Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-02-10
Agricultural Bank, May LIST, 1887.
RESOURCES.
Total amt Resources,
s5,s2O,649 80
Total amt Liabilities,
S339,l23 SO

Total amt Liabilities, $5,62O,649 81
| Surplus over Liabilities, $685., l23 %
Showing the circulation of those two
banks to be $2,659, l70 80, sum nearly
equal to two-thirds of the whole circula-
ton of the seventeen banks examined by
the commissioners. Their specie, at the
same time, amounted to $552,9S6 II. |
have no means of arriving at their pre-
sent circulation, bnt from the fact of their
having made heavy purchases of cotton,
and advanced large sums on that article,
it may be inferred that their issues are
now greater than on the LIST May, 1887.
All the revenue of the State is deposit
led in the Planters Bank, which also has
the control Of the sinking and other large
funds in which the State is deeply inter-
ested. The faith of the State is pledged
for the redemption of the bonds sold and
invested in stock of the Planters Bank
amounting to two millions of dollars, and
in the event of a failure of the bank to
pay the principal and interest of these
bonds, the persons and property of all our
citizens would be subjected to taxation.
The State being the largest stakeholder
in the Planters Bank, and all her citizens
deeply interested in the fidelity of the
management of the institution, it is in
deed passing strange that the directors
representing less than one-half of the
stock should deny the State directors adj
mission, and refuse an examination by
commissioners delegated by the Legisla-
ture-the sovereign power of the State
| for that purpose.
The charter of the Agricultural Bank
makes it ''the duty of the Governor of
this State, to appoint annually, compe-
tent person to inspect such general ac-
counts on the books of the bank as he
| shall deem necessary, and faithfully to
report every violation of the fundamental
rules of said corporation" So far as can
ascertain, no such agent has been appoin-
ted for more than two years, and | am
not aware that any thorough examination
has ever taken place. This bank has, by
selling specie, and specie certificates, and
discounting freely bills of exchange, at
usurious rates of interest, made enormous
profits for her stockholders. 1t is believed
that not long before her suspension, she
declared and paid to her stockholders
dividend Of about twelve and half per
cent. on her profits, for the preceding six
months, and had surplus of profits accru-
ing during the same period of about three
and half per cent. Such dividend is
unparalleled in the history of banking,
and prove either that the bank infringed
cd her capital, or was unusually success
tul in her operations. N
The Planters and Agricultural Banks,
being the Oldest institutions of the kind in
the State, were, nevertheless, the first in
the Union to suspend specie payments, and
the only ones that ultimatelyrefnsed an ex-
animation by the commissioners. These
facts, together with the great interest
which the State has in the soundness of the
former, have induced me to call your par
ticular attention to their conduct, and to
respectfully urge the adoption of such mea-
sures as will vindicate the honor and secure
the interests of the people of the State
The "grave doubts entertainment by the
directors ofthe Lake Washington and Deer
Creek Rail Road and Banking Company.
"of the constitutionality of the Legisla.
ture from which the powerssof the commits
sioners emanated," have disappeared, and
they are now willing to be fully examined,
Appended, will be found the statement Of
its affairs certified by the new board of di-
rectors, and transmitted to the Auditor for
the inspection of the Legislature.
1t remains for me to recommend to the
representatives of the people, such mea-
sures Gas | may deem necessary and ex-
pedient."
All the banks in operation last May,
having defeated the great object of their
creation by failing to fulfil their contracts,
should be brought under general and Strict
regulations, and required to give their as
sent in stipulated time general bank
law neither should they be suffered to
declare or pay dividends, so long as they
refuse to fulfil their obligations to their
creditors and the community. The stock
holders being now unable to pay the resi-
dine of the instoImenfa due or 10 hncoma