The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1855-03-17
rHE MINI ESQ Ia N
sATURpAY MORNING, MARCH 10, 1856
The Maine Banks.

The Maine Banks.
A Maine friend has placed in our hands
copy of the annual report of the Bank Commis-
soners, made to the Legislature of that State
for the year 1854. From it We learn that there
are thirty one Banks in operation within the
State, thirteen of which were chartered by the
Legislature of 1854, adding to the banking cap
ital of the State the sum of S5S7 1852, and ma
king total of 81, 3Ol .252OO. The circulation
during the past year has not kept pace with
the increase Of capital, it being now but half a
million more than it was last year, while the
capital is nearly third greater. The depos-
its are now larger than at any former period.
The profits are also considerably increased
The Commissioners report favOrably on al the
Banks in the State, excepting the Shipbuilders
at Rockland. This Bank has been less fortu-
nate in the management of its affairs. 1t has
sustained loss of nearly $4,000 in bad debts
for the year. The Directors seem to have en-
trusted its affairs too much to the management
of the Cashier, who has most shamefully abus-
ed the confidence reposed in him. The books
having been falsefied from the beginning and
it is impossible to ascertain from them with any
degree of accuracy the amount of bills in cir
ulatiou. This can never be known until the
bills are all in. It'll expected, however. that
fifty per cent. of the capital will be saved, but
the Commissioners do not feel sanguine. and
admit the possibility that the whole capital
may be lost. A gentleman, who is President
of one af the soundest and best Banks in Maine
writes one of us that the concerns of the Bank
will be speedily wound up, and be the los'
however heavy it may upon the stock, that ev
cry bill in circulation will eventually be re
deemed do liar for dollar. However true thi.
may be, the bills of the Bank must, for thu
present, be reckoned at very low value. l
we held the bills to any considerable amount
we would not sacrifice very largely on then
until further advised.
Notwithstanding the depression of the com
mercial interests in that State in common will
the rest ofNewEngland, land the fcverish state G
the country in regard to Bank suspension!
but three of the Banks Of Maine-the Halo
well, Ellsworth and Shipbuildcrs-have failed
or neglected to redeem at the Suffolk. We CO.
Ply from the report, as follows:
Though Bank ceases to redeem at the Suf
folk, it by no means follows that it has failed
yet it is generally so regarded-for its bills al
once become depressed in value at the place to-
wards which they naturally flown the way
oftrade-and the free circulation is almost in
stantly stopped. If it continue to redeem at the
fha inf, Of tia
by all the Banks of the State-causinga with
drawal of deposits and of specie, and loss OF
confidence in monied institutions
The Bank of Hallowell is the only one that
did not make an effort to be restored to favor
at the Suffolk-after having been thrust aside
This bank is owned-mostly-an controlledby
men of wealth and of good business capacity :;
and the failure to redeem in Boston was not
owing to inability to supply necessary funds
They have not ceased to pay all bills at their
counter, and we understand that they provide
for their redemption at New York-at u dis
count.
The Ellsworth has provided literally for its
liabilities, and the bills are again current
The Bank is in the hands of men of integrity,
ability and wealth and we doubt not that it
will 60 on, doing a prosperous besiness-de-
serving and receiving the confidence Of the
public.
Inere Is one very remarkable TACT, III the
management of our Banks, that deserves pas
sing notice. With very few exceptions, all the
officers, besides Cashiers and assistants serve
without compensation. In some cases the
President gives daily attendance to the bust
ness of the bank, and bestows an amount of la
Dor that might be reckoned by months.
1t gives the Commissioners pleasure to state
that our banks seem to be under very credita-
BILE management, and that they may be reck-
oned as safe as any others in the county,
Generally their operations have been confined
within the limits of the law. and there have
been but few, ifany, instances of an excess of
circulation and but trifing excess Of loan for
a short period. 1t is manifestly for the inter-
est of the Banks themselves that the laws
should be scrupulously observed, even though
they might sccrue temporary advantage from
their infraction.' AS an evidence Of their good
management, with the exception OF the Ship
builders Bank they have very few bad or
doubtful debts; not enough to effect their
semi-annual dividend.
In conclusion we would say, that our Banks
were never more deserving of the confidence
of the public than at the present time. While
panic in money matters prevails to consid-
cradle extent in many places, our Banks go
steadily en-, hardly feeling any pressure or
interruption of their ordinary business and
though their loan and circulation are large,
their paper is we'll secured, and they have pro-
vided literally for the redemption of their bills
In Boston, besides holding large amount of
specie in their vaults
CARIMoNA.-This new and promising town,
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