Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-02-02
The STANDARD.
LEGISLATURE OF NORTH CAROLINA.

| FRIDAY, Jan. %, 1859.
| SENATE. ~
| The Senate was called to order at 10 o'clock.
Reports of committees were presented by Messrs
Brown, Speight McKoy, Dobson, Lane, Houston
| Battle, Pool and Gorreli :srf 3.
:: The report and the bill relative to the French
| Broad railroad were ordered to be printed.
Mr.. Walkup presented series of resolutions rela
tive to q military commission on the best means of
| regulating the militia system of the State.
Mr.. Ramsay gave notice that he would offer his
resolution to repeal the order Of daily sessions at
| early day.
| The bill to enlarge the powers Of married women
over their estates in certain passed its third
| reading and was ordered to be engrossed.
The resolution for the relief of Solomon NJ Ray
| passed its third readng-22 to 13-and was ordered
| to be engrossed
| THE BANK OF NORTH CAROLINA.
The bill to establish the Bank of North Carolina,
being the special order, now resumed, the ques-
ton being on its second reading as amended
! Mr.. Pool offered an amendment Out OF order
Mr. Turner would vote against this or any other
bill containing amendments requiring that branches
be located at certain places. The stock in ne such
! bank would be taken.
| Salisbury with Clingman's Peak and Ducktown
He hoped that Senator would extend his travels to
| Salisbury and see what kind of place it was
T. Mr. Worth said he was for the bill without these
4 restrictions but not otherwise The banks should
be allowed to locate branches where the interests of
| commerce required them.
| Mr. Bledsg did not regard the restrictions ma
terial on the present reading. Some such bank was
absolutely necessary. He, (Mr. b. was not at all
personally interested in this or any other bank,
and if better one than the present were proposed
he would support it. He hoped the Senators friend
l. ly to such an institution would get together and
harmonic on some plan. So far the restrictions
on the present bill were concerned he thought Mr.
Worth could vote for the second reading as he was
| satisfied they would be removed on the third.
| Mr. Cunningham moved that branch shall be
located at Oxford. Rejected.
! Mr.. Leach concurred with Mr. Worth.
Mr. Davis moved for branch at Concord. Re-
jected.
The bill then passed its second reading by vote
of "a to IA, of follows:
The following voted in the Observation-Disclosures.
Basnight, Bledse, Blount, Cherry, Cunningham,
l. Dobson, Douthitt, Edney, Flanner, Gilmore, Guy
Their, Houston Lane. Leach, Martini Miller, Ramsay,
Reinhardt, Speight, Steele, Straughan, Thomas
| Ward, and Williams-24.
Boyd Brown, Cowper, Davis Gorrell, Mcdonald
McKoy, Mills, Pool, Taylor, Turner, Whitaker and
Worth-14.
ALLEGHANY COUNTY.
The bill to lay off and establish new county by
the name of Allegheny passed its third reading
without debate by vote Of "a to IT, and was
ordered to be enrolled.
TIE BANK OF LEXINGTON.
On motion of Mr.. Douthitt the bill to establish
the Bank of Lexington was taken up on its second
reading.
The amendments of the committee, not important
were agreed to-
Mr. Gorrell, moved to amend by striking out 'or
their equivalent after the words gold silver coin
&C., in the section providing for the payment of
stock
Mr. Douthitt said this was privilege given to- all
other banks. He hoped Mr.. e. wound not insist
Mr. Gorrell was for putting banks upon proper
basis If stockholders were allowed to put in notes
of other banks in payment of Stock, it would just
amount to a system of betting on paper money.
Mr. Douthtt concurred in the necessity Of putting
banks proper basis; but the parties interested
in this bank were quite as capable of making it as
sound as any other bank in the State.
The amendment was adopted
Mr. Speight moved to limit the issues to notes of
, not less than IS.
Mr. Douthitt desired this bank to be put on an
equality with others. They all had the privilege
of issuing less than except the Bank of the State
Mr. Brown maintained his former position in
reference to small notes. The restriction had lately
been placed upon the charter of the Bank of the
State and that should be pointed to as an example
In order to strengthen his views on this subject,
Mr. B. read from the report of the Secretary of the
! Treasury numerous eminent authorities north and
south, who all concurred in the opinion that to pro-
tect the aborng and poorer classes it not only
expeent to prevent issues of notes below five dol
lars but also those below ten and even twenty dol
lars
Mr. Edney considered it unfair and unjust to place
this restriction on the banks of the State He did
not admire this opposition coming from Senator
who would vote against the bill even with the amend
! ment engrafted on it.
Mr. Thomas cold fho Sonotor xvho bod p&ro3,,,oJ
! the bill was satisfied with the restriction
Mr.. Brown felt called upon to say, in reply to Mr..
E1ney, that when he took his seat on that floor it
| was with no determination to wage upon paper
currency. He was fully aware of the fact Of the
people of the State being favor of banks Buthe de-
sired to put the banks sure footing and to guard
thepeople against their He contendeditwas
better for the people to restrict these small notes.
and it also better for the banks themselves as
it kept larger amount of specie in circulation from
which the banks could recruit themselves, whereas
| in the absence of plentiful specie currency they
had no resource to rely on in their hour OF peril or
| embarrassment. A just, honest and upright system
would not only tend to strengthen the banks but
would also harmonize with the feelings and the in
terests of the people.
| The amendment was adopted.
| Mr. Leach amended the 10th section by striking
out the provision authorizing the bank to enquire on
oath, if necessary, if any demand made is for any
| othey bank.
l. Mr.. Speight offered an amendment in conformity
| with the first one. Adopted.
Mr.. Leach offered amendment by which the
accounts of private stockholders other than direc-
tors could be examined. Rejected
| Mr.. Steele offered to amend by substituting 10
cents for 12 the tax each share of stock, &C.,
Adopted.
Mr.. Worth would vote against the bill as calcu-
lated with Others to prevent the establishment of
such bank was required for the fiscal purposes
of the State
Mr.. Steele would not base his vote upon any such
consideration. At the proper time he would show
that other and different reasons existed to control
him in his course towards this bank for fiscal pur
| pOses =a-#