged and
liberal views in which no such prohibition appears,
but only that bills and notes protesting to be hers
shall be issued by order of the corporation, signed
by the President and countersigned by the Cashier
That the charter is contract between the State and
the corporation, which it annul or explain by
a subsequent act of Assembly without their assent
and that the present law is void in so far as it tres
passes upon their chartered rights In support of this
view, it is shown that all /" bills and noses issued by
order of the said corporation, signed by the Presi-
dent and countersigned by the Cashier, promising
the payment Of money to any person or persons,
his, her their order, to bearer though not I'M
der the seal of the said corporation shuU be binding
and obligatory on the same, in like manner, and
with the like force upon any private person or
persons, :" and that, (supposing always the word
IF" is in the original copy nterned before "up-
on, in the close of the sentence.) being so liable
upon these Zones" and "twos," the measure of
their privilege should be at least the same with that
of their liability. Unable am to decide this We
ry nice and interesting question, have, in my for
mer article suggested middle course and offered a
construction of the law, which relieves the Legisla-
ture of an appearance Of harshness to our own
Banks authorizes them all unless expressly roAi1
itsd issue three dollar notes. and overland leaves
the citizen free to and circulate the smaller bills
of other States, at the risk only that they are au.
thorized by charter and the local law
C.. E. c..