The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-02-02

this State il but little exceeds three Mil
lions. Ii follows that the operations OF
their Banks must always, 20 very great
extent, control the action Of the Banks Of
this State.
To what extent the reduction must be
carried, for seIf-protection and preserva-
ton, experience, to be derived irom future
events, can alone determine.
The Directors of this Bank and its
Branches have endeavored at all times,
and under all circumstances, to keep their
notes at par within this State. Ia this
they have succeeded TO the fullest extent
Of their wishes aud without loss to The
holders of them. During the general sus.
pension Of specie payments, instead Of ex-
tending their debts and circulation, to en-
nance the profit of the stockholders, they
steadily and gradually curtaled both, there
by reducing the profits of the Bank.
They prefer safety, the enjoyment of
public confidence, and small profits, to
hazardous loans, distrust, and large prof
It's. They could not disregard the fate of
Banks IN other States which, by adopting
the opposite course of action, had subject.
ed the holders of their notes TO great loss
and involved themselves and their Stock.
holders in one common ruin.
In reply to the second enquiry viz
The amount Of the Bills of Exchange in
which the said Bank has dealt since the
first time the bank suspended specie pay
ments up TO this time the accompanying
Statement made BY the Cashier and mark.
ed, No. l, gives the information soush, by
the Committee.
In reply to the third enquiry, "The a.
mount received BY said Bank for premi.
pms on Bills of Exchange and the average
rate per cent. on sad;BilIs," the accompa-
Bying Statement made by the Cashier and
marked No. 2, gives the information ask
ed for by the Committee "as far as prac.
ticable."
The Committee will see that most Of
the Bills contained 10 the Statement No.
/, were drawn on, and made payable To-,
Virginia and as the Banks of that State
have been in state Of suspension for q
large portion of the period of time specl-
fed, they have furnished no basis for sell.
ling checks on them at any premium what
ever; indeed they have been taken during
the period Of suspension, more for the &C.
commodation of the drawers than for The
profits derived from dealing in them, mas
much as the notes of this Bank and its
Branches we're generally paid for them,
thereby subJectng them 10 the redemption
of such notes in specie, or the payment
of the penal interest prescribed by the
charter.
The same remarks may be applied with
some slight modification, to the intercourse
between this Bank and the Banks Of Phil
adeiphia, Baltimore and Washington City,
during their suspension.
As general usage, in the receipt OF
premium on Bills Of Exchange" or checks
drawn on Banks out Of the State, this Bank
when it has asked any premium at all, has
asked a premium Of one per cent. above
the rate paid BY it for Exchange. This
difference Of one per cent. between the rate
per cent. at which II has purchased and at
which it has sold, constitutes the profit
made by dealing in Exchange. The price
Of Exchange huctuates according to the
amount Of demand and supply.
In reply to the fourth and las, enquiry,
viz: "The amount of damages received
by said Bank on protested Bills Of Ex.
change for said period the accompanying
Statement made By the Cashier marked
No. 8. furnishes the information sought BY
the Committee.
The foregoing statements marked Nos.
I, 2, and 3, exhibit the operations Of the
Priacipal Bank in relation to the matter
contained in them. There are no nlateri.
ais here, for making statements Of the op.
erations of The Branch Banks in relation
TO the same subjects.
have thus as promptly as practicable,
answered $50 far as 1 am able) the qucs-
tons preferred BY the Committee, as | did
questions propouuded 10 person by SINH.
lar Committee al the last session, without
stopping to enquire into the strict right OF
the Committee 10 put Undergraduates, and
10 require a report from the Bank, on The
EbDlCItS ckllDf aleu- III Atlttl IteDIGAlDtISs-
The Directors Of the institution. consc lou,
of having managed the trust committed tc
them, with the best intentions for the pub
lie good, and believing that considering
the adverse circumstances, under which
their efforts have been made, they have
succeeded TO great and desirable extent,
IN effecting their purpose, have, as to their
own conduct and Of their Officers, no Sc.
crets which they wish 10 conceal, and are
aware Of no investigation which they
should desire to AVOID on the contrary,
they would be well pleased If the whole Of
their motives and conduct during period
Of commercial embarrassment almost un.
exampled in the history Of nations, could
be fully and truly submitted to the whole
people Of the State.
In this consciousness Of good intentions
in this belief of good management, with
this readiness to meet every sligation
however severe, they most respectfully
remind the Committee that, BY the lJtt