Mobile register and journal., 1845-12-27

ol our State Bank and Branches, md with the in- debiedness of the State" A special message from new Executive upon such important aud ergross- ing questiehs will command universal attention - Every budy viii De anxious to know what are the views ol lhe new State administration; for is no longer possible to close our eyes tu lhe fact that crisis Is at hand in the affairs of lhe Stae in which patience, wisdom aud courage will be demanded of the people and of the authorities carry the State safely through. Let Us see what Governor Martin has to say and propose in this emergency. He gives rapid sketch of the relief Legislature of the State in 1887 and 1S40, and attributes to these laws and the execution of them as powerful causes" of the "immense losses" which the Banks have sustained. He confirms this vlew by repeating the progressive increase of Bank lones from 1887 10 ls40 under the influence of the reliet system There is some truth in ths-enoueh 10 iortiiy his general argument against relief, but not hall so much as he secms to suppose. The Bank debt apparently SO good in 1887. was not made bad merely by reef laws. They were bad enough and have made many debts bad, bui they were thought by men who set up for great deal of sagacity then. and think no less of themselves now, so'ne at least, to be necessary, because Gombina
 uon "f Extraordinary events throughout inc world had put the deht and debtors in peril. The disease oi tue Banks was aggravated by lhe remedies pro.
 esed, hut they did produce il. The doctors may have mdlIreated their patient, but they were call, h because he was sick before. So 100, the expe fence "i those yeas s,while the Banks were in state Inn aoI at tho tad ,,d invited by the laws to continue baukng business for profit to tke State Iisell, is uneerus indication oitIc working oi Il system for the safe culleo- lion of outstanding de5Is. The general presump-
 tion from the experience of our Banks is againsi the policy of extension as heretofore administered, but
 the question is much more complicated, and to be taken hold of in mpre comprehensive view of all the facts lha, the Governor IS disposed to allow.
 All will however assent 10 tie conclusion al which the Governor's reasoning arrives, when he announ- ces that "we ought 10 adopt such measures as may promise to collect the largest amount of the entire
 indebtedness of the Banks at the least expense, and at Ihs same lime bring their officers 10 the most speedy adjustment and conclusion compatible with thht uDJtCl. TOW Inat important ODlect
 is to be effected, is the point of doubt and difficulty. and the Governor has his way of dealing with the Banks and the debors
 He proposes to discontinue once, the machinery of the Banks, abolish the nams and oficers consoli. date the affairs in the ha ands of commiss of three at Tuscaloosa leaving only single agent at the
 four branches. These agents are tUtake charge off all ,I,,., ,L,;. l.t.. d.. ID .-t,- property, and perform the functions of the State Bank ia re ation the State debt and interest, and to have power to compromise and compound bad and doubtful debts. With the Bank debtors the Cover nor would deal summarily, that s, with the ''good" debts His scheme of administration, gives to the new Board at Tuscaloosa, discreiion to compound extend or settle "bad and doubtful deb's,' hut with debtors marked "guod," he advise, the rigor of the law. Such of them as have paid the first install ment of hrd by the first of June last he would pur- sue without indulgence, 10 judgment and execution. Those who have pad the third, are to have one and two years from June last within which To pay up, thus closing all the good debts of the institution by June is57. The Governor contempaies therefore, the collection, without reserve, of all the assetts of he DAmNS Hoous NlailH StN6ni tli flOntnS rom ihis ume-a very large part within five months. How many millions tAis may require, we have not the means of knowing, and the Governor himself is without he necessary iinformation. The Bank re. ports of the year were not before him, and his re- commendations must be taken as an enunciation of ,he abstract principle, that these debts must all be paid, or made by the sheriff without reserve whgt g>... .I.-
 test of the figures which shall have in few days. from the authentic reports of the Banks, will pre- sent startling subject for the consideration of the Legislature. We only indicate il now, as one of he immediate effects contemplated by the Governor.
 The magnitude of he collections which the Gov ernor requires, he further explains by enumer.lng the calls upon the St,le for the payment ofthe inter- es, upon her ioreign debt. The annual sum now re- qured for this object he puts at S47l 9O7. payable in specie Upon this, he urges the necessity of re- qurng collections to amount, winch together with the taxes, will absorb the circulation of the State Bank and Branches, and (nynish an additional sum in S2uad funds" sufficient to pay this interest. He further empa icay denounces as illegal ruinous and dsgraceful, the of the of the State Bank to obtain specie means for the payment of the interest. Now as these notes by law receivable for taxes and for debts due the Banks, il is self evident that Banks in the receipt of taxes, no "sound funds" can be looked for from these sources. The amount of this circulation is less than $i 600 GOO, and the collections must reach that before they can begin 10 bring specie into the treasury. Gov. Mar IIn therefore cannot contemplate the collection of ess than two niliiOns of dollars, in order 10 obtan the means of paying the pending years inter est.- Thi. may he by taxation bv Bank collections, but both mus, exhaust the whole circulation as an in- dispensable preliminary to the commencement of preparations for providing "sound Iunds' for the in. teresi due in une next.
 II ihe Governor understands the full import of his recon,mendst tons. and means to bring the affairs of the Banks and the people to this issue, al and No soon, it seems 10 that he has most unaccoHna bly overlooked the most important element of public and large taxation. If the bill holder is 10 be paid of immediately out of the best assetts of the Bank, and eancc upon hat resource for paying foreign interest, postponed until lhe do- mestic claim IS settled, he should not have leii ihe all important subject of taxation mere incidental ailusion-a sort of side notice in parenIhesis.- Gny. Fitzpatrick never failed to couple his recom- of stringent measures against the Banks, th recommendations direct and plain, for sufficient taxation 10 pay the interest of the debt. Coy. Mar tin. while plainly contemplating an immediate de maad for two millions of dollars, the demands Ja thn Rank dcbors as inc ouly ,bla ef