The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-07-23

sasuotss given in general s'rnsaaialthough
/, mas u inferred that Il was then the policy
mr. rstl.er, that there Was no purpose nut To-
allow gips issaing Of small notes NJ that time,
vet there IL fiothiag which can fairly be con-
struca "a oonifucs on the part OF the State
not To- change the policy or afterwards prohl-
hit their issue aud circulation. There - no
pledge 10 this effectI nathing Is said about
The s,ze If the notes TO he issued; there are
in this resp~c; No words but tho>e OF "rsiina-
nv legislation, subject To be modified at any
time that il might be d.-medexpe'hent there
are no wards uf control used and IN TACT no
words which, by the almost ingenuity and
strainn., can be made 10 lmpl, contract
on the par, oi the Legislature. that u VIII MOI
at any future time regulate the currency So
as 10 prnhibt the issuing and circulation 81
small notes. The persons who subscribed
for stack in thi, bank had no right 10 suppose
fha, The Legislature had tied i,s hands IN this
particular; on the contrary. in view Of the act
OF 1880 and the restraining clauses IN the
charters Of the other banks, they had eve.
nv reason TO believe that this restraint would
be made By general las ON the SUBJECT
So in our opinion there is not only no obl'c-
ton on constitutional grounds, but no hard
ship in the case.
The only objection that can be urged TO
this conclusion al all plausible. Is, ift,c Leg.
isature can prevent Tie issuing and circala-
ton Of one dollar bills, the same may be done
ii regard to iyes. tens, twenties, &c. 80,
that 5y an abuse Of the power, the bank NAV
be restrained from ISSUING amy notes what
ever. That is true, but tue same objection
may be made to the exercise Ut any power !;
and il is full reply 10 say, the curt can
only declare statute snd when there is a
want OF power in the Legislature. In refer.
encc 70 questions of expedlency or abuse u
power. there is no Jurisdiction.
5. What has been already said makes il
unnecessary to add much upon the third
head. Aay ore will say At once. u the Leg
islatare hal The powrr 10 revoke the author.
Nv conferred by this charter. the intention Ia
exercise /, is man fest from all 1t the circsm-
stances; because, Il this bank couli issue
small ao,es, il made the restraints pat on the
banks Of M use, and defeated the whuic pur-
pase. Tie CHARTER va, granted at the sesslun
of 1913. Al the next sssirn an act was
rassed 10 amend the charter. Ii provides,
II shall and NAV be Lawful tor the corpnra.
tion. &C.. 10 issue notes of the denomination
Of three duiiar but No note shall be issued
by said bank for smaller sum than thee
dollars"
This ~ an aitenp 10 remedy /" the over
sight" aud the amount u il ls--lhrre beng
doubt whether the bank can issue ary n"ie
under h,r dollars Nv force 81 the art 81 1850,
il is pFoposed, a compromise, ." allow the
bank u ISSUE notes 81 the denomination 81
three dollars aud upwards, provided IT will
agree tn is-ue no note, under ihit,irnumlna
ton. Tais proposition was rejected hy the
bank at the session Of 1854. The act undeI
consideration was passed az part nf the
Revised Code, to 20 into effect l,t January
1856. The general purpose 81 this act IS Z
regulate the currency BY prohibiting the car
collation. of small notes: aud 10 this end Y
was necessary TO prohibit the issuing Of snci
notes. So. the particular purpose W, Il re
yose the authority 20 Issue them. should ]
have been conferred upon the bank. unlss'
Il iras conferred plainly and expressly By N
charter. Il MT 80 conferred. penalty VA
impnsed upon the bank for is-nin, such notes
aay person passing or receiving them, wa
subjected to ini ctmert. and the pnblr
Treasurer VS. directe not TO receiver the
III payment af taxes TIM. esineing deter
minaiioa TO effect the purpose il It could b
done.
The question then, is, do the u"r'ls us''
express this ifention with suliirianr clear
nesss In other wards. il the banks pidinl
and expressly allowed b. lis charter TO i.,u
such notes: We are not al liberty oc"n, DE-
the wnrh expressly" as used - The srns
az inf0iidsm rer5is for IN anaiher seciinn d
tie same act il y enacted. ~ per.on q
corporation, unless ne same shall BE- express
Is allowed by law, shall issue sny bill, note.
dc; and tsken 10 that sense. this Woul
apply 10 all the babks but The charter, a
III sc banks all contain a clause exprrssl,
prohibiting sie issHe III notes "ndera ctrtdi
denomination. Inns eaprrs> prohibition
taken to give the right 10 issue notes bs r.
,rrsing the maxim fypressio uains. t1tiusi
airrius. A gnod rule a"rks boih Mas. q.
III this latter sense. thu ether banks are ~
pressiy allowed IL do :. III either sense d
The worn but the addition 81 the word ''plair
H." removes 81 dn1bt. Alter making ..lnu
on argument under the ir,t head TO prov
thst lfir bank had AUTHORITY 10 issue SUI
notes. IL certainly cannot be- necessary
make smother long argument I" prove III
The auihurii. Is 80, plainly aud eIpressl
given.
Per crnas Judgment affirmed.
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H-.o, r.-,xa nc 1uY Wuff. STATE cO,