Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-01-16

Cured. by which II seems that the charges for repairs
and fSoiiNe power have very near exceeded halt the
s-usS receipts and that for the year 1893 they went
beyond the receipts. showing adefoii Of more than one
hundred thousand dollars. For the last year the net
profits Of the public works amounted to S4I5A43 70;
the gruss receipts 10 81 .l0l .90l II. For tho last five
years the tolls have been gradually increasing, although
the large expenditures fcr 1888 occasiuned the deficit
above named; and the Message adds that after the PAT.
menis. the tolls FOR thc year 1899 have exceeded the
tolls for 1855 10 the amount Of SS24.O7l sc.
In the estimate which is given of the ordinary ex-
penses OF the Commonwealth for the last year. they
are set down at s.. 70S.s63 A. Tho ordinary revenue
from all sources amounts To Sl.72ill9 81; leaving a
gross balance against the State OF Sc. 0S7. TI3 63. The
Governor. after reminding the Legislature that the
large debt now ~burdrning The State was incurred be-
lore hiS entrance upon the duties Of Office, dwclls
emphahoasly upon the necessity of meeting the ebli.
gaiion with good faith AMI promptness. For this pur-
pose three modes are mentioned; first, n resort 10
uazos; secondly. the sale of the public improvements;
or. thirdly, additional loans. lie recommends the
first.
The next important topic which is treated OF in the
Message relates TO the Banks. The suspension of
specie payments by the Banks Of the Commonwealth
- mentioned, and much space is taken IN in Discussing
The banking and credit system generally. As he re.
sun oi ms opinions on these matters, the Governor r-
comments several cnactmcpis. Firsi. 10 inquire into
the condition ofthe Ranks in the State. and TO fix q
period orresusD puon ofspecie payments sccoadiV. 10
appoint three Bank Commissioner. to hold their or.
ecs respectively for one, two and three years. SO that
one shall be aP; ointed annually. hereafter; with pow.
or TO examine At all times into the accounts and con.
diIion of the Banks; and ifany Bank shall violate il.
charter to institute proceedings against The same OF
iiany hank now in existence be found 10 be ulcnund
10 take proper measures Immediately TO wind up il,
concerns. The Governor recommends. thirdly. ia,
passage OF a law compelling all the Banks in the Com
Inonwealih 10 receive each others notes at par, s.
long as the respective Banks continue to redeem iheii
notes in specie and on failure nj any time Of any Banl
TO redeem us notes. that the Bank Commissioner bc
required forthwith TO take charge of it aud close IL
operations; and that each Bank be permitted 10 IA,
out at its own counter nothing but its own nolcs or spc
cie, unless at the option of those who have demand,
upon u. FOUrhiy, IL is recommended that no Ranl
be allowed 10 purchase or hold bank stock or nh,
other stock except its own, and the stock of the Stat,
or Of the United States and of hose only TO a certain
amount. FYhiy, tha. the law authorizing siockhsl
ders TO vote by proxy. be Internationally repealed or
II that should be thought unadvisabie at present. I,
modify the law IN such n manner rs to prevent prox
les from being given by stockholders residing in ihs
county where the bank is located. and prohibiting b.
ma tde stockholders residing out of the COUNTY, from
giving proxies To any officer. director or agent of Banks
IL Is advised IN the sirh place. to prohibit by Ia q,
The issuing ofpoa notes ais ;. that the power reserves
10 the Legislature, by The amended constitution. n
repeating charters, shall be made a fundamental ar;i
Gle hereafter on the creniion OF all such corporations
alsnIhat the time given to banksin The case of proceed
ing against them shall be reduced from three months q
hurry days. IL is recommended further that The di
reciors of The Banks Of the Commonwealth sail b,
rendered personally liable for the pavment of al
notes issued by The Banks respectively under ,bei
direction, # at any time the notes in circulation, nm,
the money due TO dePosiiors, shall exceed the ratio O
three dollars for one ofthc specie in their vaults. IL i
also recommended thai from and after certain ncriod
perhaps OF one year, no Ba,k in the Commonwealth
sntI be allowed To issue any notes of n less d..Jmi
nation Than ten dollars; also, that Banks be prohibite,
nom making dividends exceeding seven per cent. nc
annum- and that the law prohibiting the declaring q
dividends during The suspension ofspecie payments b,
made more eficctuIl; and finally. that moro adcquat,
PROVISIONS lie made 10 compel the Banks 10 furnish fol
sIaiemenls ofiheir C 'ndiIion TO the Auditor General
or To The Bank Commissioners. should the LegislaIur
enact a law for their appointment
In connection with the foregoing recomms ndafions
The Governor adds, as his opinion. that a total sonar
iion between the Safe and Banking Institutions Ought
% take place and he refers 10 the projected measure
on me part OF the General Government, Of e.tablish,n,
an Independent Trrcsury, rs a step impcraiiycly cal
lea Tor d justified by recent events. Allusion is ais,
made 10 4 belief that certain Banks in the city O
Philadelphia "haye charged and taken illegal mn,
uSurious interest, either directly or through fcticiou,
piis oil eAchanSe, or by setting apart portions Of ihci
funds, To be used by committees or other persons e,
such purposes" II II should be ascerfained. on inves
ttgaiIon, that such is the case, the Governor rccon
mcnds that the charters ortl,ose banks. which . oc,cd
be repealed. In reference also 10 information received
'hh certain Banks IN the said city have neglected OF
refused To observe the provisions Of The law relatiy,
10 The rotation and election Of Bank directors. he sue
sesis The prorriety Of passing such a law on the sub
Ject, as VIII eiiec;ually prevent future violations anc
punish past transgrcssions.
Inc Message farther recommends the passage Of q
Ia" Tor The more adequate prevention and punish.
meni otirauds and fraudulent breaches Of trust by Of
hcers OF banks. collectors Of public tolls. and all olhcl
receivers and dIsburssrs Of public moneys. After
some remarks upon the subject Of Banks generally
The Governor concludes upon this topic by SAYING
81 dismiss the further consideration Of our bankino
system, fully convinced Of its manifold imperfcction,
and abuses; and reiierlIing the hope and assurance.
that the Legislature will not separate. till thorough
and searching reform has hunted out its impe rrection,
and corrected lis abuses;"-and he adds fnaIly-.I
accordingly trust that the Legislature will proceed nj
0nce' and couragsously 10 The accomplishment Of hi,
great salutary and long expected work.
We have taken up so much space in giving tbj. ob-
stract view Of The two prominent subjects of Gov. Por.
fers Message that the rest Of the document mpst bc
postponed until Monday. The length Of The Message
- such that n condensation Of the whole at one xouII
go near TO oil a paper Of the usual dimensions Of such
documents. We have given an outline. distinct and
clear, we hope, Of every feature that Is contained IN
ihe Message relative to the important subject Of Bank.
Wg' upon which, ~ will be seen. that document .Y.
presses some novel and very dcci dcd opinions-Bah
Amer.