Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1833-12-26

. the States arc included, will amount to
" any millions annually. The merchants aud
others who owe this money In the me antimc
transport these goods To the West and South.
AID sell them to the consumers WHO ara their
{ rstomers, and take their obligation To pay
o. the period their own debt becomes due In
New York. These bonds by the Laws Of vir-
ginia, and 10 believed most other OF the
Southern States, bear I'M interest Of six per
esnnm pee snnum, which At once Is an annu-
81 balance In favor Of New York OF one per
cent. upon many millions Of debt, levied upon
the West aud Soath.
When the sserchant returns 60 discharge
bis bond, or even TO pay for the me re handixe
then purchased. and shall produce his money
for that purpose. which proves to be notes |
upon the State Banks Of the State OF which
he Is citizen, hc is then told that his money |
cannot DO received IN payment, NJ il il pass
ing Al discount OF Ave per ccntum in that
market. Remoustrancc Is in vain, the coun- /
try merchant is referred to the brokers and
Insurers, to cell the notes upon his own State |
Banks, Tor New York money, or for gold aud
shNer, he -, nj the same time, informed |
that they will take hereafter nj par, note.
sPon any OF tie dcPosite Banks ofNew York,
or other Banks OF that city, tho paper OF
which these Banks under the influence Of the
secretary OF the Treasury may designate
IN The mean time, six per centuta IL paid TO
that State upon all the debt incurred for inc r.
ehandizc by the South and West, and Eve
per centum discount is paid upon all the
money Of the other States which is sent 10
that market, for the supplies Of the other
States. When the distant merchant Is thu
informed that New York bank notes will be
taken at par, he Immediately informs his Gus
toners, that IL they present him those notes
they will be received ia discharge Of debt nj
par, 10 the exclusion OF Tire paper Of the
Farmers Bank of Virginia, which must sink
To hve per centum below par, even in yirxi-
Mas they win not bring more In commerce
Our farmers and our planters will i'm due
Vine DC informed, that the Bank notes Of
virginia will not be received except at a dis
count, in discharge OF their debt; and in pay
msnt for their -four or tobacco, if any notes
are paid them which are not at par in the
deposifc Banks OF New York, the price must
be low In proportion 10 the scarcity of the
notes sought, or they arc paid in their own
deprecated paper.
by this mcanstbe notes Of the New York Rank.
viii socn surcrcc,ic the notes Of the Banks Of
Va, and By the sysfca thus established six pcr
eenium per annum will be paid TO those del,cn-
dents ct the Treasury, upon the whole cornIner-
ciai transactions of that city, perhaps amounting
to sum almost equal TO the commerce Of that
city.
Nor Is this all-this becomes political cne;u.
which Is welded b, the Secretary ri the Treasury
or more agents TO espy into the condition of the
Banks, and report AZ he NAV think proper of
Hacks in which even the commonw ealih its.lf ia
interested-and such is the nature Of the agree
ment between the Secretary OF the Treasury, and
the bank OF Virginia and its office nj Norfolk.
that they have actually agreed to paw ''an a,lc-
quafe proportion" Of the expenses OF the Scer<,-
sarys Agents, whenever bc may think il necessa-
~ 70 despatch one, aud aekno~ ledge themselves
I'm the service OF the tsovcrnme' l." They also
agree To make weekly returns OF their accounts
and permit the Secretary his agents tn make
examinations whenever he pleases--a t.i~iis,,.
not heretofore deemed neee ssary by this common
wealth, which has So deep interes, in the Bank
itself.
BY this agreement, many evil consequences
must arise.-The Bank Of Virginia, agnes 10
give collateral security for the safe keeping aud
honest disbursement Of The United States money,
whenever the depostes shall exceed one half of
the capital Stock Of said Hank ae,ualI, paid In.
and whenthe depositc does not exceed one-I,sif of
she capital. they are required To give collateral
security, whenever the Secretary oil the Treasury
NAV think proper TO demand IL.
The Bank OF Virginia and its Office nj Mort llk
being thus under the surveillance Of the Secretary
- - bound by this arrangement to submit itself TO
ms disposition by any one OF his agents whenever
ne may think proper to despatch friend, Who
receives his guerlou from the Banks for ibis act
Cd duty lie Is also at liberty To withdraw his In
'or and dismiss this Bank from his service, whep-
ever he plesses. The credit Of hank esnuloxe,I
upon these terms cannot otherwi Use than b.. min,
rcd, whenever the Secretary shall uithsfraw la
eoantenance, which will be supposed wac done m,
account 81 Insecurity. anil IL required u wive
-Jns' s security q may not BE easy to deter
mine how u can be dose, What Il slsai be- This
arrangement Is made upon che happening Of
erffain contingency. Security IL 10 be given for
The safety of the CRi,ed safes Sn0ncs. wills,
heresoioFr :, has erto.ed the confidence oC tl,e
OF her funds. " P-''
This arrangement is veil calculated % m,hiec,
all such tas'ks 60 tl'e control &c isry machinery
aHd etIables the Secretary Of the rrts.sssrH 10 e,r
tail the accommodations o( al uho A., bns;oeS. =,
such banks, and induce loans TO others who have
not heretDsore been 80 readily accommodated, as
thc Secretary has already desired some OF the
panks,n his service, 70 accommodate literally
u'ose who have duties 10 pay. Nor can such ~,
arrangement otherwise than have an injurious cf-
f,ct upon the paper and sock Of tIl. Farmers
Hank of Virginia, IN which the Conlmonv caIth
also has an 'n'.rrs,, by giving preference TO the
paper OF ooe Bank over the other, which couse-
qnentIy must be sought TO the exclusion in a ncs-
sure, OF the notes Of the other.
We here omit that portion &c the Message
which reviews the Presidents Proclamation Of
December last Il will, however, be published
heFsaiter' when o'H readers vii have opportu-
nifty Of giving it more mature consideration
Ehsve npv ioishcd the last annual rncsS,re.
perhaps, shall ever write. cray You nos a. t.kc
III i'll have spoke my Thoughts frecl, ~
vho applies himself inaeXibly 70 Justice aud a..
preservation Of the laws will never do =, -,
without Isy iug imsclf liablcto impufatioo. csc,
be esuape With IMMUNITY. have felt a. ..s,s,-
by a. any man can, the great hoaor done me by
yOnt Predceessors, IN tieeting me to this hih a,
distinguished Oficc--tle last sls,ei.r the al 80
we hrss unsi'r the Constitution az our nst,v,
SN'e, % which Ne al feel holy 6Ie,o,ioe In
aeeePuns Once, vas ~ ~ .si,-,,,.. ia d,,,;s -
gardiess ~ th- maei''nations 81 the selfish ssd
-.'-o..'s'y % ~ sI-'"'v u the designing.
NY dusty, and ahstever q talens nisls -
Tel ~ though had redeemed tllaa ,le.,' t,,
knou ledge enough ~ mankind not 81 49,. - /
probable consequences 90 vhiei u wuula lad -
GA mnst, ticrforc, Judge 81 me as yoss ti,,,k
brst sod have spoken freely, u Is f,Sr sssu,.,,
O me Constitution and Tor lie honor 81 Virsisia
IfRffnd o. 49,.