The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-02-10
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
ill that body so as to render it nearly, if moi
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 O.
Mr. Bledsoe, the Senate bill was stricken
out, and bill to re-charter the same Bank
introduced by him some weeks since, was
substituted; and this bill, after being amend
ed in several particulars, received the
sanction of the Commons, and went to the
Senate, where it was passed to enrolment
by large majority.
This bill extends the corporate existence
Of the Bank of the State of North-C Carolina
to 1885. 1t increases the capital stock, now
$l,500,OOO, to $4,000, OOO-the State to
take half million, to be paid in annual
lnstalments of $4,000, in State bonds;
and individuals may, within twelve months,
take 81 100000; and whatever amount of
the latter sum which may remain I'M
subscribed at the end of twelve months.
may be taken by the State. New sub
scrlbers are to have preference over the
present stockholders in taking stock. The
tax is at present thirty cents per share, and
the limit, beyond which the Legislature
cannot go, one dollar; but the dividends
may be taxed to the same extent land no
further) as interest on money loaned. The
Bank is required to loan the State 100000
on sixty days notice. There is also
provision for issuing to certain amount,
one and two dollar notes.
"A bill, also introduced by Mr. Bledsoe, to
establish a Sinking Fund, has passed into
a law. The Commissioners named in the
law are Judge Ruffin, Hon. D. L. Swain,
and Hon. Weldon n Edwards The Fund
is to be composed 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 100000 in the Bank of tie State. and
100000 in the Bank of Cape Fear
provision having been made for subscribing
the same amount, to be paid in bonds, to
the latter as to the former Bank. These
stocks are to be held in the name of the
Sinking Fund, and that Fund is pledged to
redeem the bonds on which they are based,
at par value. If the Banks make ten per
cent, the difference, per annum, in favor of
the Sinking Fund, after paying to 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 on 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, however-and it is so
provided in the charter-restrict the State
Bank to not less than three dollar notes.
These are important and valuable measures
and their author, Mr. Bledsoe, is entitled to
much credit for the zeal and ability with
which he has pressed them on the attention
of the House of Commons. It's impossible
to meet every objection, or to secure every
desirable feature in Bank charters The
charter of the Bank of the State is believed
to be just and liberal one; and the
stockholders, it is thought, viii promptly
accept it.-Raleigh Standard.
ELEcT1oN.-On Saturday last vote was
taken on the .f0e gallon law, which was
negatived by very decided majority in
favor of License. The vote stood thus:
For License, s6
Against License, Is
We learn that there will be several |
applications made for License to sell spirits |
by the drink. This result was occasioned |
principally from the fact that the law had
not the beneficial effects as was anticipated
by its friends;-many, very many who
voted for it one and two years ago, voted
against it this year.-.Salisbury Banner.
SHOCKING DEATH.--The last Weekly |
News, published in Madison, N. c.. says
"a body, supposed to be that of Mr. Arthur
Mcdonald, scotchman, who lived in the
of Leakville, was found frozen
about nine miles north of Madison. The
body was in rather strange condition
lying in the snow with shoes, socks. coat
and vest off. having bottle of liquor in one
mock eft When drink;n~ h.n11