The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-01-30


freak will not be without its use. II you had
seea the polite bow he gave an Irish porter
just now, il would have done you good. liza,
ha !"
- You are right, Wallace. If the lesson
makes him more cautious how he treats others
with rudeness, strangers, or obscure persons,
and has seen, as in a mirror, his own fault Of
character, we beg that he will not 60 and
straightway forget what manner Of person he
is. II such forgetfulness ensue. we have
written, and be read. in vain.
~~~@>~~~~~~~~~~~~~>>
ny REQUEST.
From the Raleigh Register.
BANKING-INTERNAL IMPROVEMENTS.
NO. a..
Mn. EDIToR when the old Banks were
knocking al the door Of the Legislature for the
renewal Of their charters aud increase Of their
capital, there was positive necessity for du-
plicating the public revenues, which was done
before the session ended. Suppose then We
admit that the Banks ought to have been re-
rhar,ed, docs il follow that this boon onght to
have been gratutously bestowed, or a Just
equivalent demanded This is an inquiry
worthy of consideration. Each Bank pro-
posed to continue with a capital OF 80 900.
900. They were already organized and nm
der way. An extension of their charters for
90 and p years, as proposed, would in avery
short time have appreciated the stock at least
90 per cent. in the market, which on the pri.
vate or individal stock amounts TO the enOr-
mons sum of S600,000. hat is it that would
have produced this profit to the owner Of this
stock. Nothing bat the acts rcchartering
these Banks. The Legislature gives the fran
chlse. and the stockholder goes into the mar
ket and sells. or has the right to do so. at an
advance Of 20 per cent. the favor conferred
by the General Assembly-presenting the
anomaly of body representing the people
levying by one act heavy taxes on their con-
stituents, and by another, giving to class
who have long ENJOYED favnrs above the or
binary citizen. and who do not need help,
the very acceptable boon Of 100000. For
one protest against such misguided liberty,
and repudiate the policy of thase who would
thus dole out the sovereignty of the State to
money corporations. without an equivalent.
But such exactions, il was said, would drive
capital from the State; that the stockholders
would not accept such charter. Very well.
If they would not, something else, fancy.
would supply the vacuum occasioned by their
refusal. But not so last, my good friend.
Everything is not gold that glitters; nor do
men always mean what they say. In imita.
tion oil poetical character who, while
a little still she stroye, and much repenied.
And whispered will ne'er consent, consented"
these interested owners Of Bank stock will
swear they wont accept the terms here in
sisted on. but finally, when nothing more ia
vorable can be secured, will accept any
charter out Of which profit can be made. and
If the stock would in consequence Of this
legislation appreciate 20 per cent. in the
market, as to which there is not the slightest
uncertainty, they will, ii sternly required to
do SO. give half the amount TO the State for
the chances. Never can be made to believe
that body Of men will refuse to accept a
palpable advantage put within their reach,
and especially sm slow to believe, that a
class, Distinguished alike for their intelligence
and appreciation Of the power Of money, viii
refuse such an offer. The same was said in
reference to the usefulness Of the Banks
without renewal Of their charter. Yet we
see the Rank Of the State is going on under
her old charter and doing as much business
and aliording as much accommodation since
as before The Legislature convened, and in
this she Is ialsifying the position Of her
friends. and sustaining the argument Of those
who opposed her application.
Why, sir, this thing Of exacting compcnsa.
ton for Banking privileges is no new princi-
pie. Il is almost a. old as Banking itself.
In 1914, the Bank Of Cape Fear, in consi,ic-
ration Of an amended charter, gave the State
$50 shares tsls,OO0) upon which the Urea
surer has been drawing dividends ever since.
south Carolina, Pennsylvania and other
States have demanded and received large
sums Of money III consideration Of Bank
charters; aud for the charter &c the last u.
States Bank bonus nf 81 100000 was paid
the Government and - 100000 offered for a
renewal. The Importance Of Banking has not
diminished III public estimation since; aud
what has been 50 often readily paid hereto-
fore, viii, under like circumstances aud 81.
milar reasons, be conceded again.
Here then was an opportunity, when the
two principle Banks we're soon 10 expire aud
the whole subject pretty much under the con.
troll Of the Legislature, TO have developed aud
enforced this principle again. And had the
suggestion been acted on, mt less than s400,
600 81 Bank stock could have been secured,
without cost 20 the State, from the old Banks
asking renewal, the Commercial Bank 81
Wilmington applying Tor an increase Of its
capual, aud the two new Banks created dur.
ing the session. This would have been a
substantial advantage TO the State, very de-
eidedly preferable to the restrictions imposed
~ their several charters; which, while annoy-
ing % the Banks, carry with them but little
advantage To the community. The dividends
on thi. stock applied A. sinking fund. with
the stock itself On the dissolution OF the cor.
porations, would eItinguish in 80 years the
principal u the debt contracted by the State
q A. -