The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1866-01-24


roads. in which the State holds large stock,
are ia sound condition. Some Of them
owe little or nothing.
The reports Of the Banks, which were
procured under the orders Of the Provision
al Governor aad have been printed and laid
before you, show, in round numbers, that
these banks have little above 100000 OF
specie. and that they owe to the holders OF
their notes and 10 depositors about sS. $780,
900. and that there is due to them, for dis
counts before the war, about So. 900 900
and Tor discounts since the war, abou. 3d.
100000.
Ii the banks are forced to make an as
sisnment and 20 INTO 4 generaLliquida,ion
il order to make an equitable prorata dis.
tribution of their assets among all their Gre
.ditors. (Which be the case ii nothing
be done By you,) the note holJers aud de :
posi,ofs would receive about 10 cents in
the dollar in specie. and such furthsr diyi-
dend as collections from their debtors
might enable them TO make. Unless mo
ney become more abundant in the State, it
is manifest. that little can be expected
from these collections. This specie is now
locked up, yielding no benefit 10 any body.
suggest that, by m amendment 10 their
charters, these Ranks and Rail road CON
panies be allowed 70 subscribe for stock in
National Bank. With the specie in pos.
session ut the Blnks. and resources at the
cnmmand Of the othe. corporations, uith
such subscriptions On ths part of indisidu,
ais a. might be expected. bonds Of the
United States might be bought 10 an
amount sufficient to form the basis OF d
National Bank. The dividends declared
in favor OF the Banss shuuld be paid over
to them. and BY them should be paid nut,
together with the collections they nav
alake. 10 their creditors.
The benefits proposed BY this scheme
are:
Isl. The making Of the specie in the
Banks. now lying dormant. produce the
inlcre.; winch would accrue on the United
States bond. ID which il would be invest
ell.
2ad. TIE enabling If the solvent ebtors
10 our banks to borrow money from the
new bank. and pay OF their totes in the
present Banks, whereby nancy DC them
would Be saved from ruin, aud at the sam.
time afford ! larger dividend 70 the preseat
creditors Of the Banks
ST. The extension Of aid 10 our pc ople
By supplying circulating medium - e.
srntlal 70 Tie restoring Of their shattered
fortunes.
9Th. The furnishing safe depository for
tie funds Of tie State and individuals
5.h. The securing 70 the creditors Of the
Banks 4 much larger dividend than they
ailI set. il The B,nks b. forced int in ne.
date liquidation.
9Th. A haps, that BY good management
IN same Of the Biaks. some Of the stock
might be saved /, the stockholders, in
GLIDING the University aad the Literary
Fund.
Il there be mi some Insapsrable obstacle
III lie war, which II, not perceive. then
this plan offers reasonable prospect to
help suffering people. IL aid ID tie revi.
vi Il prosperity, bring in taIrs 10 the
state, help lhr debtors 20 the old banks to
pay heir debts. increase the assets oi the
same. AMI thereby save money d their ere
diicfs. furnish safe fiscal agent /, the
STAT, and slse portion Of The stock, and
seseps.IFoia ruin me University aad Con.
mon Schools.
III the .horl time since entered upon
tie discharge VI nv duties. surrounded
with the ianumerabIe difficulties attending
the newly organized government, /, has
been impossible for me 10 call for the aid
iron bankers and skilful fnanciers, which
their experience would have Afforded In
projecting the plans best suited TO oar ex.
trsOrdinary condition bu, have felt ii
my duty 20 make such crude suggestions
a | hope may be u some service in arriy.
ing At jus; conclusions.
STATE DEER.
Ny repsrt a. late Pablo Treasurer sub
mitted 90 the Convention in October last.