Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-10-22
Fro- lhs Bain~ors Aasrieaa, Oct an
TENNESSEE.
GOV. FOLKS MESSAGE.

The Annual Message OF Gov. Polk was com
municntod TO the two Houses Of the Tennessee lie
gs'ature on the 7th ins;. H. IS entirely token al
with the local concerns Of the State, and has no al
fusion To National politics. The Banks constitute
the chief topic. The Message recommends that
'Hufe day be fixed for a general resumption o
specie payments throughout he State.
Hts Ekcelicncy th'nks that the public interests
demand this measure; that the Btnks theInselye.
will not Of thec own accord enter upon resump
ton; and that therefore legislative acton is necessa
~ upon the subject q e reason OF tie UNIV illing
ness OF the Banks TO take this step of themselves i
believed TO be found In the fact that large portion
OF their capital stock owned by citizens Of the
Eastern States and of other States. Bot to show
the pTop'Ie OF the proposed legislative action to
coeree resumption, reference is made to the
pension OF 1913. "ln 1921 and again in 1929
says the Message, ",he General Assembly passed
flaws requiring them lthe BInk>) to resume, and IN
i pursuance OF these laws they dad resume IN 1874
| and lS25. At that time At the present, IL was
urged chiefly by the Banks themselves the debt
! ors and those who hoped to ob ain further loans
mat was against the public policy fur ce or re
Huire resumption, because, rs It was SAID, the spe.
'c'e IN their vaults would be taken from the State,
and their INN, date debtors and througp them the
, community oe oppressed" The Mess ge continues
10 remark That when TIE resumption took place no
such consequences as had been promoted followed:
and It soes Oh ~ add that no Sucn CONSEQUENCES ms
are now predicted would follow u resumption espe-
e'alS u reason bic the be given TO the Banks To
prepare Tor the same.
We have here brl, ily 10 observe tbat m hen a., -
sumption ct 1924 ard rs took place there were Two
Important aids To- back tnit and to gIve I,
pc mahehce which ase no; available naw. There
was IN existence at that time a National B,nk-.n
i"su'H u'h winch, accordlug to Mr. Caihoun's decla.
ration, TO say no hing ct the testimony of all inte n
gent men who know anyIniug Of that EVEN: pcr.
FORMED most lmportAnt part M bringing about n
resumption, which, withou It's assistance couId ,,t
perhaps have been Effected at all Tine. W. IL,
substantial Tauh, by means OF which the ca,it,I
OF 'he country was prom aoly vested the produc.
ton OF values at home, aud the demands OF
upon our Speslc Circulation were limi;ed and W n N a
resumption WIS once accomp IShcd, our curtepry
uhdisturoed toy oAhaustng drains from abroad was
rt 10 the wholesome acIIon If well r,su ated
trade and TO the operations of n sound system of
domestic policy which promoted the naive Industry
ot the country.
There are no such means now at hand to aid in
the restoration Of spece payments and 10 render II
permanent II should lake place. There seems To-
ce, however i general imp ,tIence in the uonui,r
MIND on ;hls SUBJECT. The Banks are REGARDED as |
having Il IN their power 10 resume whenever tb.y |
ease, an: 10 their obstIpacy aud their So IN v,eu
o tSc'"s We interest the continuance of the suspcn
son Is charged. The same sort OF imp,uencr com,
percd premature resumption sons, few Voc, 400, |
But II wss Il brief resumption, and resulted m |
no good. Wlnout National Bank ard n T,r,tT
we Go not see now any better success .ouId attend
resumption now. But we 10 not intend TO ,rsu.
the point. Experience is perhaps the only re,Snnsr
thai can bring CONVICTION vi error IN a matter where
50 many pTeJudIces are concerned.
/" the return TO Gov. Pok'S Message The !
pH"'c deht OF Tennessee amounts TO somethrn,
over thTte millions of dJiiars. \ portion OF this
debt was contracted procure c. ptl for the Rank
ot Tennessee. The Bank Is accordingly rc>ponst
ole for the Inttres. which II has pune va " PAD and
winch lhete IS every reason 10 be 1--we II Wi: con.
Ilnue TO pay Anoihec portion is vested in stock OF .
the Union btrk Of Tennessee, the intetssr of wb,rb
IS pad IN IKE manner.-The balance Of he debt !
about million aud ha ., IS account of iure,nai
The mans OF the Sta:e are ace. .
n Q l.fe In n Tho .la.t.
lax alton. The Message recommend, the e.t,hI,.b /
m cot OF sinking iumc IN winch the surplus pro- /
hrs of The Bank OF Tennessee, # any may be YES |
ted for the gradual eIIns Iishment OF The STA debt