The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-12-04

/ M. have .asysssdsd s.sd 4kas " sheald now pc
ls n,. ,9nss.e thu. oppornnoy In
| terposcd. had not even D rsmcsex epnnexion with
tho paper system except % far as TO invite " TO
aaasssitasea 'cs.rrcncy, enthusiastically valuable and
permanent In lie character, for one valnticss In IT
| self and deceptive on lie faco. sYa3,s s j.
II web established fact, and sdvef 70 Il with
resaare that the state bants OF vifepiA have senc.
rally been iudieionsly conducted, and will compare
fvornbly with sn,ilsr Institutions Of other stat
Il tsas be said that Virginia has made the most OF
ssd syste sna u. the effect hss been 20 rs r. sso
bat OF evcry article the laborer 10 compelled 70
chase FOR The subsstence Of himself aud family;
multiply and enlarge sehenses Of speculation, and
thereby foster ind encourage an Mtlneiat sna NJ
sent BY which me hsiness and increased
indebtedness aud when the time Tor coHFiynk WA
their obligations the banks nave i2und neees
.r..nsnd sprcie payment altogether The inevitable
cansrous nee in such must be depreciation IN
aus eissss Nor l. this the only evil It isa well
ascerinned fact In political economy that increased
paper circulation leads the expectation of the pre-
mcts drives IL from circulation; lessons tho ca.
pacity of banks TO redeem their notes, and thereby
forces upon the public doubtful and depreciated cur
r.ncy, frem which relief 10 obtained only by those
commissions and monetary revolutions winch NJ short
intervals have visited our country.
The above views ON the subject of banking and pa
per currency have long been entertained by me- Ihey
presented with hesitancy, with great de fe
renee and but litte hope Of meeting coincidence of
sentiment ON the part of tho legislature.
The great question: however for your decision Is
shall Virginia continue rely upon systc thus de-
feefive, without effort at improvement, and how
shall that Improvement be effected? i am not pro-
pared to urge immediate radical change 10 our sys
tenn of currency, believing | do that all sudden
changes in monetary affairs tend derange the gene
raj laws to trade and unsettle the business arrange
ments of the country; and therefore, any attempt at
change should be by cautious and gradual process yet
if effected AZ ALL it must have commencement and
than the present to enter upon such change.
The influx of gold and silver from California, Aus
traa and elsewhere is without aparaliei IN the mo-
Notary history of any country, and profers correct
i've which, If rejected, will entail upon people
currency upon which they cannot and ought not to
rely. but should the legislature dissent from these
views and proceed to reorganze the banking system
either upon the old plan of mother bank with BRAN
ches or that of independent banks based upon state
amendments to any charter now in force or here
after to be grantedThat all notes in circulation be
made payable at the counter Of the bank from which
they are ssued that each stockhoder be held person
ally liable for the debts of the corporation to the
amount of his or her stock respectively. sF
also recommend prohibition of the issue or CIR
cuaton, after specified time, of any bank note OF
less denomination than ten dollars. BY making the
measurements prospective, gold and silver will speed
lily supply the vacuum caused by the withdrawal of the
prohibited bills Like the of the last session
prevent the circulation of notes under FIVE doll the
wholesome change will be speedily and imperceptbly
effected; and thus by wise and gradual process,
notes of higher grade may he excluded until,
distant day. the country will have the benefit of a
sound constitutional currency sufficient for all ordi
nary dealings, and sure basis upon which to found
bank issues and paper currency of higher grade
should the wants of the community demand it. The
adoption of these suggestions would, il is believed.
greatly improve our monetary systen especially ii
sanctioned and praeticed by neighboug States,
raj OF whom have strongly indicated preference for
| some similar policy. .r .-.. rf Fa7t
In this connections beg leave to call YOUR atten-
ton to the repeal of all laws the subject of usury
subject which has recently attracted public notice in
1 is he nd Stafa
strctiye of this character may have been i'll
former times, there is obviously strong prejudice
against them at present. All experience has shown,
that every effort to keep down tine rats of interest by
legislative enactments has proved aootve, and failed
to accomplish the end. That the price of money, like
every other commodity in the market. will be
lated by demand and supply and that any laws intend
ed to control 1t constantly violated evaded dis
the tendency being demoralize society by
inducing habitus disregard OF the laws of the State
1t is moreover confidently believed that the laws
in force tend toincrease rather than diminish the rate
of interest paid and operate to the prejudice of the
borrowers who are generally the more needy class,
and whose interests were intended to be guarded
And indeed is difficult to understand why the liberty
of the citizen should be restricted in regard
ed transactions while he is deemed competent to the
management and control of all other commodities in
his possession Without entering further into discus
cussion the subject, l would respectfully recon-
mend repeal. such notifications of these laws as
would leave the citizen free spuate for such
OF interest az may be agreed upon by the contracting
| parties.
In my last annual me ssa &c recommended the pur-
| chase of Mount Vernon by the Commonwealth. l
should be insensibe to the pulsations of the public
| heart, well my own feelings, If failed to
the proposition this time The bare alusion to the
/ tomb of WASHINGTON with its hailowed shades and
sacred relics has awakened feeling of reverence and
patriotism in the American bosom, atfording unniis-
taxable evidence that not only Virginia. bnt most it
all, her sister States plead with persuasive eo-
for the rescue OF the sacred domcia 'front.' he
| threatened danger OF dissertation and ruin.
The accompanying correspondence on the subject is
| respectfully submitted. 81
The amount claimed by the proprietor may be con.
sidered exorbitant In the ordinary transaction of
business it might be true; but who shall undertake
TO calculate the value of the homestead and the
| of Washington with its prmeval simplicity or to
| place estimate upon the thousand sacred recoer
tions which crowd the mind and cluster around the
heart, In token of admiration for him whom all dc
light TO honor. Dollars become dust when compared
with the ihesmabie patriotism inspired by visit to
| the tomb Thousands will repair to this American
Mecca to pay homage to the ilustrious dead. But
howev or ready you may be to purchase and paw for
this property that honor has been partially wrrsted
from you, and is reserved for the noble purpose OF
adjoining the brow of female philantrophy.
The Mount Vernon association of ladies' have been
zealously engaged IN collecting the necessary funds
and 1t ID understood that considerable amount has
already been realized They magnanimously claim
the o, Paying tne M money and with
to authorize the purchase N the of the Common
wealth, so that the title may be vested in Virginia
and the property be under her control and direction
with an to ALL that the sacred repository o,
the mighty dead will be forever kept free from
bic pollution Such appeal from such source will not
De nnheeded, when addressed to q virginia Ieus
lature. no
This subject leads TO a reference TO the Vir.in;,
| washington monument our capitol SQUARE II
Affords me pleasure to state that the granite portion
OF the structure has been for some time completed
and the expenditure on that account has ceased
| The commissioners of the monumsnt have received
from Mr. Crawford, the artist the statues of Patrici
Henry and Thomas Jefferson, and q portion of other
equipments They have deemed it best however.
nor TO place the statues upon their intended
until the equestrian statue of Washington for which
| the structure was erected, is completed and shaI
! surmount the whole. In the mean time the two
statues have been placed temporarily upon the plat
form OF the capitol steps, affordng an opportunity
Tor inspection, gratifying TO the public Justice to
the genius OF the artist requires that should com,
hend the happy execution of his task Mt once secur
ing his fame, accomplishing a work worthy of the
great names intended TO be commemorated and full
nihpg the hopes and expectations of the State But
the General Assembly aware that those s.atuas
| and equipments will not complete the design The
| appropriation already made has been exhausted and
there are four statues besides other e1uipuen.s
necessary Tor its completion 1t would be well to au-
thoze them to be contracted for once limiting the
amount to be expended in any year to such sum as
| you may deem proper. y"
Under the act of March 8 1851, for running and
marking the boundary line between the States nf
| Virginia ana Maryland l appointed commissioner
"a we part OF this state, to act in conjunction with
eae eoini ssoner of the State of Al rvtaId ~