Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-16
II ALABAMA.
I.EGISLATukEa =, ,I,., aan,tol

son oil FfankhF
chair. >, tho o,,bs reor;red nv The Constitution
A.e, '9of the new members, the Senate proceeded
on Tue .ection of President The Hon Nathanei
:" .1'of Limestone nominated and elected with
Imposition.
The chairman appoin,t d the Hon. Senators from
Talladega and Madison, hlcssrs. Mcconnell and Iur'
ner committee tn wait upon Mr. Terry and inform
him Of his election IipouAbeing conducted to the
chair, he addressed the sena brief but neat and
a appropriate speech; in whiSl he returned them MS
thanks for the honorable distinction they had conferred
upon him-expresssd his te'<ng OF inability faithfully
discharge the duties Of the "ce without the assist
ance of the honorable Senators themseives-inslsleo
upon the necessity Of rigid adherence to the rules IN
all cases-llusratrd the Lnpropriety ct either rescind
ing or making particular rules for particular cases, and
of applying the rules differently at different times
and finally declared that ne would act as the pres'u
ing officer Of the whole Senate.
The oaths Of Office then administered to the
President and The Senate proceeded to the election OF
the other officers.
g. A. Ph,lnot Of Morgan, Secretary.
Mai G.. b. Cltherall of Greene, Assistant.
&. T.. Douoho of Tuscaloosa, Doorkeeper.
The Senate then adjourned
Extracts from Gorern"r Bag5ys Message TO the
LegisiataAr IF .9iaJama
"The banking system the State of Alabama con-
tnues to be subject of ceas'ng so'c'tude and anx-
e,y with the community at large, and will, trust,
commend itself to the cnrk and diligent attention of
the General Assembly. f's system has been in oPe::
,ation eighteen years. ha, time i, has experienced
ali The ycisstudes Of prosperity and adversely, to
which period of that Duration subjects human insti-
Unions /, has passed through seasons OF great pros
,er;tv calculated to devel!ne and unfold lis abilities
and nsefulncss: and il has experienced the wnry gale
~ advers;,v 10 sufficient extent to lest its energies
and The correctness of the principles on which It is
r,.,daL .;aea IS, .ia r ''rht Of erner'1-" rnd n
Innate observation, through long series OF years Inc
grave and important questions now psesenteG tor the
deliberate consideration of the General Assembly are,
whether upon full and candid review Of the opera
ton and effect of this system upon the public interest,"
il has answered well the ends and the objects of it's
adjustment by furnishing circulation OF steady, IN
deprecated value; affoTding safe depository for the
public funds and furnishes reasonable hope that 1t
WILL by the of lis operations, continue TO pay
the interest the capital stock; and finally TO reim-
burse that capital for the payment of which the faith
and credit of the State are soemnly pledged How
ever gratifying il might be TO just sense of patriotism
and State PRIDE TO b. able 10 give an affirmative an
swer 10 all these questions, candor imperatively re-
oures that most of them should be answered in The
gative Fer. although it s with pleasure admitted,
that the public funds committed TO the custody and
safe keeping Of the bank, and forming part Of the
capital the payment Of The interest and redemption OF
the stock depending, they do, upon the sure found
alton of our pghted public faith beyond the reach
of accident, il ia less true, that the present condi
ton of the banks is not such as to afford satisfaction
and encoura cement TO the community, either in regard
10 their past management to inspire full confidence
in their future The large amount of bad and
doubtful debts-ihe enormous sums due from indyidu-
ais most Of which will in all probability, should the
general bankrupt law 90 into effect he settled in the
compendous mode Of schedule aud affidavit-and the
fearful encroachment already made The capital stock
are coHsdera ions we'll calculated to cast the most
ominous coneclures the success Of the whole sys.
tenn.
Whether the failure Of these institutions to realize
the reasonable expectation Of The pubic, is owing 10
defects inherent III the system, ls 10 be found 10 the
manner of selecting the board of directors, and in
which they have managed the affairs Of the banks is
the question now submitted for your candid, debe-
determination. And upon The correct decision of
that question, depends The fate Of the banks and the
circulating medium of Alabama 1.-THE defects are in
the system, and radical, they admitted To be
without remedy, and the system ought TO he abandon
ed least 90 proper substitute could be pro-
vded And hive no hesitation in declaring il my
settled opinion, that it The present mode of elsctng
directors is 10 be continued the the State bank
ard branches are wound up The better. ", on the
other hand, the defect lies in The in VIII oh the
directors elected, and in which the affairs OF the
banks have been conducted, il becomes the ndspcn
sable duty Of The Legislature TO apply the corrective,
aud to adopt such measures will insure their better
management hereafter. II has been ny misfortune Ia
differ with majority Of the Legislature, in relation
to the manner of eotins bank directors: and in r.la
ton TO many important points Of policy in tile ma.
W
commanded By me would have been sdlutary in their
operation, canot. with certainty, he asserted but tha,
the course pursued by he Legislature has been nus,
disastrous in ia effects upon The banks, unfortunate
ly no longer problem But for Tie settled convic-
ton resting my mind, that in the present state
of society, paper currency is Indispensable and
be only consrtonaly furnished BY the States, and
not hy the General Government, the Gscoura gene nts
have experienced IN endeavorng, SO far Alabama
IS concerned, place the State banks on better foot
ing, would have induced me To abandon the present
system altogether, and 10 have looked to other
expfdien within the purview Of the Constitution, as
substitute. And still ,hink, with entire respect for
the opinion Of others, that the Stale Bank System is
susceptible of being rendered source of ncaculable
benefit Ia the people Of Alabama. believe further,
that the State Bank System is destined ultimately, I'M
der some modification other, 10 furnish tho paper
culaton of this Union.
sin rejecting upon snch measures as would most
likely tend 10 alleviate and improve the presen. cond-
ton of the banks and euahle them to regain sound
ard healthy action, the following have occurred 10 me
most likely 10 be productive of that desirable result
and they are therefore, with becoming Difference res
pectfally recommended for your consideration. Still
satisfied, and even more deeply confirmed than ever,
the correctness Of the opinion that the presen, mode
of electng directors is not only erroneous but will
prove fatal 10 the banks, if persevered in am of op
MON that 1t should be changed, make it the
duty Of the Governor to nomnste double the number
to be elected, and for the Senate or tie two Houses
jointly to select from that number the directors for
each bank The Presidents should, think, be elected
as AT present, by Joint vote of the two Houses. am
also of opinion that the number Of directors should be
reduced TO two and President, for each bank; that
they be paid sufficient salary 10 secure the best nan
ca talents; and that they be required TO devote their
constant time and attention TO The business of the
banks, until they in condition to specie
payments. 1t will be proper also TO adopt suitable
measures 20 compel puuctusl attention to their duties