War of the Rebellion: Serial 127 Page 0699 CONFEDERATE AUTHORITIES.

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banks of Alabama," these banks have paid into the State treasury the several amounts required by said act upon the terms and conditions therein specified, viz:

The Central Bank of Alabama. . . . . . . . . . . . . . . . . . . . . . . . $191,500

The Commercial Bank of Alabama. . . . . . . . . . . . . . . . . . . . . 106,400

The Eastern Bank of Alabama. . . . . . . . . . . . . . . . . . . . . . . . 63,850

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Making a total of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,750

On the 12th day of September last the Bank of Mobile, the Southern Bank of Alabama, and the Northern Bank of Alabama, at my suggestion and request, suspended specie payments, which subjected them to the provisions of the seventh section of the act referred to. They promptly complied with said provisions, so far as required, and placed to the credit of the treasurer of the State the following amounts:

The Bank of Mobile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219,150

The Southern Bank of Alabama. . . . . . . . . . . . . . . . . . . . . . 112,800

The Northern Bank of Alabama. . . . . . . . . . . . . . . . . . . . . . 81,400

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Making a total of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,350

These banks in February last purchased bonds of the State, and paid therefor in specie funds the following amounts:

The Bank of Mobile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,433. 34

The Southern Bank of Alabama. . . . . . . . . . . . . . . . . . . . . . 100,433. 34

The Northern bank of Alabama. . . . . . . . . . . . . . . . . . . . . . 25,000. 00

As these banks have with great promptness responded to my request to purchase the bonds of the State, I deemed it but just to them to deduct the amount of bonds purchased by them from the amount the suspension act required them to pay into the treasury. I therefore recommend that the amount so taken by each of these banks be considered as so much paid under the suspension act, and that they be required to exchange the bonds purchased by them, and upon which the interest is payable semi-annually, for the bonds provided for in said act, upon which the interest is payable annually. I also recommend that interest be allowed to all the bands from the date of the payments by them, respectively, of the amounts required by the act legalizing their suspension, and that the time for the resumption of specie payments by them be extended. It is manifest that the assistance of the banks is indispensable in furnishing means to aid the State and the Confederacy in the great contest in which they are now engaged, and it is equally clear that they cannot continue to extend that aid if compelled to resume specie payments, as required by law. These banks having suspended for the purpose of furnishing pecuniary aid to the State, and at the request of the Executive, and as the State must rely upon them for further assistance, it is proper, in my opinion, that they be allowed interest on their money, to be paid when they resume specie payments.

STATE BONDS.

The amount of State bonds disposed of by the State under acts of the last Legislature is $975,066. 68. Of this amount the banks have taken $945,066. 68 and individuals $28,500. In addition to this, the Central Bank loaned to the State, under an ordinance of the convention, in coin, $105,882. 35; the Commercial Bank; $58,823. 54, and the Eastern Bank, $35,294. 11, making in all $200,000, to purchase provisions and stores for the army. This statement shows that the State