The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1849-12-22

! Mr.. Walker, member of the Alabama Leeisla-
ture from Macon county, he's Introduced bill into
the L gislature, to provide for the redemption,
within satcd ToriOd in spscie, of the oufTtanding
circulation of tie old Stats Bank and its Branches
By one ofthe par 9ss of this city yesterday this was
treated proposition for the resumption of specie
payments by some existing bank. The ST te Bank
System Of Alabama which consisted of a S'ate
Bank at Tuscaloosa and four Branches, situated
respectively at Mobile, Montgomery, Hpnl7vlle
and Decatur, weq abolished about five year, ago
and the process of winding up hes been going on
ever since, with an occasional change of system.
The last and most successful plan was the vesting
of the whole of the assets of all the institutions in
one Commissioner, with ample powers, and dis
erection which it required the highest virtue and
eatcapacily, to administer wisely and faithfully.
1t WIS dangerous experiment, to place in the
hands Of any one man the va1t and practically
irresponsible power which the Legislature vested
in Mr.. Lyon-an exp 3riment only to be excused by
the successfulisue, and never to be repeated. The
choice was happy one, and the event hes justified
amply the extraordinary confidence which placed
in the hands of Mr.. Lyon millions upon millions of
State means, to be collected invested and employed
TO pay the State debt and protect the State credit
At the time these banks were closed, they had a
very large circulation afoat for the redemption of
which the bank assets were the only fund. The
State was bound for the bonds issued for the CAPT.
tai stock, and had paid all the expenses of govern
ment out Ofthe supposed bank profts-at all events,
by annual drafts upon the banks, which were new
ertheless insolvent inssmuch as they had sunk
large part of their capitol The bpnk-notes out
standing at the time the benks were shut up, were
receivable, of course, for all the debts due to the
banks, and moreover were made receivable by
law for all public dues and axes. They were not
to be paid out again but directed to be destroyed in
certain manner, when paid in The effect hes
been, that although nowhere redeemable in silver
or gold, they have mainfained a credit nearly
equivalent TO ST Gle. They ceased TO be used rs
currency, and became an article of merchandise
The demand is still good, as there IS large amount
of bank debt sill colleciable, and considerable
revenue to be collected, for which these notes are
required
The process of collection hes reduced the out
st7nding amount to about half million of dollars,
and the Trustee has convertible funds ca hand to
a large amount, in the SHAPE of U. S. Treasury
notes, bearing interest and Mr.. Walkers propo
sition is that the Trustee be required to provide
the spscie funds to redeem the whole. The mea
sure would not have the effect of calling them il
Immediately, but rather TO relieve them from thu
custody of the brokers', aud set them in circulation
as money. The Sflts has a deficiency of cur enc
of IT. own creation, there being but one bank il
existence within its borders. simple notice tina
the State Bank had provided the cash for redeem
ing this old currency on demand, would raise it t
par, and probably set it adoat in the commuDt
again. The Stale can do it f1ly, End we joi
with the Bulletin in wishing to see it done.