Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-03-30

The next subject for remark is the provision re-
!quiring loan to the State This is not an unrea-
sonable requirement. for the State will be heavy
depositor at certain seasons large stockholder and
may well claim discounts to the amount stipulated
for which is small in comparison with her interest
Then we have the clause regulating exchanges or
demands upon other Banks No hardship will be
found in this for there we hare the sarin3 clause
that the notes of the Bank making the demand rust
first be used This protects the point making the
demand, and when her issues are thus taken up the
balance of the notes received are to that extent
much of the liabilities Of the Bank relieved without
the loss Of dollar Of coin or exchange in the opera
ton. .'.r o..
And now we come to the pith of the charter, the
taxation clause Let us see how this compares with
the Bank of the State When the bank of the State
was chartered in 1885, the debt of the State lit
tie or nothing, the revenue small, and the Bank
tax then imposed was sufficient, and in proportion
to other taxes. But the case is widely different now
the State debt has run up to millions--the reve-
nue. necessary, approximatEg to million of dollars
every species Of property and labor has to bear
heavy tax-and can it be expected that Bank taxes
alone shall be stationary? Banks should not be OPP
pressed for they useful to the State and the peo
pie; but they should bear their proportion Of the
burden. Then, while other taxes have increased,
the State only proposes for the present an increase
here from 25 cents to 80 cents with the privilege of
carrying it to one dollar, and then it stops. This
share tax is paid for the privilege of banking al
lows individuals to associate their capital together
to make capital by issuing notes, to take interest
in advance and to deal in exchange all Of which priv
eges certainly demand some return to the State as
compensation and the tax demanded therefor is not
oppressive. The State, it is true, derives benefit
from this association of capital in good sound,
wholesome currency, and the knowledge of this and
regard to her own interest will ever operate to pre-
vent her from running the tax to point too heavy
to be compatible with good and prudent banking
The tax on dividends is a different species of tax
from the foregoing, and would have to be paid no
matter from what source the interest or dividend
comes (unless from State coupon skies and it is
certainly to the interest of the recipient of dv
dends to pay the tax when realizing 8, 9 or 10 per
cent, than when only receiving simple interest.
In conclusion, think have shown that the pro-
posed Charter is in the main good one; not per-
feet one grant, but still one which oM d. and one
which, with the large State interest involved, the
subscribers may reasonably expect future Legisla-
lures to modify as desired
This Bank is needed to take the place Of the one
going out. Our State is growing, new Railroads are
opening fields to us, agricultural and all other
interests are being more and more developed, and
the State presents fair larger and wider field for
the profitable employment of Bank Capital than it
did when the old Bank went into operation in 1888.
There was not Railroad in our State; now we have
three great lines in full operation others in progress
seeking the mountains, and one from our own town
opening direct communication to the Seaboard, the
Coafclds being opened, and in short everything
pointing to brilliant future and demanding Bank
capital to carry on the increasing business of the
State. T.