American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1855-12-08

| penditure OF xt5, 900 out Of the civil contin-
gent fund. From this fund there has been
paid on this account about Sl2 600, leaving
TO be paid from this fund. under he author.
| ity given, about $4,000. This, with the a
mount pain within the fiscal year, OF Sc Bid
81 as interest upon the temporary loan made
to supply the wants Of The treasury, hereto.
fore ulliued to,reduced that fund exceedingly
and reQuree the strictest economy Ia meet
the ordinary charges upon it.
The Governor, In closing up this suhie CT,
bears testimony TO the zeal & energy Of the
superintendent, OF the institution, & the men
under him, in discharsing the mul,ifarions
duties pertaining TO the improvements in adj
di,ion To the common routine Of cares.
The repor, of the adjntant general, here
with communicated, will exhibit ia its true
aspect, the present total disorganizston of
the militia. The law aboshng musters has
had The effect to destroy all system, Sc place
the State In defenceless condition. One
regiment of volunteers and a few effective
companies in the cities and towns, constitute
all the force upon which we could RELY in
any emergency, Ought this to be at lime
like this? The men of other da>s,to whose
wisdom we have been accustomed to appeal
made it a part of our bill of rights, "tha, a
| we'll regulated militia, composed Of the body
OF the people, trained to arms, is the proper,
natural and safe defence Of free Staten Is
the principle less true now! I, may be bur.
densome III time ct peace, but il is necessary
to be ready to prevent, as we'll as to be
prompt to meet aggression.
! Under the present circumstance. the arms
which had been distributed 10 the militia
/ have been scattered, and wall in short time
| become utterly useless. 1t seems TO be i'm.
possible TO collect them. when companies
are without officers. and officers still in com
mission are without companies. Orders can.
not be- properly issued: aud If issued. viii
not be executed because there are no courts
of enquiry to impose fines or to enforce the
sanction Of the law. wonld recommend a
reorganization of the militia. and return
either to the former system. or TO such other
as your wisdom may devise, to render this
necessary branch Of the public service useful
and efficient.
There is vacancy existing 10 the fifth
! brigade of militia, occasio ned by the death
of Brig. Gen. Henry r. Washington. viii ch
it will be necessary for you to supply.
The approach OF the time when the char
tiers Of the principal banking institutions in
the State will expire,and the soIctude man
! Tested on the part OF those most interested
in their perpeluty will necessarily invoke
your attention at an early period OF your ses
| slOn anu pIOUdUtN UO SuUJSCt w III US pre-
seuted for consideration aud decision which
will involve 10 an equal extent the moral, pc
cunary and vital interests Of the cit,Zens, the
general welfare and honor Of the common
wealth. The immense power and exclusive
privileges grantdd TO those institutions shod
| be- guarded with much care, while the plau-
sible and seductive reasoning of those who
are interested in their management g. control
when addressed TO the guardians Of the peo-
pe's rights, should be taken with many
grains of allowance. They descant eloquent.
ly upon the advantage of the paper system
its tendency to make money abundant ; Ia
enhance the price of labor and produce to
enable those with limited means to embark
in business; TO facilitate commerce; 10 i'm
part life and vigor to every interest, and to
build up town and country. All thes. pp-
pear plausible, and TO those directly interest.
ed, conclusive. They present, however. bnt
the bright side oi the picture, and sludOus
ly avoid the more reliable logic Of experience
and OF facts and figures. They aim 10 throw
vail over the t,and gravely ask US 10 re.
pudlate the saluiary lessons taught by expe.
rlence, and to persevcre III system Of poll.
cy which has again and again conducted us
10 the very verge OF bankruptcy and ruin -
Some OF us, however, have not forgotten
their history, nor the delctrrious effect grow
~
the embarrassment experienced by The gov.
eminent IN the prosecution Of The late wal
wiihGreat Britain, from The absence Of a
specie currency, when our whole moncta
system exploded, AMI the ruinous use Of de
precIated paper threatened haukruptv to the
treasurer and ruin 10 the country.
Again about the year 1920, another cx
p!osion took place, and dessoation and dis
may ensued Specie had disappeared, and
deprecated paper filled The vacuum. A gen
| eral stagnalion IN business was the conse
quence, followed by stay laws, property laws
and other Intellectual eXpedients all OF which
we're brought into requisition 10 avert the
catastrophe, but in YAM. Debtor and credi
tor suffered alike, producers and labor were
comparatively, eaiueless. aud every ir,eras,
in the country became stricken and paraly-
Zhd. The more recent but equally dIsa sier.
Gus explosion Of 1887 is within the recolpc.
ton If all. tlrame when we were at peace
with all the world--when commerce flour.
| ished, and the bounieous hand Of Providence
had blessed us with pr0ptuous seasons and
abundant haivest--wlen the country was
flooded with promises to pay specie which
had ceased 10 circulate, because il has been
sent aboad. locked up in the vaults Of the
banks, or brought up BY the brokers prepara-
tory tn the coming crisis foreseen only By
| 'ne hhIeWh SPECTATOR, VINO Iattens upon The
mlsiortunes OF his unsuspec ting neighbor -
| Then IN less time than one revolving moon
eight bundled banks simultaneously closed
their doors and Theoretically sealed their
iron safes, Indignantly spnrning from their
counters and unfortunately holding Off their
paper. whose credulny had induced them TO
rely upon devuIsive promises Aud what
strange or unforeseen and disastrous calamity?
a highly respect 6le and ntt ll9ent commit.
tee in their report assigning the reasons for
the failure Of the banks IN the CITY Of New
York and elsewhere, say, The immediate
cause which compelled the banks OF New
York city 10 suspend specie payment on the
10Th Of May last, are well known. The
Simultaneous withdrawal OF the large public
deposits, and OF excessive foreign credits.
combined with The great and unexpected fall
in the price Of the principal articles of our
j O XnArls ill InnuLi Of Elrn and Aru,l