Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-01-26


and the evil would ultimately be removed He re-
garded small notes rs an evil.
Mr. Ramsay had endorsed the repeal Of the gene
raj aw last session in difference to the wishes Of the
people upon whom republican forms of government
were based. He thought this bank should be put
on footing with others. The former restrictions
resulted in the violation of the law and similar re-
strictions would result so again, Small notes were
used as change. He never losta cent by worn
out note yet The banks were bound to redeem
them. The absence of hard money he attributed
to exchange being against US and to the policy of
the general government in this matter.
Mr.. Worth denied that the issue of notes less
than five dollars excluded change. He could not
see but to the contrary. He opposed the amend
ment, because he thought the effect of it would be
the reverse Of what was expected
Mr. Brown would answer by facts not to be ques-
toned. He instanced the District of Columbia,
which was inundated with small bills till Congress
passed stringent law to prohibit them and the con.
sequence of that was an abundance Of gold and
silver, and no such nuisance as note under five
dollars. The beneficial effects in Virginia, from q
similar policy, he had personal knowledge Of The
same too in Maryland; gold and silver were album
dant in Baltimore and all over the State Herefered
to the opinion of eminent men: in Great Britain,
during the administration Of the younger Pitt, it
was proposed to issue one and two pound notes !;
but that sagacious statesman declared that if they
did, before long there would not be seen guinea
in England; the cheaper currency would drive
them out Mr. Brown pursued the subject, and in
conclusion said that if it was the intention to give
to the banks the monopoly of the whole currency,
down to one dollar, then the banks had conquered
the people He meant no reflection.
Mr.. Thomas knew from personal observation that
what had been stated relative to Washington City
and Baltimore was correct and he proceeded to
show the reverse of it He thought it strange that
banks should seek the privilege of issuing small
notes if there was no benefit in it Every bank
that got this privilege would use its influence against
general change when sought to be brought about
The arguments advanced had almost changed his
course on the BILL lie remembered the effects Of
small notes on the people of the west; they had
had their fingers burnt; and when other sections
suffered as they had they, too, would seek the
change. There would be no difficulty in getting
specie. He favored the scheme of paying the school
fund in specie. He agreed with Mr.. Brown that the
true policy of the government to keep down de-
preciated currency Bank notes, if properly guard
ed, were beneficial to commerce and industry but
it was not the case with small ones as circulating
medium He proposed to return to the old policy,
and the people Of the State appeared to desire It
We were now guarded by Virginia and South.
Carolina.
Mr.. Speight had always been opposed to small
notes but two years ago the restriction was repeal
Bank of Cape Fear, and now regretted that vote.
He would now however, return to his original posi-
ton and would oppose all notes under five dollars
Mr.. Cherry had thought it but just to put this
bank on footing with others; but, on reflection,
he felt bound to vote for the amendment
The amendment was adopted-ayes %, nays IT.
Mr.. Guyther tried to get the floor, to explain that
on the committee on banks and currency he moved
to strike out So and insert So, but failed
Mr.. Cowper offered another amendment reservine
to the State the right to prohibit issues less than
$40, but withdrew it.
On motion of Mr.. Steele, the provision reserving
to the State the right to limit the issues to IS was
stricken out as surplusage
Mr. Pitchford moved to strike out the first proviso
to the 46th sec. His object he explained to be to
enable the State to increase the tax on shares of
stock over one hundred dollars if necessary hereaf
Ter. He did not entertain any hostile feeling to
this any other bank but he desired to be left at
liberty to deal with this or any other bank, without
regard to Others The provision to be stricken out
provided that the State should have power to taz
the stock in this bank high as that of any other
in existence or to be hereafter chartered
Mr.. Ramsay agreed in the abstract principle, but
was opposed to giving the legislature power to dis
criminate against this bank.
Mr.. Cherry was opposed to blanks in charters.
Capitalists should know what they were doing in
making their investments.
Mr.. Leach was opposed to tying the hands Of
future legislatures
Mr.. Lane said the stock would not be taken Il
the amendment were adopted He thought it sufi.
cient if the legislature had full power over dividends
Mr.. Pitchford knew corporations were slow to put
faith in legislatures Others though they lived on
the faith reposed in them BY Others
Mr. Cherry asked if any other species of property
was taxed more than 81 in the 800?
Mr.. Pitchford.-I don't say this is taxed to thai
amount =
Mr. Cherry knew it would be taxed as high a.
any other bank stock.
Mr. Gorrell thought it useless to pass the bill i
so amended as to prevent the stock from bein,
taken. This property would be taxed 81, while
land paid only Is cents and negroes cents Their
the dividends were to be taxed Also and this woulG
bring up the sum to S1.4 cents for every 800
with prospect of it going still higher as money al
interest went up.
Mr.. Pool was for striking out, and gave his rea
son. It might not be necessary to tax the stock at
ALL or it might be necessary to increase the tax
The opposition to the amendment argued distrust
of the legislature.
Mr.. Bledsoe asked Mr. Pool if he could conceive
case in which the State could tax one bank highe,
than another or in which it would be just to do so
He charged Mr.. P. with voting for the Cape Feal
| bank charter with precisely the same clause. i
was proposed to Leave the tax on shares open while
the power to tax dividends was reserved and alst
an unlimited power over the franchise. There wa:
no other property in the State taxed equal to banl
property. Equality was all that was required
Mr. Pool might imagine case in which the Stat
had an interest and, for certain considerations De
sired to impose no tax. A case might happen where
by accident this provision was omitted and no powe
to tax remained with the State, and which would b
| seized upon by this and other banks to resist tn
| payment Of any tax.
Mr. Bledsoe hoped Mr.. Pool would continue +
maintain the position occupied by him to-day, AM
allow no property to go untaxed fof period Q
thirty years. Opposition to the amendment did no
necessarily imply distrust Of the legislature;
was an improper view of the matter
| Mr.. Turner asked how it would do to apply Mi
/ Lanes argument to negroes and land-not retail
| power to increase the taxesi How would the Stat
debt be paid,
| Mr.. Lane-The dividends remain fully in til