Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-07-15
Bank of the State of North Carolina.

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-
bly,, 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-G 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 so large that fair profits could not be
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 1T acoud
be too great hazard the part Of the stockholders
to accept the charter aud rely ON the General as
se6zy to remedy alleged defects and remoce alleged
objections.
The present charter of the Bank will expire in
1860; and the institution will be entitled
sonable time in which to wind up. We presume
the stockholders will make arrangements to close
their business in 1860, or within year SO 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 rendered of the opin-
ion that the General Assembly would be wanting in
proper serespect if it should tender them another.
That is our opinion citizen of the State, and we
see no reason why we should withhold it.
That the charter just rejected was Objectionable
in some respects, none will deny. The State is
deeply interested in the Bank, owning it does
third of the stock-neary one.half 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
tions and their profits be lessened, the School Fund
and the University Fund must suffer loss in their
income in the proportion. The interest of the
stockholders and of thaState is therefore, one and
indivisble and this being the case, it not, in
our humble judgment, to be fairly, or 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
u
their interests and for taking care of them
selves; but we may add-and we do it in unknd
sprit-that with one hundred thousand voters to
uphold them, the interests Of the children of the
State who 90 to our Common Schools, and of the
University, will also be abundantly cared for and
protected. We have fears on this score The
Bank of the State, it is to be presumed, will begin
in year two to pay out instalments of its capital
stock with view to final settlement 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.- as part of its capital; and,
with the consent of the stockholders of that institu-
ton, the $500. 700 in the State Bank can be
subscribed, by direction Of the Legislature, and paid
in to the Cape Fear Bank-making something over
million of dollars of the School Fund invested in
the latter ...
The Bank of the State will, we doubt not wind
up it's affairs with as little detrment as possible to
the currepcy and business of the country. 1t 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,
dspensably necessary in closing their operations
produce hard times" among the people; and we
ae sure dSO, tnaI tney VIII COntinue ~ eAte4u ~
the State Treasurer every facility which they can,
to enable him to meet promptly the interest on the
State bonds in New York. tNs ..
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.caIled
Peoples Bank " be forced on the people? "Suf
hc'ent 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,
"or 90 me take it for granted in advance that they
Will 90 wrong. The whole matter is in their hands,