Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-04-08
Bank of the Stasc--.Sinking Fund.

Authorized PUBLISHERS STATES.
Bank of the Statc...SinkiEg Fund.
writer in the Register, over the signature of
GA :" is engaged in series Of numbers addressed
to George ". Mcrdecaj, Esq, President of the Bank
of the State, the object of which appears to be to
induce the stockholders reject the charter for this
Dank passed at tie last session of the General As
seInbiy. We say this appears to be the object OF
the writer; and We think not mistaken in
assuming that the writer, if stakeholder in the
4 Bank would vote to reject We do not propose to
attempt any explanation Of the Objectionable provis-
ions which this correspondent professes to have
discovered in the charter, nor do we wish to
engage in controversy with him yet we consider it
proper intimate to those concerned that there are
two sides to this question of acceptance or rejection,
q and that it would be wise in them to weigh we'll the
advantages and disadvantages involved, before vot
ing to reject.
The stockholders of this Bank, in our humble
opinion, erred in 1856 in refusing the charter ten
dered them by the preceding Legislature. If, like
the Bank of Cape Fear they had accepted the char
ter, we have no doubt that the last Assembly would
have granted them any alterations and amendments
which they could have reasonably asked. The for
mer Bank, whose charter similar if not precise
lv similar TO that rendered the Bank of the State,
accepted-apped to the Legislature for such amend
nnents as were desired, and obtained them without
difficulty; and the same liberal policy, sure,
would have prevailed in relation to the State Bank.
If this charter is rejected the stockholders may pre-
pare to wind up their business; for consider it
certain, from what knowledge we have of public
tirnent that no other further different charter
bo hu tho To OF ir
4 opinion and may go for what it is worth. If,
fortunately it should be tested the result of the
81 negative action of the stockholders it will be found
al correct. That there Objectionable provisions in
# this charter and that some of it's provisions conflict
q with Others may be true; yet no charter is abso-
lutey perfect and it cannot be expected that every
provision shall be entirely acceptable to sockhold-
+ ers. The last Legislature voted down what was
called the "PeopIes Bank" and granted, as Me7a
thought by large majority Of intelligent, thinking
persons fair and liberal charter to the Bank Of the
State Some Of ne stockholders of this Bank il
seems to us, are disposed to be unduly distrusfu
of the people and of the Legislature Of the State
We may be mistaken, but such is opinion. We
4 thought so two years ago, and we think so still.
Let this charter be accepted, and word for it
e there will be difficulty in obtaining such legisla-
tive action in 1858, will remedy any serious OBJ
z; lection and any real impeachment in the char
ter of which the stockholders may compain-unless,
q indeed, majority of the next Legislature which is
by no likely should be in favor of the so.called
II "Peope'S Bank" Neither the law-making power
of the State the dominant party of the State is
the enemy of the State Bank is it just especial
" in view of the action of the last Legislature, tc
q disrust either of them. That power, after one
charter had been rejected by the stockholders,
q them another and but for that party, the whole
4 Banking system of the State might have beer
u changed, and our financial and monetary affairs
Ahur,ied out on the of experiment. uncertainty
Wand ultimate disaster and ruin. These facts and
considerations, We know, are properly appreciated
A by many OF the stockholders; and the above obser-
Vat'ons 90 not, therefore, apply to them.
III The Registers correspondent, "a" in q note to
sd his second number, says:
s. "Athoueh the Sinking Fund embraces the States
A profits of all the internal improvements in the State
"a there cannot be reliance upon any Of them exce,t
81 the Railroads. And here, it will be observed, that
the dividends of the Wilmington W eldon Railroad
5x Company carried frcm their place of appropra.
$ ton for the last twenty years into the Sinking Fund
S4 and no longer belong to the Common School Fund
q Whether the author of the Sinking Fund act
contemplated this result not the construction, it
seems to me- cannot be avoided for the act embraces
the dividends on the stock of the State in "aH Rail-
roads built or being buih." And there is nothing
IN the context which can impose tine words a
sense restrictive of their natural meaning"
The correspondent is mistaken. By the act OF
me last session creating Sinking Fund, which we
publish in full below, it is provided "that all the
dividends on the stock of the State in the North
Carollna Railroad, the Raleigh ard CASTOR Railroad,
ana the dividends on stocks in ~ other y. .,~o. 4.
Vuns or being built, all plank roads, turnpike roads,
"a navigation companies not oths,viss appropriat-