Southern sentinel. [volume] (Plaquemine, Parish of Iberville [La.]) 1848-1858, 1850-02-27
The Banks.

The following is the report in relation to the
banks, which Mr.. Preston submitted in the
lower House of the State legislature, on the
| 18th instant
The committee to whom was referred the
joint resolution of the General Assembly to
examine the banks of the State, whether in
operation or liquidation, beg leave to report that
would allow, the following institutions.
The Union Bank of Louisiana.
The Citizens Bank of Louisiana.
The Consolidated Association of the Plan
tiers of Louisiana.
The Bank of Louisiana.
The Louisiana State Bank.
The Mechanics and Traders Bank.
The City Bank of New Orleans,
The Carrollton Bank.
The New Orleans Canal and Banking Com
pany.
From the officers of each of which, they have
obtained a statement under oath, and which
they herewith submit. ~
By reference to these statements and accom-
paning documents, it will appear:
/. That the Union Bank.shows a surplus of
two millions four hundred thousand dollars; that
she has ample means to e%xtinguish the bondis-
sued by the State for her amount, Originally
for seven millions, now reduced to two millions
six hundred thousand dollars,0. and that the
State will realize a profit Of four hundred thou:
sand dollars.
I The committee recommend that the arranged
ments contemplated by the act entitled an ac-
, approved OH, on which the State
can at once extinguish S2l7,OOG of its debt
proper, as prospective dividend from this bank,
be at once carried out, and that such legislative
action as may be necessary to facilitate her l.
quotation may be granted. o
2. The Citizens Bank Of Louisiana shows
4 deficiency of 100000. Your committe re-
fer particularly for information in relation to
this bank, to Il report recently made By the
Board of Bank Managers, in which it is propo-
sed to remit the penalty of forfeiture of some
of the privileges of this bank decreed by the
First District Court of New Orleans, under GER
| tain conditions. In view of the large liabilities
of the State for this banks, and Of all the cir
cumstances connected with it, particularly Of
procuring the immediate payment Of a portion,
and greater security for the whole of the bonds
of the State issued for account of this bank,
they recommend that the bank be restored to
all her original rights, and will hereafter report
a bill for that purpose.
3. That the Consolidated Association of the
Planters Of Louisiana shows a deficiency of
$4l6,0oO; the condition Of this bank has much
improved under the operation OF the law of
ls47. Your committee are of opinion that the
bonds issued in favor of this bank will be paid
without loss to the State.
4. The Bank of Louisiana, the Louisiana
State Bank, the Mechanics and Traders Bank,
and the City Bank of New Orleans, are, in the
opinion of your committee, in a perfectly safe
position as far as the public are concerned; the
two first named are in active and useful opera
ton. The charters of the two last named will
soon expire, and your committee recommend,
as a measure of relief to the community, that
time be allowed them to l%iquidate their affairs.
So far as relates to the New Orleans and
Carrollton Railroad and Banking Company, the
committee suspend their report for further in
formation.
[signed] ISAAC T. PRESTON,
Chairman of the Committee