Washington, DC, 1998.
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The Joint Committee
appointed by both branches of the General Assembly, to examine into the situation and condition of the Bank of the State of Alabama, respectfully
Report
—
That the paper hereunto annexed, marked (A,) is an expose of the situation and condition of the Bank up to the 11th December, 1826, at which time the examination of the books of the Bank, so far as they are connected with the funds of the institution, was completed. The paper marked (B) presents the nett profits of the Bank, after deducting the interests and dividends on the different funds constituting the capital stock, as well as the expenses of the Bank. On the 11th of December, as appears by the statement marked (A,) the amount due to the Bank on notes discounted to individuals, was five hundred and twenty-two thousand one hundred and eighty-four dollars, ($522,184 00.) All means within reach of the committee, were employed to ascertain the situation of the debtors to the Bank; and they have not discovered that any loss will be sustained from the debts due. Nearly the whole of this sum has been discounted to individuals that are considered perfectly good; an inconsiderable sum is believed to be doubtful; but from every information, they are of opinion that little or no loss will be sustained.
In the discharge of the various duties devolving on the committee, their report has been greatly delayed; this delay, however, enables them to present the condition of the Bank on the 6th inst. as appears by the paper hereunto annexed, marked (C.) This statement is made out by the Cashier, and implicit confidence may be placed in it. By referring to the papers marked (A) and (C,) it will be perceived that the condition of the Bank has greatly improved since the 11th of December. This improvement is the practical result of the system, upon which the Bank has been organized. The debts due on accommodation paper, have been diminished one hundred and forty seven thousand six hundred and seventy-five dollars, (147,675 00;) while the available funds of the institution have been increased one hundred and sixty-eight thousand five hundred and fifty-nine dollars and sixty-seven and one fourth cents, ($168,559 67 1-4) by the purchase of bills of exchange, and by the paper of other Banks paid in; and still the circulating paper of this Bank has been diminished three thousand four hundred and fifty two dollars, ($3,452.) It may be proper here to say something in relation to the means of the Bank to redeem its paper now in circulation. The paper marked (C) shews that the Bank is liable for the sum of three hundred and ninety eight thousand, two hundred and seven dollars and seventy-three and a half cents, ($398,207 73 1-2) including the debts due to other Banks, to individual depositors, and its notes in circulation. The amount of cash on hand, including specie, notes of other banks, and bills of exchange, is three hundred and seventy-three thousand, three hundred and seventy-four dollars, and sixty-eight and a fourth cents, ($373,374 68 1-4 cts.) The notes of other banks now on hand, and the bills of exchange may be converted into specie if necessary; and thus the Bank is enabled to discharge the debts due from it, and redeem its paper at any time. Of the debts due from the bank the deposit account forms a considerable item. The paper hereunto annexed, marked (D,) will show the character of these deposits, and that they have been carried principally to the credit of the State, or are intended for the payment of debts due to the bank. From this view, it must be apparent that this bank is able to meet any demands against it, and continues to deserve the public confidence.
The prosperity of this institution is inseperably connected with the financial prosperity of the State. To sustain its present prosperity, the committee have thought proper to recommend to the Board of Directors, the necessity of continuing the prudent management of the affairs of the bank upon correct banking principles, consistently with the provisions of the charter.
JAMES JACKSON,
THOS CASEY,
GEO. S. GAINES,
ELDRIDGE S. GREENING,
DAVID MOORE,
GEO. WEISSINGER,
Capital Stock paid in,
Notes of this bank in circulation this day,
Due to Individual Depositors,
Due to other Banks,
Expenses chargeable upon the Institution, and remaining unpaid,
Nett gain on the transactions of the Bank up to this date, as per statement marked (B), exclusive of the dividends and interest due and paid on the capital stock,8,880 65
Bills discounted, due this day,
Banking House at Cahawba, (at cost,)
Specie,
Notes of other solvent Banks,
Bills of Exchange,48,506
To interest paid on the specie loan of $100,000,
To interest from 1st October, 1826, due & unpaid,
To interest paid on the University Fund,
To interest from 9th November, due and unpaid,
To dividend of 8 1-40 per cent paid on Three per cent fund on the 9th day of November last,
To dividend of 8 1-40 per cent paid on Seat of Government fund, on the 9th November last,
To expense account since the 9th day of January, 1826; including the sum of $73 28, due by the institution for officers' salaries, and unpaid,
To gain by the transactions of the Bank, up to the eleventh day of December, 1826, exclusive of the dividends and interest as shewn above,8,880 65
By balance of gain on the 9th January, 1826,
By gain by discounts, premiums of Bills of Exchange, and interest received, from the 9th January, 1826, to the 11th December, 1826, inclusive,
Capital Stock paid in,
Due to individual depositors' accounts,
Due to other Banks,
Notes of this Bank in circulation,
To profit and loss, for balance,
749,002 85 1-4
Bills discounted and due,
Banking House at Cahawba,
Cash. Specie on hand,
Notes of other solvent Banks,
Bills of exchange on Mobile, N. Orleans, and N. York,169,589 19
373,374 68 1-4
749,002 85 1-4
To interest on specie loan of $100,000, from 1st October last,
To interest on Un'ty Fund from 9th Nov. last,
To salaries due up to date, and unpaid,
Nett gain up to this date, exclusive of dividends & interest, paid, and due on the capital stock,11,317 60 1-4
Gain by profit and loss, brought down,
Tuskaloosa, 6th January, 1826.
J. B. COOK, Cash'r.
BANK, 6
th January
, 1827.
To the credit of the State Treasury,
To “ “ University Fund,
To “ “ Seat of Government Fund,
To “ of individual accounts as partial payments on notes,
To “ of individuals, for general account, and subject to check,19,463 00
Amount of individual deposit account as reported.
J. B. COOK,
Cashier
.