The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-02-25


IT.. t,o,yipr extract from the very able speech
~ Mr. MCFARLAND before the Bank commi''a''
presents in . strong light the importance 20 .e
people of re-chartering the Banks by the bes,s'A
,nre at Il. presen, session. Ills indeed question
~ vital interest. and although fears have been IN
dulged that the Legislature win not perform In"
duty, we cannot believe that they WIN 30 '"' .''
gard the public necessities As 10 a')'"in ""h'a'
having re-chartered tho banks;
Tb. .,oclbold.r, desire their charters to be renew
~ &c hsfore YOU respectfully askng it, In
,h.;, inds ment the banks have been eminenty use,
fnl in The business and commerce. the INDUSTRY and
.a , -. AZ the State. They may be pardoned for
~ r.. thew have done the State good service.
"a can serve her yet. lift be an error to consider
bank. Indispensable TO an active, busy progressive
osonle II il fixed in the practice and faith of
The world seemingly to defy correction. The dis
no.;,on TO cherish them has grown with the spread
Of intelligence and liberal institutions 1t has been
claimed for them, with what justice the learned Com
ittee viii decide that they tend to reduce the rate
of interest curtal the power of individual wealth
to encourage competition-to maintain stable mar
kets, and to discourage monopoFes BY their agency
capital Ia made active and ubservieut to the general
Advancement beyond its capacity in private hands,
and Ia devoted under the direction of impartial
sells. to the common benefit. Our Commonwealth has
proted by their timely assistance, the State trea-
slirer will inform you. Without banks of our own,
our currency would a. now consist of bank issues
and should be at the risk, without any share in
the security of having them amenable to our lava
Earnest az il the desire of the stockholders to have
the banks continued, it does not proceed from any
idea that they have interest in the result peculiar
to themselves that they would lose suffer by
a refusal They feel of their investments and
know full we'll the value ofmoney would be enhanced
by closing the banks As body they neither borrow
nor are in debt Their capital would be restored to
hem. at a time when almost all except themselves
would he borrowers and sellers, and would have a
value above bank shares Still their earnest desire is
to continue their Investments il it please the Legis
sture to retain the banks liberal and foot.
ing, convinced they invaluable to the public. and
that disasters widespread and lamentable would en-
upon their termination As clss. the stockhol.
ders far too independent and pubGc-spirited to
solicit for themselves any concessions which would
not subserve and advance the common veal. If they
the only parties Interested, the question of re-
tanning the banks would be beneath the solemnity Of
q grave State issue The dividends, at most, exceed
moderate return for the risk incurred and there
is no lack of investments which pay as WELL or bet
ter. But the question has grave significance above
and beyond the emoluments of stockholders. The
closing of the banks would bring upon the community
an instant and crushing embarrassment Endl So re
would be the first fruits the intrepid act Pro
gress-there would be none, until the slow revivint
energies of the people had discovered some new ex
pedient, to replace the international invention
which they had been deprived.