Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-12-23
THE NATIONAL BANKS,

lne new system OF National Banks, au-
thorlzed by the law of February 25th 1862,
has now been partly started by the es-
tabllshment of l20 banks, with an aggre-
gate capital of about Is millions, twenty Of
which are in Pennsylvania, aud the number
is increasing almost daily. There institu-
tlons will undoubtedly by very popular when
once properly understood. These are many
features in the law calculated to make the
business OF issuing the paper currency
very profitable to banks, and also to make
the notes they issue popular with the people.
The mode OF organizing the banks is very
simple and effective; number Of persons,
not less than five, may associate and organ
iZe, with capital not less than $50, 900; at
least 80 per cent. of capital must be paid in,
which, IN the case of the minimum capital,
would be $4,000. They may then transfer
to the Treasurer of the United States one
third of the capital paid in which would be
5000 of United States bonds and receive
90 per cent. of market value in circulating
notes, which, at the minimum, will be S4,
500. These notes are to be redeemed by the
issuer in 'greenbacks, and in case of his in
ability, by the United States Treasurer. They
are, in fact, United States notes, being pay
able by the Treasury. The issuers of the
notes will get 8 per cent. interest on their
capital, in gold, from the Treasury, and can
lend their notes at per cent, interest. In
the supposition that 800, 600 of stocks are
deposited with the Treasurer, the bank gets
Sc, O00 in gold, interest on the stocks SO de-
posted, and 800, ,000in notes, which it lends
at per cent. interest. At this moment
gold is so per cent. premium hence the in
terest of the stocks is 9 per centum In green
backs, and per centum on the loans
Of notes will be So, 400 making, together,
S14, 400 interest on one investment OF $780,,
600. The law also allows any bank to con-
slider the balance due to it by other national
banks IN other cities, as lawful money on
hand" :" With these leading points in its Or
ganization, any institution may do a general
banking business. Their power to increase
their capital, and to issue notes, ultimately
payable by the United States Treasury, is
great, enabling them to meet any demand for
bank accommodation within the limits of
$300,o00, 900, fixed by the law. Their
notes will receive popular confidence, equal
to that in the government itself, while the
faculty of calling deposits with other banks
lawful money on hand" viii consolidate
the business in the new banks.
The following are the names of the officers
and locations the banks in this State
Philadelphia, o. w. Davis, president;
Morton McMichael, cashier; present capital,
$4,000
Carlisle, Samuel Hepburn, president;
VIM. W. Hepburn, cashier; present capital
$4,000.
Erie, 1ohn C. Spencer president NJ.
Sanford, cashier; present capital $400, 600.
Girard,* Henry Mcconnell, president;
r. S. Battles: cashier; present capital, $780,
600.
Holidaysburg. William Jack, president;
Rob't Il. johnson cashier: present capital,
$4,000
Huntingdon. James NJ. Bell, president;
G. w. Garrettson, cashier, present capital,
$4,000
Johnstown Daniel J. Morrell, president;
Howard j. Roberts, cashier present capi-
tai, $60,000
Kittanning, John B. Finley, president;
Chas I. Neale, cashier present capital,
100000
Marietta John Hellinger, president;
a. Bowman, cashier present capital, s60,-
Union Mills John johnson, president,
E. d. Sunderlin, cashier; present capital,
$50, 900
Meadville, C. A Derickson president;
Gideon Mosier, cashier; present capital,
$4,000
MELVILLE, \ Joseph p Hursh, president;
John p Rhoads, cashier present capital,
$50, 900
Pittsburg, James Laughlin. president
John ID. Sculy, cashier; present capital.
$400, 600
lst Scranton Jos. H. Scranton, presi-
dent: William Gushing, cashier; present
capital 100000.
ID Scranton, Theod F. Hunt, president
VIM w. Winton, cashier; present capital,
100000.
Strawsburg,* John F. Herr, president;
E. NJ Eberman, cashier; present capital,
$4,000
Towanda, = George F. Mason, president
n. N. Belts, Jr., cashier; present capital,
500, 900.
lst Wilkesbarre, James NJ Lean, presi-
dent, Thomas Wilson, cashier; present,
capital, SOL 800.
I'd Wilkesbarre, Thos F. Atherton, presi-
dent Matt L. Everitt, cashier present cap
ital, 800, 900.
Reading, Levi B. Smith president, A. f.
Boas, cashier present capital, 100000.
*No banks existed previosuly.
The Battle at Kingston.
Il Ill l..,r