The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

Bank OF the State, but the General Assem-
bly, declined to grant acceptable terms.
The charter of the Bank of North Caro-
Ina was then procured from the General
Assembly of 1853 SO Senator Ransom
then member of the House of Commons
from Warren, engineering 1T through his
House with conspicuous tact and ability
after being defeated once. There was lit
tie trouble in the Senate. Its corporate
life was to end on the first day of Janu
ary. 1890.
The capital stock was 900 900, OF
which the literary board, as part of the
school fund, was to have $500 900, and
the University 100000. individuals could
take the residue. The company could only
hold $4,000 900 OF real and personal estate.
The commissioners to open books were
the Governor. Treasurer and Controller
II too much was subscribed they were to
do the scaling. No stakeholder could Dor
row or be surety until stock was paid in
full. There were to be ten directors
holders of ten shares. The State was to
have her pro rata share. The public treas
urer was to be one. The other was APP
pointed by the Governor, Secretary of
State and Controller. The directors chose
the president out of their number, but
tAAC StOShhOidCIS 1tACO SdNttiCS. 9tOSh-
holders appointed branches and agencies
Directors assigned the capital to them and
elected five directors TO each.
The first report was to be made on
August Is, 1859, then quarterly. to the
public treasurer to be published in two
Raleigh newspapers. One share had one
vote: up to 10 shares. / vote for shares
IL to 80 shares l vote for 4 shares. 80 to
60 shares, vote for 6 shares: so to 100
shares, l vote for shares: 100 to 200
shares, l vote for 10 shares; over 200
shares, / vote for 20 shares. The State
vote was not scaled
The bank could deal in gold and silver
coin, mint certificates, promissory notes
negotiable and payable at the bank or
branches, and securities OF the United
States or this State not over one-half the
stock. There were to be no certificates
OF deposits under $40. Power was given
TO issue circulating notes not over twice
the capital, nor over three times specie
on hand. The notes were to be IS and
multiple, but the General Assembly re-
served the right to enact there should be
none under $40. They should be payable
on demand with IL per cent damages per
annunm for refusal.
If the Governor and Council do not ad
wise suspension of specie payments, the
bank must pay public treasurer per
cent per annum On entire circulation.
On discounts the bank was allowed one
half per cent. per month in advance. The
General Assembly had right of inspection
through a committee. The cashier was re-
quired to give $4,000 bond. He was to
be secretary and his book evidence. EN-
bezzlement was felony. knowing and will
Al 81
The bank must lend the State not over
100000 at one time, OH 80 days notice.
The tax was 80 cents a share, out of
prcfiits-might be increased to Shut
not more than subsequently chartered
bank. General Assembly could tax di-
vidends just as interest and the realty
OF the bank was taxable as other land.
The bank might hold real estate for
business, and might take mortgages to
secure previous debt Also take land in
payment of a debt. There was no com
pulsion to sell such land
The State was prosperous In 1859. / re-
member calculating that cotton planters
in Edgecombe were realizing per cent
OH their investment IN cotton and per
cent in increase of slaves.
Nearly all the stockholders of the bank
o! the State were reinvested in the new.
They got 100 cents on the dollars and Il
bcn>s of 10 per cent. About per cent
OF its notes were never presented. The
literary board paid its stock in this way
THE DIRECTORS.
The first meeting of the stockholders
was held in the Senate Chamber on July
10th, 1859. Ex-Governor Swain was presi
dent; E. B. Freeman, secretary The
ola ofed MOI
decai, 3. f. Moore, Charles Manly
George E. Badger, John H. Bryan, j. w
u. Watson, Daniel NJ Barringer and
Kemp p. Battle. Mr.. Mordecai got the
largest vote, 3,502; all of Us received
four-fifths of the whole. The State stock
holders were Treasurer Courts ex-officio
and VIM. r. Pool.
George W. Mordecai, the leader wa
born in Warrenton April eth. 1901. FL
was the son of Jacob Mordecai, Jew
principal OF female school, which ranked
with that at Salem, one of the best in the
South. He was educated by his father
and Rev. Marcus George. the teacher o.
Chief Justice Ruffn; Weldon N Edward,
ard other great men He had severa
brothers and sisters, all of them promin
ent Among them was Moses Mordecai
an eminent lawyer of Raleigh. Befor,
reaching q George was licensed to prac
tice law For several years he was ir
the tobacco business in Louisville, KY
His brother, Moses died in 1924 ant
George lived in his family, was guardian
OF his children and succeeded to his large
practice He was painstaking. able ant
successful lawyer, thoroughly reliable il
character and Observation-Disclosures th'
court and jury with clearly enunciateC
reasoning but with no pretensions t.
oratory. He early acquired reputation
a. keen financier and was therefore Sc
lected as first president Of the
Raleigh and CASTOR Railroad Company
on the retirement of ex-Judge Duncan
Cameron he became his successor in the
presidency Of the Bank of the State, and
after his death married his daughter
Margaret. an excellent lady of large
wealth. which he secured to her by mar
rage contract, but he being its wise and
vigilant manager They left no children
Mr.. Mordecai cared not for the rewards
OF political life. but for half century hi
was one of the most respected and trusted