Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-02-09

suS POliSy vi CuCu d power Vi
franchise should be examined to the bottom to see if it
was in sound and healthy condition. The best inan-
cal authority the State that the interests of the
people and the State required that all banks ought
to be wound up at the expiration of their charters
1t was the duty of the Legislature to keep an eye
upon them to see that the currency was in sound
condition. This principle admitted in the limi-
tation of the charters; and the constitution itself
was against perpetuities and monopolies, because
they gave rise to arstocracies. The published state
ments of the banks could not be understood save
by those managing them. Mr.. S. continued at
length In conclusion he said it had been imti,nat-
ed to him. out of the Senate that his course in this
matter might do him political injury. If that
was so-f he was to suffer politically or personally
by conscientious discharge of his duty to the State
why let him sink. But there was no living power,
no man nor set of men, could drive him from what
he deemed to be right.
Mr.. Ramsay made few remarks in reply to Mr.
S. He would vote for this bill-but if it did not
pass he would vote for some other.
Mr.. Leach deprecated this waste of time in the
absence of an assurance that the charter would be
accepted if passed. If the stockholders desired
anything they should have come there and asked
for it. He was opposed to asking the privilege of
being allowed to extend their charter for them
If this bill or any other as substitute did not pass
he did not expect any great convulsion of nature,
nor the ruin of the State or people. He was against
the extension-he would do his duty to his consti-
tuents, be the consequences what they might.
Mr.. Thomas said if this cooperation had come
there and asked a,charter similar to that of the
Bank of Cape Fear he had no doubt they would
have gotten it. But they had asked for nothing;
if they had, he would like Senator to say so.
He thought the feeling of the Legislature was dc.
cidedly against monopolies and if so he said they
should 60 for the establishment of free banking
system, such as he had introduced SYSTEM and
the only one, which could sustain itself under
all circumstances. Mr.. I. argued this matter at
length
Mr.. Steele called for division of the question on
the amendments. The Senate refused to strike out
"six years"-3S to 6.
Mr.. Bedsoe offered an amendment reserving to
the present any future Legislature the power to
increase the capital stock to three millions of dollars
should they think proper to do so-onc million to
be subscribed by the State, in any manner thought
best, the other million by individuals.
Mr.. Edney opposed the amendment. 1t must be
Mr. Bledsoe's intention to kill the bill.
Mr.. Bledsoe explained. lie merely desired to
the right to the Statc-that she should have
power to partake of these great benefits and large
profits should sEr think proper to do so. He could
not how Senators could object. lie did not offer
the amendment to kill the bill. He insisted the
practical effect of extending the charter now for six
years would be to extend it thirty years-to per-
petuity; this power should be reserved.
Mr.. Pitchford was for extending the charter four
years to give the bank time to wind up but if that
would extend it for thirty years make it perpetual
he hoped the amendment would kill the bill
Mr.. rurner would like to know how Mr.. Bledsoe
proposed to raise the million of dollars.
Mr.. Bledsoc did not propose to raise a million of
dollars. lie was merely proposing 20 reScrvea right
to the State if she chose to avail herself of it.
Mr.. Turner. The Senator does not answer the
question yet. Does he propose to raise million of
dollars by taxation or sinking fund? | should
like to know.
Mr.. Bledsoe. I will ask the Senator question.
Does the right to do a thing necessarily imply an
obligation to do it? 1t is evident the Senator does
not desire to understand
Mr. Turner said it was no matter whether he de-
sired to understand Or not His question not
answered yet. lie says there is no obligation
implied" Well what good was there in the amend
ment? it was nothing but waste of public time.
Mr. Bledsoe replied as to his wasting public time.
He said that charge came with bad grace from one
who had spent more of the public time than any
other Scnator-no Senator had spent as much of it
or as uselcssy as Mr.. Turner
Mr.. Ashe rose to a question of order.
The Senate then took recess till o'clock.
AFTERNOON SESSION, Bpm.
The consideration of the bill to extend the char
ter of the Bank of the State was resumed the Ques
ton being on Mr. Biet>oe's amendment.
Mr. Turner would be glad to see this question
settled without personalities. In his remarks on
this amendment he said he had not spoken of Mr..
Bledsoc, but of the amendment. He proceeded to
relpy to Mr. B.
Mr.. Ashe rose to question of order.
The speaker ruled personal matters out of ORDER
Mr. Ev of tho Sppatn I RI
say few words in reply to him-(pointing at Mr..
Bledsoe.)
Mr.. Ashe urged the point of order.
The Speaker ruled Mr.. Turner out of order, unless
he addressed himself to the amendment
Mr.. Turner then proceeded, as previous to the
recess on the means of raising the million of dollars
Mr.. Mcdonald spoke against the amendment.
The amendment then rejccted-37 to 5.
Mr. Worth moved to strike out all after the en-
acting clause and insert the bill ITO establish the
Bank of North Carolina introduced into the House
by Mr.. Ransom.
Mr. Ashe rose to question of order as to.whcth-
er that bill could be offered amendment.
The Speaker ruled it could.
The question on striking out all after the enacting
clause resulted-aye %, no 10.
Mr. Bledsoc moved to lay the motion to insert on
the table, but withdrew it by requst.
Mr. Ashe considered this too important bill to
UC OlsPoSCo W. ditu suSSCSlCud POoePoi'~
ment. (Crics Of no, no.
Mr.. Speight suggested that the blank be filled
and the vote be taken the second reading; and
that time for consideration could be had before the
third reading.
Mr.. Brown concurred in the view to the impor
lance of the question The bill proposed radical
change in some particulars. He said that while he
was opposed to certain in connection with
banks upon fundamental principles, yet he was pre-
pared to unite and cooperate with Senator's in
ryng out the best plans they could under existing
circumstances in endeavor to to the State
proposed charter to be far preferable to any other
he had seen before the General Assembly, and he
proceeded to discuss the features in which he thought
it excelled He would vote against laying on the
table, but did not thereby pledge himself to support
the bill on its final passage
Mr.. Edney renewed the motion to lay on the ia
BILE. Rejected-3l to TO-
Mr. Rladcon movo1 70 ou,opd fho tint hr