The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-25

Nexuy, some consolation is attempted to be
administered by prospective relief from the Dis
trbuton act: while at the same moment, Con-
gress are meditating its repoal
:" When you shall have brought the income OF The
State and its expenditures TO proper balance thc
law lately adopted by Congress for the distribution
OF the proceeds of the sales of the public lands WIN
afford you the means for the creation of a sinking
fund, which, together with the amount likely to be
recovered from the Nashville Railroad Company
will cover our debt in few years
STATE BANKS AND THEIR CONDITION,
We pass over other matters of a more local
nature, and come TO the consideration OF Tie
State Banks,
In introducing this subject Gov, Roman takes
occasion 10 express his regrets for the pubic
disappointment attending the failure of Fede-
raj Bank Charter, and attributes to the creation
OF such an institutions virtues OF relief and re-
guaton promising salutary operation over The
State Banks, which we apprehend such an IN
slilulion would not have possessed had it been
chartered and whose benefits would certainly
have been too tardy to have lent their aid to any
banks, for a year 10 come for il would have
required year for such a Bank TO have been put
in successful operation.
"a National Bdnk," says the Governor,
would have relieved the circulation OF the
country from the discredit into which it has Tor
so long time fallen and majority OF our To-
cal Banks, no longer fearing the controlof an in
stitution, whose first act would have been TO
coerce the payment oftheir notes in specie, have
decided that il would be dangerous to the coun-
try, not TO continue the SUSPENSION
As there is now no prospect ola Federal Bank
at present, il might be interesting TO the public
to know, whether the banks of Louisiana in
tend to await such an advent, before they re-
sumo lfthey do, the public, mean time might
be very much disposed 10 consider, whether
such a reason for continuing cre-suspenslon,
as '.waiting for the charter of a Federal Bahk,"
would be any more satisfactory than ''waiting"
for the Millennium
But we must now come to the present and
past and prospective condition Of the Banks, as
prescntedby the Message.
Resumption The Governor thus expatiates
on this point We beg the public to consider it
attentivey:
Experience has fully established the falsity Of the
doctrine, that resumption cannot be permanent, un-
less il be simultaneous with all the banks oihe Union
Boston and New York demonstrate that every city
in which large amount of trade centres, with
its own means sustain within itself good circua-
ton, as long as its banks are really solvent and
well administered New Orleans can and ought to
do what these two cities have done, She possesses
more extended commerce than Boston, and to slls-
tain her specie payments She has the advantage over
New York of exporting two products Of the soil
which, long Europe pays in coin, represent year
y from thirty to forty millions IN specie
Ills eycellency has thus, furnished the banks
a pretty poor apology for their apathy We
wonder whether it viii arouse them 10 a sense
Of their duty and danger Next, his cxcellcn-
cy thus encourages the specie shSpeaderS 10
rally TO their duty:
There is doubt Of the soupdness Of cur banks
in the aggregate. statement of their ituaonately
published, and which was laid before the meeting
OF their Presidents shows that, upon comparing the
amount OF their cash liabilities, with the assets app
ea5e to he % the sgat9n S the banks Is
they resumed specie payments"
And now he considers the frail condition d
The weaker vessels, limiting at the propriety Of
their going into liquidation, and giving the abu
lar phases of their condition in 1889 and lS41
BY which it appears they have en- constantly
IN waning condition:
1t was to relieve these institutions in their dis
ress, and to give them time to improve their situa-
ton that the Board of Presidents has thought proper
to advise the posponcmcnt Of the resumption one
year. But whatever means they may eventually
have of meeting their engagements, it is evident that
their active capital is insufficient for Legitimate bank
ing purposes. comparative statement of their ST
tuatlon at the suspension Of specie payments, and in
the month of October last will give you idea Of
what they have to hope from the prolongaton Of
their suspension.