The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1843-02-02
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By which u appears mat our ha0iliues
10 others, viz: our circulation. due 10
Banks. and deposiies. amount 10 s905,
40, and ourmeans Immediately available
10 meet them, viz: our specie, deposiies
ia foreign banks. notes OF foreign banks
o. hand. due by Banks in North caro-.
Ina, and notes OF North Carolina Banks
on hand. amount 10 s776. 00s, leaving but
the small balance of size, 435. 10 be col.
lec,ed out OF our debt. and presenting the
rare spectacle Of Bank that has within
her vaults d liar for dolIaf,of every claim
,hss the pubic. has againssit. Our circu
ls,ion 10 50 diffused that il is morally
impossible the whole should be pressed
upon us Al once, and il il were possible.
We should only have 10 call upon our
debtors for sI2s. AS. 10 exlnguish every
demand Zoe which the corporation is re-
sponsible. So much for the claims Of
the public. and owe an apology 10 their
intelligence for attempting 10 prove FAC,
which, with The statements before them,
was self-eyident.
Now Cor the general condition Of he
Bank, and the entire safety of the ccrpo.
ra.ors. The two sides Of the statement
twill be seen balance each other, and il
all he items are available, the capital is
entire and he stockholders safe.
We do not pretend that they are all
available. We have suffered the fate,
not only OF all who bank. but Of all who
d. have deal, largely. in these unsettled time
OF revuision and distress, and "con,ingen
fund' on The debit side Of our Statement,
indicates TOO plainly Tor misapprehensior
tina. we have sustained losses which ar,
still unarrauged.
Our bad debt at Bank and Branches, a
YOU have lately seen, amounts in s6l.l5
and our contingent fund, and profit ant
loss, to s67,3l2, enough not merely +
ex,inguish il, but TO leave balance TO
future contingencies. You know shi
statement 10 be true. for but few day
since all The vouchers and accounts iron
which il was taken were laid before you
and If there il one skep.ic who reall
doubts, we invite his most rigid scrutiny
II has been charged that our connexio
with the rail roads Of our state has bee
injudicious and hazardous, and that "
have negotiated their paper TO large
mounts and upon insufficient securit,
Need | say 10 you tina, i, is uatrue, az
that instead Of being detrimental. the w
ming,on and Raleigh Rail road has bee
and promises still more to be, large d
position and useful auxiliary TO this Ban
lis yearly dcposites exceed $4,000
whilst the only debt il owes us is bond
$4,000, endorsed by the State OF Nor
Carolina, now at maturity, and note at
days for sli 900, endorsed by alarge nu'
der Of our wcalthiest cilizcns. and sutti'
guaranteed BY an order on the Post Ma
ter General for a like amount. Thee
with bond OF the Raleigh and Cast
Co.. for $4,000. endorsed by the Sta
comprise the whole Indebtedness oil X
Roads to the Bank. aud il can scarcely
considered excessive in amount or dou
ful in character.
| know not that you have complains
u.ithas been alleged that our Dlreesc
debt a. stated in oar exhibit is too lar
But is it known tina. at the Bank and
six branches there are 81 directors,
that this embraces their aggregate Ind
tedness! aDivided equally among IN
!. amounts 10 less than $4,000 EACH
venture 10 say that no debt is better
cured, or more convertible when its
lection becomes necessary. Besl'
your own order allows the directors
the Principal Bank and its Branche
standing debt Of two thirds their valual