Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1854-01-23
Renewal Of Bank charters.

Renewal of Bank Charters.
From The Legislative proceedings it will be seen
that the Banks of she Commonwealth Commonly
denominated "Oll Banks,'') have applied 10 the
Legislature for a renewal of their charters, which
expire in 1857 by express provision Of the general
law concerning banks Mr.. Mcfarland, Presi-
dent Of The FarmsTs Bank Of Virginia, made
short address to the stockholders the subject of
renewal, at the late annual meeting Of the stock
holders, which address we find published in the
Richmond Enquirer, with the following remarks Of
the editor:
REcmARrER OF THE BANKs.--Fhe Legislature
must determine, during its present session, wheth
ct the existing system of Banking shall continue.
The charters OF the Banks expire in 1856 and,
it is essential that they should make some prepara-
for their fate il it be determined not TO pro-
long their existence, they will doubtless apply to
the present Legislature for continuance of their
corporation privileges
We do moi know that opposition exists in any
quarter to renewal of the charters of the banks.
There was proposition some time since TO sub
Stitute the system Of "Independent Banking" nut
experiment has not 80 triumphantly Vindicated the
wisdom of this principle, as TO induce the public
10 sacrifice a system which has operated IN the
main equally t. the advantage Of the State andthe
community. In his message, the Governor ur-
gently recommends renewal OF the Charters OF
Legislature will be III accordance with this sug-
geStion.
There is certainly nothing in the financial con-
ditiOn of the State, 10 warrant any hazardous cx-
periments with its monetary relations. Withare'
Lundant treasury the State might undertake 10 test
the schemes Of speeulatotS. but with debt OF
800 O0O 600, it will best consult its interests by
tenacious adherence TO system which gives 1t
guarantee at least of safety and security. Theln-
ierestS of the community are maniiestly identical
with those OF the State. Experience proves that
the present system OF Banking ls not liable TO the
abuse of sudden contraction and expansion, and
that it has very much facilitated the operations OF
the commercial community. There is no indica
ton of popular discomfort with this system; 1.-THE
contrary, ii is very evident that the public regards
it with favor.
Tie Farmers Bank has already taken steps 10
procure a renewal of its charter. At general
meeting of its stockholders in this CITY, the Pres
dent, VIM. H. MscfaElandI Esqr, presented All
opinion on the question which embodies the views
doubtless OF the other Banks. The speech of MIR.
Macfsrland, which we publish in another column
presents some views 10 which we cannot give
assent, but in the main his argument is able and
CONCLUSIVE.
We are glad TO see the Enquirer taking good
stand upon this question so vital 10 the financial
inter SIS Of the Commonwealth. There can be
TO doubt but that the system of "lndependent
RanGing,'' which some would make the sole sys-
tenn Of Virginia. will not answer in the stead Of tie
old banking system, which has been so long tried
and found so success: full Ond safe as the monetary
system of the Comm inwealth. While the indie
pendent system may answer we'll enough IN con-
necto with the present system, yet theIe are Te-
suits which would follow from making 1t the sole
system, which are too important to be overlooked.
In the first place, given amount OF capital can
not afTLrd III: same accommodation TO the conmu-
uf;y fIom the amount Of its issue. In the next
place. the State securities required to be purchased
ms the basis Of the system would have necessary
tendency, were the entire banking capital OF the
Slate to be so invested, to initiate the value oil Stale
stocks and, by this imitation, give reckless Impe-
tus 10 indiScriminate appropriations, which would
Ultimately impair the value of State stocks, IN
crease the taxes and ultimately dePreeiate State
stocks below their par value. And then consider
atoms against the "lndependent Banks" as the
sole system, exist which need not be stated, as ne
presume it is not seriously contemplated by any
10 substitute the system for the othe but rath-
er 10 permit both TO exist US heretofore.
We have not the means of stating the amount
Of Banking ca pital in Virginiu, invested in the
old Bpnks but it may be assumed with sufficient
accuracy to answer our present purposes at not
less than Sc, 100000. Withdraw this amount from
circulation ana WnaL Woulu oe Tue COuulLOn VI
the bouower3 The answer is too papable TO be
stated even. The two parent Banks of this city
have a capital Of about million of dollars, ana
the accommodations which they afford are much
greater than that sum. What would be the con-
Lition Of orr population with this amount with
drawn from their midst, and the TeQuisiton TO pay
up forthwith coupled with IT'D A large portion o.
this capital would not only be Withdrawn from cir
culatiom, but from the Stale, while mach at pres
ent owned here would seek investment elsewhere
The same would apply 10 ell sections OF the State
and n.ore forcibly 10 some.
On what terms will the re-chatters be granted?
Various amendG ents are talked Of, but we cannot
but be reminded fthe old adsge .'Let we'll enough
Alone" The present system has been tested aud
has stood the test and while the stockholders car
moi calculate upon large profits in future as for
the past few years, lthe same fortunate crcum-
stances not being likely to continue sucI,l yet by
judicious management, they can expect reason.
able profit while the great commercial, manufac.
tu;ing and trading interests Of the State will be
fostered and aided as heretofore aud all portions
OF the people feel the utility and advantage Of
thee necessary financial agents and adjuncts.-
We hope that the Legislature will act wisely and
speedily, that il will not substitute crude theory
aud refined speculation for mature experience,
but will look at the past and provide accordingly
for the future.
SHOCKING TRAGEDY AT LEXINGTON, VA young
man named Thomas Blackburn, . son of DR.. r. S.
W.. u 1.f 10