Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-29
For THE E.rGUIRkR.
TIE BANKRUPT nANkS-AND The
COVER NnRtS nITry

FOR THE ENQUIRER.
TIE BANKRUPT nANkS-AND The
GOVERNORS DUTY
y show hnT uurElg 5rgai3 - ,nss. institutions haze
u@e2 ~ heir D"hgauTs Is the Common" gh : only
tceSsiry /" reitI IL The -eGta las. "i ;ae "g"at:on
oil banks, passed The 22d Ol March, 1877 which forms
n part of their present charters The 9Th section Of
that law reads follows "And be il further enacted
That The bills notes of all banks hereafter charter
ed, originally made payable on demand. or which shall
have brcome payable demand, IN I'D and silver com,
shsli be receivable in all payments 10 this Common
wealth; bul # any such bank shall at my time fail or
refuse 10 redeem lis nn.es in gold and silver coin lis bills
or notes shalt Ee longer receivable Aforesaid: and
tie Governor Tor the Time being hereby authorised
and required by proclamation 10 declare the fact and
forthwith Ia prohibit The notes Of said bank 10 be received
IN payne nj "i any money due TO the COMMUNICATE :
md u the SAID bank shall be one in which any portion
OF The public shall be deposited, tie G0rtrnGr
shall Cause tie said dposs standing The said tank TO
The credit n Nc Commonwealth any otc pUhiic funds
{" be Ten"rtd MrrOn 10 some pcetc paying ba, or to
some other piace ot Micy
II is The general duty Of the Governor 10 the laws
faithfully e1ecued-and here he is expressly required 10
issue his proclamation 10 prohibit The receipt OF bank
notes IN the payment of public dues. cannot suppose
The Governor will fail 10 discharge this imperative duty
The " is loo plain TO require nation from his legal
adviser, the Attorney General. The contingency
,emplaed has happened, with most all The banks in
the Common wealth, and the path OF duty 10 the Co.
vernon is plain and obvious will not believe that he
will again convene the Legislature, as he ready
10 do in 1887 at the instance of The Banks for, the
sion is go at hand, Tim, il would be wholly UNJUST
fable. VIII he then do his duty firmly, viii he will
ingy and wuy neglect it, at The request and for The
benefit of these fahcss corporations? As you often
say, Mr. Editor Mons Per,0ns
Suppose, then, The law complied with by the Co.
in duty bound what is the result 10 the
muniy, In the first place, as all The banks have
pended, there is spec, paying bank 10 which the
public moneys can be removed; but there is place Of
safety which they cnn be removed, and that is 10 the
custdy Of The public treasurer who has given ample
h..oH tolra IF no Rail
refuse TO surrender the funds. in all probability they
will, the Governor can only direct the Attorney Gene
raj 10 proceed against Them by motion Ten days
lice in The Circuit Court Of tlenrico, and we shall then
whether these public agents above oil law The
Governor surely will not permit any further deposrs
to be made in these Banks, unless they specie
payments. To do 50, would be open violation Of
law that cannot be ancipated for our Governor you
know, Mr. Editor. is of those who protest against
any neglect OF violation Of duty in the Executive De
par'meht of the General Government, and Of course
will not be guilty of that, which, lie warmly censues
in others Why the Governor has not already issued
his proclamation this subject ] cannot determine,
unless it be- that he has forgotten The law which pre-
scrlhes his duty. | do not know whether or not he
reads your paper, but trust some friend will send him
q copy that he may discharge his duty in The premises
!'whuut fear, favor affection Of or 10 The Banks
have no doubt, shall hear'the old cry of "war upon
The Banks, when they have brought about The difficulty
with iheif charter before hem, aud have to blame
but themselves for their want OF skill or prudence
IN extending business, llSteaG OF
a sale and proper standard Bat, Mr.. Editor, have
wandered from my main object, which to nd.
vert 10 The effect The debtors Of the Common
wealth by the operation Of this law after
pension by The banks their notes are no longer re
ceivabe payment Of public dnes and The consequence
is that oil and other debts 10 The Common wealh
must be paid in gold and silver And where, Mr. Ed
tor the honest hard aborng people TO get gold and
silver for this purpose Are they To 90 into the market
and sell the dscreded and deprecated notes of these
banks for whatever They are worth pay premium Tor
gold and silver 10 settle with Tie tax gaiherer when these
lawless banks have abundance Of specie in their
vaults and refuse To pay out single dollar 10 relieve
the community They cant pay; the people, the law
says must pay have their property levied BY the
Sheriff and sold auction Such The result produced
by tie late suspension of the banks, and their present
refusal TO redeem their notes in specie | again ask.
will The ensuing Legislature follow the example SIT
them in 1881 aud only abSOiye The banks from all
irilures and penalties but almost beg them to be for
given and 20 in their exlravagance and mIsmnnage
menl? Will an indu!gent (bul when wrongrd and
chenlrd) and indignant people much longer submit TO
be insuled and deauded by these arrogant and almost
lawless Corporations, lis time 10 the sword Of
Justice and with the strong Of the law, The
connection between Bank and Stale: The banks are
peace and # we are 10 have others, let them be esa5
lished better principles aud II none better can be
devised lei return ia simple, soid, hard money
currency" This subject will probably be csuaed here
after. COUNTRY MAN