The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Pre- fdent First National Bank of
Weldon.
col. ". H. S. BURGWYN

mont and Rhode Island. South Carolina
was $6s, O00. 900 richer than Rhode Island
and New Jersey; Mississippi outranked
Connecticut by $4,000, 600.
The average valuation of property per
apita in the South in 1860, even including
slaves, was 1868, against 1923 In the New
England and Middle States.
The banking facilities the people of the
South enjoyed prior to 1860 contributed
no little to this great prosperity.
BANKING IN NORTH CAROLINA.
First. under the Proprietary Govern
ment Says DR.. Hawks, in history: The
Indian wars of i712 had created debt
due from the country. and its financial
affairs were most commonly, in the
times of the proprietors, in a greatly de-
pressed condition. The remedy adopted
by the Assembly was to issue what they
called bills of credit" The first act was
passed in 1712, but. being crude and inn
perfect, the law of 1927 was enacted. It's
leading features were the issue OF 10000
pounds in bills of one shilling to 10 pounds.
The notes were to be issued to the pre-
cinct treasurers and by them loaned to
the tithables IN each precinct for a period
of Is years. secured by mortgage on I'M
encountered land worth twice the amount
loaned. One fifteenth OF the principal and
Ia per cent. was payable each year.
These bills were made a lawful tender in
the act, with their respective values in
the new currency. viz. corn was rated at
4 shillings per bushel; wheat at Z: to-
bacco at one pound shilnngs per hun
dred weight: turpentine at l pound 5
sfillings per barrel. etc.
From l74S to 1861 the General Assembly
issued 1880 pounds in bills of credit at
the rate OF proclamation money TO aid
His Majesty the King and from 1778 to
1885 they issued bills OF credit amounting
to % .125 900 pounds Ito pay the soldiers,
to defray the expenses of the war, and to
support the State government"
Second. under the Federal Constitution
The first act of the General Assembly in
reference to banks was the act passed in
1882, ratifyng and affirming the act OF
the United States compress of December
31st, 1881, Incorporating the Bank of
North America and making "the erasure
alteration or counterfeiting of The notes
OF said bank a felony without benefit OF
clergy"
The first banks to be chartered were
the BANK OF cape rear, at Wilmington,
with $250,000 capital, and branch at Fay
ettdville Bank of New Bern. capital $780,
COO, with right to have branches; both
chartered in 1904 followed by the act of
1910, Incorporating the Bank of the State
OF North Carolina. capital 81 600 900, with
principal bank at Raleigh and branches at
Edenton. Wilmington, Fayetteville, Tar
bcro, New Bern and Salisbury.
From 1886 (the expiration of the charter
of the second United States bank until
the passage of the present National Bank
act in 1863 there was no national cur
rency except coin. no general regulation
of any other currency by national legis-
lation and no national taxation was i'm
posed in any form on the State bank cir
culation.
On July 13. 1865. the present tax OF 10
per cent on the notes of State banks was
passed The amount of State notes that
were driven out OF circulation by this tax,
as Judge Nelson says, ito encourage the
National Banks" exceeded $200.00O.000.
BANKING IN NORTH CAROLINA IN
1860 '99 CONTRASTED.
From an analysis of statement in the