Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-02-15
Report ON Banks and Banking.

The Joint Select Committee to whom so much
of the Governors Message as refers to Banks
and Banking and the Resolutions lnQurlng into
the conditions of the Bank of the State re-
ferred, beg leave to submit the following report
If the corporations of the Banks still exist unm
paired by the revolution and its legal consequent
ces the Legislature cannot legtimately interfere
with their capital, or divert it to any other pur
poses than those authorized by their charters, until
the outstanding obligations are discharged for
such legislation would tend to impair contracts
which the Constitution of the United States for
bids. These institutions largely in debt the
debts contracted on the faith and credit of the
coin, which their charter required them to keep
in their vaults. Any legislation authorizing the
transfer of that coin into another direction by the
corporation, is, In the opinion OF the committee,
in spirit, if not in letter. violation of contract.
After carefully investigating the subject the
committee is of the opinion that ALL or neary all,
of the corporations of the State have ceased as cor
pOrations, to exist as legal consequence of the
revolution, and the complete conquest of the State.
It is well settled principle of international law,
$50 well settled it is unnecessary to refer to au
thOrites that in conquered country all laws and
all rights of persons and property cease to exist,
except such laws and such rights the conqueror
chooses to decree. No one will deny that the
South conquered and surrendered without
terms no can doubt that in the opinion of
President Johnson, we were a conquered people,
and that he as commander-in- chief of the armies
of the conquering power, had right to decree
such laws as to him seemed best. He refused to
accept the terms offered by General Sherman to
recognize North Carolina as de fdcO government.
He proceeded in a manner unknown to our laws,
to appoint a Provisional Governor without the
forms of law he deprives the people of the State
of two-thirds of their property without Just COM
pensatiOn - he declares in his proclamation, not
that part of the civil laws were at an end but
that all civil government at an end IN North
Carolina He provided for a call of a cOnven-
tion not in accordance with our Constitution, pre-
scribing qualifications for delegates and voters IN
10 laNIc In tO
the will of the President the Provisional Cover
nor declares all civil offices in the State vacant,
and proceeds to fill the same, prescribing officers
for corporations, and qualifications Tor stockhold-
ers in said corporations voters, or proxies re-
gulates our courts, when and where to be held,
and what subjects should be cognizable before
them.
In obedience to the proclamation of the Gov
ernOr a Convention assembled, which Convention,
by its acts accepts and recognizes the fact that 1t
was called by the authority of the President as a
conqueror, and proceeded to act according to SAID
terms, receiving messages and dispatches from the
President controlling the action of the Convention
in matters of vital Importance to the people OF the
State, aboGshing slavery, removing all civil OF
ticers and declaring by ordinance, that whereas,
doubts may arise from the late attempt Of North
Carolina to secede from the United States, wheth-
er any and what laws have been and now, are IN
force, &C." and ordaining by said ordinance all
laws not inconsistent with the Constitution of the
United States &c. The Convention gives legality
to the principle that it was decreed by the Presl
dent as conoueror otherwise, have had no
Convention. There is no civil government,
no Legislature, all owe their existence to the
permission of the President, and not to constltu,
tional forms. This idea of the supreme power OF
the President has been acquesced in by the people,
by the Convention, and is now recognized by the
legislature enacting such laws are decreed by
the President, he not only recommending but de-
manding such and such measures as a ,cond11on
precedent to civil government Measures at varl-
1T1fn
and repugnant to all of feelings have been and
are continually being enacted simply because it was
so decreed by the President 1t is our interest to
continue to conform to the DEGREES OF the Presi7
The question arises, what is the legal effect Of
the ordinance of the Convention declaring what