Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1856-01-23
Correspondence OF tho spectator.
RICHMOND. January, 1856.


RICHMOND. January, 1856.
The Legislature IS disposng Of much local and
uncontroverted business, but as yet has scarcely
made up the issues on the more important cues
tions. The proposition allowing the Central
Railroad to construct short track from Char.
lottesvIe to Richmond, is now under discussion
in the House, and is The first internal improvement
bill that has brought out a full hight. Its oPpo-
nens were quite rampant at first, but as the dis
cusson has opened out the true character and
merits of the proposition, they have evidently
shrunll from the erceness OF their opposition, and
| doubt not will be found in minority when the
vote is taken.
The Central Railroad, including the shortirack
is scarcely any longer regarded, as heretofore, IN
The nature of local line; but is held and consld
cred portion Of the great Stale work to the ONO
river The Covinglon and Ohio road is, mani
testify. growing in popular favor rapidly. and can
now command by far the largest vote OF any SIN
gle scheme in the Legislature. II Is confidently
hoped, that material aid sufficient for lis present
purposes if not for its final completion also, will
yet be obtained in some form during this session.
The important subject OF the kind OF bank char
tiers to be adopted, is yet in fog. Inc contest
between the old and the new system is becoming
lively, The new system had decidedly the start,
with probability OF being adopted as party ex-
pedient, and as the easiest means OF obtaining a
market at constitutional prices for Slate stock. =
But the indications now seem to be, to an outsider
at least that it is not to be treated party mat
ter, nor so much as means Of raising the price
of State bonds, but more as theoretical and prac
tical question in the intricate science of banking.
The old banks therefore claim TO have gained SO
much on their rivals, and encouraged accordingly,
are pressing EDWARDS with renewed zeal and ener-
gy If they desruy zach other in the fight. as is
not improbable. like the Kilkenny Gals, perhaps
the public would not be any worse of in The end /;
the Augusta public at least.
A community engaged, like yours, mostly in
agricultural pursuits, has comparatively little need
for banks II farmer purchase land, and goes
into bank to get money to pay Tor it, he will find
that the products will not pay his curais and in
terest, much less return the principal in time
And farmers purchases for his legitimate opera
tons, require either cash or longer credit than
banks allow to await The maturing and market
ing of his crops. Banks in an agricultural region
are mostly machines for gathering up the surplus
capital there for spectators at commercial points.
The people of Augusta probably never heard so
much about 'tight times" and scarcity Of mo-
ney," until they had established in their midst
two full blown banks, with two ambitious savings
banks also. Why should Augusta be ''scarce"
of money2 1t pays near $4,000 taxes into the
State Treasury, but Immediately, receives back
therefrom, about SO 900 annually for support OF
the State Institutions there, much of which must
be expended for The products of the fields and gar
dens of The county; large revenue from travel is
also received in exchange for food supplied by The
h., tha Ill init
large margin for piofit Besides, it is character
istic of the people of the county, that while they
live well they are yet remarkably economical, and
live within their means; they are not yet given
to spending muney for what is not produced among
themselves. But though the county must sell
much more than it buys, and have the balance of
trade largely in its favor, there is ravenous de-
mand there for money, and universal complaint of
its scarcity, notwithstanding the abundance of It's
banks, and banking capital"
What becomes Of the surplus money of such
community is hard to ascertain. Possibly the ex-
istence of the usury laws drives out much 10 seek
investment in States where larger interest Is al
lowed by law, or where investment in lands make
specuatons. The management of the banks may
affect very much the supplies of money in your
community. If loans are made on! Of me county,
there is so much gone, OF course, from the circu
laiion OF the county /; the very establishment vi
State stock bank in your midst does at first trans
fer all the capital which is subscribed for the bank
at once to the commercial centre where the Stale
bonds are purchased, and where it thence lies
dead TO the county circulation, unless the place Is
supplied b. lending Out IN The county, the notes
issued on the State stock purchased Tor banking.
Thus The Central Bank sends cut OF the county
over S250, 900, 10 purchase State bonds for its
MI ,f
lis notes IN fae county and keeps them ihere, il
reduces that much the county circulation. II the
most of the Valley Bank stock was taken else
where Than in Aususia, il is true that it would
contribute that much in the first inStlnse to the
capital of Ihe county, but lis remaang there
would depend on its luans 5;ng made there also.
The dep,stes in either bank will mostly go uat
also with the discounts.
The contest between the two banking systems
will al least develop to public gazs all The beau
lies, as well as the defornies OF either 1t will
also have the effect 10 introduce many new pro-
visions Oh the subject, in whaeyer sys ell pre-
walls The banks will doubtless be required 10
redeem all notes which they may pay oli at their
counter; will probably be prohibited from dealing
in exchange altogether; and the brarch system
will likely be broken up entirely. Indeed the
charters may be SO '.amended" as To taxa all the
life out OF them, 50 that % banks will consent to
organize under them; then. or in the event of
refusal to re charter the old banks, there will be
something of squal when The banks wind up
and call in peremplorily all their debts. 1t Is
subject environed with difficulty.
The present Legislature is very differently con-
stitued from the last: that was composed mostly
of new men, none willing 10 defer ~ The others,
and all inexperienced in the routine Of business ;
in this body there are many men of acknowledged
ability and experience who are as land marks TO
guide the Others through perpexed and uutrIed
ways, and nearly all have had some experience
by previous service in the Legislature. This is
an important circumstance tor the dispatch of
business; member experienced in the routine of
the house can accomplish five times as much as
one inexperienced. Erastus Brooks, editor of the
New York Express, and long memEer of Con
oress, remarking on the fact that Virginia aud
South Carolina had alone of all the States return
ed its old members, said ''ihese two States by
virtue of The experience of their delegation. would
control the legislation of the session, as one old
is worth ten new members"
The Richmond papers will give you the news
more satisfactorily than our hastily manufactured
letters can ever do-parlicularly when there is
nothing to give. as al present. c..
The CANDIDATES FOR THE SPEAKERsHIP.-
The Washington correspondent of the Richmond
Dispatch gives the following sketch of the three
prominent candidates for the Speakership of the
House of Representatives,:
Richardson is earnest and vehement in manner,
and frank in disposition; but also somewhat rough
hewn and harsh. Fuller has the presence and
manner of gentleman, an easy and accurate die
lion and gentle and almost imd bearing. Banks
lisa man of scarcely medium size, of firm yet plain
appearance and earnest bearing. His voice is one
NJ tho hast | have avar hoo ri olo,r d.ar Ton aJ