The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-19

Total. .............. .$2lS,00
In last weeks report, $4,000 In silver for East India
was omitted
The feelings of mstrust which have existed for some
time In resiien to the banks Of New Jersey have
nearly ceased Doubts should have been enter
tanned of those banks which owned and managed by
citizens Of Jersey for oil such Jersey per
fec.ly solvent dividend psyrg banks. In fact, the
banks Of Norris county Essex county and Sussex
IT, sound and responsible the banks Of the city
OF New York. The banks Of New JERSEY to which pub
Ito suspicion both here aud there very justly directed
those banks, which, although located in New Jersey
solely owned, and wholly managed and controlled by
individuals residing in Pennsylvania and New York.
The Commissioners appointed to investigate and
settle the affairs Of the State Bank Of Alabama snd
branches, have recently made q report to the Legis-
aure Of that State and regret to that the pub
lie finances very discourasing and gloomy aspect
Alabama has far, promptly and punotualy paid every
fraction Of the interest her debit but 1t has been paid
from the proceeds Of the State Bank and branches in
stead Of from taxation. The State Bank and branches
In state Of liquidation and from the reports
which havo from time to time been made there is
doubt but that the bank will fail to meet the
nual demands upon for funds to pay the interest
the State debt, and that direct tax will have to be
levied and collected to meet this expenditure there
will bo no way to avoid delinquency. II would be
oeedngy unfortunate should such event take place
After the efforts which have bsen made By those States
which have for 30 many years been delinquent to
sume the fall partial payment of the interest their
debts and the several Of them have met In their
exerions to do it would be particularly unfortunate
that State which has until maintained TIA posi-
ton in the list Of sovens should he In danger beco
Ing iusolvent and swelling the list Of delnquents.
The people of Alabama may willingly submit to taxa
ton for the purpose Of preventing the deplorabe
sequences, have predicted but there such op
position in oil States this porant feature In their
government that prepared to such objections
raised will tend very much to deprscate the market
value of the securities otha State and nure its credit
in the financial world
In consequences of the important pesition occupied
by the bank relative to the State de- BIT State credit
thu condition of that institution and branches Is mat
ter of much interests and every report therefore much
sought after by holders of Alabama bonds The Com
mi,soner "a their report to the Legislature say
that the committees which have heretofore estimated
the debt ca.sed good and the assets Of every descrp
ton belonging TO the banks worth six million. OF
dollars have not been 30 accurate as they might have
been from the Of information within their
troll 1t appears that in reporting each debt, the
nittees mentioned the original amount of paper discount
cd notice account being made Of partial payments
which the books Of the bank exhibited had been made
from time to time In consequence of this oversight
whatever it be Called the assets Of the bank have
been very much overrated and the ability of that ush
tuition to meet the demands upon II from the State
Treasury, greatly exaggerated In many cases debts
had been reported due which had in part, been dis
charged
The following statement exhibits the aggregate amount
of collections made at each bank from the date OF the
last reports to the legislature November 1s45 to the
LIST Of December, ls47:-
STATE BASR or ALABAMA AID BaANcHSs-AecpEGsrE
AMOUNT OF COLLECTIONS.
Amount collected at the Bank OF the
state OF Alabama from the 25th No
vember, 1s45. to 4th Feb Is46. and from
February, 1916, to Decembsr ist 1917. saa3sls so
Amount collected at the Branch OF the
Bank of the State Of Alabama, at Mobile,
from 25th November, lss5. to 4 h Feb.
1916, and from 4th Feb. 1916, to Deem
Der let, isl7. $3.50. l.nesss 10
at Montgomery, from lat Oct lsi5. 10
ath Feb 1916 and from lth Feb 1916,
to December LIST, lsa7 ......... I,ol7 ,ss7 81
Amount collected at the Branch at Hunts
villa, from LIST Nov ls45. TO 4th Feb.
issc, and from 4th Feb is4o, to Deem
Amount collected at the Branch Blink at
Dpcstur. from 81 Nov ls4S. to 4th Feb
lsi8. and from 4th Feb ls46, to Decem-
Der LIST, ls47. ........ ............ 492,967 90
Total from Nov lsa5 to Dsc lst Is47, So 457O7s 81
According to this account, nearly three and half mil
liens Of dollars have already been realised from the
sets OF the bank aud branches and the commissioners
estimate the remaining assets at littls than
two millions Of dollars. large amount Of the debts
now due Is involved 10 litigation, and the debtors
scattered large section o. country rendering
tremsy difficult to place any value upon them In vicw
OF all the difficulties with which the commissioners
surrounded they have arrived at tho fcosns estimates
Of the amount likely to be realized hereafter from the
ssssts and property of the bank aud each branch
VALUE or Anrrs OF STATE BArx cF ALABAMA AND
BRAScuss Dec l. ls47.
From the Bank Of the state about $500 900
Branch ct Mobile ......... 1000 GO
4" Branch at Montgomery, about. -. 500 600
Branch at Decatur, ...... 500 900
Branch at Huntsville, ..... lOoOn0
TOTAL. pE.<VVVVu
The position of these assets is such as 20 make their