The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-12-04
1Ss,,z,s. 49,. .srss 81 cosscLupkp.l

c6osrkaoa's nkssAss coscLupEpa
- h. ~ ,.-~sh ,f December last shmnaf aeci-
dent occurred Il me ~ which mssn
scs psoPo Ts repess a. che directors and super.
49,. ,,s viii afford III The infcnnAktsn upon tne
VI 1850. In r.y poesessioh. ny this Are most Of INC
work shops. and nearly ~ me maeninesy ...asrei
.eess This machinery had been censsr"sss" H..
sfrrent periods md In reems not enisap'e ~, W.
operations performed X e h aar worm seu and
alsrse portion Of IL was Of character whien more
moxlern in,preyemenss had superceded ~ nad
been worked therefore. 6 great n'conss'ne IN
. gs.rnvs II advantage for the new buildings and
Row marhiuery have been adapted 10 each other
ana thc latest improvements have been made in
both. Torepair this damsse anu psesens ssea'e :.
The board of directors to cause the work shopa do
.strayexi % be rebuilt upon the plan and estimates
furnished by themselves and by the superinten-
dent directing that the labor OF the ronyicts should
DO uscd NJ far ~ practicable. II was supposed
Fthat II would require the sum OF thirty thousand
dollars to complete the building aud procure the
necessary machinery for tho purpose. The board
werc. therefore, authorized TO contract for ma
achnory aud heavy timbers, upon such cred't as
would allow time for an appropriation TO DC niaae
ny the general assembly to meet the payment: ana
IN addition, authorized an expenditure o. hL n
Shsasand dollars out OF the civil contingent mud.
Regulators were adopted requiring accurate &C.
counts TO be kent and fun report to be made Of
she expenditure and of the amounts hereafter to
fNf die and when they are to be paid.
= From the civil contingent fund there has been
raid on this account about twelve thousand dollars,
leaving TO be paid from this fund.- under the aa'
thority given, about 800. This, with the amount
nsd within the fiscal year. Of 1854 81 as interest
upon the temporary loan made to supply the
wants Of the treasury, heretofore alluded to, re-
duced that fund exceedingly, and required the
atrctest economy to meet the ordinary charges up
{ on IT, ans s.s..-. ~see-a+. .- p
~ Ills proper before closing this subject, that
should bear testimony to the zeal of the supe:in-
tendent of tho institution and the officers under
him, and the energy and judgment displayed in re-
constructing the work shops, repairing damages,
procuring and erecting machinery of the best and
most substantial kind, and carrying OH the excn-
siye operations Of 50 large an establishment, with
so many prisoners, nader the disadvantages by
which they were surrounded. r fHTs
The report of the adjutant general, herewith
communicated, win exhibit, in its true aspect the
present total disorganizaton of the militia The law
bolishing musters has had the effect to destroy all
system and place the state in a defenceless condi-
ton. One regiment of volunteers and few effec
tive companies in the cities aud towns CT the state
constitute all the force upon which we could rely In
any emergency. Ought this to be at a time like
thiss The men OF other days to whose wisdom we
4 have been accustomed to appeal. made it part of
our bill of rights, that well regulated militia
composed of the body of the people, trained to
arms, is the proper, natural and safe defence of
be- burdcnsone In time of peace but il is necessary
TO be ready to prevent as well as 10 be prompt to
meet aggression. e.. = y z& ~
! Under the present circumstances, the arms
which had been distributed to the militia have been
scattered, and will in short time become utterly
useless. II to be impossible to collect Them
when companies are without officers and officers
who still in commission are without companies
Orders cannot be properly issued; and if issued,
viii not be executed because there no courts
of enquiry to impose fines TO enforce the sanction
Of the law. would recommend a reorganization
OF the militia, and . return either to the former
system, or to such other as your wisdom may de-
wise, to render this necessary branch of the public
service useful and efficient. t .
There is a vacancy existing in the fifth brigade
of militia, occasioned by the death of Brigadier
General Henry T. Washington, which it will be
~ necessary for you to supply -af '.'H
80 The approach of the time when the charters OF
the principle banking institutions in the State will
expire and the solictude manifested on the part
Of those most interested in their perpetuity will
necessarily invoke your attention at an early Pc
siod of your session; and probably subject will
a Represented for your consideration and decision,
Is which will involve to an equal extent the moral
pecuniary and vital interests of our citizens, the
general W eifare and honor of the commonwealth.
The immense power and exclusive privileges gran
ted to those institutions should be guarded with
much care while the plausible and seductive rea-
soning of those who are interested in their man.
a agement and control. when addressed to the guar.
dams of the peoples rights, should be taken it'll
many grains of allowance t4 =i
They descant eloquently upon the advantages of
a. the paper system; its tendency to make money
abundant; to enhance the price of labor and pro-
duce; TO enable those with limited means to embark
in business; to facilitate to impart life
and yigor to every interest, and to build up town
and country All these appear plausible. and to
those directly interested, conclusive. They pre-
sent, however, but the bright side of the picture
and studiousy avoid the reliable logic of ex.
periencc and of facts and figures. They aim to
throw veil over the past, and gravely ask US to
repudiate the sautary lessons taught by experience
and to persevere in q system of policy which la 8
again and again conducted US to the very verge of
bankruptcy aud ruin. Some of us, however, have
not forgotten their history, nor the deeterious eff
5 tects growing out of the paper system. We re-
I'd member the embarrassment experienced by the
government in the prosecution of the late war with
Great Britain, from the absence of specie curren
49, cy. when our whole monetary system exploded
and the ruinous use of deprecated paper threaten
ed bankruptcy to the treasury and ruin the eoul
try
Again about the year 1890 another eYnlosior
took place, and desolation and dismay ensued Spe
Gle had disappeared and deprecated paper filed tn,
vacuum. A general stagnation in business was TIE
consequence followed by stay laws property law $
and other Intellectual expedients all of which wer,
r. brought into requiston to avert the catastrophe
but in vain. Dester and creditor suffered alike
produce and labar were comparatiyefK yaueless
andeyery interest in the country became srick o,
and paralyzed. The more recent but equally disas
trous explosion Of 1897 is within the recollection o.
- all. 1t came when we were at peace with all the
worid-when commerce fourished and the boun
teous hand OF Providence had blessed us with pro
pitious seasons and abundant harvests-wben III,
country was flooded with promises to paw specie
which had ceased to circulate, because it had beer
sent abroad, locked up in the vaults of the bank,
or bought up by the brokers' preparatory to the
coming crisis, foreseen only by the shrewd specu
iator, who fatens upon the uiisfortunes of his un
euspecting neighbor
Then. in less time than one revolving moon. eight
hundred banks simultaneously closed their doors
and Theoretically sealed their iron safes indignant
~ spurning from their counters the unfortunate
holders OF their paper whose credulity had induced
mem to rely upon delusive promises And what
strange or unforeseen event produced thi. sudden
unlocked for and disastrous calamtyg A hiebly
respectable and intelligent committee in their re-
iofI assigning the reasons for the failure of tho
oanKs In the city Of New York and elsewhere saw.
ne immediate canses which compelled the hanf @
OF new YORK city to suspend specie payment On
the lofh OF May last are well known The sipni
taneous withdrawal of the large public deno.;,as
and OF excessive foreign credits combined Win az
great and unexpected fall in the price of the nr;n.
cple articles of exports, with an INN ,rt of co
and breadsuffs, such as had never before occurred
and with the consequent inability Of the country,
Il