Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-01-04

~ 70 Inc MAJOR never hkcd aminony
or The Delegate. did not yesterday determine To r,ya
date as many merely resolved gSsre whether OF
mt II should refuiiaie Avcry Important distinction.
MEcKIKNnuRG, December ~, 1912.
Mr. Editor The human mind more fruitful
in cSpcdicnts relieve the aud fnghu symptom, of
the Asatc Cholera, than present ills en-
tailed upon the people by distempered currency Not
more varied visionary the OF qunck
to that terrible maay than the schemes pre-
scented TO the public through the medium OF the newspapers
to relieve the present embarrassment of the community
Nor ia 1t the least emarkab sign Of gene raj distress
nearly all these schemes have for their object the Liquidation
OF large debts in fashioned round about way.
The good old custom, of working hard aud paying out,
seems not To suit exactly the taste of the times.
Bank accommodation he's been resorted for years
carry on hazardous specuauons, and many instances,
acquire the means OF satisfying the demands Of
diors Thus has grown up, almost impcrcepuby large,
unwieldy debts these institutions The ruinous consc-
Gucnces OF this shorsghcd policy, stand out promi.
nen as one ct the most serious difficulties that the debtor
cus- have contend with. The Banks in order To place
themselves IN situation to meet promptly specie demands
and afford proper facilities trade Of the
country, have been compelled enforce "A rgd curtail
This, OF course has fallen with heavy hand on the LARGE
Debtors and it is curious the various contrvance
aud plans rcsorted evadc lesson the force of this
structSe blow One of these schemes has lately attracted
my notice, in the Richmond Enquirer the 9th instant
over the signature of Loco Fuco" which will remark
passaat is distinctive appeaon very Justly meritrd
by the individual who wrote il.
The main feature of this financial project the separation
of the State from the Banks. To carry out he proposes
that two Committees bc appointed, by the Executive
and the part of the Banks. These Committees
TO classify the debts and set apart portion of the good
ones, together with the cash hand and the bills
discounted, the liabilities of the Banks The re-
maiudcT, which will lie discounted the form OF ac
cummodaton debt, be equitaby divided between the
State and Banks. The stock held by the Commonwealth
he cancelled and the debts assigned by the Banks
To be properly secured and created into sinking fund for
the gradual redemption OF the State debt The interest
these claims o be paid semi annually and the principal
unguished by annual payment equal the proportion
which is designated by dividing 1t by the number Of years
that the Bank Charters have un" Now, sir, without
going fully into the of tins scheme, the outlines
which | have given above will simply remark that the
pith and marrow of the whole lies concealed in the
last sentence the most of which give the words vi "Io-
co Foco himself Ii is obvious, that the charter of the
Exchange Bank for instance, has nearly years longer
to num- those individuals whose debts might chance fall
to the State would have pay hut little than ten per
cent annually which, under existing circumstances, would
doubtless De NEST desirable arrangement for certain To-
quac.us hnancier that wot Of. In illuminating this
scheme, il believed that the large debts due the Banks
would be preferred by the State and hence Loco Foco
concluded doubt, that while he providing sinking
fund" for the payment of the State debt e had well pro-
vide way pay his for it could have escaped
him. that per annually is much less annoying
five per cent every sixty DAYS He sta that " large por
ton OF the indebted community would have relief;
the other portion lac docs provide for ALL These latter
suppose lie intends 10 leave 20 the tender mercy the
Bank Directors, while he, beyond their reach is
safely ensconced in some snug bh in the Treasury Of the
! Commonwealth.
Iii yet among forgotten things that this same To-
co Foco" was, not year the leader crack opera
tioH IN BGHking which exhibited degree of scove, al
Should the public remote from the scene fLoco Focos
financial exploits feel curiosity regard his skill
establishing Sinking Funds" will refer them the
morable report of the Senate last winter showing the
dcbtcdness of the Directors of the several Banks the
State. Al the bottom Of page will be found the linbl-
ties the Directors the branches Exchange
Bank, and among them No. stands bold relief;
have good for believing that far he
cerned, If the cyphered again this win
there would be found very material alteration But
justice towards "Loco Foco" will allow 10 conceal
the fact that he considered thai report srle Islander
opinion based the supposton, believe, that
Ger who made il out hdd tact IN making reports"
What his precise meaning IN the phrase last quoted
know unless it was that the officer did exercise,
the OCCASION aproper degree Of Bank egordem0in in
conceaing the truth. Thus il is evident mind that
SELF and the public good il the bottom OF this grand
scheme. The protector Of itrcgadess, believe, of the
true interest OF the people, and with eye single his
own release from the CALLING letters OF Bank Ledger,
seeks, ncontneny, change the financial policy OF the
State. What would be the effects of his scheme, in
prosperous times leave for Others odctcrminc. pre-
sent remedy for the evils which peyadc the land has
il any, claims to public confidence Apart from it, obvious
defects, but regard with suspicion and dstnst;
nscpaabe from the fact that il probably had its origin
selfish views The union between the State and the Banks
was at first unfortunate, but circumstances have grown
Of it, which render II necessary for the good OF society
TO continue it yet little longer The community of in
eress existing between the State and these institutions,
and the latter with the people, constitute chain of sympa-
ios, which, 1t rudely severed, must inevitably result in
wdespreadng ruin. Had the legislature its last
refused relieve the Banks the penalty incurred
by suspensions the consequences must have been caani
tous The States interest IN these institutions main
ly instrumental doubt in saving tlcm and, through
hcm the people from the blightng influence Of that per-
yadng prejudice against Banks which, under other circum.
stances would IN all probability have determined the action
OF the Legislature against them. In view Of this hostility.
cannot help believing that the withdrawal of this States
interest," this time, would leave them, like shattered baTks
floating angry with thousands clinging them
as their only means uf safety. We hnye been lead away
by the illusions of fictitious prosperity, and TO eItcae
ouoycs is only necessary return ancient habits
industry and economy, and cschcw forever the Ufopan
schemes Of babbiiHg DenagogSes WING.