Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-02-13
Bank of the State and Bank of Cape Fear.

Bank of the State and Bank of Cape Fear.
The bill to re charter the Bank of the State of N
Carolina introduced into the Senate by MIR. Wilder,
having been amended in that body so as to render it
nearly If not entirely the same the charter grant
ed two years ago, finally passed. and transmitted
to the Commons On the third reading, in the latter
body, motion of Mr. Bledsoe, the Senate bill was
stricken ou and bill to re-charer the same Bank,
introduced by him weeks since, was substtuted
and this bill. after being amended in several particu.
lars, received the sanction of the Commons and went
10 the Senate, where it was passed to enrolment by
large majority.
This bill extends the corporate existence of the
Bank of the Stale of North Carolina to 1885. 1t in
ereases the capital stock now 81 500 000 to $3 OOO
O0O-the State to lake half million, TO be paid in
annual installmenls of 1925, ,O0O in State bonds and
individuals may, within twelve months, take 81 .OOO,-
600; and whatever amount of The latter sum which
may remain unsubscrbed at the end of twelve months
may be laken by the State. New subscribers are 10
have preference the present stockholders in TAX
ing stock. The tax is at present thirty cents per
share, and the limit, beyond which The Legislature
cannot co. one dollar but the dividends may be taxed
TO the SAM extent [and no further) interest on
money loaned. The Bank is required to loan the
State 100000 sixty d.Ys' notice. There is also
provision for issuing, to certain amount, one and
two dollar notes
bill, also introduced by Mr. edsoe, to establish
Sinking Fund, has passed into law. The Com
missoners named in the law are Judge Rufin, Hon.
". j
Fund is e be imposed of dividends on the preferred
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 S5OO,OOO in the Bank of the State, and $500 0O0
in the Bank of Cape Fear-provision having been
made for subscribing the same amount, to be paid in
bonds, to the iatter to the former Bank. These
stocks 10 be he'd in the of the Sinking Fund
and that Fund pledged to redeem the bonds on which
they are based, at par value. If the Banks make len
per cent. the difference, per annum, ia favor of The
Sinking Fund, after paying the Banks the interest
on the bonds, will be $4,000.
| The Objectionable restrictions imposed by the last
Legislature, which granted the charter on the Bank
of Cape Fear, have also been removed and the two
Banks have, We learn, been placed the same foot
lng III every respect with the exception OF the pow
conferred on the Bank of the State 10 issue small
notes. Amy future Legislature may however-anc
II is so provided in the charler-resric the State
Bank to not less than three dollar rotes.
These are important and valuable measures, ant
their author, Mr.. Bedsoe is entitled to much credi
for the zeal and ability with which he has pressed
them en- The attention of the House of Commons |
is impossible to meet every objection, or to secur
every desirable feature in Bank charters. The char
ter of the Bank of the State is believed 10 be Jus
and liberal one and the stockholders, it is thought
will promptly accept it,-Raligh Standard