Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-04-11
VIRGINIA

The legislature Of that state adjourned on the
18Th Instant, after session Of 100 days. The lol-
loving are the principal lectures Of the Bank Bill,
as It passed both houses. The law suhJeciIng
the hanL, 60 the forfeiture Of their charters, for
failure. OF refusing 10 pay their notes IN specie,
and to the payueu. Of damages or interest exec
ding per cent Is suspended until the end Of The
next session Of the legislature and the laws pro-
bibl,ins such banks from I:sung notes OF five and
ten dollars. are also suspended until the lst of
April lSil.
The second section cf lie bin declares that The
debts and taxes due to the Commonwealth, shall
continue 10 be received IN such notes ofbankS, "a
are now receivable until otherwise provided by
aw,and the deposlIe of tie revenues to be made
as heretofore IN the Bank Of Virginia and IN the
Farmers Bane, bat II Is leti at the discretion OF
the Executive, if he thinks il e5pcdien', to provide
for the safe keeping olthe public money in the trea-
sury Of the state, and to be paid into and out of
the treasury by an auditors wanent, no deposIte
being made IN any bank:
No bark to make dividends exceeding per cent,
unless one month previously II shall have resum-
ed specie payments The banks TO regulate their
loans so that the amount OF their debts on the Isl
January, SAL, shall not eHcede the amount Of
such debts on the lst January, lS40.
No bank to discount any note or bill made or
drawn BY any director, aud endorsed or excepted
by any other director, at the same board which
may have been made for the accommodation of
either Of them or for any other person.
No bank to receive in payment or deposite,
notes of banks out Of the state, below the denom-
naton oil ten dollars.
ANY bank issuing any note, or draft, not pay
able on demand, to forfeit one hundred dollars
for each offence Geo. CousiiiuliondiSl.
Price of Labor There is nothing more man
fest to an intelligent and rejecting mind, than
that the prosperity Of the laboring classes Of the
community do not depend upon the mere nominal
prices that are paid for labor, and that when one
dollar in substantial currency will buy as much
of the necessarles and comforts Of life, as two
dollars will in an inflated nucuatiug and unsub.
stancia currency-the substantial currency Is
much the best for the laborng, and indeed for all
classes of the communIty--and yet the wings
aie continually endeavonng to produce upon the
mind of the public impression that any change
which may have the effect TO destroy the inflated
issue Of the banks, aud bring II down to a sub
stantal specie basis, by reducing the price of la
Dor and the commodities of use or ornament,
must operate to the injury Of the iaboring cIas-
ces. One might suppose that we had seen e.
nough of the run0us consequences resulting
from the inflated system which has prevailed, to
satisfy every mind, that change is not only de-
sirObie, but absolutely necessary, # We hope for
any permanent prosperity, and that no one would
have the folly to oppose the necessary change
Let any one look back to the period when consid-
erably smaller prices were nomnay paid for Ia
Dor than during few years past, and he will per.
celve that the condition Of the aborinL classes, so
far from having been improved by the increased
prices, has been actually reduced, and rendered
much worse. And Why For the simple reason
that every thing else has risen much more rapidly
and extensively than the prices Of labor Who
then can reasonably object TO such change in
IN the standard OF our currency as will bring i,
to something like specie baslsl Surely no
one who desires only his own prosperity and
that Of the community generally 1t is our inhd-
ted paper currency which has been almost the ru-
in Of us, and nothing can restore TO US our for
mer prosperity, but such change in our currency
as will render It substantial and prevent the rum
Gus fluctuations which have wrought so much evil.
Baltimore hepubitcan.