Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-19

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duly, s,he has Iereoorece 10 comply with The wishes
of The BANKS he would The opinon Of The undersgn-
Cd have been able The de irencies and mper
iections OF the law winch requires the depostes TO be
removed Al he had 20 do 3sruc. The Treasu
rer 10 receive, keep, and pay ,he public monies
payment OF the public charges rSe warrant Of the
AUDITOR without regard Ia Ing ar which berre the
snspeaai"n required the agency aF tie Banks for. all
nose provisions virtually repealed by The Of
tension On The part Of tie Banks. .yere y. ~
nuch in The situation OF lie Gen'n! Government after
the suspension Of the dspose RanSs in 1897 The
Secretary OF the Treasury did mol come |" The cnnc.m
sion that money could be received % paid out except
through the Banks but proceedrd under existing aud
former laws 10 regulate the receipt and disbursement %!
the public revenue, notwithstanding The dihicnlIes and
DEFICIENCIES in the laws in relation 10 ,he Treasury Depart
meRt Our laws may De deficient, bpt common sense
ought 10 have Informed the Governor that there was
enough IN the law prescribing his daty, to authorize hm
10 give The necessary instructions 10 the public Treasurer
who is required give bond and security in the penalty
II half million of dollars for Tie faithful discharge Of
his duties Tins bond entirely useIessso long the
money is deposited with the Banks, but is all important
when they suspend. and the public monies no longer
to be deposited with them. h is however useless 10
reason on the Governors course, il has been TAKEN
and he will doubt offer his in his annual mes
| sage 10 The Ianlslanre
What the Legislature ough, TO do and what they will
do in the premises probably very different things If
TO Judge Of the future by the past; for if the Banks
had been called in 1857, propose relief for them
selves they could scarcely have had The hardhovd 10
ask what the Legislature readily granted. There ~
however some 10 hope, that public opinion q do
not mean the opinion Of the Bank community will
compel our "poent, grave, and reverend Legislators
10 look little beyond The wants and shes of The bank
facility gentry
There's something rotten in the State Of Denmark,
or No should not witness two general suspensions Of
specie oyUeDts IN little than TWO short years So
think thousands of honest and intelligent men, and they
will not be con-nced 10 the contrary By specuus reports
of bank resources Let these rotten concerns be wound
up and let ms something more Than 'beggarly
account OF empty boxes, before again place cnnh
dence in their ability meet their engagements Can
any now tell the value Of their stock? The writer
Of this recolecs that abpu the 1875 the stock Of
The Farmers Bank sold for seventyve dollars per share
and believes 1t low sixty five dollars ana
this all IL believed 10 be worth Soon after the
extension of the charter The stock again par,
showing that lis value depended entirely The cont
OF The charter and The prospect Of dividends
and not The solvsncy and ability Of the Bank.
Leus then. wind these rotten concerns Especially
The old ones and see whether shall not hear he plea
of Gully administered urged IN their defence, before
all their debts are paid would not do this rashly OF
too suddenly; for, we are so completely entangled with
them il mus, be work of time. Give them Till the
year 1912 when their old charters would expire, TO close
their business and ge their house in ORDER for then
would say, dye shall surely die
know shall he with the argument. that the
State deeply interested in these Banks, and that she
will be the greatest sufferer in the arrangement OF her
finances This duub. true, and "pity u.s. lis lrue
make great sacrifices when they become necessary Let
our dividends b. cut Oft ii il should happen and sell
out the STATE stock last as necessary 10 meet our en-
gagemcns for whatever IL would bring IN the market
81 cents 10 the dollar. Sever The connection be
tween Bank and Slae-lt is runous and rProus
neclion and should longer be endured unless
ready give up Government our fortunes and our
liberty into the hands Of these unPrncpled and soulless
cor pnraIuns.
What is TO be- done 10 remedy The evils under which
the community aboIin. question Often asked, but
lew are found 10 it, Tor 1t is indeed prubi.n
difficult Of solution II IT possible 10 govern Banks
by law there woUld IL iliti- difficulty, but experience
has mos, worllIy shown that wherever 1t has suited
their interest, they have been pressed by their "b
gnons, they have always been absolutely la@ess when
suited hrr rnirnce, they have dsrs gardrd
all rctInns and niia OiS, and Consulted thrr
interests, utterly regardless o their Obligations 10 the
public. They have taken every advantage OF the law.
ana have been guilty Of acts which, if Committed by
individual, would drive him from the society Of all no.
They deserve 10 die The death .! the wicked,
and could not justly murmur at their tate
Notwithstanding, however, all their misconduct and
the mpcssbi!i,y Of governing them by law il IS not 10
be expected that shall be able in any time at
errr) to relieve ourselves from the system entirely; nor
would IN fac, be desirable f any s-atua GOAL"
be devised OF making them faithfully discharge their Gu
ties 10 The public
By our general Bank law and the amendments after.
wards engraf,r il, many saluary PROVISIONS were
introduced hich NJ the time deemed sufficient TO
restrain the ex'ravagance aud orerdeainS which had
have shown that these restrictions insufficient 10 at
the desired object. and that others are st'i wanting
o project the community.
/ he r,oun, OF specie comp1red 10 the Of
in circulation is required 10 be 10 five This was
seen 10 be the time OF passing the law entirely too
small proportion and many OF our legislators nsssed
on larger specie basis The bank men were opposed
all limitations and restrictions. and insisted that the
banks the best and proper judges o er own con
Germs This lim, should be al least one 10 three in
stead 81 10 five, and the amount OF notes IN ccu!a
ton criterion Of the sovency oil bank or al
prud.rce IN rs Management In the country, where
bat little capital the circulation is large but
the large towns, The circulation is almost nothing com
pared h The amount o business, trcanse every thing
il done Lp de posItes and checks. Tie circulation IN The
c,lv Of Richmnnd probably equal 10 Tia, o many
counties in the Common wealth, aud what would be
arge circulation for Richmond Petersburg, would Or
.raii tor the vicinity Of ClnThsys|le or Buchanan The
ras!n therefore, should be between the specie and the
amount, capital stock actually paid in instead Of lhe
noes in circulation. This woaId operate equally on all
IaIks whether located IN large towns or snail villages
Il oud be simple and always known without The least
trouble or difficulty THIS proportion should be al least
one dollar specie for three dollars Of capital stock
tuay paid in, and whrntv the quantity oil specie Tell
hensv The required standard the banks should be PROM
ble under The severrs penalties IRON making any new
loans discount un the proportion should De restored
They should begin cur,a If necessary 10 prevent
pressure the bank and in that way restrain the eager
cup dy Of reckless cuaturs who never think It dan
gerous TO borrow all The money they can command.
Another important reform is The carrying out the pm.
cipe Of restricting the Of small notes under w. ~
81 or 100 dollars II is idle TO expect that We shall ever
have large amount Of specie IN cculaton until lhiS
reform is tisc,ed In England guineas were not cIrcu
lated until the FL notes were abolished, and "e shall
never have gold in circulation to any extent, until we
abolish our and $40 We have less specie than
England because she has bank notes under S2O and
England has less than France, because IN the latter
country their smallest bank note IS about S95 What q
lesson ought the present state q" things to esch u.s. We
ret into difficulties money matters, and 60 10 Eng
lend for relief WHEN she becomes pressed, she goes 10
France for aid which proves beyond all controversy that
that country safest and strongest IN s monetary al
fairs where there specie and smhl bank notes
We yaluy boast of liberty and laws, the blessings
Of happy form Of Government the honesty ano pro
bi,y of citizens, and yet from our miserable system
Of banking have in about two years become nat"n