Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-21

4
one &c Tie greatest sxeeiisn Gee In At, LscAl
systen; ~hsch Is Ia pay over quickest 60 the
! public creditor, AMI ~ith Tie least Official
cosufieruy, whatever 10 collected from the
| puDlie debtor.
| Besises these advantage others would BE-
/ that tie r,Jnvy M Inc rtrssary. under both OF
ihe liAo. submitted, eau AZ ~a,. he nor. es.,.y
kept down a. moderate dimeusiVns b, Teduc-
lions Ia "a. sv-stue, aud by temporary invest
me uis Ut az occasional. surplus, a. there " an
| Oe TO aatsyOAi-t iotrrcst connected with a.
Sishing Tor loans Aid he Use vi SURPRISES.
ADD thus co-opor1'ng Ia prevent = reduction.
! The est,,ifIg embellishments aud officers,
! whenever ena'eu.Snt would De empo, ed
~ii-J'..a d"io'S ioschincry or tie ois ,sizs-
7 '"ai VI . mas sN-,e,n OF sganl. ENvcuu,.
control would lie di'uIIi.Le5 rather ~ "a in
! creased ,. taem hreau,c az, additional .tIi.
: Ger, ~nl ae % .-ctej. nol by tho Pr.,,j.nt
.'one. nor Ire lres-ur, Department, as IT,.
/ "-"s' low sre, tut ,ridsli, DO designated
oy CCrSr..-. sud the rr.nc ,p.e incuu,Lerts
4 ,pp1inted 10y the cODs'R, III the Senuie -
hss would Also remove alt grounds Cor ths
: "OIaction sometimes urged against ia. former
sNs,em, that The EIccuuss alone exercises an
! eAien>t's Patronage aHJ great nbne, ed mfiu-
enre through bn.t of bank presidents. Jitec-
tors, sLd -tccl holders. scattered through eve
~ section 1T the county. aud selected iih-
"Ut Tie ss.-nt - che I nf rIlher House of
C"osTsN, "a suS ?ar'i, u'N case, and making
loans VI the rv',iic money for considerations
merely political or official. yery vide
discretion sil DC thu, Iv>irict,d and a pruii.
TIC source II suspicion aud in,putati,n OF Ia
'orit'sto ani paflisin' zee ehtiiei, stopped
The officers, undtG The plans proposed will
likewise Dc aioensbie exclusively TO the Gen
sTsi Oosrrnnieut. and not he embarrassed
IKE The officers Of the bank. by conflicting
suiies and i.terests ia respect 10 the states !;
n"r involved Ia those collisions. jeslousies
and recrinIinailoos, Ofen attendant on that
! position.
The independent aud harmoniuu. action of
each GuseTunent IN IT, appropriate sphere
! ALL thus be more fully secured The Iccai
Institutions. a. general principle, will be len
TO Tic care aud usos Of the several States
which established them, without interference
on the part Of the General Government. and
90 be regulated &C discontinued. N deemed
most useful, under their own State politics
and most conducive tn the original purpose, IF
! their crs,,iJn. Nor would any general mon
! eyed corporation, aside nom the grave doubt,
which exist rs 10 both its coDst ilutioua Iiiy and
general exPediency. have been likely in such
I crisis "a that Of IN, war Il 1919 or per-
haPs that Of the last spring 10 have proved
much safer public depository than those To-
cal institutions. Though more convenient M
form for fiscal purposes than ihey, and free
from some objections - TO want OF symmetry
and accountability which obtain against them.
yet u chartered on usual principles. and iudg-
ing tom experience here ss well as abroad.
. u mnst have failed, in a trial like those 10
have sustained either our pecuniary opera
lions, oe its oar, IN strict good faith and in
/ dur vsyor.
Without entering mo details 10 Illustrate
this position, il Is necessary 20 notice on,
| the single circumstances, that he Bank ol
EHgiand. during severe war, suspended spe-
cie pay ment near quarter VI century, aud
that neither OF the Two United States E.nks
existed 30 IS 70 be obliged 10 encounter such
q peril. But since the last spring the note.
of the second one, to the smouni of several
millions. have been allowed To sick ,.to tn.
uass Of irrodeemsble aud deprecated paper.
though issued under al the high seruritie, and
.anct'ots Of charter from the General Co
.erpment and with very large fund, still IN
der the control Of officers and trustees deem.
ed by the Stockholders exceedingly skilfuI aud
bound by both law and contract 10 redeem
! those noies In specie and ou demand.
! The systems which have been proposed IN
Ihis report, IL adopted, could not be expected
To continue entirely exempt from losses b,
That unfaithfuiness or casualty TO which All
irnst in human Affairs are exposed. But tbey
may he surrounded with strong safeguards
and would very probably soon We enabled 10
answer 10 satisfactory manner esery pur-
f'se of the Government, 10 it, cu.dition 20
different "a many respects from that which
| formerly existed, and which was the para
mo0aI cause urged for the incorporation Of
our two former United sta;es BaukS. IL,
hnaoces are not nov hardened with nation.
NJ debt Of ICON seEenty 20 oi,o hundred and
thirty niIlilona, an1 besides our ordinary sA-
pcnhes, With the annual payment. on account
OF principal and interest,". OF fron ten to six
ieeh niiliions, 10 be fSt widely collected. and
then tsfgsfsVred and disbursed IL only few
j Poiift on ibe ssabosrd II l. nov with
yeYiy revenue, reduced from ihft, and forty
t1,HiIons TO near twebig. and probably soon 20
be sixteen or seventeen, and with course Of
expenditure which eau readily lie diminished
"a ~ not much. n sny 90 exceed The reve-
nus IN . natural state Of business. In large
sections of.Cu country, ard in sich . state of
husirsSs, this expenditure happens nearly aud
very conveniently 10 Correspond IN amount
With lie receipts 10 the ssmo SECTIONS.
We are. likewise, rcpOsing 10 peace. wiiL
very superior means of communication. Nheih-
er by mail or personal intercourse and with
UrAlN Hrteaaco ana Increasing portion Of
gold N The currency, 10 rrnder distant trans.
feTs aod payments more easy u i manifest
therefore. that our fiscal concerns will BE-
greatly iessened in amount Sc veil a. difficulty.
unles. We shsIl be visited BY wars or other
ScoufEss. involving Us in debit aud embarrass-
nen's ~ an aggravated character. end which
fortunately, no sufficient reason spnAsrs Tor
anticipating az an early day.
Under The proposed arrange ment the trans.
Ter from certain points could 10 Often effected
when required BY the department. for the pub
lio purposes not only with ease, but so az
greatly 70 facilitate The domestic exchanges.
90 The mode Of employing drafts suggested in
. subsequent portion Of this report IN o
more natural and ordinary slat. Of receipt,
snd expenditures, like that u. 1894. the trans
ierf required 70 great distance would not rx-
coed tao or three millions during the ,ear
and ai0ust The whole Of them we're. al the
tine. IN sneh q direction % to Yield profit. /
rather ihso be expensive 10 the banks which !
insde thsrn.
" he Treasurer were required 10 receive !
payment W advance, % certain convenient /
points, for al iaod, sid ~ has once been the |
construction 4 Else act II 1924, The 9robab,i- |