The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-20

Oh Aidpdmd mesy oCtcuPeu Win tne otate CurIen-
cy has some salutary recommendations but discovers
disposition still tamper with the nsovent banks with
the exception of the Mobile Branch, of which he speaks
a follows
The Mobile Branch the excepted cannot be
garded Her norinate circulation in proportion to her
specie and her heretofore reg ularly accumuatng and
vast amount of suspended debt, taken in connection
with her whole policy for seres of years. lead me to the
irresistible conclusion that she should the functions
of banking. recommend therefore, that that branch be
put into immediate state of liquidation, under such
guations as the wisdom OF your Memorable bodies may
think best.
He that the fear that this branch would be put in
liquidation without adequate means TO redeem its crcu
laon which forms most Of the currency of the State,
he's depressed the bills He therefore recommends that
all the debts due all the banks the property of the
State and the liabilities OF the banks State liabilities
" submit to the Legislature therefore, the proprety
OF adopting suitable provisions requiring all the
State banks to receive in payment for debts due them the
bills of the Mobile branch in the event that that bank
should be put into liquidation"
In relation to the other branches the message recon-
mehds -
al am clear in the conviction that there more bank
ing capital the State than needed can be proftably
employ ed submit therefore to the General Assembly,
the prcprey OF greatly reducing the capital of all our
State institutions, and applying the amount thus with
drawn 10 the purchase of State bonds under such
regulations as may be prescribed"
The Governor states that the theory that State be
relieved from taxation through the profits of banking has
entirely failed.
I have no hesitation in saying to the General Assembly
that the tax for the support ofthe State should
be renewed and the banks relieved from its payment
wei as every other sum withdrawn from the means of
their own support"
In relation the State debt the Governor remarks as
follows:-
"The amount of interest which will be due on the State
bonds for the ensuing and the periods when to be
paid will 1t presumed be fully made known TO you by
the reports of the commissioners appointed examine the
several banks most respectfully invite your attention
the subject and that suitable permanent
provisions be made payment basis
beyond all possible contingency"
To sustain the credit of Alabama will require prompt
levy and collection of heavy tax The Governor
that he addressed circulars to all the county officers for
information in respect to the Of taxable property
but could obtain but very little satisfactory information ON
the subject What singular vagary possessed the brains
ofthe Legislature to imagine that the earnings of banks
are not obtained from the people The State of Alabama
exports annually $500 600 worth Of cotton pay the in
terest money borrowed in Europe per cent and
lent to planters at per cent That cotton IN less
the result Of the labor OF the citizens of Alabama because
It'll extracted from them by the operation of bank paper
instead of the gaherer This deuson is rapid
ly passing away.
The inaugural Address of Governor Shannon of Ohio
is before II promptly condemns the creation of ma
uonal bank, as unconstitutional and inexpedent 1t I'D
vocates tariff for revenue and opposes oppression in
the shape of protection. After briefly this mat
ter, he adds
1.-The idea therefore, oil building up home market for
the vast productions Of the west is my Judgment vision
in the extreme We want the market the world for
productions and that policy that has tendency
the foreign market, is hostile to our true interest"
In relation to the State debt he observes -
'lwoud respectfully urge upon you the policy and
even necessity of avoiding any further increase of our
meet promptly and faithfully present contracts The
credit Of State and the public faith should be held in
violate"
The resources of the State of Ohio are estimated nc e.,
| lows, for the present year -
| Wheat crop, bushels, 2aooo.soo
Surplus exported. n,ooc,Ooo a, 80 cts. 100000
other produce, $l3 100000
| :, Total exports. SEQ ooo,ooo
Value Of goods imported, 5000 600
| Surplus exports, $4,000 900
ation in this State would furnish with amount OF
currency which would give to business and the various
branches ofinaustry, healthy and vigorous growth
which would be stable and permanent, because would
be real and not fictitious Bitthe Indebtedness of former
years remains to be satisfied The farmers indebted
to the merchants the merchants iebted the East
and thus the large balance of trade favor this year
is absorbed and taken out OF the State by Eastern credi
tors satisfy claims tina had their origin in years OF ex
travagance Tho ;e debts are, however in a rapid pro-
gress Of being paid, and when satisfied it will re-
qure but few prosperous crops and fair prices to
bic us TO obtain in return for various exports a
sound healthy and abundant circulation for all the prac
teal uses and business operations Of the country
h relation to the banking SYSTEM the Governor shows
little hankeriug after facilities" He does not oppose
system ofbankng with increased liabilities of the stock
holders and such legal guards will prevent an imitation
OF the currency He would confer aons of men
the power to initiate the currency, which profitable only
in proportion to the nhaon and then attempt to restrict
| them by conditions.
The following comparative statement Of the affairs
the Bank of the State Of Georgia the ID April 1912
and Ociober l, 1912 -