Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-02-03

| money dealing and currency making, more bansfnI
and disastrous TO society than al other species of
monopoly.
FRsE BANsISG, under TIE restraints lust adver,ed
to- devised 10 protect the public against the disasters
OF careless and irresponsible banking, would allow
the business TO be pursued wherever in the State mo
ney could be sdvaniageousy employed at legal inter
est and would greatly diminish the lending of money AZ
usutous rates. Uadsr this system, in localities reoui-
ring little banking capital banking would be conduc
led upon Limited scale, and at limited expense In
localities requiring large capita the business would be
conducted Oh scale commensurate with the larger
necessities of the community. The business eff bank
ing would accommodate itself TO the exigencles of
The community every where in the State-would TO-.
crease with increased demand for capital and de.
crease with diminished demand
Each bank would be independent Of the control OF
all Others while its affairs would be subjected to the ever
vgisnt scrutiny OF the cummuniiy Immediately interes
ted 10 their proper administration. Requiring The num-
Der ofshare holders each to be at least fifty would
prevent the secret and often reckless operations of
private banking. Restricting the capital OF each in
stiiutiOn TO one million OF collars would prevent those
large moneyed combinations often formed for Inc
ACKNOWLEDGEMENT OF capital at the expense Of labor Sub
lect to such Limitation, capital, under this system
would combine wherever in the State, and in whs,ey-
er mounts circumstances OF trade would REQUIRE
without the expense, delay and uncertainty attendant
upon applications TO the Legislature for special acls Of
incorporation. Banking capital, sprineng into eYis
euce in larger or Smaller amounts, in every locality
IN which demand existed, would increase rapidly
IN aggregate amount in the State; would give new i'm
ring interests, would prove continual demand for her
bonds and would prove productive of
from which TO provide part of the sinking fund
equired to be erea led simultaneously, with appropria.
tons under the new constitution.
The present Is peculiarly prnpitious time for the
adoption OF the free banking system The charters of
the existing banks are soon 10 expire; and the Legis
aure will probably be called upon at lis coming session
to decide whether they shall be renewed. A renewal
OF their cha ters. with their present oyersha downing
capital and branches located in every portion
OF the State enabling them 10 exert powerful control
over its moneyed capital would probably defeat the or.
ganization of Independent system and perpeuate
for long time to come the restrictive system in
operation.
Frse banking with its circulation based upon public
securities 10 commended by thu successful experience
OF manv oil the States of the Union and especially of
New York, ever foremost in efforts 10 strengthen her
fnsnees, to promote her material and substantial
wealth, and to grasp the control OF the capital OF the
Union
In view of The vital Importance this time of ex-
tending every financial aid in the power Of Iegsa.
ton to the rail road companies OF the State endeavor-
ing complete their works, it would be advisable to
allow the bonds oil these companies also to be received
in pledge for tire redempon OF banking crcuIalion
provided the Board of Public Works shall certify the
companies issuing such bonds 10 be solvent TO have
completed the subscriptions ot their entire capital stock
and to have collected the full amount Of their stock
subscribed and provided also that such bonds be sc.
cured upon their property by mortgages having prece-
denee of all other membranes aOd be issuei for the
purpose OF constructing completing or adding to their
tneSe
companies the currency and sale which has heretofore
been gwen them by the States guarantees now no
longer constitutional While facilitating the completion
and perfection oil their works. it would add greatly 10
the general prosperity of the Commonwealth.
The annual report flhe President of the James liver
and Kana~ha company will attract the atten-
ion ofthe Legislature 1t discloses condition of
things which calls for the prompt and efficient action
OF your body II provision is 10 be made for appro.
priatons to pay the accumu atng interest upon the
laht thaf0 md
suggest that ii should be done once. The duties
W hch would cevolve upon the Board of Public
Works, in case OF failure by the company pay in
teresI upon their guaranteed bonds, would be ex-
remeIy delicate, and might be disastrous to the com.
pany. II this company fail to pay interest upon their
bonds guaranteed by the State it becomes the duty of
this board 70 proceed, under The mortgage given to
the Stale for such liability, TO sell out the entire
property OF the Company. This course would at once
put stop to the fsl her prosecution OF the enter.
PRISE and would result in total sacrifice Of the stock
OF the company
Such responsibility is much greater than this
Board would willingly assume there was any Iegits
ina e mode OF avoiding it. They are happy to be.
lieve the wisdom of the Legislature will devise, and
their prudence will carry out. such as will
best promote the interests OF this truly great enter
prise.
Of the James River and Kanawha Canal it is Ger
tanly unnecessary tor this board 10 speak at any
length. This subject has al different times been ella
| bora,ed and enforced by many of the abest men of
Virginia
will again address report to yous honorable
body. The constitution, which has revouiionized the
government in every department, has put an end TO
their existence after the lapse OF very few months
and it devolves upon the Legislature organize The
business, the labors and the duties of those who are
to be their successors.
The board trust they will be excused Tor offering a
very few practical observations upon this subject so
vally important the State at large, and for which
some experience in all of them, and many wears ex-
petience in some, have aught the necessity.
its organization, has at the time some advanta
ges, arising wholly from its organization, which
will be ext eniey difficult in future boards to supply
Composed is now, of the officers of government
there is question connected with the condition of
public affairs which cannot be instantly and sastacto-
rly answered by some one or other member present,
as the question may relate more directly to The
| the other department under his control. The pecu-
mary resources and Liabilities of the State, the exact
sums 10 be paid the time the purpose the necessity
all being perfectly familiar to every department, give
this board peculiar advantages in the control OF the
| finances, which have now become subject OF vital
importance in State economy. Indeed, more now
| depends upon the wisdom and sagacity with which
the finances othe State are conducted Than upon auv
other question connected with the policy OF the Com
| monwealth
One great excsl!ence OF the present beard is it's
permanence. 1t is actually in session almost every
day. and can be so if necessity requires. 1t absolutely
indispensable TO apisper discharge Of public duty that
the Boa should be made permanent; but it ought 10
be allowed to hold Its meetings anywhere whilst ex m
ming The works which need their supervision. The
great defect of the present board is the iapossbiiy
procuring personal knowledge of Neutrality-suspicious.
sable very often 10 ihe proper decision Of important
questions OF controversy between them. In the the
board will have il properly organized vast adyan.
tagcs over the present.
Under the Board liberal provision should be
made for an engineer force. Many questions arise in
respecI to which this peculiar knowledge so ipen-
sable and important 10 the public interest that il should
be promptly and efficiently rendered. This can hardly
be dons without corps al the command of the board
he han 9TH puis
upon the materials Tor Stale map, which is desd.
efatum yet te the supplied 10 the Commonwealth
There is on correct map of Virginia.
The labors this board have for the last three years
been constant and aIduoas. The time of The mem.
bers very fully occupied in he discharge of those du
tiss more particularly pertaining TO their immediate
Offices, has sometimes been over~laxed in the discharge
oil The business OF the Board OF Pubic Works The
Legislature is not aware OF the labor this Board has
performed A few years ago it dispensed but a few
hundred theasand dollars per annum among few