Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-02-02


her in all the natural elements and productions of
wealth. but in the value of her real and personal
tate, and the value OF her farming implements and
machinery she exceeds US This can only be &C.
counted for only the grounds that moro of her
banking capital is used for agricultural purposes than
ours.
| W lille she gives employment to over fourteen mil
lions of dollars, but little four millions.
In these statistics have omitted the amount
ing from Fisheries turpentne, ground Pea, tim
Der and shinge business, which require the employ
ment of vast capital.
| Contending then for the truth of the proposition
and holding these opinions, frankly confess my rea
diness vote for increase OF capital at every point
when can be satisfied that there is want of banking
facilities. Instead of such increase depreciating
currency by multiplying the chances of mis- manage
ment believe it will render their operations more
healthy and safe by creating that competition and
dependence which should exist in all occupations
By this do not mean that would vote for an indie
pendent bank in every precinct but that would char
ter banks of large controlling capital, calculated to
give permanency to the character of currency,
with branches located that spreading their opera
lions as it were in concentrc circles will cover, and
meet the wants of every locality. | am aware that
there is strong opposition to the system of branching
upon this floor, but shall hold myself in readiness
10 show at the proper time that it is salutary priv
lege 1t is not for US to say whether under the pres
en- circumstances the branching system of itself,
evil but whether is not less evil than the incor
poration of so many small institutions
! come now, Mr.. Chairman, to speak of the wants
of the immediate applicants for the passage of this
bill. And here we see that disproporton be-
tween the active and permanent capital of Whining
ton exists in the State at large, and greater dis
parity between her capital and trade than in any of
her sister marketowns on The Atlantic coast.
The banking capital of Wilmington is now one
million fifty thousand dollars. Her statistic show
large increase in the population wealth and capacity
, for commerce within the last five years.
In 1910 her taxable Polls were but .......... ISL
In 1853 the same amount to................. 200
Value of town property of the former date $3.50 02
he same at the latter 1851, 229
Depth of water in the bar in June 1853 lIS feet
D., In January sd l23-November "a 13A, and with
in the last eight months IA feet. Her Tonnage in
May ga was 1880 tons, representing SIS vessels
Invested by citizens of Wilmington in schemes oil
: public character 81, 100000, and in vessels and
STEAMBOATS, $3.50 500, making their expenditures fol-
such property exceed their present banking capital
e S68O.5O0. What community however devoted to the
cause of Internal Improvement make such lib
: eral showing?
g shall now proceed 10 show, Mr.. Chairman, from
reliable statistics, that the banking capital is greatly
dsproportonae to her trade in comparison to Other
S towns and cities of lhe Union | have before said
b her banking capital was $l050,00O The amount
of produce bought and solo in her market or her
gregate purchases foot up 10 100000, and her ex
Iports exceed ten millions, showing difference Of