Washington telegraph., 1848-11-22

furnished IN my last biennial message In
relation 10 the State Bunk Yoa alten.
ton IS clmmed with more pride iur the
correctness the views there entertained,
displaying my forecast in relation to i'm.
meuse LOSSES likely to result from con.
linualion OF the present policy in wind.
ing up this institution, than to am pleas.
ure | have in the certainty of the results.
The limited aud divided responsibility
in the management OF the State BANK and
Bmnches under the act of liquidation is
productive ol more evils perhaps than
ang other Que cause. The .onous should
be thrown upon one responsible indiyid.
unl, OF hugh husiuess qualities, aud great
weight OF character Il iinancier OF stand.
/ lns aud Influence who aloue Should be
held responsible Tor the faithful munane.
lnent OF every Interest connected with
the linnl settlement OF the concern. With
tbs responsibility il would he safe to rc.
pose gtcM authority and power. The
employment 1i one attorney, OF attorneys.
should be vested none in such person IL
would lhen be his pdslleecto to employ de
best collectors and obiain the best legal
council, aud having the power aud means
al command, would be able TO sustain,
IN court aud onl Of court. every interest Of
tie Bunk.
Tho Legislature will be able 10 appre.
eiale moge lally my views upon tbs sub.
leei after careful pefusal Of the able
aud volummous repod Of Captain &. w
Patrick, Who was appointed by me dnriuc
last spriug, sBank Ieeafn under the 9th
section o. the aci anIeudaiory Of The act
ol liquidation approved 81 February,
lsl9. Alter several months afluous H..
boz Captain Pa'fick has. with gfaat care
aud iidellly. embodied 4 fund of useful
laels i0s The consideration ofihe Eegisla.
tufe. wbieh cannot fail to assist nlateri.
ally the formation oi correct jud cement
oi tue real siluailon Of the,o Bauks, and
furnish data lor thcirtullher aclihn. The
previous net winch has sincc heea fepcal.
ed. liked the pay OF Bank Agent At 81 pcr
day. The act authorizing this appoin,
meni neither fixcd the amount Of pay or
lhade any appropriation, vefy small
amount. aaweteG was paid hun IN adj.
sauee oal oi the contingent fund Of the
Executive Department II Is desisabic
! that an appropriation h made % soon n
Practicable, and the romponsation fixed
by law ia accordance 70 Justice. aud com.
/ monsnraie with the amount and ollamc.
lei Of tie labor performed
In concluding ibis subject OF Banks, |
would ngRn call yonr attention TO the
Importance OF passing such laws as may
be legal and consistent with the interest
OF all the parties concerned, IA gd oi
those charged with he collection OF the
debts due 10 the Real Estate Bank, by
relessing the land motgagcd for stock
upon payslent OF stock, money aud in.
losesi, aad to authorize the trustees to
lorcciosc the mortgage OF such siockholjer
as may refuse to pay his regular install
ment The Rcal Estate Bank has taken,
in payment OF debts, several Safe Bonds,
poflion ol which (as willhe seen by rci.
ctencc 10 The report lhs been obtained
by the Fniuucia Receiver OF ihe State
Bank ia eSelRngo Iof Real Estate Bauk
paper
At this time there is outstanding, aud
los the payment Of which the faith o. The
State /, pledged 1923 Bond,. sold on ae.
count ol the State Bank, with interest 10
date, making the amount Of St,4571nt
"a, and 1905 Bonds sold Oh acsomtoflhe
kcm Estate Bank, with interest 10 date,
making the sun OF S2,l60l ls0. The
total responsibility il S36lz96i II, only
a small fraction nom than the sum e.
imapd Two years past ] am sill OF
opinion lha. the pubic interest viii be
subscryed by tlio present application o.
the proceeds %. the 100000 acre donation,
to The redemption ol these bonds or what
ever deficiency may be psccdmned after
the iiual liquidation OF the assets OF the
Baib aud Ille means sliali lave been 50
applied.
The provisions nude by nm act uf The
last Legislature, lor pn alteration OF the
State Constitution, IN rcforence TO The
election OF Judges oi the Circuit Coult
and Prosecuting Attorneys, having al tie
ballot box received the approval OF the
people, will require the immediate uiteu.
liou OF the Legislature in coa-umuting
the change OF The fuadamemal law, in
time to elect portion OF the officers OF
Court whose term Will soon expire. |
would here take occasion TO recommend
the extension ol tho exercise OF this priv
ilege'by the people, in the selection Of
judges OF the supreme as well as those OF
the C'rcnt and County Courts.
Entertaining as lido, the highes, regard
for the distinguished men, who framed
4 the State Constitution, rs well as. the
many wise provisions contained in the in
slmment, am nevertheless, induced by
o sense OF public duty 10 point out otA
provisions, requViug the hand OF ylo,i, ys,
and amendment, which although o1Aueu
/ .,. ,,t,fi tu tho vyt4don, of that etllHut sue