The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1843-01-19

&C Eaywxass % siss 18Th septesnbef laxl,
lhey bare betn rapidly feduring heir debs
and eirvulalion; which Inns necessarily !
pressed On his bank and iss breaches i
lnuher fedneiion of Gheir eireulssi0a.
The conaignity of he states of Norh
Csrolina.aad Virginia. and he intrinsic
.and extensive commercial rrlalioas be-
tween thess. necessarily Affect lhe qnes-
lion of currency il This slate. The y
lnouni q banking capital IN Virginia en-
ceeds irfrs millions q dollars, y bile In
this stale i bus little exceeds three mil
lions. II fellows that he operations ef
ihtir banks must always. so.a very gTral,
extent, control lie aeti0a u lhs Banks Of
this State.
10 what extent the reduction sa9st be
carried. Gur sclfproieclion and pfeserya-
tioa, experience, 10 be derived from ~
iare eFtEis. ran alone determine.
The directors If this bank and is
branches have endeayored-ai AIl times.
and under all circumstances. 70 keep their
moies a. par srifhia This STATE: In tlis
they hare succeeded 10 the fullest extent
u their wishes and without loss 20 Inc
holders of Them. During Tie general
suspension 81 ), ecia payments. instead
&c extending their debts aud circulation.
y eRhance HE profit sg The stockholders,
they steadily and gradually curlailed both.
thereby reducing the profits Of The bank.
They preferred safety. The enjoyment
az public confidence, and small profits, 70
!, hazardous loans. disirust, and large pro-
fits. They could mol disregard the fale
of banks in olher states which, by adopt.
ing the opposite course OF acliun, had
subjected ihe holders OF their noies 10
great loss, and involved themselves and
their stockholders in one common ruin.
i Inreply 10 ihesecond inquiry, yiz:.The
amount Of bills of exchange in which the
tsaid bank his deah since The first time The
Bank suspended specie payments up 10
i this iimr," The accompanying Statement
made BY Tie Cashier and marked DO. L
gives.ihe information sough, FOR by ihS
committee.
/ In reply 10 the third inquiry, :" I'll,
amount received BY said bank Scr premi
ums on bills Of exchange and The average
rate per cent. on said bills" The accom-
panyins slaiemeal made by the Cashie
aud marked No. 2, gives The information
asked for. by the committee :. rs far a
practicable"
The, committee see lsat most of NJ
bills contained in the statement No.
were drawn on, and made payable 10
( Virginia: and rs The banks Of that stat
have been in state Of suspension for
, large portion Of The period Of time spe
gifted. they have furnished no basis 20
selling checks on them Cor any premi
/. um whatever; indeed they have bre
taken during the period Of suspension
more for the accommodation Of ill
drawers than for tie profits derive
9 from dealing in them. inasmuch as III
! notes Of this bank and its branches WEI
: generally paid for them, thereby subjec
; ing them TO The redemption Of sucI, mote
! in specie, or the payment ofsthe pen
= interest prescribed BY The charter.
i The sane remarks may be applied,wil
" some Sigh, modification, 10 the int
r course between this bank and the banl
: Of Philadelphia. baltimore and Washi"I
!. ton City. during their suspension.
: Asa general usage, in the receipt
= prcmium on. =. bills Of exchange"
|. checks drawn on banks ost Of the stall
= this bank, when il has asked any prem
Il UNI a, all. has asked a premium of o.
20 per csnt. above the rate paid by il 4
i. exchange. This difference Of pne p
- cent. between the rate per cent, at viii,
: i, has purchased and at which'it has sol
i. constitutes the profit made by dealing
i exchange. The price of exchange flae'
n s,es, according " the, amount of densa
On aud supply. :.
- In reply 10 the Geur,h and lastinqair
:. viz: "Thc amount of damages ereoelv
he by said bank OH protested biHsesexchan
III for said PERIOD" The accompanying sta
:, ment male by the Cashier marked II
ia 3, furnishes the information sought
- The committee.
:, The foregoing statements marked \
"a |, 2, and 3, exhibit the operations oil
J, Principal Bank in relation 10 the matt
/, contained in them. There are no ma
IL rials here, for making statements oil
H. operations ofsse. Branch Banks III relai
n. 10 tho same suhjec $.
ur. have thus as promptly as practical
ia, answered $50 far as am abie) the qV
ks ton, preferred by the committee a
EN-, did questions propounded in person b
nj. similar committee a,the las, session, W
.pi oat stopping to inquire into the st
mo right of the committee to put interrog;
| 10 ries, and to require. reporl.itom
: TO bank, on the subjects embraced IN y
mt resolutions. The directors OF the ~
tu,ion, conscious Of having managed
ker trust committed to them with me pes
mn. tentians for the public good, anu oelle'
| .Ia NH pIfcnlfS