Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17

meal business will be deprived Of wholesome degree
OF trade will continue In Its present de.
pressed cohoon: The disorders Of the errrency will be
but partially removed, and the immoral PRACTICES which
sPng from such disorders, will be bst partially rene.
died. '
IT, is confidently believed that the interpretation of the
credit OF le STATE IN case an emergency shall arise i'm
per!ously demanding a resort 10 spch measure would
give success 10 the efforts making 10 correct the nu
evils which have arisen from The prese Mt derano
ed vliaed state of currency and il apuears 10 me
tina, if such would be its effects there should be no hest
alion the part of The Legislature In applying the re.
medy. The benefits Of such Interpolation would be
general inusmuth as it would contribute in incon
siderable degree to relieve almost all branches of bust
ness from depression and all classes Of citizens from
The inconvenience, nseperabe from the of an ire
deemnble and deprecated paper.
10 avoid the creation Of stock for the express
purpose OF being loaned TO the banks for long PERIOD
recommend thar the Commissioners nf The Canal Fund
be authorised to issue stock, which il is certain will
become necessary within few years. Tor tie enlarge.
nen oil the Erie canal and the completion Of The Black
River and Genesee Valley canals demanding lis use, 10
the banks, requiring o them the most ample security Tor
the Punctna payment Of the interest, and Tie reimburse
menl of the principal from time to time, the money
may be wanted in the progress Of these works.
| The amount necessary for the completion oil these
works, will exceed the which may BE- required in
any event. 10 susta Stale institutions against hos
Tile attacks from whatever quarter they may come, and
TO enable them 10 grant snc assistance will nvigorste
all branches oil industry, call forth the energies OF the
|
Although intelligent merchants and bankers Of
opinion that it will probably be necessary the
credit Of the State, yet it may be otherwise and the re-
cent exposition Of The views and policy Of the Bank Of
the u s. increases the apprehensons that crisis will
arise IN which The credit Of the State some extent may
| be required. With view Of making ample provision
oany such e5igency respectfully recommend that
thor'y shoudb be given IN the suggested TO issue
STOCK Tor The contemplated purpose to The amount of
SIX or eight millions Of dollars This recomrne ndation
does not, 1t will be perceived, propose the creation of
stock, md eventually, If need be- tie raising Of money
expressly tor sustaining the banks in the ola
sumption and retrieving from their present depression
lhe business Of the people, but suggests for
these highly important purposes that the money which
1t is known will be required for the public works already
authorized by law, should be raised short time before
they are wanted for expenditure II isby no means GER
tain that il will be necessary 10 the power hereby
recommended 10 lie vested IN the Commissioners of the
Canal Fund, hut The consequences which would result
to the State at large in the contingency which might
require its exercise should happen, would be
ly furious, TINT deem expedicnt that the
herein suggested, or some one OF similar character,
should be adopted.
new interest is, in my opinion, given 10 the subject
have presented, and much force is added In the cons
derations in favor OF the measure have recommended,
by the Of conduct which it is the avowed nen
ton Of The United States Bank Of Philadelphia to pursue
in relation TO The resumption Had the determination TO
oppose return to specie payments, and the bold avowa
of the policy Of maintaining redeemabe issues, come
less surprise and regret This institution has capital
Of thirty five millions of dollars, and possesses by the
terms Of lis charter much than the ordinary bank
ing powers and prvile has its agencies and long
established business connections in almost every State
in The Unon-lt enjoys an extensive credit not only in
this country but in Europe; and its derived
from this consideration alone, immense IT most con-
fdcny relies appears by the language Of It's Pres
dent upon the sbs"rvirncy Of the banks OF all the Sales
except n. York, in falling into its views and opera.
ting with it in carrying them into effect. When this
formidable power-l believe am warranted in saying
this formidable combination OF powers-Is arrayed
against the measure Of resumng specie payments, and
has become the open champion ot the suspension policy
and the advocate of an irredeemable curency-whpn
il is publicly announced by the President OF the U. s.
ankthe central power, as may be called, OF con
federation Of bGnking lnstutions-that the uncertain
period Of resumption must be delayed until the accom-
pIisfmcnt Of CERTAIN pecuniary operations and political
objects which distinctly shadowed forth in his let
trr-ihere very strong reason TO fear that the banks
of this Stale will not be permitted 10 pursue the course
which they have resolved 10 take without encounicrng
more than the intrinsic difficulties Of the
an, confidently persuaded that vast majority, if moi
almost entire Of constituents, opposed TO-
and will their representatives and public iunc
ionares resist the policy put forth by the u States
Bank, Of continuing the issue Of an irredeernabe cur
rency. In the division which will spring from the e1
raordnary position taken upon the subject. the people
of this State and It's banking institutions, will trust, be
found among the friends and supporters OF sound cur
rency-a cure ncy equiv in value to the legal stand
ard; and will be arrayed against the policy of continu
ing the issue Of irredeemabe paper To carry out their
views in relation TO this subject to sustain our insIitu
lions in the measure Of resumption and put end 10
the evils Of dehascd circulating medium, | cannot
doubt that they will approve of the ncrposon by the
legislature, in the manner have suggested, in any
other efficient manner that may be devised. Viewing
this subject in reference 10 the present posture Of pecu
mary affairs, TO the embarrassment in which almost all
branches Of business involved, and especially in
ference TO the attempt, by torm dable money power 10
proong The suspension OF specie payments beyond the
period imposed by necessity believe the present crisis
must be generally regarded in which il is " The
duty of the State 10 stand fah in its strength and by
the use of ils credit and the sanction Of its nanr 10
shield its institutions and lis citizens from harm am
ready TO cooperate with the other departments Of the
Government in every proper effort That shall promise
| such result WM. l.. MARCY.
EXECUTIVE CHhMBER,
| Albany. Apt ~, 1888.
In the Senate the Message was referred to the COM
mittee on banks: and in the House to select commit
lee of one from each Senate District. In The Senate,
times the usual number Of copies ordered to be
| printed.
We have been favored with printed copy Of the
dialogue of the officers and students Of The University of
Virginia. for the present session. The whole number ut
Mathematics is 230-tckets taken G3l exclusive Off
students to the School Of Civil Engineering, lately es
| tabshed From Virginia, there l45 sIudents-Ala
bama 24-S Carolina 2l-Georgia lOLonisiana j.
! Mississippi 7-Tcnnessee and Maryland each-2 from
y. Caroina-and from fennsyiVania, ONO, heHucky,
| District Of Columbia and Turks Island, each-1he
Glass of Mathematics has the highest number Of stu.
denls rs, &c. &c.
| Candidates Democratic Convention have nomi.
mated VIM H. Marriott of Baltimore-and the Wing
Convention John P Kennedy, their candidates for
Congress-The election to take place on the 25lh inst
OFFICIAL.
GENERAL OnpER,,l HEAD-QuAkURs Of THE ARar,
No.7. ApJprkSf.GES IaALs OFFICE,
Washington, April 10, 1888
l. Major General Jesup having reported that the ope
rniions 10 Florida will have terminated by the LIST Of
May aud that portion of the troops will be disposable
the following arrangements will be carried into effect as
soon thereafter practicable.
IT, The LIST and 9th regiments of Infantry. the six
companies Of the Cd Infantry and four companies Of the