Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-02-16

After some remarks from Mtssrs. Norwood, Ca.d-
we'll and Baird,
Mr.. Outlaw supported Mr. Norwoods motion.
The bill ought to be carefully examined. lie stated
in ref renee to this road that certificate had been
given that the county of Burke had made her sub
scripton and paid the required advance of per
cent, which certificate afterwards turned out to be
untrue. Mr. o. alluded also to the President of the
n. G. Railroad who had subscribed for $l7O, ,000
and then took contract for $500, 900 or 100000;
and another instance was that of gentleman who
had subscribed 81 100000 to the Cheraw Railroad
He made mention of these instances to show the
House the necessity of carefully locking into the
provisions of the bill. Mr.. Outlaw alluded to the
refusal to his constituents Of small appropriation
but such matters would not affect his action on 9TH
er measures before the House.
The bill then passed its second reading.
Mr.. Norwood moved the bill and amendments be
printed and made the special order for Thursday
evening.
FREE NEGROES.
A bill concerning free negroes was read It pro-
vidcs for removing them from the State after two
years notice.
Mr.. Byrd moved to lay it on the table. Reject
ed-yeas 43, nays 81.
IA very warm discussion took place. the Till was
denounced as cruel and unjust. Messrs. Byrd,
McKoy, Saith, Kerr, Morehead and Drake opposed
the bill Messrs. Reeves and Jones, of Craven, SUI
ported it.
On motion of Mr. Byrd it was indefinitely post
poned-ycas 49, nays %.
BANK OF NORTT-CAR0LINA.
The bill to establish the Bank of North Carolina
was read the second time.
Mr. Ransom was not willing to trespass upon the
House. but it was necessary to make simple state
ment of the provisions of the BILL The bill propos-
ed to charter the bank with capital of two and
hlIf millions of dollars, of which the State was
to subscribe $500, 900 from the Literary Fund and
$780, 900 from the University Fund; the balance
by individuals All of which was to be paid in
specie feature, all other bank charters
specified "sD Gle Or its equivalent" When 100000
was paid in, the bank to 90 into operation.
The bill provided that the bank should redeem
$500, 900 worth of State bonds during the ensuing
two years, and the State should have 10 years to
redeem them. BY purchasing these bonds below
par a great saving would accrue to the State 1t
was also provided that the State should have the
loan of $500, 600 without interest being bonus of
$4,000 per annum as long as the bank was IN eX-
stcnce. 1t was also provided that if the bank made
more than 8 per cent. in two half yearly divdtnds
of per cent, all above that should be paid
for the benefit of the Common School fund.
This provso would prevent speculation, as the bank
cannot benefit from any gain over per cent. This
will rake it the interest of the bank TO accOmmo-
date the people with discounts instead of dealing in
exchange. Any number of branches may be es-
tablished by the directors where necessary If the
Legislature should think proper to refund the loan
of $2oooO0, it would have the power to tax the
bank indirectly but if it accepted it, it could not
tax the bank shares. No bill lower than So could
be issued and future Legislature may prohibit all
under $40. These were the principal features of
the bill the machinery is like all similar institu-
tons He had made enquiry and had no doubt the
stock would be taken. lie also stated if the bank
suspended specie payments it would have to pay -
per cent. interest, and if the suspension continued
longer than 90 days without the consent of the
Governor and Council it would forfeit its charter.
Mr.. Caldwell, of Guilford thought this most in
gcniously constructed bill. lie had no prejudice
against any man or corporation, but he had no hesi-
taon in saying this the State Bank in disguise.
He had no doubt but the friends of that bank would
snap up the stock. Mr. Caldwell alluded to the
Secretary of State lobbying for this bank bill. lie
commented at some length the several clauses of
the bill, and expressed strong opposition to it.
Mr.. Norwood had no connection with banks but
he was bank man, and paper currency man. 1t
could not be abolished without injury to the people.
But if this was scheme to transfer the old share
holders of the State Bank into this one, he op-
posed to it. To prevent this transfer, he would
offer an amendment that no person should subscribe
for than 800 shares, or $40 900 worth.
Mr.. Ransom read from the bill to shew that this
amendment was unnecessary, and declared he had
no interest whatever in banks. He challenged the
closest Investigation to prove the fairness of the BILL
and warmly repclled all nslnuaion against the gen.
tleman that had drafted the bill Air B. T. Moore)
who was gentleman of unimpeachabe integrity
and patriotism Mr.. NJ had drawn up the bill at
his (Mr. RS particular request.
After some debating between Messrs Ransom and
Caldwell,
Mr. Hill, of Halifax, as chairman of the Finance
Committee, wished to correct report that he in
tended to vote # this bill. He thought it was an
improvement III on former bills but, as in point of
taxation it was put upon better footing than the
Cape Fear Bank, he could not support it.
Mr.. Williams objected to the last clause of the
BILL which allowed seven and half millions of pro-
pery belonging to the bank to be eXemp: from tax
atiOn Unless this clause was struck out, he would
not vote for the bill.
Mr.. ,nsom Offered an amendment taxing all rea
and personal estate purchased by the bank.
Mr.. Williams ohjecting to this amendment
when the House adjourned til 7 p. IN.
NIGHT SESSION.
The House met o'clock.
The debate was resumed upon the bill to charter
the Bank of North Carolina.
MIR. Williams read the last clause of the bill and
conten.led that it not only exempted the Bank prop
erty but that of every individual stakeholder As
for the loan Of $780, 900 without interest he locked
upon that as nothing, the money deposited by the
State in the Bank would more than repay them.
Mr.. Caldwell, of Guilford moved to strike out
and insert T, limiting the profits of the Bank to
that amount Reiected-veas So nays &C..
Mr.. Hill, of Halifax, offered new section which
taxes each share 80 cents, and expressly provides
that any future Legislature may tax the Bank equal
to the tax laid the interest Of mony loaned.
Adopted.
Mr.. Caldwell, of Guilford offered an amendment
prohibiting officers Of this bank to hold office in
any other banking institution. Rejected.
States subscription. Adopted
Mr.. Bridgers offered an amendment allowing the
bank to go into operation wien one million is sub
scribed and $3.50 600 in specie paid in-withdrawn.
The bill then passed its second reading-yeas 81,
nays IT,
BANK OF COMMERCE, NEwBERN
On motion Of Mr.. Bryan, Of Craven, this bill was
taken up and read the second time. r.
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