War of the Rebellion: Serial 127 Page 0700 CORRESPONDENCE, ETC.

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is indebted to the banks for almost the entire amount of money procured under the authority of the Legislature for prosecuting the war. It is well known that in times of peace I have regarded banks as a necessary evil, but in the present exigencies of the country experience compels me to regard them as a public necessity. It is due to the Central Bank to state that under an act of the last session of the General Assembly, authorizing the Governor to borrow $100,00 to pay the members and officers of the legislature and of the for the payment of printing, $c., that bank loaned said sum to the State in addition to the sums above specified. Whilst it is proper that the necessary restrictions should be thrown around these institutions, I feel assured that none will be imposed by you detrimental to the public interest, when their aid is so much needed. For the condition of the banks I refer you to the report of the commissioners. The Bank of Selma, a free banking institution, purchased $27,000 of the semi-annual State bonds, and has manifested a liberal disposition to aid the State in her emergencies. As the State and the Confederacy will need assistance from every source from which it can be procured, I recommended that this bank be authorized to suspend specie payments upon the terms, conditions, and restrictions imposed upon the other banks, so far as may be practicable.

FINANCE.

CIVIL DEPARTMENT.

The balance in the treasury on the 30th day of September, 1861, was. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $293,665. 37

Received since, to October 22, 1861. . . . . . . . . . . . . . . . . . 50,243. 97

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,909. 34

Deduct disbursements to October 22. . . . . . . . . . . . . . . . . . 26,269. 67

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Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,639. 67

MILITARY DEPARTMENT.

Balance on hand September 30, 1861. . . . . . . . . . . . . . . . . . . $217,337. 68

Received since, to October 22, 1861. . . . . . . . . . . . . . . . . . 125,740. 80

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,078. 48

Disbursed from September 30 to October 22, 1861. . . . . . 42,625. 59

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Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,452. 89

The above statements exhibit the amounts in the civil and military departments on the 30th of September, the end of the fiscal year, and also on the 22d of October thereafter. For the details of receipts and disbursements you are referred to the reports of those faithful public officers, the comptroller and treasurer. The $200,00 borrowed from the banks to purchase army stores will become due in January, 1862. I recommended that, with the consent of the banks, said debt be extended. Should this not be done, provision must be made for the payment of said sums.

FOREIGN DEBT.

Mr. Whiting, commissioner and trustee of the State bank and branches, has provided for the payment of the interest on the foreign debt for the present year. It is desirable that these bonds should be paid at maturity, but the public exigencies require that all of our moneyed resources be reserved to meet the necessities of the State. I