The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1960-01-29
THE GOVERNORS CRITICISM AND BANKS

ment that North Carolina
tagging effort to establish industry In fact have
been saying the thing with less force of for
several Too often in have been content
sit around and whine about the lack of payos the
round while expressing the vain hope that outside capital
would in and build factories But to try to small
town capital into something to build its town greater
task than getting a rich into Heaven"
The Governors nudge doesn't apply to Dare County,
explain later AS witness the following day, there
appeared in Raleigh group representing 400 citizens and
citing $5OOOOO pledged in capital stock and deposits
20 of the eounv 0N e State s Bnkn
the most part named by Governor Hodges turned down this
request by vote of five to three.
Governor Hodges might well turn loose another blast
for while he pleads for leadership and enterprise to join him
in his campaign for industry and higher per capita IN
come of his administration throws cold water
his efforts and makes harder to establish new bank
which offers great possibilities for happier economic ex
pansion
We offer complaint against the banking commission
members who thought they acting wisely But the
the nature of bankers like lawyers and doctors to lean
backward to avoid any possible injustice to of their fell
of business to fellow banker has possibilities later for
all banks Once had too many little banks in little places
might have been due to other than having many
banks We might cite the fact banks nsolvent
and directors In those days there Government in
to protect dpostor Federal supervision and
insufficient state supervision and restraint control of
banks Conditions have changed and today the safeguards
on every hand stand against risks to the banks and pro-
AS had been repeatedly said, the Bank of Manteo as
well as the splendid people who operate it valued in
county, OIeTence OF viewpoint
400 people cf Dare County cannot be wrong in believing
second bank with different policy might also succeed and
both banks do better Don Elias of Ashevile banking
Commission member said good resulted when second bank
was granted in county near his town. both of them flour
shed We have quarrel with the home town bank if it is
content with the profits from its present service old and
faithful group of satisfied customers and customers with
which the bank is satisfied to do business But this would
narrow to point where comparatively few persons
be continually served while many others who would wish
to enter fully into the counys development may find
other convenient banking connection It is therefore i'm
portant thing when the Banking Commission leaves the
situation entirely in the hands of small and conented
group when by its decision it circumvents expansion
strains development and delays the general pro-
gross of region whose native citizens have endeavoed to
be Just the opposite of what the Governor has complained
about.
The decision of the Banking Commission looked too
much while the meeting was in progress it shaping
up turned out This indicated by the fact that
members of the Commission asked pointed questions
as the issues presented that tended to throw cold water
the proposal for bank The Commission might do
well to have rehearng this to carefully scrutnze
of the statements made which detrimental
to Dare County and to study the facts which indicate
REGARDLESS of the round population of the county that
indeed offers opportunity for two sound banks to
tinue profitable operation.