Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-02-04
Bank of the State and Bank of Cape Fear.


The bill to re.charter the Bank of the State OF
North Carolina, introduced into the Senate by Mr..
Wilder, having been amended in that body so to
render it nearly, if not entirely the same as the
charter granted two years ago, finally passed, and
was transmitted to the Commons. On the third
reading, in the latter body, on motion Of Mr. Blcd-
soe the Senate bill was sticken out, and bill to
recharer the same Bank, introduced by him some
weeks since, was substituted; and this bill, after
being amended in several particulars, received the
sanction OF the Commons, and went to the Senate,
where it was passed to enrol ent by large ma
jory.
This bill extends the corporate existence OF the
Bank of the State of North Carolina to 1885. 1t in
creaSes the capital stock 81 500 00O to So 0O0,
OO0-the State to take half million, to be paid in
annual instalments of 1925, OO0 in State bonds and
individuals may within twelve months, take 81 ,O0O
coo and whatever amount Of the latter sum which
may remain unsubscribed at the end of twelve
months, may be taken by the State. New SUBJ
scribers are to have preference the present
stockholders in taking stock. The tax is at present
thirty cents per share and the limit, beyond which
the Legislature cannot go, dollar; but the dvi-
dends may be taxed to the extent land no fur
ther) as interest money loaned. The Bank is
required to loan the State 100000 on sixty days
notice. There is also provision for issuing, to a
certain amount and two dollar notes.
A bill, also introduced by Mr. Bledsoc, to cstab-
sh a Sinking Fund, has passed into a law. The
Commissioners named in the law Judge Ruffin,
Hon. D. L. Swain, and Hon. Weldon N. Edwards.
The Fund is to be composed of dividends the pre-
ferred stock in the North Carolina Road, the tax
on the stock of the Bank of Cape Fear and the Bank
of the State and of dividends derived from the
States stock of $500 0CO in the Bank of the State,
and $500, OCO in the Bank of Cape Fear-provison
having been made for subscribing the same amount,
to be paid in bonds to the latter to the former
Bank These stocks are to be held in the name of
the Sinking Fund, and that Fund is pledged to re-
deem the bonds on which they based at par
value. If the Banks make ten per cent. the differ.
ence per annum. in favor of the Sinking Fund after
paying to the Banks the interest the bonds will
be $4,000.
The Objectionable restrictions imposed by the last
Legislature which granted the charter, the Bank
of Cape Fear, have also been removed; and the two
Banks have, we learn, been placed the same
footing in every respect with the exception OF the
power conferred on the Bank Of the State to issue
small notes. Any future Legislature may, howev-
Grand it is provided in the chartcr-restrict the
State Bank to not less than three dollar notes.
These are important and valuable measures, and
their author, Mr.. Bedsoc is entitled to much credit
for the zeal and ability with which he has pressed
them on the attention of the House of Commons. 1t
is impossible to meet every objection, to secure
every desirable feature in Bank charters. The char.
ter OF the Bank Of the State is believed to be just
and liberal one and observation-disclosures, it is thought
will promptly accept it: