previous next


The Southern Banks.

--The condition of the banks of the South having attracted some attention, we present the following statement of their capital, circulation and specie, as they were in January last. It will be observed that the proportion of specie is large, being nearly half the amount of notes in circulation. At this season the Southern Banks are always taxed to their utmost capacity, to make the necessary advances on the cottons shipped to the North and to Europe. It is customary, at this time of the year, for the banks in the cotton-growing States to withdraw from ordinary customers the usual facilities granted to them, in order to purchase cotton bills of exchange. While current payments at the North remain unliquidated, the proceeds of the cotton bills are applied to payment of those maturing liabilities, and this season is always the one at which Southern payments are made. The refusal to discount paper by any of the banks in the South most, therefore, not be taken as an evidence of weakness, but the simple result of the fact above stated. The present condition of the exchanges indicates that the South has paid off her accrued indebtedness, and following the laws of trade, we must soon expect to ship specie to Southern ports in moderate amounts. The accession of a few millions will soon enable the banks to expand and resume their loans on local paper:

Capital,Circulation.Specie.
Delaware$1,765,0001,000,000250,000
Maryland12,524,0004,700,0002,700,000
District Columbia1,232,000360,00030,000
Virginia17,66,00112,000,0004,000,000
North Carolina6,891,0005,000,0001,500,000
South Carolina13,588,0007,50,0002,500,000
Georgia9,802,00010,000,0003,000,000
Alabama4,900,0007,000,0003,000,000
Florida220,000980,00050,000
Louisiana20,607,00010,000,00010,000,000
Kentucky14,878,00013,500,0005,000,000
Mississippi800,000800,0000,000
Missouri11,910,0008,000,0005,000,000
Tennessee9,436,0006,500,0002,800,000
$180,,00086,650,00040,150,000
Northern Banks236,011,000104,154,00041,908,000
Total U. S.$435,000,000194,154,000$5

(Philadelphia Ledger.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

An XML version of this text is available for download, with the additional restriction that you offer Perseus any modifications you make. Perseus provides credit for all accepted changes, storing new additions in a versioning system.

hide People (automatically extracted)
Sort people alphabetically, as they appear on the page, by frequency
Click on a person to search for him/her in this document.
Banks (2)
hide Dates (automatically extracted)
Sort dates alphabetically, as they appear on the page, by frequency
Click on a date to search for it in this document.
January (1)
hide Display Preferences
Greek Display:
Arabic Display:
View by Default:
Browse Bar: