Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-02-12

TWO ysosA and tAs sState should have 70 years to
redeem them By Purchasing these bdndS belew
PsI, great saving would accrue To- the State Il
Was also provided that the State should have the
Loan Of 100000 without interest being . bonus Of
!!1,OoO per annum, As long Is the bank MAS in sx-
lssencs i was also provided that If the bank made
more than per cent in two half yearly dividends
OF per cent, al above that sum should be paid
ov~ Tor the benefit Of the Common School fund.
This proviso Gould prevent speculation Is the bank
cannot benefit from any gain over per cent, This
Will make it the interest of the bank to accommo
date the people with discounts instead Of dealing in
exchange. ANY number Of branches may be e.
tablished by the directors where necessary. IF the
Legislature should think proper to refund the loan
Of 500, 900, 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 % 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. He also stated(f the bank
suspended specie payments it would have to nav l2
per cent. interest and if the suspension continued
longer than 80 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 He had no prejudice
against any man or corporation but he had no hest
tation 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 He
commented at some length on the several clauses Of
inc Dill ana expressed strong opposition to it
Mr. Norwood had no connection with banks, but
he was bank man, and a paper currency nan. II
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 was OBJ
posed to it. To prevent this transfer, he would
offer an amendment that no person should subscribe
for more than 500 shares or $4,000 worth.
Mr.. Ransom read from the bill to show 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 rcpeled all insinuation against the gen.
heman that had drafted the bill (Mr. b. F. Moorc,)
who was gentleman Of unimpcachablc integrity
and patriotism. Mr.. N. had drawn up the bill at
his (Mr. R's) particular request.
After some debating between Mcssrs Ransom and
Caldwell,
Mr.. Hill, of Halifax, as chairman Of the Finance
Committee wished to correct a report that he in.
tended to vote for this bill. He thought it was an
improvement upon 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-
perty belonging to the bank to be exempt from tax.
alton. Unless this clause was struck out he would
not vote for the bill.
Mr.. Ransom offered an amendment taxing all real
and personal estate purchased by the hank.
Mr.. Williams was objectng to this amendment
when the House adjourned til Z p IN.
NIGHT SESSION.
The House met o'clock.
The debate was resumed upon the bill to charter
the Bank of North Carolina.
Mr. Williams read the last clause Of the bill and
contended that it not only exempted the Bank prop
erty, but that of every individual stakeholder As
for the loan Of S2O0OO0 without interest he looked
upon that rs 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 Z, limiting the profits of the Bank to
that amount Rejcctcd-ycas 3d. nays &c.
Mr.. Hill, of Halifax, offered a new section which
taxes each share 80 cents, and expressly provides
that any future Legislature may tax the Bank equal
to the tax laid on the interest Of mony loaned
Adopted.
Mr.. Caldwell, of Guford, offered an amendment
prohibiting officers of this bank to hold Office in
any other banking institution. Rejected
Mr.. Smith offered an amendment relative to thu
States subscription. Adopted
Mr.. Bridgers offered an amendment allowing III,
bank to 90 into operation when one million is sub
scribed and $3.50 900 in specie paid in-withdrawn
The bill then passed its second rcading-yeas 81
nays II.
BANK OF COMMERCE, NEwBERx.
On motion of Mr.. Bryan, Of Craven, this bill wa
taken up and read the second time.
! Mr. Fries offered an amendment that all note
above the value Of IS should be the multiple Of $40
| Adopted.
| Mr. Dortch moved that Branch Bank be cstab
lishcd in Goldsboro', Wayne county. Adopted.
Mr.. Ferebec offered an amendment that the banl
| shall make an exhibit of its affairs quarterly. Ad
opted
| Mr.. Dortch moved to strike out and inscr
100000 capital stock. Adopted.
The bill then passed its second reading-ycas 81
nays ~.
On motion of Mr. Bullock, the bin to authoriz
the Petersburg Railroad Company to construct
railroad from Garysburg to Weldon was taken ar
Some objection being made by Mr.. Smith to tn
proviso allowing double damages for the land usct
Mr.. Ransom stated this hill was offered by I'll
company, and he thought there ought to he no oil
ection if they we're satisfied, for himself he wa
and had been in favor Of free charter in the
way. =,
clause allowing double damages" was adopted
+ Mr. Ransom offered substitute for the bill gi'
ing them free charter to take the most convcncr
route. Thus amended the bill passed its third rca'
ing.
The bill to charter the Fayetteville branch Of Il
Wilmington and Weldon Railroad was read the Sc
ond and third times.
Mr.. Foy offered an amendment extending the roa
East to Beaufort Harbor. Rejected.
The resolution granting an additional appropri
of $1,000 to the State Agricultural Society.
Mr.. Pritchard offered an amendment that Il
State Agricultural Society shall not hold its annu
meetings more than two years in one place, and tn
its next meeting be held in the town Of Chariot
if proper accommodation is furnished for the use
the Society's exhibition. Adopted
The resolution was rejected 50, nays 50.
The House then adjourned.
THURSDAY, Feb. 10, 1859.
. SENATE.
!, The Senate was called to order at 10 o'clock.
Mr.. Houston presented the report Of the comm
tee on the National Monument in Philadelphia, .
companied by bill The report was ordered to
printed.
; Mr. Turner offered series Of resolutions rclati
7 to the Island Of Cuba and made speech in thu
support
MIR. Martin effectualy replied by moving they
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