Columbus Democrat., 1838-02-17
REPORT OF THE BANK COMMIS-
SIONERS,

The Boad Of Bank Commissioners Of the State
Of Mississippi have the honor to REPORT;
That there are now in operation twenty-eight
banks and branches. The affairs of seventeen
of which we have critically examined.
The object of the Legislature as set forth in
the law prescribing the duties OF commissioners,
was 10 ascertain the circulation OF the banks, the
amount Of specie on hand. and the ability the
various institutions to fulfil all their engagements
1t has been rendered impossible to arrive at
the true banking movement OF the State IN conse-
quencO Of the refusal of several banks to submit
to an examination, vet those institutions which
have, in obedience to law, submitted their affairs
to the security of the board Of commissioners, we
are happy in being able to state are in much
sounder condition, as regards ultimate stability 10
fulfil all engagements" than was generally be.
Gcved at the time the board Of commissioners en-
| tered upon the performance Of their duty.
| The Agricultural and Planters Banks, Match
ez, refused TO submit TO an examination. The
correspondence with the heads Of those insltu-
tons is appended.
The Deer Creek and Lake Washington Rail
Road and Ranking Company denied full ex-
ampation upon the plea that "gave doubts were
entertained Of the constliuonality Of the legisla
u,re from which the power of the commissioners
emanated." From the partial examination made
we have no doubt that the institution has beer
safely and credtably conducted The law under
which we act, and the charter Of the bank, boli
have particular reference to an examination Of the
"amount of specie on hand" Not beng per
med 10 enter the vault we withdrew. Since
that period we have received an invitation to re-
turn and prosecute full examination.
In August last the commissioners were in Co
, lumbus, intending to visit the Aberdeen and Pom
totoc Rail Road and Banking Company, at Alb
erdeen, but ascertained that the bank had return
ed the stock to its owners and had then no actu
1 al existence. Since that time II has been re
/. organized and is IN active operation, but the sea
4 son had so far advanced as to render it lmpossl
!. bic to visit that section again before the sitting
i the Legislature.
n Thu yicksburg Bank, and the Water Work
Bank at Vicksburg, are both preparing to max
issues. The Port-Gbson bank is about to
the same. Nole.of them however are sufficient
" in operation to call the attention Of the commits
sioncrs.
! The Citizens Bank OF Madison Co., al Car
= ton, has recently gone into operation, has mac
: issues ofpcst notes and notes payable on teman'
y We subioin the statement furnished by the pres
: dent, which came to hand properly authenticate
y A succinct view of the actual resources and
I" abilities Of each bank at the period OF examm
u =, ton is submitted also a general statement
y them all, at two different periods he first
,. the 10th My, 81, in tue midst Of the gener
~ panic, after the suspension OF some Of the bank
II. a.. c. h,I ,soH IN abun
~ their notes IN specie; the second on the 2Vth u
~ cember, the latest day at which we could pos'
- BILE obtain statements in time 10 emb9dy them
I" :" the report. BY these statements It will be se
:" that a positive increase OF crculaIIon and dep
~ sites has been made since the suspension OF y
!" I" Gle payments, without corresponding lncrea
~ :" of specie. This, in the case OF almost eve
~ bank has been caused by the purchase Of cote
!. or advanccmcnis, ostcnsibly 10 supply themsel'
''e with specie The large table marked A. p
sents general view of the situation Of the ban
" at the periods above named. table oi bal;
if ces and Of bank notes held by the banks wol
ng have been presented had all ofthern submitted
~ ~ an examination, thus enabling US 10 show the
tuaI situation Of the accounts current OF the IN
:. - tuons with each other, and the positive ia
~ - note circulation Of the State.
md The nominal capital OF the
banks examined is S22,05O,0O0
10 The amount actually paid
Wis. in, in specie. notes Of spe-
Z" w stock notes. is l2,54s,3l3
the
Resources ofihe seventeen
Banks examined
n nh,es and hills. is le,I36,lG7
In Real Estate and Bank
!, e,rn;,nro 242,65s
ear In Bank Notes oo4'ol%
la advances for cotton on
Zen. cottonreceipts olf'oo'
in In amount due from Banks l,oSZ'o4V
~" po.5s l,027.744
not Amount in specie SV7'do4
nses