Slike strani
PDF
ePub

part of their funds abroad, provided it is not done at the inconvenience of those who are entitled to the accommodation at home? Does it not enable the banks at such times as money is close, or our manufacturers and others do not meet with a ready sale of their goods, to aid them by curtailing their foreign business, and thereby sustain our own citizens? Indeed, would it not be for the interest of a large portion of the taxpayers in the State, if the banking capital were increased? Would it not afford an opportunity of bringing out a large amount of capital that now entirely escapes taxation? It would seem that if even citizens of other States could be induced to make investments in bank stock here, it would do us no harm, for we should get the benefit of taxes, as well as use of capital. It certainly would be wise to so legislate as to retain our own capital at home. It is unquestionably true, that a very large amount has been driven out of the State for the reason that no opportunity is afforded for investments in banks at home, and also from the operation of our unequal system of taxation—a system that it would seem could not much longer remain in its present shape.

It is not unfrequently claimed that capitalists of other States come here to make investments in the stock of the banks. It is believed, from the best information we have been able to obtain, that it is a mistaken idea. The whole amount of stock owned by non-resident stockholders in the banks in this State, is three hundred thirty-three thousand four hundred dollars, as appears by the returns of the cashiers to the Comptroller.

It is claimed by many, and particularly in the eastern part of the State, and certain localities in the western, with no small degree of justice, that there is a deficiency of banking capital, and that many of our citizens are under the necessity of going abroad to obtain their necessary accommodations, because these cannot be afforded by the present banks. It is true that it requires a much larger amount of banking capital to do the business than it would, could the banks keep out the amount of circulation their charters authorize. We have a banking capital now of eight millions seven hundred twenty-six thousand three hundred eighty-one dollars, which would authorize a circulation of thirteen millions eighty-nine thousand five hundred seventy-one dollars, exclusive of deposits; and as these ordinarily run, it might be increased nearly two millions more, which would give a circulation of about fifteen millions. It rarely, however, exceeds about four millions and a half; but so long as the system of par redemption is kept up, (and we hope it always may be sustained, ) few, if any, banks can keep out but a small portion of their legally authorized circulation.

Whether it is good policy for our Legislature to so far disregard the wants of any considerable portion of the people of the State as to compel them to go abroad for their necessary bank accommodations, in their ordinary business, may well be questioned. It should also be borne in mind, that the great increase of manufacturing in the State requires much more bank facilities than was required before that increase, and the works of internal improvement have very materially changed the location of business, and banks are much more used for making collections than formerly. A large proportion of the goods of the manufacturers are sold on a credit and the notes discounted at the banks and collections made.

a

а

It may be claimed that by increasing the banking capital, greater inducements will be held out for the people to engage in improvident speculations and investments, and greatly endanger the sound and safe operations of business. If there was no check upon circulation there might be some danger. But the frequent redemptions at the Suffolk Bank, and the rapid coinmunications between different parts of the country, will prevent any greater circulation than the natural business wants of the country will sustain. The moment any banks in New England are unable to meet their redemptions at that institution, their bills are thrown out, their credit is doubted, and they can do but very little business until they make their credit good again. Indeed, this system of par redemption seems to be a most perfect regulator upon all the New England banks. It would seem somewhat surprising that something has not been adopted in other parts of the country that should produce the same beneficial results. If there were, there would be but little necessity for brokers. The bank note of Ohio might be as good in New York, Boston, or Philadelphia, as at the counter from where it issued.

When we visited the Quinnebaug Bank in September last, we found their accounts in such a confused condition, that a balance sheet could not be made, that could be relied on as correct. We however made such an examination into the resources of the bank as to become fully satisfied of their abundant ability to meet all their liabilities to bill-holders and depositors. They had obtained the services of an experienceri accountant who was making a thorough examination into the affairs of the bank. We forbade the making of any dividend until they could furnish undoubted evidence of their ability to do so; no dividend has been declared the past year. We visited the bank again in March last, and from exhibitions made to us by the present efficient cashier, and from our own examinations, we were fully satisfied the bank was sound, and would very soon be in a condition to make a dividend. Had the directors for the last few years discharged their duty to the stockholders, by frequent and thoroughi examinations of the accounts of the Bank, they would have discovered the errors and negligence of the late cashier, and much trouble would have been saved.

We have during the past year obtained a classification of the stockholders in the banks of the State: and from the best inforination we have been able to obtain, we are satisfied that the stock is held by a very different class of individuals from what has very generally been supposed. We find that the State of Connecticut owns

#106,000 The School Fund

319,600 Held in trust for minors and others

447,800 Held by school, ecclesiastical and other societies 553,665 By 2111 femals

1,631,515

a

Total, $3,368,580 The return of the East lladdam Bank not having rcacl'ed us, is not included in the above. The whole number of stockholders in the banks in the State, is six thousand two hundred and seventy, exclusive of the amount owned by the State, the School Fund, Ecclesiastiral and other societies, so that the average amount of stock held by each stockholder, is about one thousand two hundred and six dollars.

It is believed that a very large proportion of the stock is held by individuals who are not engaged in active business, and who depend mainly on the earnings of the banks for their support.

Annexed hereto may be found an abstract of the condition of the banks in this State, as made from the returns, about the first of April last; also an abstract of their condition for the last twelve years. All which is respectfully submitted, NELSON BREWSTER,

Bank
JOHN DUNHAM,

Commissioners.
HENRY T. HUGGINS,
New Haven, May, 1848.

COMPARATIVE VIEW OF THE BANKS OF CONNECTICUT,

1847, 1818.

[blocks in formation]

The above table has been compiled from the Annual Reports of the Bank Commissioners. The typographical execution of these returns is by no means creditable. Several errors are observable--and in the Report of 1847 we find one error of $200,000 in the summary:

The annual Report of the Connecticut Banks for 1847 will be found at page 35, volume second, July, 1847.

[ocr errors]
[ocr errors]

CONDITION OF THE BANKS IN CONNECTICUT, APRIL 1, 1948.
Real

Bills of
Due from Due from Stocks,

Checks and Bills
Resources. Estate. Specie. other Banks other Banks. Brokers. Bonds &c. Cash items. Discounted.
Hartford.

$21,389
$103,159 $31,783 $2,450

$4,333

$1,871,534
36,683
Phenix,

48,414 19,681
103,130 37,905

2012,076
7,000 13,675
Counecticut River,

2,438
12,370
13.321

327,220

24,000 Exchange,

11,939 20,119 16,462 85,588 4,646

860,955 11,500 Farmers & Mechanics,

27,060 312

954.322

9,766
New Haven,
7,900 31,175 2,484 109,659

498,707
64,382
City,

19,653 5,891
57,651 105,891 5,000 2,982

684,238 Mechanics, 9,000 23,455 20,185 95,377

535,990 13,700 23,958 10,578 N. Haven County,

73,813
71,941

35,000
3,405

650,930
Middletown,

128
21,964
7,898 26,000

585

479,735
Middlesex County,
663 19,426 8,129
1,402 18,968

1,410

324,013
Norwich,
6,026 11,312 19,247

19,725
37,192

299,419 Merchants,

6,881 5,221 271

716

216,050 Thames, 10,044 5,634 10,117

10,936
2,257

362,989
Quinnebaug,
12,868 7,212 6,952

15,475

20 73,150 5,123

295,700 Bridgeport, 10,500 15,065 18,431 144,212 5,058 20,700

1,800)

319,957
Connecticut,
36,673 21,341 4,678
89,911 23,563 72,615 5,132

358,784
New London,

3,950
27,021

201,402
Union,

6,397
28,616

25,000
3,337

144,735
Whaling,

5,600 5,000 31.763 5,000 46,050 5,265

156,601 Windhain,

1,735 14,915 3,000

1,102

90,134
Windham County,
1,961 6,783
24,313

580

102,659 Stonington,

170 15,023

1,412

102,815 Fairfield County, 12,085 6,638 5,842

30,097

55.060
5,491

201,176
Danbury',

3,200
16,636
8,000 30,901 1,774

192,405 Stamford

5,698 8,501 39,770 5,531

142,398 Meriden, 4,480 5,371 3,263 27,998

206,350 Tolland County, 2,355 13,996 2,299 9,192

183,546 Thompson, 1,600 3,627

7,276
20,168 2,145

83,922
2,503 5,490

1,365
82,021

5,047

125,654 Mystic,

83

585 2.000

295

116,697
Jewett City,

134
1,114

4.650
1,577

78.739 East Haddam,

858 2,752 9,319 10,482

123,335 Total

$329,407 $517,700 $227,603 $1,301,635 $390,543 $505,978 $54,978 $13, 124,653

Total
Resources.
$2,122,553
2,293,795

401,099
1,002,259
1,100,139

653,435
947,417
684,106
887,554
575,965
375,411
396,037
282,737
403,009
420.360
569,032
616,764
211,127
218,356
255,475
116,978
137,261
126,196
317,169
266,016
214,053
245,425
213,922
119,640
224.359
126,662

92,508
159,745

904

641

$72,136

$15,000

50,407 12,362

5,600 33,056

17,742 5,634

4,000 4,741

2,500 7,521

1,553 4,202

500 4,427

6,845 6,2 16

5,912 6,235

6000 2,721

4,300 1,972

1,187 4,317

Iron,

$16,808,829 1,466

CONDITION OF THE BANKS IN CONNECTICUT, APRIL 1, 1848. Capital Bills in

Earnings since

Dividends Other
Resources. Slock. Circulation, Deposits. Banks. Surplus. last dividend. Unpaid. Liabilities.
Hartford.
$1,134,600 $ 547,264 $221,919 $64, 742 $ 121,863

$ 27,899

$4, 264
Phanix,
1,253,000 531,807
287,136 16,593 98,473 65,583

2,363 $3,842
Connecticut River, 250,000 91,311 42,733 1,714 7,305

7,294

709
Exchange,

525.000 265,173 148,6 16 18,388 30,821 12,763
Farmers and Mechanics, 510,600 331,909 125,597

11,297 55,560 28,437

438
New Haven,
364,800 159,437 89,501 19,761 11,048

9,026

860
City,
500,000 299,537 105,146 13,776 17,147 10,832

9.18
Mechanics,
300,000 187,093 149,425 20,808 18,337

7,894

607 New Haven County, 514,975 246, 423 66,106 27,821 16,000

13,866

2,062
Midletown,
369,300 103,519 49,565 16,630 28,369

7,465
1,079

37 Middlesex County) 221,000 98,616 35,975 5,706 9,353

4,949

811
Norwich,
210,000 98,614 48,046 27,066 6,774

815
Merchants,
157,211 62,257 43,167 5,916 8,969

1,216

2,248

1,751
Thames,
247,400 100,035
49,426 1,955 1,652

2,270
1,149

119
Quinebaug,
250,000 73,239
55,519 16,055 20,234

5,312
Bridgeport,
210,000 258,954 70,061

445 22, 162 6,597

511 Connecticut, 275,000 216.000

694 New London, 150,875 59,075 20,961 2,231 4,482

364 Union, 100,000 79,258 24,932 1.709 10,000

2,390

36
Whalings
163,750 47,405
31,999 2,302 6,305

3,314

318

80 Windham, 60,000 44,297

630

572
Windham County,
62,700 59,860 10,605

2,194
Stonington,
59,600 39,393
10,767 5.623 8,287

1,631

844 Fairfield County, 100,000 168,754 29,452

4,978 Danbury, 89,500 147,789 13,770 3,065 8,292

3,422

178 Stamford, 60.000 116,900 25,210 2,146 8,043

804

948 Meriden, 150,000 74,425 13,497 3,134 1,621

5,650

105 Tolland County, 80.200 69,472 46,072 2,994 11,995 4,170

28 Thompson, 60,000 44,085

2,169 Iron, 73,960 113,627 31,705 1,361

3,705 Mystic, 52,700 53,359

133 Jewett City, 44,000 39,744

2,268 362

35 East Haddam. 66,160 61,515 21,236

3,275

177

Total
Liabilities.
$2,122,553
2,233,795

401,099
1,002 259
1,100,139

653,435
*947,447
684,166
697,554
575,965
375,411
336,097
282,737
403,009
420,360
569,032
616,764
241,127
218.356
255,475
116,978
137,361
126,196
317,168
266,016
214,053
245,425
213,922
118,640
224,359
126.662

92,508
159,745

Due other

4,781

92,657 212 25,983

6,156

3.077

8,6-10 324 2 513

3,000

14,083

9,285 569 2,531

11,747 1,201

5,894
1,627

2,448

139 7,242

3,650

Total

$8,726,381 $4,891,265

$1,994,589

$ 299,397

$ 595,908

$261,325

$29,132

$ 10,830

$ 16,808,829

« PrejšnjaNaprej »