Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-03-05


,ons;b,e for tho assertion of the Greensborough
p,tr;ot-which it copied with apparent approval
.h.t " the Greensborough Life Insurance and Trnst
Company ~" had the undoubted right under its
charter" to issue one and two dollar notes. That
.vnressiop," adds the Observer, was quoted by US
.s the reply made by member of the last Legisla-
,nrs and Of the special committee on the subject, to
=, question asked by another member, presumed to
he one of those from Greensborough, who was in
torested in the Greensborough Company "Though
,re did not say anything of the kind continues
,ho Observer attributed to us by the Standard,
ust ,,e are wlling to sag much Of 1t as re-
s,te. to the Bank Of Fdyettcoille." 1t is not our
;sb to do the Observer injustice, and we therefore
=, once give the Editors the benefit of their dis
clamer.
Tho Editors. them do assert that the Bank Of Fay.
.ssov;,e nnssesses the undoubted right to issue
ann ond two dollar notes. We incline to the con-
.,,, on;non We do not think that its right to is
AVA ,hese notes is "undoubted." The law of 1880
EXPRESSLY declared that it shall not be lawful tor
,nv nerson to pass circulate or receive in payment
within this State any bank note, bill or promssory
note for the payment Of money, issued by any State
or sovereignty, by any body polite or corporate
mot authorized to issue the same in and 9y any o.
the laus and statutes Of this State, u'der the de-
nomination of 1fre dollars" The charter OF the
Bank of Fayetteville was granted in ls4S-the law
inst quoted being then in full force. All other
hanks had been restricted to ST. but the charter OF
the Bank of Fayetteville is silent in this respect
The other banks had been expressly "authorlzed
nv their charters, granted at various tlmes since
7seO TO issue notes of less denomination than i've
dollars: but no such authority was thus expressly
conferred on the Bank of Fayetteville. Is it not
settled rule of law that corporations possess only
s,cb powers as their charters confer expressly, or
as incidental to their re,y eristeaees" But however
al This NAV be- it is quite certain that the Legisa
ture did not intend that the Bank of Fayetteville
should form an exception in this respcct-that all
other banks should be restricted to 49, and 1t alone
authorized to issue small notes. Still, we think with
the Observer that the question ought to be tested
and settled in the Supreme Court; and the sooner
it is DONE the better for both the bank and the
public.
The Observer repeats its language Of February
,1th-in relation to the manner in which the cur
Code-as follows:
every member of the Assembly who has been
questioned, disclaims any knowledge Of the laws as
they appear in the Revised Statutes. The question
is. who altered the laacs from the shape in which
thew we're presented in the original printed bill laid
before the members? The members themselves sup
a,esed, so learn, that they passed in that shape
Did they? If so, how came they otherwise in the
printed volume? Or were they altered before they
passed? If so, by whom? and how could it be done
without the knowledge of members OF the special
committee on the subject, and of the members of
the LEGISLATURE"
And that paper then adds
Nov it is remarkable circumstance, and we
do not hesitate to say suspicious circumstance OF
improper conduct someuhere, that to all such ques
tons asked by us and by others in various parts of
the State, no answer has been returned This 81.
lence of every body who knows, is calculated to in
crease suspicious and discomfort which might, pos
sbly, he entirely removed by plain statement of
the facts thus carefully withheld"
These are grave and serious charges. Can they
be true? Let US see what the facts in the case
are: We learn that, while the committee were
in session, and before they had disposed of the
subject of the currency-the chapter as orig
inally prepared, and as printed, being before
them-it was suggested that a new chapter be drawn
up, embracing more fully than the printed one, the
views of the committee the subject; and that this
duty was undertaken and performed by one of
the Commissioners appointed to revise the statutes.
The chapter as it now exists, was handed to the
committee-was by them dscussed-was adopted,
and reported through the chairman of the commit
tee, Mr.. Biggs to the Senate. 1t passed its three
readings in the Senate and in the Commons--was
duly ratified by the Speakers, and became law
Senate Journal, page 81, will show that Mr. Biggs,
in reporting the bill from the committee, recommea-
ded its passage. This, of course, could not have
been done without the sanction of the joint commit
tee. The chapter OIL currency (36 as it now stands,
consists first of this bill from the LIST section to the
9Th section nclusivo; second of the substance of
resolution-constituting section passed at the
same session. to be found on 1920 page of the Laws
as published at the close of the session and third,
of law passed at the same session, introduced by
Mr.. Rayner, and constituting sections and o. The
resolution referred to probably introduced by
Mr.. Outlaw, as on the 10th Of January, 1885, pend
ing debate on chartering the Bank of Wilmington,
that gentleman "offered an amendment prohibiting
the issue of notes of less value than S. and stated
his intention of following it up with another prohib-
ing the receipt in payment of public dues, of the
paper OF any bank issuing notes of less value than
70" Mr.. Outlaws amendment was adopted in
committee of the whole, yeas 4s, nays Al. IN G.
Standard of JAM 13, 1861 We have examined our
nies but find no account of any discussion in either
House of chapter SO on currency. The question Of
currency was however, thoroughly discussed in
both Houses, on propositions to charter and re-
charter banks. On the 7th December eight DAYS
before the chapter currency was reported TO the