The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Bankers State AS
ISOLATION.
CONTINUED from Page rwo.)

TO effect only our banks, the half OF the
farreaching results of a depository has
not yet been told.
Industry is the life of the people.
Capital runs industry Banks are con
centration of capital Banks then are
aids to industry and to the people. and
to help our home industries and our home
people to the greatest extent our banks
should keep as much OF their money at
home as possible Members of our pro-
fession are supposed to be expert manipu-
lators of finance, yet they may learn a
lesson from their cotton mill contempora-
ries. For a long time the cotton raised
In the South was shipped to the North to
the factory, and afterwards shipped back
South in another form for consumption.
But IN later years cotton mill men built
factories IN the Souh and In the last TWEEN
ty years have increased the capital OF
Southern mills seven fold, and Southern
spindles twenty fold. From this example
cur bankers may see that it is not the
part of wisdom or economy to send their
money to the North for deposit at 2 per
cent to be returned South again for loans
and investment at 6 per cent.
The South has unlimited possibilities.
Upon her Providence has smiled and to
her Nature has been kind. Her climate,
water supply, cheap labor and location.
favor success in all enterprises. BY the
completion of the Panama canal addition
Il advantages will be gwen She Will
then become the centre OF trade and com
meree, her people will flourish like the
palm and she will feel the need OF her
commercial life blood her money.
Southern Depository would benefit Us
both directly and indirectly Besides the
convenience afforded, our surplus would
be increased OH account of the decrease
of expenses; our money being invested at
home would increase business, and bust
ness in turn would add to our profits ]
have explained what such depository is.
| have shown that every other section of
cur country has made provision along
this line 1 have told you why to this
date the South has not been blessed with
a depository of her own, and why that
she would suffer from the lack of one from
now on. We realize our needs and hav
ing the ability We should supply them.
Our State associations are complete or
CARNATIONS Through these organized as
soeiations the Individual bank seeks pro-
lection, aid and direction Having seen
pository. ii IS the duty Of the different
associations To take the matter under con-
sideration and endeavor to advance the in.
terest OF its members X would be we'll
to appoint a committee to look into the
merits OF this subject. and IN due time
Mr. President, l shall make q motion to
this effect. We. must go forward, we
must equip ourselves with modern i'm
provements and conveniences. We take
great stride forward when we shall make
provision for our present need and our
future necessity-A Southen Depository.
This closed the morning session and it
is doubtful whether at any Bankers as
ISOLATION any programme contained more
interesting and valuable addresses deliv-
cred in a more interesting way were ever
presented.
CHAIRMAN FRANKLIN McNEILL
At the afternoon session Mr.. Franklin
Mcneil, chairman of the Corporation
Commission delivered an address on the
work of the North Carolina Corporation
Commission az it related to the import
anee OF taxation and kindred subjects.
Mr.. MeNeill's address was as follows:
The work OF the Corporation Commits
sion can be summed up as follows: The
work OF the Railroad Commission. the
work of the Board of Appraisers for the
assessment of railroad property and other
corporations execising the right OF eminent
domain, the work OF State Banking De
partment, and the work OF a State Tax
Commission
When the agitation was first begun Tor
the establishment OF railroad commits
sions the right of doing so was denied.
I; was insisted that railroad corporations
had the right to control their affairs just
as every other corpoation and without
governmental regulations or control.
This right. however, was soon settled by
the courts and the grounds therefor are
clearly set forth in an opinion rendered
by the Supreme Court of the United
States, as follows: When the matter of
the building of railroads az highways
arose, question was presented whether
the State should itself build them or per-
init others to do it. The State did not
build them: and as their building re-
CURED. among other things, the appro-
priation of land private individuals could
4 grant from the State
1.-THE building and operation of the rail
road thus required a public franchise.
The State would have had no power to
grant the right of appropriation unless
the use to which the land was to be put
was a public one. Taking land for rail
road purposes is a taking for a public
pllrpose. and the fact that it is taken for
a public purpose is the sole justification
for taking it at all The business of a
railroad carrier is of a public nature, and
in performing it the carrier is also per-
forming. to a certain extent. function
Of government which requires them to per-
form the service upon equal terms to
all
The Railroad Commission Act was passed
in North Carolina in 1911, and the duties
conferred on the Railroad Commissioners
by this act were so discharged as to pro
tect shippers and at the same time not
unduly interfere with the business of the
transportation companies. 1t was pre-
dicted that, should such measure pass
as did pass no more railroads would be butt
IN the State and that those that were
already built would be seriously handl-
capped and injured Experience has dem
onstrated that neither of these predictions