Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-12-18

word corporation" wherever it occurs and to leave
the law in force applied to individuals The
hardship to the bank was selfevident and needed
Nc argument 1t was simply proposed to put this
bank on equality with Others
motion to reconsider the vote adopting the
amendment was rejected.
Mr.. Steele opposed the BILL as it gave this bank
an advantage instead of putting it on level with
others, by compelling banks without branches to
pay the demands of one branch in specie while hav-
ing plenty of the notes of another branch on hand
Mr.. Bledsoe maintained that the word corpora
ton in the 18th section, placed this bank in
embarrassing position and illustrated it by supposng
case in which the principal bank of Cape Fear
had claim of $4,000 on say the Bank of Will
mngton. The Bank of Wilmington has $4,000
of the notes of the Bank of Cape Fear-$2O, 600 of
which arc the issues of various branches and slO,-
600 the issue of the principal bank. The demand is
met by the Bank of Wilmington with the notes of
the branches from which the principal bank gets no
relief in specie or notes payable in Wilmington but
Immediately afterwards the Bank of Wilming ton
makes a demand on the principal Bank of Cape Fear
for the redemption in specie of the $40 600 payable
at that point and thereby aggravates the banks en-
barrassments. And in this connection Mr. Bledsoe
reminded the Senate that of the million and half
of capital of the Bank of Cape Fear, but 100000
was held in Wilmington-the residue being dstrib
uted among its branches, and asserted that it was
unreasonable to expect the principal hank any of
its branches to meet the liabilities of the whole cor
poration.
Mr.. Brown concurred with Mr.. Bletlsoe Under
the existing charter the principal bank would be
compelled to keep sufficiet specie hand to meet
the issues of all its branches as we'll as its own 1t
placed this bank at the mercy of others. If how
ever, investigation, it worked injustice to other
banks, he would oppose its adoption.
Mr.. Steele denied the 18th section gave any such
power to local banks as to require such supply of
specie. 1t merely gave power to settle claims, not
IN md nav fnfnn tn
Mr.. Brown. If that be the Senator's view, why
oppose the bill {? There could be no reason in the
opposition.
Mr.. Ashe concurred in the views of Messrs Bed-
and Brown. The bank was required by its char
ter to establish branches and it was unreasonable
to expect each of them to keep gold and silver
to meet the issues of all the rest including the prin-
cipaI bank. AS to small notes. he OIr Az had al
ways been and was yet hard money" man. He
would be glad to see every bank limit its notes to
$50. The Bank of Cape Fear would willingly &C
quiesee in general law to that effect but it object
ed to being Disseminated against. Mr. AShe allud-
ed to the disadvantage this bank lahored under as
compared with the Bank of the State in the deposits
made by the public treasurer, who received a large
amount of small notes in his settlements with sher-
ifs, which this bank could not receive under So
because she could not pay them ont. He concluded
by urging the amendment as to Directors being made
proxies-otherwse large proportion of the stock
in the bank would 90 unrepresented. it being incon-
venient for stockholders at distance to attend on all
occasions.
Mr. Donnell did not understand that the principal
bank was bound to receive notes of its branches.
He concurred with Mr.. Steele The bank had suf.
fered nothing under the present charter and he
would vote against the bill
Mr. Turner said the purpose of the law was to
protect the little banks which had no power to in
,jure the big ones. If little did make a run,
the big ones had ample means of retaliating by &C
!
would be heard of The Cape Fear Bank
subject to restrictions not placed upon the
State Bank But the State Bank refused its charter
He admitted the Bank of CAPE Fear had acted better
and it would have been we'll if the State Bank had
pursued the same liberal policy. If the State Bank
should be rechartered, he CHR. T would insist upon
the same restrictions, and the friends of the Cape
Fear Bank should do so too. In conclusion he said
the 18th section restricted the large EinkS-thcy
could keep the little ones in their place.
Mr. Edney desired to understand the question
Here the Senate became somewhat mixed" and
it appeared hard matter to get it straight
Mr.. Edney declared that any bank that would not
receive the notes gifts branches in payment of debts
should not have charter.
Mr. Lane thought Senators had got the matter in
a fog and proceeded to clear it up by statement of
the question. Every bank or branch should redeem
its issues and other. Was in favor of nirec-
tors acting as proxes-had not dollar in bank
stock, and never expected to have. Would vote for
the bill.
Messrs Edney and Pool took exception to the re-
port of the committee
Mr.. Edney moved to rc-commit the bill to enable
the committee to amend their report.
Mr.. Worth no necessity TO: that, but moved
to postpone its further consideration
Mr.. Brown thought that if the report not plain
enough it was an easy matter for Senators to make
it palmer by amendments. He saw no grounds for
criticism-but Messrs Edney and Pool might belong
to those who
"-- have optics keen
To see what is no, to be seen"
0aughter)
Mr.. Edney 1t is not unusual for gentlemen to
see matter very plainly and totally fail to make
others see it So Continued laughter.)
The motion to re-commit the bill prevailed
Mr.. Thomas moved to rc-commit his bill to incOr-
porate the North Carolina Central Atlantic and Pa
cifc Railroad Company 1t being special order
for to-day and the hour having been consumed,
Mr.. Martin moved to adjourn; Mr.. Thomas de-
manded the ayes and noes Mr.. Martin withdrew
the motion; Mr.. Turner renewed it; Mr. Thomas
renewed his demand, but withdrew it. and the Sen
ate adjourned at about o'clock.
HOUSE OF COMMONS.
At halfpast nine o'clock the House was called to
order.
MEMORIALS.
Mr.: Reeves presented memorial from nearly
1000 citizens of the county of Surry asking for the
opening of the Yadkin river.
Mr. Walker presented memorial from certain
citizens for an alteration of the law relative to slam
| der
Mr. Dula presented a memorial relative to the
| liquor traffic
| A number of reports received from standing
committees among which were reports adverse to
the establishment of new counties by the name Of
Bragg and Dobbin.
| RESOLUTIONS.
Mr.. Tomlinson's resolution that bill should
be printed without the recommendation of the com
mittee to whom it was referred, was lost by vote
of 30 to 49, two-thirds not voting in its favor
Mr.. Walker, a resolution relative to Cherokee
| lands.