Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-04-08
Bank of the State.

ton from the Registers correspondent A, in reply
to some remarks of our own, in the last Standard.
The writer is gentleman distinguished for his
information in financial matters well as for his
sound practical sense and his opinions are there
fore, we confess, entitled to much weight. The
fact that we differ with him in some of his views,
shall not prevent US from giving him full and can.
did hearing Or from bestowing upon his suggestions
and opinions the most respectful consideration.
We are glad to find that lit is assuming too much
to suppose that his purpose is to induce the stock
holders to reject the charter offered" 1t is
proper that attention should be called in advance
to the various provisions of the charter, in order
that the stockholders may vote Understandings upon
the question Of acceptance or rejection. We repeat
however, but certainly not by way of a ''mcnace,"
that if this charter is rejected is not probable that
any other further, materially different charter
will be rendered. This is simply our opinion, based
upon some knowledge of public sentiment on the
subject. And we are equally confident that if the
charter is accepted, such alterations and amend
ments as may be reasonably desired by the stock
holders, will be granted by the next General AS
bly,. Admitting, for arguments sake, that there are
serious objections to the charter the question then
stockholders to accept and await the action Of the
Legislature, relying with almost absolute certainty
upon obtaining the wished for amendments. Can
this be done? Would the stockholders or the State
seriously suffer, by certain rights and obligations
becoming rested in the meantime by the acceptance
of tie charter ?-and would it be impracticable or
impossible to dvest these rights and obligations, or
change them, substitute others? The State, as
the guardian of the Common School and University
funds is deeply interested in the prosperity of the
Bank and while the people generally are anxious
that those funds should be well and safely managed,
and should produce good dividends, they would not,
however insist upon this to the detrimen ard inju
~ of private capitalists In rendering this charter,
it was not the wish of the Legislature to embarrass
the private stockholders, or to commit them to
contract which would operate unjustly upon private
interests On the contrary, We are bound to pre-
sumo that the intentions of the sovereign were just
and equitable; and hence the inference we make,
that if the charter is accepted, and any of the details
should be found inconvenient, or impractcable, or
absolutely injurious, the desired remedy will be
applied.
We invite the attention of our readers to the COM
munication of the Registers correspondent, A, as
follows:
To the Editors Of the Standard:
GENTLEMEN: You very correctly say, in your Edito.
rial of the 4th instant that there two sides to the
question whether the charter of the bank of the State
Of North Carolina should be accepted; and it is pro
per that the patriot, well the capitalist, should
duly consider both sides.
If 4" knows himself, he does not desire to pref
udce fair consideration of the question; and il is
assuming too much to suppose that his purpose is
to induce the stockholders to reject the charter now
offered.
He desires to call public attention to what very
much the public, to the end that both sides,
and all sides, may be thoroughly canvasscd previous
to the meeting of the stockholders for considering
the subject. Even to that hour, he will be free 10
vote as his best judgment shall then dictate. And
he feels that he is ready and willing to make many
sacrifices for the safe and wise management Of the
school fund (the dear and cherished jewel of the
State) the safe and profitable investment of the stock
of the University, and the preservation OF sound
currency to the State. But he is not prepared to
accept any new charter which in his judgment will
be likely to disappont all tfese interests or which
proposes to them at the expense of private
capital He would deem himself criminal, if after
being convinced that result or the other would
follow he could have the weakness to vote for it,
because of menace that no other charter will be
rendered.
But, Messrs Editors, GA" differs with you some
what Although the legal presumption is. that the
Legislature intended to enact the charter just as 1t
is, methinks there is not member of the body who
will avow that in fact, he purposed to pass and ten
der any such thing; and a" thinks that no un-
preudiced man will be prepared to regard contu-
melious any set of stockholders, who, for It's many
defects should reject it. If the amount and char
acter of the capital be within the compass OF profit
able management for the stockholders and the char
ter will admit of construction in its essential parts,
it is the cearest in the world that they ought
to accept the charter for they will have advantages
in the possession their entire stock, which, as new
subscribers to another bank they will not possess
If the investment be desirable their stock will rise
at and increase their fortunes. IT, in their oPIn-
ion the investment will likely prove unproduct'Ve,
surely there is moral obligation on them to incur
the hazard ola dangerous experiment Bear IN MIND,
that the individual stockholders will be in partner
ship with the State. whose stock will not be taxed
and although the burthen of managing the bank will
fal! mainly on them and their capital, yet, in every
instance when only moderate profits shall De made,
those of the State cannot be lessencd, while those
OF individuals will be diminished by tax, and the
profits to the State will be increased in proportion
to the number of individual shares however meagre
their profits may be. 1t may happen, then that a
bank profitable to the State. may be disastrous to
individuals. This aspect Of things exists erninenty
IN this charter; and so it happens that the State
may eagerly desire the acceptance Of the charter
and individuals my be slow to take it,
You say land seemingly speak oft as Kindness
* the charter should be accepted and the dividends be
six per cent the State will receive each share of nd
vdua stock tax of 81 CENTS at the lowest slooo
900 he value Of individual shares which is more
than half of per cent. the entire capital This a1
than double the paid by private lenders or
their capital If the dividends be cent the State will
receive each share the least centsmore than three
ffths of of the entire capital of individuals
and nearly treble the tax paid by individuals on money
lent at rate in out Of the State So that when 81
per cent divided the income of the State from the inst
tuition on 500 shares will be equal TO per cent share
and that of individual corporators only 542 Is there
any WONDER then, that the capitalist should deem pru