The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-12-12

him. NJ Ia the sun bona fide due and. that the
"b'ig'r is about I" depart this Commonwealth. 81,
that process "i execution canno, be served M, n,
hnn'
The following suggestion ouub, To claim the
immediate a,ieuti'n of the Legislature. The
wh"l" system "i banking is an oneruus burthc
upon the c"mnuni,y, drawing iis sus,enanre aud
life from the Industry and euerprize Of The ppopl.
without rendering an equivaleo, in return. u
they are 81 permanently fastened upon The b,nly
poiic. tina. they cannot b., shaken OFF, we % f.r
50 restricting their Powets that their issues shs
at all tunes produce what their face promises !;
and that they shall be compelled To settle de
mands against them in their OWL paper This
can be partially effected by adopting the recon-
inendaion OF the Executive.
THE BANKS.
" he quarterly reports of uur Banks are here
with communicates have nut bpen lille ,u vive
I" these institutions that examination their i'm.
po'ance requires Although their general conJi
ZION Is sound and healthy and their administration
IN charge ct officers of high character aud in
te'hg"nce. ipel II Ia be- my duty Ia call yonr AT
ten''"n To Those located in This city. One Of the
great objects in The creation If banks is Ia provide
mixed currency OF paper and specie, equal in
value and convertible at pleasure. On ~ uiher
terms could any bank have been chartered by
Your predecessors. vet in this city in which three
ol them are loca,ed, their practice defeats this i'm
p"rlant policy II is true they p,y specie TOR their
own issues respectively; hut the obligation To do
:" does not extend 10 branches of the same insti
tnton. located elsewhere. By paving out there
FIRE in this city the mites OF distant branches. as
Is their daily Practice they supply this conmuni
~ with an irredeemable and therefore depreciatrd
cnrrency--deprlve specie of its legitimate charac-
ter and make It an article of merchandize-com-
pei our manufacturers Ia purchase ii for the adj
jnstment uf their weekly balances with their one,
ra'ives. or Ia use the pesiilent small note crcua
tion of other States. This policy Of the Bank ia
most assuredly ia conflict with the true intent
and meaning of their respective charters, and
with the solid and substantial interests of the
STATE. As part OF the same system, as am in
formed and believe these Banks refuse To collect
for Banks ia other States, otherwise than in cur
rent funds. that all cheeks and drafts enr cullec
ti"ns are payable in the deprecated currency To
which | have alluded. This policy is annoying
and announcement IL men OF business--iL disregard
al sound and healthy banking .-injurous To the
character of our State. and in all respects indie
feasible. We are not in debt, and ,hs'pulicy has
| not even the insufficient excuse of necessity
rue, II enables the Banks Ia increase their pro
hts on their exchange dealings and furnishes AN
argument in favor of their being allowed To issue
small notes But, | shunld regret To believe thst
such considerations induce The lalcy in qnesinn
But, he the reasons what they may. the facts are
inc"nteslbe that the prevailing currency Of this
city is 'rredeenable therein that specie is al
premlum,-that Ia such extent exchange is en-
hanred,-and that the Banks pay Out this depre.
claed paper at par. | regard it as a duty of our
banks To put out and maintain cash currency
and not to pay out as cash the notes of distant
branches. The legality of such practice may
moreover ne questioned. and il may he advisable
f'r you to interfere, and 10 protect The State
against the danger of future loss.
|. For the correction of this abuse, recommend
the passage of law requiring each Bank To pay
out It's own notes. except when other funds are
required. Such law would make our Banks
cautious and healty, each Bank sending home The
notes OF the others for payment, all would be- kept
within safe and prudent Limits. specie would
cease t" he al premium,-exchange would de
cline, and the small mites of other States would
Instantly disappear"
We shall in our next paper, take up the re
naming subjects Of the Message. and give them
To our readers as above