Before leaving this part of the sub
ject, I will anticipate a question, and
say that the reason why there is so
little money invested in Banking in
this State, is because there is so little
profit in the business under present
conditions. There js no profit but a
loss to the National Banks on their
circulation at the present price of
United States bonds; and the sparcity
of deposits and 'limited commerce,
offers but a restricted field for profit
lo Banks in North Carolina. If our
Banks could obtain ten, twenty and
thirty times their capital of other peo
ple's money on deposit to lend out, as
is often the case in New York, Boston,
Philadelphia and the other money
centres, more people would go in
Banking, and rates of interest woi:l
be lower ; but as it is, our money 1m
to be sent to those money centrt-.
and helps to swell their already ov
crowded coffers, and this will con
tinue to be the case until vc have a
STATE HANKING SYSTEM OK OUR OWN
A suggestion of this kind at on-.
calls up to our recollection the "WiU
Cat Banking," before the war, bi 1
the science of finance is better under
stood now than in those days and
can manage such matters with mur;
more intelligence; and our conditio -are
very different now. Says .Presi
dent Coe: "In earlier days when th
distant portions of our vast area tt
country were imperfectly connected,
currency instruments were emitted i
remote and inaccessible places o
purpose to avoid redemption. Thc
deservedly received the contemptuous
names that marked the public opinio
of them, names yet remembered onl
to be indiscriminately applied to
every form of corporate currency. But
they were relatively few in number.
