Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1856-02-13
CONGRATULATIONS.
THE CURRENCY-No 9

S
MEssRs. EDITORS 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 ones and
"twos OF the Bank of Fayetteville. are singularly
appropriate. BY most persons these arc considered
to be very clearly within the prohibitions of the
statute and it is contended that since such was the
purpose OF many meribers i'm 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
ot which are expressly prohibited from such issue)-
by an omission in her charter Of the usual provision
concerning notes under five dollars; to rcbuke its
persistent contempt of the legislative authority,
wn'ch, IN lsoUI5i, gave it the opportunity by
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 i'm 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 justifes the
legislative instruction to the Public Treasurer which
has dshonored her entire circulation for no other
construction, it is sad be placed upon the sew
enth section, which is as follows:
Ihe Public Treasurer is hereby directed not to
receive, IN the payment of public taxes the notes of
any Bank an the State that issues bills of denomi-
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
that 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 artifce or evasion will
enable the Bank to escape the penalty fixed by law
tor the papable violation of the act to prohibit the
notes mentioned in the chapter among which these
clearly included, the same being not expressly
and plainly" allowed her; that the promotion of
public convenience is no compensation for the sacr-
fice 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, expressed by the representatives
OF the people, and in despite thereof usikg priv.
lege denied to the rest of the community, forbidden
by our laws and subversive of our policy for that
under the same reasoning which lesazes her
Zones" and "twos," the Bank of Fayetteville NAV
and fifty cents.
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
inapplcabie to the Bank of Fayetteville which is
/
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 countersgned by the Cashier.
That the charter is between the State and
the corporation, which it cannot annu or explain by
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 notes 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 or their order, to bearer though not un-
der the seal of the said corporation shall be binding
and obtigatory on the same, in like manner, and
with the like force as upon any private person or
persons" and that, (supposing always the word
IF" is in the original copy nterlined before "up-
on, in the close of the sentence) being so liable
upon these Zones" and "twos," the measure OF
their privilege should be least the same with that
of their liability. Unable as 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 Legisa.
ture of an appearance of harshness to our own
Banks-authorizes them all, unless expressly prohib.
itedt 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
thorizcd by charter and the local law