Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-12-13

! l
banking institutions in fact. much frequent i'll
regions where the NUMBER VI banks is small than where
ii large, provided their charters lie similar, III emitting
prudent limitations. Because, IN the former there
is less vigilance, cau" and c"rrrcon, produced lay the
caouses and interests Of rival institutions 10 prevent
excessive issues, and irregular and dangerous c'sco"nts
But the tendency 10 excessive trading, excessive cic.
dts and rash enterprises IS 50 strong, unu soicte
unn uvrrnub!c in Individuals and i'll respects equal
Iy in corporations, as to endanger the s!ahI'-
" of both banks and business unless the power Ia
iacturc paper nunry is carefully restricted aid wisely
regulated The present amount ut bank capital as well
increase Tor past, Is another Kindred
topic Of sn,e interest But space docs exist this
OCCASION for its full cxpusun and at the time,
is not very alarming except where has been nulhurz'
cd without proper llma,i" paper issues. and With
other prudent bank Restrictions.
The whole bank capital IN active operation, is COM
pulCd to have been over
$500 OUn,DGO in 1884
81 100000 in lS5I-5
! 23DUUU UUU in 1856
a nd near fifty millions has been authorized, most
., which Supiusrd yet be in full operation.
More facts will he exhibited on these pnnts, and par
ticuarly the vi bank capital in each Stale in
special report, to be presented from this Depart
mcnt 10 Congress- concerning The detailed condition Of
the State banks near the lst Of january, 1886
Had it not been for large sales Of American stocks
abroad, and Tie very high prices given there for
prlucipal staples, demand for Specie for export would
doubtless have arisen this from orertradng, and
have greatly enhanced the present difficulties which
oil the banks nuw expercncr Chiefly from The great
excess Of paper in circulation The comparative value
OF specie being reduced by such, rccsses the evil would
have been still more aggravated If those cxcrsSes had
not brc"ri. somewhat diminished. and specie had not
become in greater dcmund here, in consequence Of the
circular, the kind OF money receivable for the pub
lie lands, issued by direction Of the President in July
last. This demand has contributed to retain and dit
fuse il wider, and 10 make lis great and early export
less probable, than ii Otherwise would have been. The
oths. Oh ects Of that circular gradually to bring
back the practice in those payments to what was
deemed 10 be the true spirit, well as letter of
sting laws ana what lie safety Of tue public money
in The depusile banks and the desirable improvement oI
currency. seemed at that time TO unilc in rendering
udicious The reasons: in detail, for the measure,
contained in the document itself, Of which copy is
annexed, () Our moneycd operations have also been
somewhat affected by lew difficulties abroad, in the
nation with which! our commercial intercourse is great
est and whose monetary system Vi late years, often
beating with pulse like own, Is under influences
nearly corresponding.
Since 1898 the paper circulation in England is sup
posed to have increased sixteen millions Of dollars,
while the specie possessrd BY the banks has diminished
over twenty-three millions The whole circulation Of
private banks joint stuck banks. and the bank of Eng
land probably abnnt 52 900 900 Of paper 10 less
than 2G00U,D 900 Of specie hand; whereas in 1888 ii
was only about 1877 00O 900 to 500O0000 Of srcr,
from five and six to one, bat then only two and
three 10 Consequently, alarm and pressure have
arisen there, which are operating uninrurably here,
though they have arisen not much rnm excessive
amount Of both The paper and specie currency united
doubled between the paper issues and the specie
hand by all The Ia nks What por"n uC their paper was.
is now, held by each other, is not known but the
bills Of TIE hank Of England tender by all the pri-
yae and Joint stock banks the amount is probably large.
Their banking system, ii Whole, with every supposed
benefit TO be derived from national bank, il believed to
be under much muEe defective regulations, 10 eXccs
sre issues, excessive DISCOUNTS and secrecy OF condition
and proceedings, than Is own in usl OF the States
oil Tie Union ud"ed unsatisfactory has been ope
rallons, that they have recently brcue HE subject Of
parliamentary inquiry, which ii is proposed IL resume
and usl much uiiLrr at subsequent session.
: Land Office.
Immediately utr. the passage IF the law at the last scs
sion, reorgunIzng the General Land Office some doubts
whether it stall remained attached the Treasury
Department. and the opinion of the Attorney Or neral
was taken on the queslloa IN consequence vi his OPT
mon, that The Supervision lis remained
here, and O! Tie direction Of the President of the United
States under whose control that law places all the
affairs Of the General Land Office, steps taken Ivy
me 10 carry it ntn Immediate effect
The result has thus far b-eu sensible dinnulion in
the pressure o.. The business OF tia; oic; better srs
tenn vi supervision and despatch fer u! ii, and much
less delay II! completing titles 10 the public domain.
Should the sales np c"*tInue very large during few
ensuing years, 1t IS believed That the whole urrraruEcs
OF business he disposed n and the promptudc ali
lis future operations secured which is immediately
iupnrtant 10 the great Western aud South western sec
tluns OF the c"untry: aud less beneficial to ALL
as We as credilaOie L" the administration Of the Govern
ment. The report Of The Commissioner will speedily be
laid before Congress III separate communication, and
contains many suggestions, which 10 deserve
iul atteuton.
9. .MscaLaatoxs
Great inconvenience have been sustained in many
parts OF the country, by mn omission TO repeal modify
the provisues in the ,arf act Of ls32.
detailed report this subject has once been sub
mitted by this Department; and the interests Of the
community, connected with The articles Of hardware al
eced by these proSisoes and convenience in the
oa Of tue revenue laws appear 10 require the earliest
attention OF Congress to the subject.
The revision Of the present system Of compensation
to custom house officers, with the various changes in
collection laws, heretofore recommended in connection
with that revision, Is deemed very important 10 the
camille community, we'll 10 The Treasury, and the
time, 10 the just and rateuble compensation for
duoGs and responsible dHes 10 many collectors and other
officers who are now inadequately paid, while
ce've an amount dspropnrloned 10 their situation and
iabors.
IN connection with this subject aad in addition 10 for
mer recommendations to Congress- as we'll as the vulu
able report the safety Of boilers, submitted ut
the last session from the Franklin Institute pro-
per TO urge earnestly for consideration the necessity
OF sone provision for the careful management of
Steamboats, nar gated under papers ieom the custom
their commanders, and in suitable
er owners, to the forfeiture Of their papers, and
H' severe penalties, in Of careessncss or neg
ie. ~ ue""actSe 10 property or life.
ne security OF the public money would be promoted
~ y uses ny requiring bonds from district attorneys
ms "|naS ol some of whom large pass,
III coiiecuoRs without any collateral oblpotons heinz
gwen Tor the Indemnify of the United States ms re-
CURED IN most analogous cases Of public officers
Ne act IN respect to insovent debtors the execution
OF which is placed in the charge of Department ex
res IN June next and The propriey of the further con-
t'nnance OF its provisions is suggested 10 Congress
Inc four first nsamcnts DUE under the French treaty
nave been paid in Paris, since my last annual report
! he sum claimed by our agent aad by this Department.
exceeds that paid by the French Government in the
amount of more than million of francs, and the differ
ence Is now the subject of and negota
lion. What was actually paid has been RENTED 10 this
country IN gold and divided among the claimants F.om