Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-28
ALEXANDRIA:
FRIDAY MORNING, MARCH 2s, 1884.
rr,r NEW YORK SAFETY FUND BANKS.


THE NEW YORK SAFETY FUND BANKS.
Yesterdays mail brought US accounts from
Nav York, which go to show that the celebrat-
- safety Fund System of that state is in dam
&C blop up. Without comment to-day,
81 add extracts from the New York City pa
The Evening Star says:
owe have news at last, and such news as
IN make the whole nation stare with surprise
Snrsrnor Marcy has sent message to the Lee
oOature announcing, what We have long eX-
ssnted that tie safety fund system anas utterly
P0 and broken doqra; and asks the Legsla-
sU%S 10 create FOUR MILLIONS of stock to
,uan those private institutions, to keep them
t sorn stopping payment The Governor consi-
1ars the pressure in the community to arise from
w navment of cash duties and the course of
,S;nts the removal of the deposites to state in
.t;tntons was quite wise measure, and has af-
S srSed relief-yet the State ought to loan FOUR
MIIJONS to keep up the wretched political
pnmhug-the Safety Fund concern,-at least
mil Van Buren, is elected President"
The New York Commercial says
.sEven at the hazard of beiag denounced as
ionic makers we are constrained to publish
~ LARGE in this paper, most extraordinary
Massage transmitted TO both houses of the Legis-
iatnre Yesterday, by Governor Marcy. 1t is an
artfll document, and may, perhaps, for the mo-
ment blind more effectually, the eyes of those
Who do not wish to see. But the disguise is too
thin to prevent scrutinizing public from read
mo in this message, public confession that the
Safety Fund Bubble is on the point of bursting
"a confession, in fact, amounting to all but
that ofpositve INsoLvENcY,-Isi il not so? Look
AT the facts Here we have a brood of Banks
extended over the whole State-bound together
by the far-famed Safety Chain-all interested
in sustaining each-enjoying already not only
the use of the Government deposites, but of the
Canal Fund of between four and five millions
more-and yet utterly unable to afford the peo-
ple any relief in the existing state of pecuniary
pressure Nay, more: by the Governors own
showing, they have already reduced their cir
cuation, and curtailed their discounts to the
amount of THREE MILLIONS, during the last three
months-thus reducing their own liabilities 70
that amount; and are still in want of loan
from the State of four or five millions more
unquestionably, disguise it as they will-for the
purpose of sustaining their own credit Thus
instead of affording reliefto the people, -though
created expressly for the public accommodation
the Chief Magistrate ofthe State now stepsin
and calls upon the people to rescue the banks'
We conclude the subject to-day with the fol-
lowing extract from the Albany Evening Jour-
nal:
Dying speech and confession Of the Albany
Regeacy!-Governor Marcy has made an ex-
traordinary disclosure to the Legislature, in
Message transmitted to both Houses to-day
We'have not had an opportunity of seeing the
paper and can only speak of it from hearing it
read IN the Assembly. Ii avows the existence
OF state of things which will startle the peo-
n
that the safety Fund Banks, instead of relieving
the people, require the aid of the State! These
Banks already possess several millions Of dol
lars belonging to the Canal Fund and still the
Governor recommends the creation of FOUR
MILLIONS OF STATE STOCK for their re-
lief
"This is a most unprecedented measure 1t
reverses the whole order of Banking 1t pro-
poses, at season of embarrassment and dis
tresS, that the PEOPLE should actually relieve
the Banks!
"The question is distinctly presented whether
the State of New York will lend the Banks
FOUR MILLION OF DOLLARS to sustain
Jackson and Van Buren, in wanton and rui-
nous EXPERIMENT" upon the currency of
the country. The Legislature will obey the
Regency, unless it is recalled to its duty by an
overwhelming burst of the public indignation.
"The State Banks already have the Govern
ment Deposites and the Canal Fund. 1t IS now W
proposed 10 loan them 100000 more! VIII
this be tolerated? VIII the people of Newly DIRK
suffer millions of dollars to be used for party pur-
poses, and in the end, perhaps, be forever lost?
"We have been constantly assured, until this
moment, that the State Banks were abundantly
prepared for every emergency. But this Mes
sage dispels that illusion. The Executive has
made fatal thrust at the credit of the local
Banks by proposing such an extraordinary mea-
sure for their relief
In short, we look upon this message as the
second act of folly and delusion which caused
the lawless Removal of the Deposites. The Re-
gency have began to tinker with the great inter-
ests of the currency. This species OF quack
Experiments will soon place this great State
IN the condition of the man who "pds nell,
rushed to be better, took Physic, and died"