Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-07-23

he said The better opinion seemed to he that the
charter of the Merchants hank forfeited in con.
sequence of the stock not having been sulscr'',cs
within the prescribed time. II was true: he said,
the amount Of stock at first subscribed In Ncwhcrn.
to this Bank was not very large; but since tho re
opening Of the books it had been much increased
lie warmly contcndcd for the Bran'h and could see
no reason why it should not be located u might
be question Of time but Of its necessity and ad'
vantage there could he no question
Col. Andrews advocated tho Goldshoro' Branch
In that town they had no banking facilities at all
Enterprise Vas crippled completely. There Was no
conflict with other placcs-Ncwbcrn. Wilmington
and Raleigh were willing they should have this
Branch, and the capital was quite ample to allow T.
Il =. Moore, Esq, as ono Of the committee. denied
that any town had been denied a Branch. The OBJ
iect of the resolution was to establish branches
where they could be successfully conducted as under
the old hank. Newborn had been stricken fro's
the list because a sorry business had been done
there before It was the opinion that sufficient
amount Of stock had not been subscribed to secure
the efficient management Of the Branch. lie spoke
Of the amount Of stock yet to be subscribed and 81
the probability Of Newborn not having enough
left to her to secure the requisite good management
Referring to Goldsboro. he urged the difficulties In
the way Mt prcscnt-thc necessary delay in gcttin.
to work-thc expenses Of houses officers. &c, and
to the large amount Of gold and silver on hand and
for which little or no employment could be found
for two to three months to come. lie did not con-
slider it expedicnt to make experiments on Branches
at such time and there was no policy in establish
ing Branches where no business would DC done. II
was the most economical course to look to those
points at present where the best business could nc
done. BY the next meeting all necessary infcrms.
ton would be had. As general rule he would
rather deny Branch ut proper place than risk
one at an improper one
Hon. Jno. H. Bryan advocated tho establishment
of Branches at GoldSboro' and Newborn. In refer
ence to Goldsboro' he had had frequent business
transactions with the people Of Wayne. ani nc hal
always found them honest and reliable. II there
were anything in the objection that GoliSboro was
"too fast" land he did not say there was,l that
should not be made to work to the prejudice OF The
people Of Wayne county. Mr.. r. said the value OF
land in Wayne had increased more than double in
few years. As to Newborn. he hoped its case would
he we'll considered lie alluded to the progress Of
trade and commerce in that town, and to the char
acter of its business men.
Mr. Moore here explained that nc had alluded to
the number Of capable men likely to TIC got from the
present stockholders in Ncwbcrn. lie lid not mean
to reflect on their standing or capacities.
DR.. Guyon cited tho names of the principal stock
holders to show them to be capable and sufficient in
number, and also that the amount subscribed was
BY no means incnnsiaerable.
Hon. Jno. II. Bryan resumed. He sllmlCd to the
history Of the Merchants hank, established in 1885,
to show that banking had been safely and probably
conducted there. lie hoped the claims Of Colds
boro and Newbcrn were hut suspended. and would
be favoraby considered a; the proper time.
B. F. MOORE Esq. followed lie spoke as mem.
had not been discussed on committee lie had
charge Of several applications himself. which he
might urge at the proper time. But at present Il
was deemed best to follow the safest course.
Jas. W. Bryan, ESP, followed in support of the
Branch at Ncwbcrn.
Hon. Geo E. Badger said this was ono Of the
most important considerations. The safety of the
Bank was involved in this lsranchin. power. One
n step was taken in that direction il could not bc
retraced. Ncwbern. he said, was his mother too;
but that was not the question. What hal this feel
ing to do with the establishment of hank. The
real question had been overlooked in this reverence
for home. He pointed out the true conditions fnr
the safe and profitable prosecution Of banking h,S,
ness. These were accommodation to the public
and profit to the stockholders. II these did not
exist. failure was inevitable. The principle adopted
by the committee he considered the true ono. They
judge by what has been done in the experience OF
the old Bank 1t was useless to talk Of establish.
ing branches as complmcnts--that was not our pur-
pose, he said. lie urged cNailplc the case Of
Elizabeth City cited by Mr. Moore. lie also alluded
to the present condition Of the bank at Ncwbcrn.
with capital Of 100000. and Of that 5000 mo-,
taken. lie considered these applications premature
in view Of the prospects. lie would support the
resolutions Of the committee.
Geo. W. Mordecai, Esq, reviewed the arguments
urged for these Branches. More than half Of the
stock subscribed could reasonably he expected to
be paid in by the time the next ihstalmcnt became
due. The object Of the committee was to be GOV.
erncd by past experience. For the las, five or six
years at least the Newborn hank had not been able
to divide more than per cent per annum. When
he took the affairs Of the old hank in hand he found
large unemployed capital in the Ncwbcrn bank.
than per cent could he declared while the other
capital Of the bank paid 10 per cent lie had in.
tention to disparage Newborn. but her bank was
Mr.: Mordecai pursued the matter at considerable
length
Quite a spicy cross-frc now ensucd between
Mcssrs. Mordccsi and Badger and DR.. Guyon-
The application for Branches at Goldsboro' and
Newbern were ultimately withdrawn to he LEFT "a
the Board Of Directors, and the report Of the com
mittec was unanimously adopted.
Jno. W. Cunningham, ESQ.,. now made the follow
ing report on the election Of Directors:
Whole number Of votes cast a,5oa
Necessary to choice, l,75l
*Geo W. Mordecai. s,5os
@Jno II. Bryan, ST., 1880
+B. F. Moore, 3.al4
u. w. B. Watson, Ass
*Chas. Manly, a.sas
*. P. Battle, 2,779
ID. NJ Barrnger, 1850
@George f. Badger, 1855
| Wesley Jones, T54
VIM A. Graham 6Sl