Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-07

s.,uti,,. for the collection Of money non, ,ie
people TO be loaned out nj interest, through ire
sponsib,e agents, TO irresponsible nd'Vidua!s-But
- j. matter of history, that the trainers of that in.
s,,ument failed TO adopt any Of the propositions, which
w.r, submitted, 10 invest Congress VIII the power of
creating corporations. Apart from these cons'urrat'ons,
the insupcrable objections which hare ever 'seh MY
tanned by u large portion oftile American people, e'"tt
upon the ground OF constitutiona!iiy, VI ;. r@Ps1'"N,
should forbid the exercise by Congress OF The power u
;ncorporate \ bank. or 10 establish corporations, ei'nef
for fiscal or any other purposes. The ol'iiton seems W
be gaming ground, that such an Institution - ~ '"u,'
pensable as a regulator of The currency, ana nal 't
fiscal affairs of the natlcn may be conveniently """ase1
without It's agency. The conduct oi the 'a'e DAMN
nr Tho Io;,.5 States. which has proved - rum
ons 10 the connlry, and 50 c0rrup''hg ana ueli'olai,,
ling in It's Influences, IN all ITS raihi'ca''hs' % :.
calculated TO strengthen tins imPFess"h' ~"
creased circulation oil the precious "''. "I
sable 10 n sound currency. 10 attain tH,s "oJee,, ""u
10 ;m,rove the currency thonghont the Inloii, II oe-
,omcs the ,mperious duty OF each member OF tie ION
federacy. by proper regulations, rig'u.y ana pe'se'e',
inrly enforced, 10 reform lis banking INSTITUTIONS, uhc
to ensure u speedy resumption OF specie Pay"e"S oh d
durable basis.
III. attention of the Legislature is respectfully in
,;,.d ,o The several acts OF Assembly which direct, that
The notes of our State banks shall be received IN pay
ment Of taxes and dues to the Commonwealth, and
u,b;cb prescribe the authority of tln Executive IN re.
la,;on 10 the deposites of the public revenue. The Bank
of virginia and the Farmers Bank of Virginia, the de-
positaries designated by law, have bath refused tn re-
ceive on general deposite the notes of the Northwest
ern Bank Of Virginia and the Merchants and Mocha
mes Bank of Wheeling. They assign as the reason
for this refusal, their inability 10 make any satisfactory
arrangement w.lh the Wheeling Banks for thu redemp-
ton or exchange of their notes, aud the l"ss they must
encounter. The failure on the part OF
the d. poslie banks 10 receive these notes, anu their de
precia,ion in the Eastern portion nf the State, which
may be partly attributable 10 that cause, induced an
application 10 The Executive from tns Sheriff OF the
county of Iirnrico, either 10 drsc, That the notes
should not be received in Paymen'1 f The public dues,
or that the places OF drpusltc OF ~" pubic revenue
sho lid be charged. The corresPoH1etsee an tins sub
;ect is herewith communicated. Whether the Executive
has the power 10 direct the Sherrfis to refuse the notes i
any Of the State banks, N payment oil taxes. IS 4 question
abou, which there is solpe d'iferent Of opinion. But,
ofter thr most mature deiibe ration, ! think that q far
Interpretation OF the Law coniers the authority, aud that
the Executive may prohibit BY proclamation their re.
ceotiun. Under this interpretations, | should not have
hesi,aied To exercise thts autlioriiy,if Ind been salts
fed. that such course was demanded by o dus regard to
the interests Of the Commonwealth, Ind tilas II would
have bean consistent, 9th Justice To The hauks. The
difficulty in which the Sheritis would be piaeed, by be-
ing required By law to receive notes tor taxes, winch,
when rendered 10 the jeposite banks would he refused,
has received due consideration. | hay also anx'ously
weighed the probable loss the Coming nwealth would
sustain by the receip, Ly her officers Of a portion Of the
revenue in this deprecated paper; a loas aggravated, as
i, was believed II would b, by individual purchases Tor
paw ment into the Treasury. Rut other considerations
demanded attention. The statements which, from time
10 time, had been furnished this department., exhibiting
the condition Of the Wheeling Banks, afforded no rea-
son whatever To doubt their solvency. The Common
wealth has 4 large interest III the stock Of those Instltn-
lions. As stakeholder, she has every inducemen! TO
sustain them, is far as practicable. The prohibition 10
receive their notes, ~ diminishing public confidence,
might tend to their prustration. But above all. the in.
convenience, if not oppression, winch suc'i ! measure
under existing circumstances would have inflicted upon
a large portion Of tir people, who are mainly depend
et on those hanks tor 4 circulating medium, and who
have no other means Of paying tucrr taxes, operated
strongly 10 proven, interference on The part OF The Ex-
ecuiIve. The mere depreciation OF The paper oil these
Banks in Eastern Virginia, is not a sufficient reason for
prohibiting its reception. 1t may have been the result
of causes in no way connected with the management i
those institutions. II may have been the result If Z
state Of exchanges consequent upon the balance OF trade,
which they could in no wise countcraci. SO long as
they continue solvent, it is difficult 10 determine what
rates of discount, or depreciation, should subject Their
notes to prescription. Ii the mere fact Of depreciation
is TO be regarded, there is no bank note in the Slate
which would have been received in payment ofthe reye-
nue.. The notes Of all our banks have been fer some
time past at a discount compared with specie. The de-
posite banks themselves, in the month oil July, allowed
three per cent. in paying the interest on the Stale debt,
to make their notes equivalent 10 specie. With these
views ! am clearly OF opinion, that the depreciation oil
the notes of 4 hank in one portion OF the State, while
the same notes pass currently, and are IN good credit IN
dUOtutI POI l!pHY - w 'IN ~ W sN
ban Of the Governors proclamation. II, however, The
depreciation should become great and general, and
the reduced price CT the stock Of a Bank, with other
unfavorable indications, should lead to serious appre-
he sions az 10 It's solvcncy, then a case would be pre-
scented, which, in my opinion, would imperiously re-
quire the interference OF the Executive. On a full
consideration Of the sheriff s communication, and ofall
the facts Of the case within the knowledge OF thus de-
partment, the reasons adduced did not appear sufficient
10 Justify the introduction asked for. The right Of the
Executive, 10 exercise this high discretionary power
having been questioned, and as similar cases may arise
in future. ! respectfully recommend that such declara-
tory enactnenis be made, as will remove all doubt upon
the subject. l have thought II most advisable to leave
to the wisdom ofthe General Assembly, the decision Of
The question, whether the places If Lrpos'te should be
changed. Your early attention 10 the subjects IS earnest
~ inriied.
! submit hc.c with the report Of the Adjutant. Gene
raj, showing the strength OF the militia, and presenting
his views on several subjects connected with ITS organ.
izalion. The Importance Of rescuing this arm OF our
defence from its almost useless condition, urges the Sc
rious consideration of every proposition for It's improve
ment. While every other subject that engages public
attention, partakes of the spirit Of improvement which
marks the age, this alone is permitted 10 ~langu,sh, and
become the object Of ridiculc and reproach. The low
repu,e into winch the whole system has fallen, seems
To hay We deprived IL of whatever interest IL formerly ex-
cited. Nothing more plainly illustrates this condition,
thar the ind ference with which commissions are &C
ccp,ed, the short period they are retained, and the
readiness with which they are surrendered. Few
persons, uracquanled with the particulars, would
c.cd,, the number Of designations rendered, and the
number oil COMMISSIONS issued every year. Officers
at first uniformed, who do not retain their commissions
lonr enough 10 become acquainted with their duty,
cannot of course impart instruction To others. Under
such circumstances, the subject hecnmes dlstastciul To
themselves aud IL those under their command. For,
,houuh the law requires three years service from every
commissioned officer, before he can acquire the right 10
resign, yet, n the public can receive l,ttle benefit from
those who have no inclination for the service. it will
rarely happen that designations will lie r.. j.cted. While
this apathy continues, all discipline is destroyed, and
Discrimination is the necessary consequence. Such u
system must be progressively INT iilcieni,-and yet the
duties it imposes, are burdensome to the people, without
an equivalent advantage; and the expense with winch
il is attended, greatly exceeds any benefi, II con!ers.
Some innovation is necessary 10 impatt 10 it new life
and yigor. In an ende:vnr 10 remedy some Of It's de-
ftc,s, / beg leave to offer a few sugg' s'ions for your
considerations. II may we'll be questioned, whether the
present mode Of electing officers, provided by the act
re IS3a has not been productive of more injury