Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-04-08

dAtcT ING StOChuOiucfS Ouc
the present dominant party gave them another The
fact is the corporation did not solicit re-charter at
the late session. but determined, after rejection of
the charter of 1854 to leave the matter entirely to
such action as that body might deem advisable The
corporation thought it respectful however, to the
sovereign authority, to make known the reasons for
rejecting the charter of 1854 and it was done in
becoming manner. The bill int, oduced into the Sc
nate, at an early period of the session. for rechar-
ter, was prepared by two of the stockholders
at the request of a most respectable committee of
the Senate. The present act, in all its essentials is
unlike that, and contains very much that was set
forth in their memorial Objectionable the stock
holders when they considered the charter of 1864.
This is not mentioned matter of complaint, but
to relieve the corporation from all charge of being
whimsical, dctatorial, ungrateful. Most undoubt-
eddy, it was the duty of the Legislature to prescribe
just such contract as they deemed right; and the
present corporation has no right to complain of it.
The bank has enjoyed, without nfraction, all its
chartered rights and, in drawing to a close, should
lay down its being without murmur.
" cannot consent to act himself nor to advise
others to act under the apprehension, Gf in fact,
there be sufficient cause for IT'D that the Legislature
will not tender more favorable charter. If that
now offered is rejected, it will be done very reuc
family, and only under high sense of duty, and
conviction that private interests demand it. Ger
tainly, no impartial can impute blame to the
stockholders, if they decline protfered bargain to
to, will bind them hand and foot for twenty-five
years, without any right to relief it, in their judg-
ment, the Investment of that capital can be better
made in many places out of the State, and acorse
made in none in the State.
Nor can a " consent to take counsel of the ap-
prehenson. that the peoples bank" may be estab'
lished if this charter is rejected In his opinion no
argument can effcctually recommend that bank,
will failure of the bank of the State, after be-
ing re-chartered, to realize the confident anticipa-
tons of the high dividends, which will be inspired
by the success Of its past existence.
II the main objections to the offered charter shall,
in tie minds of the stockholders, consist in the con-
Trajectory provisions therein to be found, mercy as
TO the machinery. the Legislature may be relied on
to afford the necessary redress. There others,
however, affecting the States suhscr rton--the
amount absolu.ely-the amount coming enly-when
the bonds shall be rcdeemable and the amount of
stock, with other matters which must become fixed
and settled rights before the next meeting of that
body. As to these, the difficulties very great
perhaps. however, not inSurmountable.
g. does not feel any such alarm, at the idea of
declining to accept the charter as you seem to ap
prehcnd. In that event. the present bank will doubt
less do its current and regular business to the last
honr Of its existence in 1860 and then it has three
years to wind up its affairs In the coming year
other Legislature will assemble. and be able per-
haps, to enlist in another bank those capitalists who
may de sire to become stockholders in this. In the
meantime, " \ knows that the present Stockho!d-
will do nothing to embarrass the finances of the
State but will, at all times heretofore. afford
cry assistance in the power of the bank to aid the
treasury, and make lis own exit quie: possible
The purpose Of g A" has been to invite attention,
and he will feel much obliged to any one who will
cnlighen the public mind on this Interesting sub
iect In conclusion, he takes occasion to thank you
for the correction of into which he fell in
relation to the transfer of the dividends of the W.
W. Railroad Company TO the Sinking Fund They,
doubtless, yet belong to the Scool Fund. And the
consequence is, that the Sinking Fund is not am.
pie as was supposed, for redemption of State bonds
subscribed as stock.