Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-07-11
Bank of the State of h.CarOlina.

EIGHTH
HON THOMAS l.. CLlNGMAN OF BuncOmbe.
Bank of the State of North Carolina.
The stockholders of this institution adjourned on
Tuesday evening last having been in session two
DAYS.
The charter granted by the last General Assem-
by, was on Tuesday rejected by vote of about
three to one.
We learn that Mr.. Badger and B. F. Moore, Esq,
spoke against accepting the charter; and that the
State Treasurer. Mr. Courts, Ex-Gov. Swain, and
Mr. Myers, of Mecklenburg, spoke in favor of it.
Many objections were urged to the charter and
among them the provision authorizing the State to
subscribe certain amount of stock in State bonds
1t was also objected that the capital Of the Bank
would be large that fair profits could not be re-
allied upon it in the way of dividends
1t was also urged that various sections in the
charter are in conflict one with another; and that
in view of this and of the other objections it soould
be too great hazard the part OF the stockholders
to accept the charter and rely on the General As
sem1ly to remedy alleged defects and renore alleged
objections.
The present charter of the Bank will expire in
1860; and the institution will be entitled to rea-
sonable time in which to wind up. We presume
the stockholders will make arrangementsSto close
their business in 1860, within year there
AFTER We do not believe that the Legislature will
grant them another charter. 1t has already grant
ed them two charters; but after the deliberate re-
lection of the last one rendered, of the opn-
ion that the General Assembly would be wanting in
proper selfrespect if it should tender them another
That is our opinion as citizen of the State and
see no reason why we should withhold it.
That the charter just rejected was Objectionable
in respects, none will deny. The State is
deeply interested in the Bank, owning it does
third of the stock-neary one.haf of its productive
School Fund, and one hundred thousand dollars of
the University Fund being vested 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 crampcd in their opera
tons and their profits be lessened, the School Fund
and the University Fund must suffer loss in their
income in the same proportion. The interest of the
stockholders and of the State is therefore, and
indivisible; and this being the case it was not, in
our humble judgment, to be fairly, reasonably,
Justly presumed that the Legislature would refuse
to make such alterations and amendments in the
charter as would be deemed best for them and for
ITSELF But 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 them
selves but we may ad6-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 go to our Common Schools and of the
nj o1c ha ahu aro6 for md
protected. We have no fears on this score. The
Bank of the State, it is to be presumed will begin
in year or two to pay out instruments of its capital
stock, with view to final settlement with the
stockholders; and it will, therefore, be easy
matter to transfer the School Fund to some other
Bank. The Bank of Cape Fear already has $544, 400
of the School Fund, as part of its capital; and,
with the consent Of the stockholders of that nstitu
ton, the $5O27O now in the State Bank can be
subscribed by direction of the Legislature, and paid
in to the Cape Fear Bank-making something over
a million 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 detriment possible to
the currency and business of the country. It has
heretofore 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 in
dispensaby necessary in closing their operations, to
produce hard times" among the people; and we
are also, that they will continue to extend to
the State Treasurer every facility 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? "Suf
hcIent unto the day is the evil thereof" We have
an abiding confidence in the Legislature and in the
people of the State. We do not fear to trust them
nor do ne take it for granted in advance that they
Will do wrong. The whole matter is in their hands,
to be considered and disposed of as to them may
Seem best
fit is expected that any political profit or advan-
tage will result from the rejection of this charter
those who may entertain this expectation will find
themselves mistaken
MEssRs SHAW AND SM1TH.-A rumor has prevail
60 that these gentlemen candidates for Congress in
tne LIST District had had unpleasant personal diff
Ierence which, it was feared, would result in hos
tile meeting We glad to learn that the difficult