The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-03-02
$2,5I9,00i
$2.5l9,005

By which il appears that our IiabIitie.
to others, VIZ: our circulation, due TO Banks
aud deposltes, amount 10 S903 443, anl
our means Immediately available to meet
them, viz: our specie, deposi,es 10 foreign
banks, notes of foreign banks on hand, due
! by Banks in North Carolina, and notes Of
North Carolina Bonks on hand, amount to
I S776 ,00S, leaving but the small balance OF
SI29, 43j, 10 be collected out Of our debt,
and presenting the rare spectacle Of Bunk
that has within her vaults dollar for dollar,
oi every claim that the public has against
It. Our circulation is 80 diffused tibet i, is
morally Impossible the whole should be
pressed upon US at ouce. and if il were
possible, We should have to call upon our
debtors for 1929, ABS, to extingu,sh eve
~ demand from which the corporation is
responsible. So much for the claims oil
the public, and ] owe an apology to their
intelligence for attempting To prove fact
which, with the statements before them,
was self evident.
Now for the general condition of the
Bank, and the entire safety of the corpora
tors. The two sides of the statement it
will be seen balanced each other, and If all
the items are available, the capital is entire
and the stockholders safe.
We do not pretend that they ore all
available. We have suffered the fate, not
only of all who bank, but of all who have
dealt largely, in these unsettled times Of
revulslon and distress, and the contingent
fund on the debit side Of our statement,
indicates too plainly for msappreheusion
that We have sustained losses which are
still unarranged.
Our bad debt at Bank and Branches, as
you have lately seen, amounts in SCI ,l54,
aud our contingent fund, and profit aud
loss, TO S07,3l2, enough not merely to
eStlngulsh IL, but 10 leave a balance for fu-
ture contingencies. You know this state.
ment to be true, for but few days since
all the vouchers and accounts from which
It was taken were laid before you, and if
there lie one skeptIc who really doubts, we
invite his most rigid scrutiny.
|! has been charged that our cunnexion
with the rail roads of our state has been
inJudclous aud hazardous, and that we have
negotiated their paper TO large amounts and
upon insufficient security. Need say to
you that il is untrue, and that instead Of be.
ing detrimental, the Wilmington and Raj.
elgh Rail road has been, aud promises still
more to be, large deposition and useful
~ N Ybic RapE E,o 81,
ties exceed $500, 900, whilst the only debt
it owes US is a bond of $50 900, endorsed
by the State Of North Carolina, now at ma
turity, and note at 90 days for Sll 900
endorsed by large number Of our wealth.
lest citizens, and further guaranteed by an
order on the Post Master General for like |
amount. These, with bond OF the Raj. !
elsh and Castor Co., for ST. 900, endors
ed by the State, comprise the whole in
iebiedness Of Rail Roads to the Bank, and
il can scarcely be considered excessive in
amount or doubtful in character.
| know not that you have complained,
but IT has been alleged that our Directors
lebt as stated in our exhibit is too large.-
DUA 10 " hllDWu tltAi III tue DdDk anu lis
six branches there are 81 directors, and
hat this embraces their aggregate indeb:,
edness Divided equally among them it
amounts to less than $4,000 each, and |
venture TO say that no debt is better secur-
ed, or more convertible when It's collection
becomes necessary. Besides, your own
order allows the directors Of the Principal I
Bank and It's Branches a standing debt of
two thirds their valuation, not exceeding |
$1,000, TO be revised and renewed by the
Board Of Directors every 90 days on the
of interest, and TO be secured by |
two good endorsers. 1t was designed as
to the Directors for their val |
liable services, and poor as is the boon, it
is all that they receive.
Our real estate, embraces fire Banking
houses, and certain property purchased |
in to secure debts. The houses have been
bull, with the sirctest ECONOMY, aud il we !
,vcrp, tho pr,npinnl HanE ara worth IN