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

of 100000, to begin when $4,000 had been
paid in 1t could issue no notes under So.
dishonored circulating notes drew interest
at II per cent from demand, and stock
holders could be held liable in case Of in
solvency. For several years il did not
reach the limit Of subscription allowed by
It's charter In fS49 its capital stock was
s1S2,300 circulation si97, 075 with specie
amounting to $50, OPP. 80. In 1851 its capt.
| tai was increased to $3.50 900 by net Of
General Assembly.
| The Bank Of Fayetteville was next
chartered in January 1S49, and commenced
business the same year Capital was
limited to 100000 in shares Of $50 each
payable in ten installments every thirty
days until one-half was paid. the remand
| err to be met at call Of the directors Tie
bank commenced business when $4,000
had been paid in. Every stockholdel was
| liable to double the amount Of his stock
subscribed and a State tax Of twelve and
one-half cents was imposed on each share.
When $500 900 had been paid in in specie,
or its equivalent branches could be oper
ed at Wadesbcro, Greensboro, SALISBURY
and Washington.
In 1851 an act was passed BY the Ger
eral Assembly regarding the exchange 81
notes OF circulation between the different
banks in the state Payments were to be
made by each bank on notes presented
without regard to the bank from which
Ithev were issued but persons presenting
such notes were compelled to say for whom
such payment was required, and the per
son refusing to give such information could
be refused payment, and forfeited the In
| TO ncfa D54Ys
ing the same session of the General As
lsembly the charter of the Mrchants
Bank of New Bern, which was to expire
in 1855, was continued to 1880. A char
ter was also granted to the Bank OF
Wadesboro with $200,0 600 authorized
capital, and to begin when $4,000 had
been paid in. The Bank Of Cape Fear
was given power to increase its capital
stock from one-half to two million dol
lars, though it never took advantage Of
| this power In 1853 the Bank Of Char
lotte was chartered. and books were open
/ ed at Lincolnton, Statesville and Charlotte
/ to receive subscriptions It's capital au-
thorized was 5000, 600.
During the ten years from 1850 to 1860
| numerous Banks We're established through
cut the State. ali more or less the same
in the details OF government similar to
those named before The following IS a
list of these banks. the maximum limit Of
their capital stock, allowed by law and
the date Of their establishment:
/ Farmers Bank of North Carolina
| Charlotte, 1853. $500 600; Bank of Yancey
vile, YanceyviIle, 1853 100000: Bank of
Clarendon, Fayetteville, 1854 100000;
Wilmington Savings Bank, Wilmington.
| 1854 $500 .000 Bank of North Caro-
lima, Raleigh. 1859, $500 ,OOo Bank Of
Lexington, Lexington. 1859, $500, eco: Bank
OF Salisbury. Salisbury 1859. $500. 600;
Miners and Planters Bank of Murphy,
Murphy, 1859, $400 GOO; Bank of Com
merce, New Bern, 1859, 100000; Fayette-
vile Savings Bank, Fayetteville, 1859,
$4,000 Madison Savings Bank. Madison,
1859. s25O0O0; Oak City Savings Bank,
Raleigh, 1859, $3.50, 000; Warrenton Savings
Bank. Warrenton. 1859, $25OO00; Bank of
Roxboro, Roxboro 1860 100000; Bank OF
| Thomasville, Townsville, 1860, 100000;
Bank OF Western North Carolina, Web
ster, $500, 000
/ In 1857 the Bank of the State OF North
! Carolina. the charter OF which expired
January 1st. 1860, was re-chartered to cor
! tinue to January r. 1885, with a capital
stock not exceeding 100000 900. rhe Bank
/ Of Cape Fear was re-clal.ered IN the
same year. though the act was later re-
pealed Upon the establishment of the
Bank Of North Carolina in 1859. the Bank
Of the State was suspended by it. and all
| debts of this Bank Of the State were as
sumed by the new bank. which also owned
/ more than one-third of the capital OF the
! Bank Of Cape Fear.
| st the beginning of the civil war. the
charter of all banks were so amended
| that they could deal in the government
stocks Of the Confederate States, instead
| of the debts Of the United States as
! hitherto provided.
/ Most of the banks were unable to exist
throughout the period OF the war. At the
readmssion of the State into the Union.
| the national government, by the imposi-
| ton of the 10 per cent. tax on State
bank issue, had practically destroyed that
| function of the State institutions. and
though at the close of the year 1897 there
were 45 State banks In existence in North
Carolina, none have the power of note
issue The history of State banking at
| least in respect to its circulating power.
therefore end. with ,ne CITY war
p. D. GOLD, JR..
Supt Bradstreet's Greensboro. n. G
oood hard fan l. often TIC rao.,lt of