The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-12-17

/ endorsement or otherwise, any mole or bill re-
eeiyabie, or Other evidence Of debt, was void,
as mpairing the obligation Of the contract
contained in the charter previously granted.
Any law. then, which enlarges, abridges, or
in any manner changes, the intention OF the
parties, resulting from the stipulations in the
contract, necessarily impairs it; nor can the
manner or degree in which the change is eff
f.cted, at all influence The result. Nor does
\ it make any difference whether the contract
is express or implied; each is equally under
the protection of the constitution. Story's
Com. on the Con, SIS. 700, 703.
BY the charter Of the Bank Of Fayetteville,
| II was authorized TO issue notes Of the demo.
minaticn OF one dollar and upwards; by the
act OF 1854, il the construction given to it by
my brethren be correct, that privilege is taken
from il. 1t, therefore, without the consent
of the bank, changes an important feature
contained in the charter. and reyokcs power
granted and guaranteed 10 the corporation.
A more palpable violation Of a contract, to
my mind, cannot well be perceived. My
brethren, however, hold, that though this be
so, vet the act of 1854 is not unconstitutional.
And this is founded upon the position that
the power TO regulate the currency of the
State is a sovereign power. which no Legsa,
ture has right to part with. To this pro-
position do not assent grant it, and every
banking corporation in the State. holds It's
charter at the will Of the legislature. Ii,
under the plea Of regulating the currency Of
the State, the Legislature can withdraw from
the corporation the power granted to issue
bills Of particular denomination, the same
plea will justify them in forbidding the issn,
ing of any bills. Having granted to the bank
Of Fayetteville the right 10 issue bills ct the
denomination OF one dollar, the same princi-
: Pile will justify them in iorbiddlng them Ia
issue bills Of less denomination than OF ten
twenty, fifty, one hundred, OF any other large
: denomination. So that, in fact, it would be
! in the power oi the Legislature to convert
every bank in the State simpl, into banks Of
deposite. The banks OF the State, aud 81
Cape Fear. have the right expressly given
them to issue bills of any denomination moi
; under three dollars what is 10 prevent The
Legislature from withdrawing tins right, and
for6idding those banks from issuing any bills
under ffty or hundred dollars, or any bills
at all but certificates of deposit. The only
difference between the case Of these latter
banks and that of the bank 81 Fayetteville. i.
that the restriction upon them is expressed
This surely can make no difference in Tho
exercise of the power now claimed for the
Legislature, which necessarily explodes The
idea, that banking charters are contracts
: They are simply Legislative acts, subject {
the control Of the Legislature, aud liable I,
be recalled whenever that body deems it ex'
pedicnt 50 TO do. But numerous decisions
Of our courts OF justice. and opinions Of oul
ablest jurists, sustain The idea that they arr
contracts within the constitutional power 0
the legislature to make; II so, they are IN
: der the protection nf the article of the Fede
I raj Constitution before cited. To coin m0nel
!. is an act of sovereignty TO establish bank
y Is an act Of ordinary Legislation. 10 do I'll,
former, or to regulate its value, is not within
, the legitimate power Of the Legislature. Tn,
people oil North Carolina, in splemn conven
: ton, have transferred that sovereign powe
{ 10 the Government Of the United States
:, Bank bills are not money, but the representa-
e tive Of money ;Dothing more than promissor
= notes, differing from those made by priyat
;, individual, ONLY in being issued BY cor
pnrate body; no one is cOmpellabie 10 recev
e them, and they are current only By common
Z consent, not BY law Where the Legislator
9 creates corporation, it is in their power t
: lay the corporstors upderany restriction the
Z think the public interest requires; but ha,in
: made the compact, it IS no mere ~ thei
:, power TO alter IL, without The consent 81 iii
o corporation. than they can alter one made b.
;. and between private individuals. That iii
: power TO issue bills of tie denomination o
I one dollar, Is felt By the Bank Of Fayetteville
y to be important aud valuable, is evidence,
by the care they have taken 10 the deienc
;, Of what they consider their rights. Is il re
E CARDS the policy Of tie pawer granted, hay
! nothing to say; nor have ! any concern Wit
y tie motives which induced the Legislature
. TO grant il TO the bank Of Fayetteville an,
y deny it 10 other banks. II is sufficient for ~
that they have done it.
I, have treated this question as if the BAN
= u Fayetteville was, b, proper proceeding
y the defendant here. To grant to the cOrpu
. ration power 10 issue bills Of The denoinina
tiun of one dollar, and to make il penal, by
subsequent act, for any one to pass o. receiy
Z them, would indeed be sheer mncking q
justice. The defence rests upon the pvwe
i of the bank 70 issue them alter the act 4
Z 1854.
s In my npinipn, the judgment below ougi
y u be reversed, and Uenire 4, moro granted
-~-~>s>,,>~.>~,~-ss.>.
J. From lie Petersburg inietl.geneef.
II Mnst uersnbs Of tbe ntesert ueuersfiou 4, 4