1
v Xx; e ;,v , a ''i ' i . - .V, - v t .,?; ' , .wrtes in circulation,, r 'vv' t . t yiu,pa 4 ..; t . p fi 5;
'k-vnVCo referred-" ta.report ,a full and de- : Diie toF0 BanksV ' ' 299,44126 . Vv ,
. ,v: r. :i sebs&fw. ; . .
':" 'cTliat in Jhtf Wuro of Wnlt-wasnot -possible-fo your , From the above sum of 8910,554 25, -stated as the amount of "Notes - jf 5' f;g;
- Committee to ascertain with entire Certainty, .what amount of losv in circulation," which the Bank may be called upon to redeem, must ; t Q? , w ,r
VJWs the Bank would liave to sustain :the real estate may-Bell for be deducted the lost Notes (be they more or less) as the Bank cannot 3 o oco : .
' M )rerles;than be called upon to redeem them. As to the J balance of those notes, or t , e f 2 c . '
; :fi a eventually tiirnliutba i 2 ''St.S. Q '
V'-.-' K M..aceA rm Ka rorlomnf inn nffhpm What vfc Si f - - :- , . ,v2th!L v"
!
..
, " Cd
Ci
JT 0. Oi
ito ca a
til
i3fe4tfr$c makes them now current, and reroam in circulation ? Because they f - ' g
fri UAt kt tni iui. v i rhiliited in ihefnalier here- redeems them, with more or less promptness, whenever they are pre- ? - . r g cr
r ':'-.' i . '-j;Sr; -.rv.-'-Tiv v n ... . sentea lor
v. unxo HODefJueu -marKea,i vwi-ypv : uus , n win auiiciir ".."-! y '
this Bank, and all the other Banks; in this State, and because this Bank
em. with more or less promptness, whenever they are pre -that
DurDose. How will it be,; if the stofckholders should
i'-" : 1? ii -l xi J T 1 4 1 ..ATniaui 'tf 4kn inatWn.
' u'i i , - ' 5 . t ; t i n i; ueiermine 10 ciose tne concern, anu wi iu up inc audiis wi ,uv-
till be receivafle in payment of taxes, we shall still
Zt& receive them in payments : and asa large part of our collections will
be made in the notes of other Banks, which we shall call upon theg.to
redeem, those Banks will not only be obliged to receive, but to seek
for, our notes, in order to make exchanges ;with us. ihe weeKiy col
lections made by us, .will thus every week lessen the number of our
notes in circulation, and increase our powerjof redeeming them. Thus
S 150,878 17 all the causes which now ?ive currency to our notes, would, after a
From w fiieli clrduct interest on debts I vintr over and
V- '-' - S Samapes im Jnotested bills; of exciiange S67.S47 80
Reserved frbnx iieral Profit &: Loss, -197,4o5 92
.'. lit
264,705 72
.V- . ,
avinp; a balance of loss of
t to t Jiejciiarjered on"thecapitaU 'liis is on the supposition that every
resolution to close the concern, continue to operate 5 and some of them,
will be returned on and those powerful ones, to operate with more torce : thereiore, your
com- Committee believe that our notes would continue to be at leasr as cur
Bank rent Is they are now. Your Committee cannot conceive that any man,
natu .having 810, ?0, 30-pf our notes, which answered to him all the pur
v p. poses of money,1 would take the unnecessary and useless trouble of tra-
tenMfllww ' ""tr; r .ir them, which to him, would only answer the parpcf money-be no
JPkSFMV-S lost, must be very c mside- beM than ' not for wMeh'h-e had gott exchangeOn the
i & i vM.:i:nl equal to the above- balance of loss on bad dfbts and . . -t ao . vnllr r.mmu.p. that anv annrehension. that after
l?M-rilEtte?,Pp hot. On this head, your , .iti ic M,n. our notes would deDreciate, or that
tm note- VMiicn nus ever oeen '.issueu dv me oanK
S 0 it if 'rl be the case. Your
. mitt of time that the
S ; v liatl Jiuinber of notes u hicli i t
denominations') and the vei
committee
if !--
e ran:KIVC, no opimoii, having nothing but conjecture on the Bank wouU1 be messed for their redemption, is utterly unfounded
which to! form jihe'U is, theieHire left to every individual stock- n-nA. -um,rea
Vftideii tiidge Uii liimself; This it is all that is deemed necessary ft has b-en stated above, that this Bank owes; to Foreign Banks,
ursiaiJ voncprning iue siiuaiiou ui iue capuui, Z9g,44I 2b. Far the larger pari oi.mis. sura i uue w uie uur. wi mr
yoiir amniittee tiii ned its attention towards t United Stares. That Bank has bi en a very forbearing and indulgent
which had accVuel to the Bank during the last six months. Jt is creditor, when this Bank owed it more, and was in a worse situation tor
olVi0UHtliat although, wing to the manner of keeping the bonks making prompt payment. There is not the smallest reason to Deiieve
fV thevRWhkinmft into thp nr.mnnt ns nrnfita that that Bank will alter its conduct. So that we have no pressure to
made by the Bank during the last six months, yet, if they did not ac- apprehend on account of this responsibility. It, however, a resoiuiiim
WpK tually accrueurih that period, they ought to be deducted from the taken to close the concern, these deb's will soon be pa d oft probablj ,
rfe . v :-Jj?- u t. nc j.u! ,i :it:. : xl r fhiw a r hpsri nw infprpftf. sooner lhan the creditor iianks wish.
r . HTH1I11III n riiA3 r iiir iiv-iiiir iiiiiih i iut f iHKrrini mn. iu i n in ni t -
r'.?'. 'TOtt reKk: Arm.ii w-i. rrl .u:-k The Dennsifs havebeen stated, from the books of the Bank, to
? 7
nnn
thevDirectors at the Principal Bank ordered to be carried to the ac-
M 'iouftf jofil Prbfitrand l,bss. Also the sum of S3,356 24, being the
mm- amou noi interest loritasi year, at 4 per cent, on stock which the
s .i i . fc" okiv&v l fliiin Willi r w 11 1 11 iiir tviiib uj I'mmwai.
amount
to g239,515 55. Bui your Committee, on inquiry, .finds, that more
than one-half of thatsuin cnnsis(sf moneys'paid into he Bnk on account
of debts due to the Bank : and being not yet, for various causes, appro-
are Diaced'to the credit ot the
nridted to the payment of those debts,
Ul ingtbhfeGharteretained 'out of'last December dividend. It is Pre"n- " deP"s,'s f. , , ?
hr . -yi-.e--St-' i. i i ' , This sum the Bank, in the event of closing the concern, would uiidoubt
a-
1 .... '
C4
rT .. ..a Bam..!'
entitled;to retain the same utn, and then one-half of it will haveac- c JL ,,rtV,u Vy u" u ,f0;i.ki0 f.i rvf kA olr
r i" r .i . . '--- . . Your Committee hath stated the available tunas ot the nank to
amount to the sum of R632.217 43. Bv available funds - vour Com-
nor . .
whether the Bank will then make a dividend, your committee thinks,
the whole of tfiis sumi being entirely contingent, ought to be deducted.
It is also" obvious, that to ascertain the net profits, the losses incurred
during the half-year must be deducted from
v-mete. posses :.j,yt actually be, tune alone can shew : out you
vir tijn-- Ai t i . . . u . ., i even hazard a coniecture : but it is believed, that the truly available
ifely stated to be upwards of S500,
dly of opinion, that the Bank ougli
'creed during the present half-year ; yet, as the Bank has no claim
t -fit a- j a i i i - rT-' ' . . mittee means such; funds as can -be promptly brought into operation to
out-oKthe dividend to be made next DeccmberiLand it is uncertain . , . , A, r. rr ui- J i .
r .. . - .... aniwpr npm.inns arrninsr in name, uemre il is uuiiltku iu reiv unu
.. . v. j5 7 o MJ I
collections for that purpose. In order to prevent erroneous impres
sions, it is now proper to state, that a considerable part of that fund
the gross profits What -c.Pnsists f bls exchange, some of which will no doubt be disho
e can shew but vour r ' an(1 'iave to e coectet! y sit, and so not be promptly avail
Mviraap f pLr ab,e' To whatamount this will be the case, your Committee will not
..w - " --- t i i a . 1 j. -i l i : i iL.i ai x i i
hairyeatsince the Bank went into operation, would be a fair standard. Ja conjecture 5 ou, u 1 8 oeue veu, umc u,e J
"In fixingtbaverageis proper to remark, that some of the Bran- f of thc Bnk raa? . !tat?d. beupvvards of 8500,000.
..Klc hi': ri- o nrti,.;;inl!OM u Your committee is decidedly of opinion, that the Bank ought most
count Qf Prbfit and Xoss: to what amount is not accurately ascertained: Punctiliously to comply, on its part, with any contract or unders and
'but it is believed be certainly not less than S25,000 or g30,000. in bctvTeen 11 audits debtor at the time when the debt was contract-
lfm6tmmtikto the loss stated in the-anhexed Account (A.) ed' Jfuincf fthat Jt to the mo8t llbal construction in fa-
r it will be found that the average loss of every halfWear is something !r he debtor, on such contract or agreement ; and that its conduct
over 813,000. The net profits will then be
Gross profits,
Jieduct If ng-standmg balances, carried to the
. 5 account of Profit and Loss. 468 78
'Int; forZtast veaiv on Stock not paid for by State, 3,356 24
Average loss lor me uau-year, io,uuu uu
S40,602 31
AO ;
16,823 02
'' : et profits i t . " - g 23,779 29
-jW'.deqiate-tothe making a dividend of one and a half per cent.
a? sorcommittee having been appointed with the view of its bringing
"orfia liA.lacts.and statements as might assist your meeting in de-
cidihgtlie the closing the concern, turned its at
tention to that subject also.
" Your. Committee finds that in Nov. 1828, the respon-
sibilities of the Bank for notes in circulation, debts
, ; to'foeig amounted to $1, 518,319 12
,5Thf5aatlable Bills of Exchange, Fo-
jf' i3ank CredltS) amouoted t0 493,852 48 fectorVf and morc in detail.
iiBalan gi, 024,466 64
VouriCoimmttee ilso "finds that in May last the same
;responsibilitie8kainounted to g 1,449, 547 00
-.rid'thecsame funs amounted to 632,217 43
BalaBce to'be firbyided for iy collections, only g 817,329 63
Inus, although the I'rohts accruing to the Bank diminished, and
towards its honest debtors ought to be distinguished by neighbourly
kindness and charitableforbearance. All this, it is believed, the Bank
will be better able to do, after a resolution to close the concern, than
before It is further believed, that, after such a resolution, such mea
sures may be adopted as will enable the Bank, with more effect, to
contend against the arts of a fraudulent debtor, and more successfully
to claim its share of the effects of an insolvent one. Besides, such a
resolution is the road, the only road, by which the stockholders can
withdraw from a losing concern.
The facts stated in this Report, are supported by condensed state
mentsthese condensed statements, are supported by detailed state
ments and finally, these detailed statements are supported by the
documents from which they have been extracted All of which, con
taining the most detailed Statement of the Affairs of the Bank, will
be laid before the meeting.
The information contained in all those papers, hath principally been
collected, particularly at the Branches, by the President, who, if he
had been here, would have made a Report, no doubt, much more satis-
He however hath been called away, to
go on an errand which no Son could hesitate to run to attend upon a
sick, perhaps a dying mother, who was anxious to see a favorite child
once more on this side of the grave
All which is respectfully submitted,
P. BROWNE, Chm'n.
OO" Since the above Heport was drawn, the President hath returned (this morn-
inor hut tim an1 jirrnmctaii Hirl nnt arlmit nf hi rlrutiMnc annthpr and ihra.
. . ?.. if)'. : x rn" l i- . .... T o w
jmu&i, in me opinion oi your commiuee, oe Uiminishcd still more : yet lore this is presented. P. B.
V
(A.)
. .
;3n Exhibit shelving the Effects of the Institution, and on which is the Estimated loss.
Ik
jttFZCTS OF THE INSTITUTION. ESTIMATED LOSS THEREON.
1 eS TOTAL. ; Ejgh!!n?e. 1
1U.: "35,940 23 434,639 58 33,2a8 04 503,77 85 UT. ILSOToO 23,216 37 12,208 04 47,2jf1?
Morganton, " 89,915 00 - ,89,915 00 11979 21 11 979 2 1
gansbury, 175 68 272,391 83 20.075 72 292,643 23 2 614 00 1386 00 15 000 00
V-W"' 2r B M 67 296)385 19 52,'541 04 15 iSS ll.
V Imington, 13,487 98 313,719 25 36,204 23 363,411 46 9 586 56 66 197 6fi 20 204 23 95 988 45
Newberi : 218,361 10 403,999 98 16,890 00 639 251 08 V 20 394 6 11 175 06 31 569 68
Tarbofough, 52,827 23 .19893 55 1570 43 266 591 21 7 543 55 9 370 4 16913. 03
Benton, - 58,7,60 283,613 61 9,603 00 351,973 21 20,000 00 21,99 00 603 W 48,522 00
Potlar,. 406,148 2 3,217,069 32 180,740 09 2,803,958 3 D.U. 93t935o0 226,866 53 94J79 76 4:5,581 89
(A.)
4n showing the amount of the Estimated Loss.
ESTIMATED GAIN.
ESTIMATED EQOF THE INSTITUTION
Bills of
Exchange; I
otes'dis-
counteo,
Real es
tate.
Total.
Raleit-h,
MorgautOn,
Salisbury,'
.. Fayetteville
Wilmington
Newbern, .-.
" Tarborough,
rUienton,
11,808
52,541 04
9,586 56
20,000
23.216 37
tl,97 23
2,614 : ,
73,002 15
66,197 661
20,394 62
7,54550
21,919
12,208 04
12,386
22,833
2& 204 23
1175 06
9,37143
6,603
Zoarsy;93,935 601226,866 531941
47,232 41
11,979 23
15,000 '
148,376 19
95,988 45
31,569 68
16,913 93
48,522 ,
;..Salan .uowd tola ?f the lnstituti.
779 761 5,58i
Shewing the interest on the debt lying over,
and in suit including damages.
Raleigh, i Debt deemed good,
31 organ ton,
Salisbury,
Wilmington
Fayetteville,
Newbern,
Tarboroughj
Edenton,
.ryGeneral Proitand Loss,
Balance
Dollars,
41
14,934 42
2,137 73
7,940
5,870 97
2,929 4$
17,780 SS
4,759 15
10,895 66
-i
S 67,247 80
197,455.92
150,878 17
415,581 89
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SILK.
; We were much gratified at a visit which we paid this morning to
the rooms where John MacRae Est, is rearing the. silk worm. He
has about 3500 Worms most of which have now formed their Cacoons :
tome few of them are still feeding, and others are spinning their silk.
: Seyeral other persons in this town have made essays towards rear
ing the silk worm among others, James H. HoppervEsq. has upwards
of six thousand at work. We have seen morerspeciraens of raw silk,
after it was wound off from the Cacoon, and it : Was: really beautiful,
being of a bright straw colour 1 . ,
j We are rejoiced to see intelligent Citizens turning; their attention
to this most pleasant and profitable occu pation, &; hope the day is. not
very distant, when every family in the State iviUlmake silk and wine.
Qur State is admirably adapted to thelxulture ot them, and nothing is
wanting to insure success, but patience and perseverance Let eve
ry family plant the white mulberry et a few silk worms-and cul
tivate the grape, and'w.e shall soon become a wealthy, healthy really
independent people. . . , , t
j In about twenty days Mr. M'Rae will have ii'tgreat many silk'
worms for gratuitous distributiori? and.we advise every person, not
already supplied, to call upon iilm, , anil get some-, The experiment
will richly repay all the trouble attending liNC- Journal.
Charleston, May SO.
Meteont Stone. A recent Macon paper contained a brief notice of
meteoric oione WBlcn lei in Munme rntmtv. Hpr. a. nn the W
inst. We have been favmr.l u,it i.tAV f..m tahli ren
. . i1ll U- IIC IUUI i tk.iVVVM' j,-
tleuian a resident of F,ryib; in that;couhty, which states that abt
3 o clock of the afternoon of the SthVjwo distinct and hdiavf reports
were heard in the airresembling the firiog of cannon, which paspl fff
vjith afroaring sound nf about one minute and a half duration.
rfports were heard at the distancroff six mile,nd possibly further.
Several persona atrlcJn the field vf lr. Uriah Durin, situated about 3
mtle and a hafiTlroiii Forsyth heaid the nojsh footing up s slope
falling, which struck the OTouOowTthiii siltr fe they rfre.o
penerrated thearthedepth of thirtmcheK It weighed thirty'
iione
PtH" kjrjrd ?mth' . bUlk surface:: the Interior, of the :
Was father Soft anil ofiriv rAinnr. If nr-.in.fl mtslic SU'jSl-
a imairspeciiivfhich wasifurnished us, and: has been analjed by
a Scientific gebtlemali'of this cityit is found t 6e Iroa and Nikel. i
small quantity sehr, prevented suwh bq analysis w wotUd gire the re
tiveiiaotitiea U these meufs. 1 ''
(3
in
A