Alabama state intelligencer., 1831-12-10
Ernm tl,a MohiLe Register.


 The following is a copy ofthe Memorial addressed 10 the legislature by the citizens of Mobile, asking the charter of a new Bank:-
 To the Honorable the Senate and House of Rep rcsentatives of the State of Alabama
 The Memorial of the undersigned citizens of Mobile and it's vicinity, humbf shewetb:-
 That your Memorialiss ara desirous to obtain a charter for Bank to be ocatd in Mobile; and they beg leave to offer some of the reasons which induce them to hope, that the prayef of the petition may meet with the favorable consideration olthe Legsla ture
 1her -,oud ask the attention of your honorable lody Is .r first place to the great deficiency or Baolas capital in this State, compared to that en- joyed by others-and your memorlallsts believe it might with safety be ,did to every other State Tn the Union. There arc but two Banks now Tn the State the State Bank, with capital of abont seven hundred thousand dollars, and the Bank of Mobile, with one hundred and forty seven thousand, making an aggregate of about eight hundred and fifty thou sand dollars
 The State of North Carolina has granted Banking prvileges to her citizens to the amount of 4,6OO, 000 North Carolina 900. Georgia about S6,000 0OO; and Louisiana with not more than two- thirds 1.-the population of Alabama, employs bank ing capital of 12000,000 of dollars besides about $S 00O, 900 in the business of Insurance. The de- ticiency of Banking capital of this State is serious evil and operates manesty to the injury of its clti zens. For reasons not altogether transitory, this
 
 be obtained at home is sought for in other places circumstance that brings with it the difficulties of giving securities abroad, which could be readily ob viaed at home rate of exchange against us, pla- cling the funds within control, and perhaps a. ganst us again when they are to be returned-an ex travagant rate of interest when we are able to bor row, and that interest paid to others, large portion of which might pass into the pockets of our own ci tizens, were the protecting of the Legislature extended in furnishing the requisite facilities
 The want or fair proportion of available capital, operates both tax upon production and upon consumption. Every pound ofcOtton sold in mar ket where money IS scarce, IS reduced in price, while articles purchased from abroad in market where money is cheap, undergo a corresponding n crease of value. Ifthen your memorialists are cor rect in the facts they have stated, and in the concu slons they have drawn from them an addition to the Banking capital of the State is demanded by the soundest dictates policy and there is no place in the State where, in the opinion ofyour memorialists Bank could be elegby located for the benefit of the community at large ss at Mobile.
 Mobile is the great mart of the State. It is the point at which all the marketable productions of South Alabama center it is there too that all the z reat exchanges made; and 1t will readily occur to your honorable body that a scarcity of money there, must necessarily exercise an injurious inla- ence on the prices of agricultural products, while its abundance would inevitably enhance their value It has been objected to the granting of new Bank charter that its operations might interfere with the interests of the State Bank but moments atten- ton to facts connected with this subject wtll demon strats the iaacy of the objection. The Bank of the United States employs in this city, it is believed capital approaching fifteen thousand dollars, and yet under the able management of the State Bank, that institution was never Tn more prosperous con dtiOn than at the present moment. The proposed Bank would be prompted by every motive of inter- est and policy to cultivated good understanding with the state institution; md the state to avail tsef of its constitutional privilege to take portion of the stock the influence of its councils would be felt in the drection and its interests perhaps securely protected. In fact until there is more capital in the state than can be proftaby employed no increase of it can by any possibility conflict with the interests ofthe State Bank. An additional reason, in the opinion fyour memo rasts, why the legislature should turn its attention to the cultivation of sound domestic Banking ca pial is founded in the uncertain tenure ofthe Char ter o the United States Bank. That institution has loaned to the people of the United States an inn mense amount of money. It's notes constitute large portion of the circulating medium of the tiOn the withdrawal of which, should the renewal of the charter be refused would occasion shock to the commercial and agricultural interests of the country against the evils ofwhch it is humby conceived the legislature in it's care othe public welfare will feel disposed 10 provide remedy.
 With this brief outline of the reasons which, in the opinion of your memoraliss, justify them in ask ing facilities for an increase of Banking capital they respectfully solicit of the legislature, the grant Of a Charter for Bank to be located at Mobile to be called The Planters Bank of Mobile" with capital of One Million of Dollars, to go into operation so soon as two hundred thousand dollars are subscribed and paid a and to exist for the peri cd oftwenty years and your memoralists as in du- ty bound will ever pray