Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-11

ap0reps,e amount of issues, allowed by the eiaf'eiso
the banks, several milIi"ns OF dollars Ieiow su iii ene
gate amount of their capitals. This reducuoh VIZ =
rate as q ualutary check upon expansions, a'u oI ~
d,tional safeguard against a redundant cllcuia..on y"
their paper. But the best security Tor a souhu cui'e"ey'
is a sufficient specie basis. In Ordinary toheS' sPe.e
funds nrooerly deposited, will answer the same purpose
ne the precious metals in the vaults Of the banks; put' u
should be the object of legislation to compel banking n
stitulions TO put the mselves IN q condition 10 iu'ni tut"
duties to the public in trying emergencles.-l therefore
recommend that the banks should be required 10 keepln
their actual possession, an amount of specie, 10 be era.
dunt.d by The amount of their respective capitals, OF oi
their circulation and de prsi,cs. If this amount should De
no more than Is per cent. on their capitals, or ~ per
cent. upon their circulation aud de- apostles, 1t Would gf'at'
" rxcrrd the quantity Of spcCic usually possessed ny
the banks. II The specie OF a bank should happen &c D
reduced al any time below the sum fixed by law, sucn
bank should then be required la suspend discounts uhui
il should have supplied the deficiency. Shou.a 'his I
cumnienlaliun meet with your approval, efedt e".'
should he taken 10 have the measure you may au"pt "
carry il Into effect, executed in such Il manner us hol ~
delay or emba1rass the banks in rrsuming specie pay
mems. If our banks are obliged Ia prcce6e tlose III
Other States in this Trasure, the difficulty OF retaining.
their specie, or in supplying themselves with II again II
il should De withdrawn, will be much greater lian u
would be in case of a simultaneous movement ny al 'ie
hanks throughout the country. Besides, on the return
l., s,rcle payments, there will undoubtedly be u very
considerable demand upon them for coin to supply Tue
place now occupied Ivy small bills. which by that event
will he driven out Of circulation. II they were required
ia furnish themselves within n short period with an unu.
sual amount of specie, it might hazard the successoi The
more important measure of resumption.
If the view | have taken Of the origin of the dlhicult-
les in which the country Inns been involved Is correct:
they Rre in a great degree attributable 10 the accuInula.
ton Of n large surplus revenue by The United Stntes,
and The Use OF ii by The banks. II Is the duty OF Gun
yrcss To ruard against evils from this source, and IT. gra-
living 10 perceive that The President Of the United
States has promptly directed their attention to the sub
icct, and suggested III Important changes in the existing
mode of collecting, keeping, and dishnrsIng the public
moneys. There can he no question, that 1t Is 6"th The
right and the duty OF the General Government, 10 col
lrcl the public dues in The legal currency or lis cqniyn.
lent, and so to keep its funds that they will be safe while
they remain with the government, and be at It's com
mand whenever wanted for disbursement. Fully con.
curing in lie necessity Of atlaininG these results, am
confident that the measures necessary 10 produce Them,
may be Of sucl! 4 character as will not affect lnlnrInusly
the business concerns or the banking institutions OF The
country. One of these measures, and The most desirable
amung them, is The discontlnuance OF the use OF the
banks as the fiscal agents Of the General Government, or
snch n modification uftheir agency rs will ettectually pre-
vent them from using, for any purpose whatsoever, the
public moneys that may be committed to them Tor sale.
keeping. This discOntinuance or essential modification OF
their agency viii, have no doubt, prove mutually be.
nefciul 10 all parties and to oil interests. The subject
is now before Congress, and if acted on by that body IN
the same cnnciliatory spirit with which II has been pre-.
scented 10 them by the President, and with the same sin.
cere desire he has evinced 10 arrive nj n right cnnclu-
sion, have scarcely Il doubt they will speedily dispose
of il in such a manner as will be safe Tor The Govern.
ment, satisfactory to the great body of their constituents,
and conducive To The general welfare.
The canals have been less productive the last year
than during two or three preceding years. Being chiefly
used ms channels Of trade, they must necessarily purtici.
pate in lis fluctuations The amount Of tolls collected
on all the canals during The fiscal year which ended on
the Both Of September, was 81 ,32G, ISL. This is about
S275y 900 less than the amount received IN The antece.
dent year.
In consequence of the scanly crops Of 1876, the tolls
on downward freight we're less than -
-- e .I~.. E-i,,t;a- roe hi FnIIpp NJ IN N
quantity of merchandise sent into the interior Of the
State, and through it to the Western States. II the IN.
crease Of tolls on merchandise previous To last year was
to some extent The r,sult of over.trading. the subsequent
reduction must be regarded as a sure indication that the
country is returning 10 a more healthy condition. De.
duciing the costs OF repairs and collection OF 'olIs on all
the canals, which together amount 10 S6OS ,9OI IS, the
nett proceeds of the revenue from tolls Tor last year, Is
SIT eos "a.
Tie income of the Erie and Chumplain Canal Fund
from all sources, including The interest on 50. On6s 54G 43
the sum set apart to pay the remainder OF me debl
contracted on account of these canals--ls 81 .42b vi 10.
OF this amount SUBJ, SSl 20 was expended on The en-
larcencnt Of the Erie Canal. The remainder was dis:
burspd for repairs, collection of tolls, and in payment OF
interest, except SlS2,l40 ID, which remained IN the
hands Of the Commissioners OF the Canal Fund at the
clnsr of the fiscal year.
The amount of tolls collected on all the lateral canals,
except The Chenungo Canal, is SAL ,203 81. This is
Sl5,5ll less Than the collections OF the preceding year.
The DEFICIENCIES in the income Of these canals to meet
lie EXPENSES u rPpdnsy CDIleCllDu vi toiisJ anu tHC P"J-
n,ent of interest on the debt contracted in constructing
them, is STA ,G37 Do.
During the past year the Chenango canal, which
opens n communication Of ninety.seven miles in extent
between the Erie canal ut the city OF Utica and the Sus.
ouehannah river at Binghampton, has been added to the
number of important public works Of internal improve.
ment already completed and put in operation ny thIs
Stale. This work has presented The hrst occasion on
which it has been necessary 10 construct reservoirs 10
ensure q sufficient supply Of water. Asthe use OF them
for this purpose has heretofore been treated as an eH'
perinenl-llre effects Of drainage and evaporation in this
counlry not having been fully tested-iti is gratifying &c
find that the experience OF last year promises more 10
vurahic results than was anticipated.
The navigation on the Chenango canal commenced IN
May, only five months brfnre the close OF the fiscal year
owing TO this circumstance, to The unfavovable senson
and the want of proper arrangements and convenience:
fur business, the suns collected for tolls is only 81 ,Ucl 62
The expenditures on this canal during the whole year
for interest on the debt on account of ii, for repairs, 1nc
for collection Of tolls, amount 10 Sl0G,c3 IS. The tota
amount of deficits in the revenue on all the canals tc
meet all expenses %chargeable 10 them, is S2l1,3S6 90.
The unfinished works Of internal improvement, in
GLIDING the enlargement Of the Erie canal, will involve
according 10 The estimates that have been made, an expcn
dilure Of about $4,000, 900. Some parts Of the Genesee
Valley, as well as Of the Black River canal. have been
already put under contract-nnd | am informed by the
canal commissioners that other portions OF them will bf
let early in the next season. No very accurate conJec
lure can now be formed as 10 the period when these ca
mails will he completed. The funds required Tor this pur
pose, to the extent authorized by law, have been raised
and the work on them will undoubtedly be pressed Tor
ward with enrrgy.
The Commissioners are deyoling all the means placed
at their control 10 the enlargement OF The Erie canal -
| an informed that no new contracts on THIS work have
been entered into during the last year, and that less wa:
dune on those previously made than the Commissioner:
had reason 10 expect. In consequence OF The failure O
some Of The contractors and the delays OF Others, II Is Il
BE- unprecedented that the aqueduct across the Genesee
river ut Rochester will not be finished until near the
close of next year. An increased degree of sollcitude to-
the early completion of this important part Of the work II
the present a~queduct. The work on the Gencsee Valley
canal al Rochester has been urged forward, on account
of the peculiar advantages which would result from III
complexion in case the present %oqueduct should become
unstrviceabIe. If an interruption of the navigator