Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-02-14

DC 10 secure promptness and punctuaty on the
loans discounted 10 the planter, and The righ,
10 draw on the proceeds OF the cotton. The
loan is Of this nature: the planter executes his
note, with sufficient endorsers, in amour, edlml
10 the number of his bales OF cotton, at $50 onI
each bale. The cotton is afterwards shipped
under the control Of the bank, and sold al any
home or foreign market, as The planter may de-
sire; and all the benefit of exchange, domestic
end foreign, goes to the use OF the planter, and
no charges, commissions, or factorage, of any
description, accrue 10 the bank by The opera
lion. The amGHnt thus far discounted on cot
Ton notes, is one million two hundred and sixty
nine thousand eight1h hundred and iorty-six dol
lars fifty cents, ISL, N69,846 56-Ioo)
| 1t will be observed that the whole amount Of
bills Of exchange maturing both within and
out of the State, amount TO three hundred and
sixty four thouSpnd six hundred and sixty seven
dollars fony-fve cents t$364,667 45-l0O).-
These are bills Of planters, drawn on their
merchants, and were discounted upon the
strength of the paper and its endorsements, and
for the use Of the planter, with proper regard
always to the situation Of the merchants upon
which the bills were drawn.
The largest liability of any one mercantile
house, as acceptor, amounts to sevenly-nlne
thousand three hundred and eigh'y-ive dol
lars, 1879 1857, and the next largest hly-lour
thousand nine hundred and sevenly.nlne dol
lars, twenty-five cents, (S54,979 25-lOO)
which liabilities arise, not out Of the direct in
Idebiedness of tn, houses to the bank, for theli
own benefit, hut, from the acceptance OF the
bills Of the planters drawn in the manner before
mentioned.
i When your committee remember the ex
Itravagant and unlimited extent TO which on
former periods the banks of the State permitted
The mercantile houses OF our own State and
! New Orleans to absorb their means, thus con
shutting them the only channels through which
The planter could obtain any banking facilities
they have been gratfied to find that the Union
Bank have pursued more correct course, ant
one better calculated TO advance the planting
interest, and put i, on a footing with other pur
suits by furnishing the planter directly iron
the bank, without his mourning additional eX
, pense in the way Of commissions, acceptances
4 sc.
q The com mi,,ec will here submit the follow
mo condensed statement of the Resources an
:, Liabilities of the bank, up 10 the l7th January
: 1889.
= DR.. RESOURCES.
), Notes discounted on personal
ii security alone, $2,855,487 6
d Notes discounted on personal
st security and deed OF trust, l5,oOo I
y Notes discounted on personal
'gI and cotton security, l,269,o4o
re he State, 163,a9s :
X Of the State qoo,768 :
- Due nv hanks in the Safe, 25,62G :
o, Due by banks out Of the State, 2,452,44l |
II Real estate, 1870
5. Bank expenses including Office
rs furniture, 1'9zo
~ Notes Of United States Bank, 9O,720
ps Notes of other banks, l9,292
T. Specie, 4so'09o
,e $7609,l27
IA LIABILITIES.
eS Post notes in circulation, S2,220,l5o
oh Bank notes in circulation on
III demand, ol,oOo
State bonds issued for capital
an stock, o,ooO,ooo
lK Individual deposltes and depo-
he site certificates, 26|,6o'
KS Treasurer Of the State OF Mis-
- sissipp. 5,423
W, Profits since last scml-annual
he settlement Of the books, al
ed ter deducting $3.50, 81
d. loss at that time, since the
he bank commenced opera
mt tons, 36,l46
1r,