The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-07-21
BANK OF THE STATE OF NORTH
CAROLINA

Assembly, was on ueSuay TfJtCtt" ny
vote of about three to one.
We learn that Mr.. Badger and j. r.
Moore, Esq, spoke against accepting the
charter; and that the State Treasurer. Mr..
Courts. Ex-Gov. Swain. and Mr.. Myers, of
Meckleuburg, spoke in favor of it.
Many objections were urged t" the char
ter and amnag them the provision authorlz-
ing the State to subscribe certain amount
Of stock i'm State bonds. 1t was also OBJ
iected that the capital of the Bank would
be so large that fair profits could no: be re-
allied upon it in the way Of dividends.
IL was also urged that various sections
in the charter are in conflict one with an
other; and that in view of this and of the
other objections. Il coUtd be toO great
hazard on the part If The sfOchhoiders 10 0c-
cept the charter dRd rely on he Generdt AS-
esmJty 10 remedy aLtegeddefects and rem0re
alleged objections.
The present charter of the Bank will ex-
pire in 1860; and the institution will be
entitled to a reasonable time i'll which TO
wind up. We presume the stockholders
will make arrangements to close their bust
ness in 1860. or within year or so there
after. We do not believe that the Legi
lnture will grant them another charter. II
has already granted them two charters;
but after the deliberate rejection of the last
one rendered, we are of the opinion that
the General Assembly would be wanting
in proper selfrcspect if ii should tender
them another. That is our opinion as a
citizen of the State, ard we see no reason
why we should withhold it.
That the charter just rejected was OBJ
jectionablo III some respects, none will
deny. The State is deeply interested i'll
the Bank, owning as it docs onc-third of
the stock-ncarly one half of IFS productive
School Fund, and one hundred thousand
dollars of the University Fund being vest
ed in it. If the stockholders make fair
profits, the School Fund and the University
Fund must make fair profits also; if the
stockholders should be cramped in their
operations and their profits be lesscned, the
School Fund and the University Fund
must suffer loss in their income in The same
proportion. The interest ofthe stockholders
and of the State is, therefore, one and in
Invisible and this being the case, it was
not, in our humble judgment, to be fairly,
or reasonably, or justly presumed that the
Legislature would refuse to make such al
terations and amendments in the charter as
would be deemed best for them and foritself.
But a majority of the stockholders thought
and voted otherwise, and they certainly
had right to do so. No one will censure
them for looking to their own interests and
for taking care of themselves but we may
add-and we do it in no unkind spirit
that with one hundred thousand voters to
uphold them, the interests of the children
of the State who 60 to our Common Schools
and of the University, will also be album
dainty cared for and protected. We have
no fears on this score. The Bank of the
State, it is to be presumed, will begin in q
year or two to pay out nstalments of its
capital stock, with view to a final settle
ment with the stockholders and it will,
therefore, be an easy matter to transfer the
School Fund to some other Bank. The
Bank of Cape Fear already has $544,400
of the School Fund, part of its capital;
and, with the consent of the stockholders
of that institution, the S502,700 now in the
State Bank can be subscribed, by direction
of the Legislature, and paid in the Cape
Fear Bank-making something over a mil
lion of dollars of the School Fund invested
in the latter.
The Bank of the State will, we doubt
not, wind up its affairs with as little det-
riment as possible to the currency and
business of the country. 1t has hereto
fore been well managed, and its officers
have the respect and confidence of the
public. We are sure they will do nothing
beyond what may be indispensably neces-
sary in closing their operations. to produce
''hard times among the people, and we
are sure also, that they will continue to
extend to the State Treasurer every facili-
ty which they can, TO enable him to meet
promptly the interest on the State bonds
in New York.
What NEXT Are we to have some ten
or twenty more local Banks to supply the
place of the State Bank and its branches
or will the so-called peoples Bank" be
forced on the people! Sufficient unto the
day is the evil thereof" We have an abid-
ing confidence in the Legislature and in
the people of the State. ITe DO not fear
to trust them, nor do are take it for granted
in advance that they will do wrong. The
whole matter is in their hands, to be con-
sidered and disposed of as to them may
seem best.
If it is expected that any political profit
or advantage will result from the rejection
of this charter, those who may entertain
this expectation will find themselves mis-
taken.
Coon ADvIcE.-pig potatoes, drive
dray, peddle matches, or do anything that
is honest and useful, rather than run in debt.