Article Text
be collected," said Mr. Ross, under date of October 1st, 1852, " will not exceed $200,000." Mr. Crutchfield, who succeeded Mr. Ross, as financial receiver, said in his report of Dec. 16th, 1854, the amount of debts collected by my predecessor, since his last report to the General Assembly of the 1st of October, 1852, and up to the time of his death, amounted to $82,050 12. This sum, if deducted from the amount of debts estimated by him as solvent, would leave of solvent debts uncollected at the time of his death, the aggregate sum of $117,949 88. But it is highly probable that a considerable portion of the above sum so collected by him was collected from the amount classed by him as "doubtful," one third of which he estimated would be collected. If so the amount of solvent debts remaining uncollected at the time of his death, would be increased in a proportionate ratio. I know there was a small portion of the amount SO collected by him from debts he deemed insolvent." In the short time Mr. Crutchfield was in of$25,326 and Mr. successor, has, according to his his fice he collected 79, report Fagan, of Oct. 1st, 1856. collected $50,643 64. These sums added to the amount collected by Mr. Ross between October the 1st, 1852, and the day of hisdeath in August, 1854, will make a total of $158,020 55. Deduco this from the amount Mr. loss supposed could be recovered and $42,979 45 remain yet to be collected. What amount will ultimately be realized from the debts, due to the bank is necessarily matter of conjecture. Mr. Cratchfield states that part of the money collected from October 1852, to August 1854, was from debtors whom Mr. Ross classed with the insolvent. As times have improved since Mr. Ross made his estimate, we may venture to hope that a larger amount than he supposed may be collected from the debtors whom be classed as doubtful and insolvent. On the other hand, unless prompt and proper measures be taken, the amount may be less. Mr. John H. Crease, who was the cashier of the principal bank from the time it commenced operation till the act of liquidation was passed, and who was alter that financial receiver for more than two years, was sometime since requested by the Governor to make an examination of the books and accounts. Underdate of October 1st, 1856, he made report that he found every thing in confusion. His subsequent investigations have shown that the confusion is even greater than he then supposed; and his statement of the condition of the books and accounts is confirmed by Mr. Pagan, the financial receiver and by Mr. Woodward, ais intelligent assistant. There is no difficulty in ascertaining the liabilities of the bank. They amounted on the 1st of October last, according to the financial receiver's report, to the sum of $1,420,488 38. that beingthe total then due on account of State bonds issued for the benefit of borrowers from the State bank and interest on the SAMPL Against this there is an apparent off-et of $216. 845, that being the amount of Real Estate Bank bonds, coupons, and notes, now the properts of the State Bank. But this am out be col. lected from the Real Estate Bail before it can be made available in redeeming the bonds issued for the benefit of the State Bank. Independently of these Real Estate Bank obligations, all the means the late Bank possesser the 1 -t of October, 1856, consisted of $313 35 in specie, and of notes and bills discontined of which Mr. Fagan supposed only $35,000 uld be collected. All its real estate is gone, the same having been, according to report ade in 1849, sold and sacrificed for re-licentieth of its value." to be hoped that this dear-bouzh expe rience will be lost on the State. It be hoped that due means will be taken to prevent, the land owned by and pledged to the Rea tate Bank being st in like manner. Such is the result of all experiment in banking by which every body was gain and no body was todoose. Such result of a plan by which the people were to berrelieved from the burlen of taxation. At thereintof twenty years we find it leavesthe State with a debt et nearly a million and a half, and that annu ally increasing by increments of interest, with nothing to pay this debt but certain obligations of the R at Estate Bank, which may or may not ultimately prove available, and with a mass of notes and bills discounted, amoun ing, in deed, in the aggregate to upwards of one mil. lion, but of which it is supposed as the accounts stand at present, only it small portion will be collected. BENJAMIN C. TOTTEN, Chairman of the Com. on the part of the Senate