Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-06-03

rur'ty o, me note holders. The FREQ BANKING
,.;c, r.,c,,'o :" Ne" Jersey since 1870, and I,.S
=. recommended n an eXcusiy. sy,,a, t
rnru, although New Jersey i. ,rh.ny 'fh tr Ct
1'l Oh Pubi!c debt. Should AHA. nv ron
e"pS','u'ei' "hch our pubic dem "'1i."' ii
""u"l Dc fortunate change for vi,,i, S"n'eI!r'
than f., nay !, nIrn,J '' ""uiS ii other Siu,.. 80,
annually curren Of.pec.e cn,ni V"n 10 have seuI
n"huhi.y current OF specie going on, W, otsrrt
Wh' with the redemption %. our S,a,o ~ Ivy supp9f
trust fund should be provided for the 10 O.
ho'c h"!deFs. W hat would be the conscou.n!,' VI III
payment OF the State bonds woud give M IA
nfst time III the history OF Virginia buLk;n, =" Ia
hnS!S III the vaults Of our banks--mot .p.ci tp-E
" per cent. only, but a specie basis fully erriYn
20 larger, III iact than the whole outstandny - Ia
!ation and this circulation might be called ~ NJ
'his specie take It's place rs currency, wthou, III
withdrawal OF loan from any debtor Of III
banks. Thus bank OF discount, deposit and r III
atl"ii, would be converted into 4 bank Of dis ~
and deposit simply, aud paper money would +. ID
placed by gold and silver. 10 my mind sir, hi, ~
would he happy contamination.
ne gradual adoption ~ the new system r. IL
gradually increase the demand tor our Stat. a I y
nlii gradually enhance their value. Til. Is | J
inject To Us OF III. very highest importance ma, :
because OF tile present financial rmbarrassu.r, Z,
tic STATE, nut a!so on account of the enormn,. z
ny o' al KINDS Of public securities with wb5oi q
European war has Hooded the markets OF th
Du! II ""hl! not recommend the system :, ~, Il
Speaker, ii | thought tia; il would f,r,it "e' "
ureInent as We'll rs the means = , iurres",i Me q
pr:atiuls, nj this time. Ia work. p.r,.I "PP1
ncnt think We should pause -" n cour, ,f'"'"
when has enip'!cd our treasury, Slope. ine 'I" N
our bonds ana nearly doubled our in..s -,
inantuiiy meet the present exlg"Ecle. bv 81
Increase "t our taxes, but lei "a, brn, M -, ." ~
bonds mi" market, II wo would r-s;nr.. ,b '''-t
Lei Us above all he careful thh. IS. IL, nm, :" F;;tj
% intuTe generation hur,:tu ui drt, nm, '""'!s;E
too "ncr"ns tor any people To en.u-. TAI "A''nV
hcnt oil goHornInen; partnership with lam, r'',
c"inpHnc', whether 10 dsC"un; nn,es or L,,I; ''1
has not been more fortunate IN Virginia 49,
where. Let Us extend II no farther until W. -
way more rlrhrly-unti! We hear the rrsp0n,. ~ II
;"A"s unprecedented III Virginia may cIlc!; from :. n
people.
ia: the general INTRODUCES H Of this system OF hat
img throughout the Stat, would. in my opinion :,
20 diminish, rather than 10 increase our pubic
tebtcIGtss. Stockholders deposltors in bank,
holders Of bank notes, constituting nearly oar wt,
population. would have direct palpablr inter.,, n
lrrest!n. appropriations that mght impair the =,
II the bonds at III" Sin,e-hnd mems acts and 81.
sill always correspond with their pecuTiary in;err.v
v nat more permanent Influence can you exert upV
he laws than tAgnagh the interests and Inc.Ius JAN
4 the people from whom they spring! Hence it va.
Int l.ycugIs desired not That his LAWS st"u,d bel
''ien, after they had once been cngraited upon tie.
smprr OF his people. What VIII be more lk-l
icn, 10 preserve our credit intact man 10 give I'll
lr great body "t III: people "i Virginia dirtc,
IuGIhlr nrcuniary interest III Keeping our b0D.:t
bUve par!
An Increased home demand tor our State bratI
All tend ~ IRA n'i"r them from the hands of "rrcr
r. T" The hhni> ~ our own citizens. and thus 10
llnIsh II not ultimately {" eXtIngnIsh our pubic
cb'encss beyond our borders. This would Je
leasing 10 Virginia 50 great, that it might well s'or,
'r the evils II they really existed which have hes:
'rOngiuIiy charged upon the system. The Stat. nov
avs beyond her borders, an annual Interest
13!,NJD 30 upon coupon bonds amounting n
l3l3.UOo. o; h"rrrs -t"r-d debt - ISL lS9 y
r!t "ui at the state. The interest upon ihis sym n
2J9.Ou9 ~. HIRE is more than one million Of snl
ie the very lie blood of our commerce, anursnA
ithdraws from Virginia in the form al int. res; uIS
ur bunds. When the principal falls due. whs; 4
.ariul lnureas. in this runnus drain OF the pr-corI
metals from the State, How much better that TIL
lilipns OF interest aud prncipal should 20 back al
hey t.ll due, through the vaults of the banks r;JI
he hands OF the people through whose taxes ,h-y(
roceed
Why is it that the financial embarrassment :, I
mother hemisphere, due 10 causes not existing IN
his. should b.. 50 Jisa.trnu.lv felt in a p.-,d NJ nm
yapul-d uhy.jcuI pro.n,ri,y tIiroupbnu, ,h linz.
4 the. United States! lis because OF our immpr.s
.,,r, 81 ,,,a T,.a.'r,, IS ;hs Gi Wo.oh is;, 'eO
,,,r,,o,. .,ronn, nI tr.r;non e.crr;,;as Lro,r
Id I,y tIa IL
iSiIsi- "a H. ,,L.'.s :, = ,,',;ma,.d ,s h;t W."
I-. L,,.Irol ,niI,inr. ,T jnIl,rs Tb,. consecmo,.
: -; ,r,,,, 49,, !, mn, ,,r.I,, IN, animal -
~ i. -, ,. ,,,. ~ &C.,, ,i, .n -, ~ ~ L
V, . -, ; -, $780, -. y, r,;, 1877 va, -:
Wv w P"y '"','. -" a;i 80 ~: "''e
W.. ,,,,,,n.,;,i ,,,,Iar-a,.Tnn, . ''I P"'
~ " ~ 80; ; w Ill., I IS '',' "';' gov
,' ,,, '..,,,.i,;., LLI ,L,,oJ coma LnaL =. -
..,. c- s,I., .,d r.Im,,;or TIL d., st
~. sn:,.. r. RI. y,ults Of our hanks. fh.m cn",
.;,IS nn.I' =, lam. n,n,-.c,i,,s ~ ,,,r '''' 5
.'I;, s,,,.,;,, ,'r r,,n.,. - f.u nc u.n anu /
',rn,I f,r ~ liz v.rv .xi.,cuc. hv ,hr h., a'n
NJ t,r,n ~, honsn! in ,h. c,nT,r, T., 0a"1'
49,, WoI s,r,., i. mad, tr;hu,arv ,n E,r,J,'r re-
nr,, ,L., IN ;rcr.a.. In ,I, ru, -; 49,. I'
III nv The Rank Of ENGLAND created u rarir s,n,
.nrci;v If I,onny thrnn,hnrt mi, ,,hnI rnr,ry -
,o Co... 81 ,Ir,,i.,,, 80 ana ,,,,'o.au,.J ;..
-, L,;.it. g. nii b"n,', - ~, -, ~ w.;
n bf.In,.s. r,,,d never Lnyc accumni,..J s,,,,.,
hrr far the .,.ruI,ti,u ny.r,ra,Iir, ,,i nm
or,s,i,us which ,rrv an. az rh .r..Ss;vn L,.r. ~
mr. hanks Tn. much lou,i.d hn.in..s f,nii,,
Irfr they have, afforded hay. involved rs in ali IA.
,,nfold ,.v,l. of this iurr,;aI End .,,,n,.,I ,a.
20 In !.4rrpc and .u:,. a,.,rt.a oI,r ,hr,,i.s
Amy IauG with an oncrnus Lur,I.n of ind,.h,.dne.,
IL dir. ralamIty no less ,a,uI IA ,h ch,roc,, IN
and prosperity of nations thnn of ipdyi
un,.
Il i the double ncri; of III. BANKING syst.m wb;c.
have. advocated that So far as Vir,ni. ia conc.r,
~ u
.btrdneSs beyond our borders. by cutting Jown m.
,nk credits from which il has snruny: md seconLIy
N; it will transfer the sv;dsnc.s of our existny prbir
.bt from tho hands OF foreigners into the hand. O;
Ir citizens How peculiarly important are such "a.
hts in the event of TINT dissolution of the Union o
ard. which Yc seem Ia he so f.arfnlIv drifting.
I have onw ,ud.nvor.j IN shay NJ Su.sk.r ,L,,
i. who'll. history Of banking in hi, county and ..s
nor. di.cl,s.. tb. uc...;tv and mako. :, nr sry
nrorJ 81, s,rin,a,t I.,,;.Io.;nn a,,ain., ,b ,auu.
c,nr f ,,pscmr,.d ,ra nu.onv.rrihI. roasr ,nn,,v
N - ;nnnS oJ,I;,,,ms In,tatinns urn, ,ran.i,n.
ha, Irr.I, ,,', ,h,. n.,,,i s,.s,t,, ~, L,,t;n, 4
b"t,.r c,Ic"i,.J ~ ncrnnn,;sh ibr., oh,rct, ,han
'.' t, '''' w. u" ', 49,; L.'
m,,,cd r. answer ih,. yrr;nu. nI;,r,ns which heys
.,r rr,.a - !, wh,h.r a. n svS,,.,r nf RANKIN, ~.
49,. - r. oi,..,J ,.,;I.,..ri ..,:..s nmnn n.
.di, mad fn,nc.. ~ m. S,a,.
r. :; ~" -. ,,,' .,'r, - ha,; h,, -, sr,-,,,
I.nI,;,,,, ,h,, h,n. .Ji..S,J 49,, g..
iiltIuna restrictions Imposed upun the Dangerous
d, ,II = hnya