The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1868-11-24
iron THE CHARLOTTE DEMOCRAT.
The Bank of North Carolina.
CHARLu1rs, November 18th, 1865

friend George W. Mordecai, late President of the
Bank of North Caroline. for my seeming want OF re-
spect for, due apr ion of, the advertisement
he was kind enough to with in the Raleigh
Sentinel some weeks since. Ny FRIEND MIR Nor
decai is mistaken if lie thinks that by any personal
controversy with me he shield himself from the
just Indignation of his Stockholders, at the manner
in which he has bankrupted the Bank and thereby
destroy ed the value of their stock shall not trouble
the public much with any differences between Ar
Mordecai and myself as to our individual transac-
tions; but shall as a stakeholder of the Bank OF
North Carolina call for investigation of the man
ner in which Mr. Mordecai and his Board of Direc-
tors have squandered my stock, as well as that OF
other stockholders As to Mr MordecaIs charge that
the fact of his sending gold to New York and having
it converted into United States Bonds being reported
the stockholders in June and being then approved
by them, every stakeholder at that meeting knows
that this statement is not true. Mr. Mordecal, at
that meeting, gave the stockholders satisfactory
information about the Bank. He held in his hand a
paper that supposed to be his report, but did
read it, and when the Secretary Of the meeting,
supposing it be his report, reached out his hand
for the paper, Mr. Mordecai withdrew it. L submit,
that it is ungenerous towards the stockholders Tor
Mr. Mordecai to attempt to saddle them with TINS
great blunder of his. Why send this gold to New
York when gold worth more in North Carolina
than in New York? Mr. Mordecai could but know
that every Banker in North Carolina bought gold in
New York to sell for profit at home! If necessary
send the gold to New York, it certainly was not
necessary to permit the bonds to remain for months
in New York liable to attachment and this too after
Mr. Mordecai had been warned by an attempt once
before to attach the funds of the Bank In New DIRK
From the manner in which the Bank has been man
aged, will show in this communication, for the
exclusive benefit of Mr. Mordecai and his friends, it
looks like this fund placed in New lork In order
that it might be attached by some of MIR Mordecais
friends, and, unuckily for them, just before the
apple was fully ripe, it fell into other hands, and
hence the trouble! AS to the allegation that | am
the owner of the bills, &C., this make but little
difference to the stockholders whether \ at
toch he funds. the fyUIf is in Mr. MOrdocai who
unnecessarily exposed them. The attaching party
but exercised legal right, often exercised by the
Bank of North Carolina. Our Court dockets have
always been filed with suits of the Banks against the
people. Then the Banks were plaintiffs; now, since
the tables turned and the Banks are fed out OF
the spoon that they so long fed the people with
there is great cutlery The Banks have often sold
for debt the poor man plough horse mich COW, 4
now let the justice be melted out to them that
they unrelentingly measured out to the people.
Friend Mordecai how cruel it is in you to try to
array your stockholders against me when you know
so well that, the agent Of your Bank have made
raids other Banks in this State, and that we have
been together in these raids, hand ard glore; you
standing in the background and receiving without
! any compunctions of conscience your part OF these
ill gotten gains If you deny this, let Yanceyvle
and Wadesboro speak. Then, it was all right IN me
and all very nice; but nor, the is changed-my
friend MOrdecais OK is gored this time.
As to Mr. MorIecais statement about compromises,
this he has misrepresented. Fortunately for me all
of the propositions for compromise were submitted
! in writing Mr. Mordccai publish these letters
| if he desires, and request him to do so-the only
condition impose is that he publish all and not a
part for Thereby hangs tale' that MIR Mordeca
will not unfold.
| Having disposed of Mr. Mordecai's charges, l, as
| a stockhoder demand that Mr. Mordecai and hi:
Directors call meeting of the stockholders to lnves
tigate the encouragement of the Bank. Let 1t bt
known why Mr. Mordecai was patriotic as to IN
vest much Of the stockholders money in rorthtes
paper and careful not to invest his own means II
the same way. If my friend will pardon the illus
tration it reminds of the noisy, patriotic poilti
clan who enlisted all of his able bodied relations TO
the front and failed to volunteer himself. Let II
known why it was that near four hundred thousah'
dollars of gold hand ut the close of the war, wa
not sold when gold worth fifty per cent premium
and invested i'll United States bonds, then worth par
| nor worth ten per cent premium thus saving nun
dreds of thousands of dollars to the stockholders
4 National Bank could have been started with
pital Of hundred thousand dollars. with branehe
located in the State where the Bank heretofore La
branches which would have supplied our peopl
with currency, and by this time the debts of tn
I Bank could have been paid off and the stock bee
y worth something handsome Yet, instead OF elthe
of these courses, the gold, part OF 1t, was place
: in the hands of few of Mr. Mordecais friends, VIII
have been using without interest. Let it be know
where this money has been that has been brlngin
c the stockholders interest. Let the twenty
thirty thousand dollars of expenses, since the su
= render be look ed into Let it be who has grow
fat whilst the stockholders have starved. 1t Is sa
that these Direetors-'.honoradie men AS they then
y selves say they are-served before the war wtho
ii compensation Then the stockholders received diH
dends since the these Directors vote themselV
v pay and vote the stockholders no dirfdends Let
be known about that splendid financial operation
| which MIR Mordccai and his Directors large stoc
holders in the Bank of the State of North CAROLYN
paid themselves, from the assets of the Bank OF Nor
10 Carolina par value, for deposit OF over sixty mo
6. sa nd dollars due the Bank of the State OF Nor
Carolina before the war; at the same time MI NC
~ decai refusing to pay other depositors more III
NJ twenty five cents in the dollar. AT the same tn
these Directors compromised a suit against the Bal
of the State for forty thousand dollars, payl
No eighty in the dollar for the bills II you co
It's do no better with this deposit Mr. Merdecai, why
ar you pay the eighty cents for these oiis ana tu
at them the Bank of the State in OF II
&c deposit! This would have saved the stockhodefs
IL the Bank Of North Carolina twenty per cent, but
h. would have been a loss to the stockholders of t
he Bank of the State of North Carolina, to wit: Mess
e. Mordecai and Directors twenty per cent. oth
r. parties have been paid, by MIR Mordecai, par
be claims against the Bank. deem it unnecessary
he mention names. - /,
Sc Let it be known why it that Messrs Morde'
and Directors stockholders in the Bank of the St;
of North Carolina sold to themselves as Directors
tie the Bank of North Carolina. real estate IN the
y. of Raleigh at a price more than its cash value-p
90 perry that the Bank of North Carolina had no I
m, forIthe money being taken from the assets OF
" Rank of North Carolina and paid to the Bank OF
he State of North Carolina. Let it be known why
"a was that Mr. Mordecai, after paying himself a
friends par for their claims against the BANK WI
G. out consulting his stockholders, by voluntary Pc
Al t;on placed the Bank into bankruptcy Mr. Morde
he had four months to consider, yet in all that time
ill moi consult his stockholders. Whether bankrup
~ was nroper or not is not the
es! have rights yet, in this most important act OF
ro- Bank Dir Mordecai has entirely ignored the VIC
rd of his stockholders. venture the assertion 4
this extraordinary assumption of power by Mr.
}oc.i and his Directors, to jeopardize the intere