Alabama state intelligencer., 1831-08-20

a few carriage horses to enable hlm to circulate handbils and the election could have been arranged to the satisfaction of his friends. Strange things have also taken place in the county of Montgomery. But no where else has the arithmetic of the Inquirer been torn to pieces than in the county of Dal- las, where his friends all backed out and left him sous to make the best boto he could on the occasion.
 The Ne,D Bank.-For several years past the citi- zens of this State have labored under no small in- convenience, from the want of sufficient good bank paper purchase the annual produce of the country In some instances this want has been partially met by notes sent bither from the New-York banks by capitalists, whose object to distribute the notes of those banks, n ,olich they stockholders at distance from home. This method possessed two advantages: First it enabled the distant specuator to extend his purchases, often fictitious capital; and, secondly, to circulate his own paper at such distance from home that much of it lost on it's way back, or was returned so slowly that the ad- venturer had realized first and second profit upon his investment But when, on the other hand these notes hurried back in too short time for pay ment to their respective offices, failure gave but little trouble to the stockholders as was the case with the Eagle Bank and some others. Many eff: forts were made to force circulation of such paper among us, and for time it succeded; but was soon found to have it's objections Like all other bank paper when circulated at a distance from the place of payment the counterfeiter was soon able to imi- tate its bills; and the difficulty of detection by any other than the Bank officers would continue to throw them out of market. Another objection was to be found at the land oices where Northern notes were seldom taken, and where great majority of our planters were compelled to make annual payments
 The want of sufficient funds to purchase the sur plus produce of the country, has been severely felt by the great body of Planters in the Tennessee Val ley; and hence their anxiety to obtain a branch of the United States Bank. We are opposed to that institution, and have accordingly opposed the loca- ton of one of it's branches there but at the same time are not unmindful of the great advantages which bank properly conducted under State authO- rity would confer upon that populous section of the State. With the increase produce and population the evil also keeps pace, and is now sensiby felt this side the mountains, where much the greatest portion of the produce has to seek market. To obvate these inconvenences, adequate remedy seems to have been contemplated until few months since. With its present limited amount of capital, there appears to be no prospect of branching the State Bank advantageously. It already accommo- dates as many and probably more than any other institution in the negbboring States, according to its funds. Its small discounts distributed to eve- ry county, not in proportion to the wants of its ct zens, but agreeaby to its resources. But owing to the great amount of paper offered on discount days, and the unavoidable order in which it is taken up for consideration by the directors, persons residing at distance from the bank often exposed to vexation, delay, and considerable expense in tra- yelling to and from the seat of government every ninety days to make payment on the small amounts borrowed.
 We can compute with tolerable certainty that the present crop of cotton which has to seek the Mobile market, will equal one Hundred and Mi,ty Mousand bales. At the moderate price of hirty dollars per bae this article aone requires for it's purchase the sum of three millions nine hundred thousand dollars to furnish which would require than twice, or probably thrice the available funds of all the banks in the State, agreeable to their present mode of banking What then shall be done to augment the means of the purchaserl Shall we wait until the Cherokee and Mecklinburgh gold mines furnish the metal on which every one can rey3 We answer no: because gold, if it could be obtained even in sufficient abundance to purchase all the produce of the earth requires some representative more wiedy than itself to meet all the active and countless trad ing pursuits of the world. Shall we call for more branches of the United States Bank to the evil No; because that is an institution which we have much cause to dread, not only because it will shut up and swallow up all the local banks, but because its capital stock will be purchased up in that country where wealth is unbounded, and which is also the most able and willing to cripple the operations of our own
 Would it be prudent to branch the State bank at this tme2 Rather questionable, as the additional expense of building bank-houses, with the pay of its officers, would not justify the amount of capital employed. There remains then, another method to raise money sufficient for the growing wants of the country Let bank be chartered at the next session of the Legislature, with means commensurate with the existing deficit. Planters, merchants, mechan- ics, and moneyed men generally, will find an ad- vantage in purchasing its stock. Let the same be placed in Mobile, where most of our people annually go with their produce, and where all them obtain their annual supplies. Its funds can be safely loan ed at t,ccloc months, upon the present plan of the Iou;siana banks This is decidedly preferable to the custom which prevails with us, of loaning mo- ney for given time, but subecting the distant bor- rower to the harrussing alternative of paying up a portion of the debt epery ninety days.
 On thls subject we add the following, from the Mobile Patriot; ., . -s5
 Nev Bcnk-It has been advertised, that application would
 he made to session of the State Legislature Char
 fer another Bank be located in this city, under the of the Planters Bank of Mobile." fg gA FEE
 To speak from hrst impressions we think the measure