Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1856-03-01

"James Bank, stock and estate, 81 per cent.
:" Bank of New Rochelle, stock aud estate, 81 per
scent.
"rarmer,' Bank Of onondaga. stock and estate, IS
"Merchants' and Mechanics Bank of o,wego, stock
" and estate, ~ per cent
cent" =
An average loss. to the bill holder of IA wo-fnhs
per cent, enough to buy two pounds of sugar or a
pound aud half of ooheo for the poor man 1. that
system Zoe the poor which robs him Of fourteen
cents every dollar he for his hard toll aud
dimnishes, to that extent, his ability provide food
aud raimcnt for his wife aud hi, children Did ever
the holder nj Virginia bank note incur such loss
Was he ever settled with by the bask. or shaved by
the broker. at the runous rate OF IL twohths per cent?
Then, even in New York. the free banking stock
system has not yielded security To the holder or
furnished an uneNccponablc currency to the people.
In whatever FORM indeed 1t has been tried-whether
on the pure stock basis, in Indiana and Illinois,
ON the compound basis of stocks mortgages and bonds
rs in New fork-it has not Unidentified the bill-hoder
And IN our own State. the experiment can, by no
means, De- regarded A successful one 1 think il was
very clearly shown by MIR Caskie that wbat.ycr of
credit the notes of stock banks possess attribute
oe mainly TO the fact, that those
pursue towards their stock basis rivals the liberal
policy IL remains TO be what will be the result
when the stock banks longer lean the strong arm
OF the old banks And II remains To be shown, too,
what wall bc the fate of the former when times of
trouble and panic shall have. come. My strong
impression II, that the craft is siaunch enough To
weather the STORM The old banks, the other hand
have rode out gales than one aud are still safe
ana sound Why embark in the ship which, when the
tempest roars, may sink swim; we know which
when we have one whose staunchncss has defed the
fury of the storm and the rage OF the billow;
worthy of note, too, that in Baltimore the
notes o tire new banks at three-esh per
more discount than those OF our old banks; great
difference, is true, but sufficient to show that there
IN our old system an element of confidence that does
| not appertain to the
And one unfortunate specimen. at least. have Of
'hc Tree banking policy in our State. alluie TO
| the Trans Allegheny Bank. II is well known that
after the failure OF Seden Withers CO.. who were
| supposed To have been IN some way connected with
that institution, its notes sold at heavy dis
count often twenty per centa grieyous loss to those
who held its notes. Those who held them il is true
might have surrendered them at the Treasury and re-
ccved IN iicu their share the stocks
for their redemPiion but the held, most
instances, in small quantities by poor people, whose
necessities compelled them 10 sell the best price to
be had. Aud even when the notes were surrendered
aud State stocks obtained in their place. there was
still loss To the note holder, because the stocks them
selves, were below their par value
SIR, the history of the Trans Allegheny Bank mos,
iorcibly illustrates the peculiar liability the stock
system TO be injurously affected by panic For some
| reason or Other, the firm Of Selden, Withers s Co
became associated, IN the public mind. with the Trans
Allegheny Bank, and the very moment the firm failed
there was general panic among all who held its bills
and the broker, buying them up in small narrels M ,
large discount reaped rich harvest from the losses OF
the ncceSSitous holders Now, this bank is an ex
ample of the free banking stock system and as there
may be, under its operation, many others equally UNI
fortunate, cannot consent 10 put the system upon
the people of Virginia, still less to exchange
II Tor one That exhibits not solitary instance
OF failure. and which, except in times OF universal
trnsency and stranng, when suspension was justified
by law, and 50 justified for the benefit of the COM
munity and not the bankshas always provided for the
people currency practically equal to gold and silver
will do my constituents and the people OF the State
no such wrong
The gentleman from Goochland not bny holds that the
stock system affords mOr substantial security to the bill.
holder, but thatit will furnish currency the people
more nearly approNuating gold aud silver Sir Their.
an answer this position derived from Triumphant OK.
perence, which forever bars all question: have already
aiver;ed to the fact that of the State notes of ou
stock banks are threccigh discount than
those of the old banks but this j. nothing compared with
the general fact which every days experience must make
apparent to althat the old banks have furnished the,
people OF Virginia paper currency the best that
ever people had. IL may be the excellent man.
| ascment OF them in the hands Virginia DIRECTORY
or there may be something in the constitution ofshe
tenn Itself that has wrought this happy result Nv
own conviction il, that it il the consequence OF
the sustaining strengthening power Of the branch
feature coupled with that provision of the existing
which requires the banks TO receive and allows them
pay out other notes than their own: provision which
however much 10 be- condemned iavorng the svs.
TEN OF funds, eectuay protects the banks and
the community too from that vulturc class the brokers
aud relieves them from the necessity making charge
:. Tor collecting different points within the State But
whatever the be- there stands the fact staring
every day in the face that for practical purpose
least for the the of the old banks are as good
specie because they will buy every commodity at specie
prices Go down Main and buy 25 cents worth of
any article, and You receive s15 in specie change Let
your debtor offer YOU $50 oil of OF the old banks
the specie in hand the bank in the other and
you will tise the note III preference the specie Let the
debt be $780, YOU will infinitely prefer the amount in
bank notes. Many would choose To lose per rather
than take that much ia specie Aad who heard NJ
any refusing to take of any of the old banks
asking discount on in the settlement of debt p
What farmer refuses take the OF these banks in
payment tor his crops, what mechanic common la.
borcr declines to receive them for his daily work And
why: Because, though not instantly convertible at every
point into specie they redccablc specie at Ger.
tain other points aud because at all points throughout
| fha State tfav 4
coffee, calico and brOadcloths, gold and silver itself
And now, Sir, when bank note currency il thu.
goodpracticay equal To specie-wen It every
purpose OF the mas,es-when every body is content
buy with it, and sell Tor it-when il gives to the people
every convenience and advantage with the cum
ber-ome Inconvenience Of peccin Gods why are
We hunting up the eXpedients for mak.ngit better?
sir, the people entirely content with the present
currency They consider the notes Of the old banks good
enough for them They ask change they desire none
and they never will, while aud for fifty Years
past they can buy all they want with bank gold
and silver prices.
Sir have heard much and better denunciaton of the
current fund system, but ain free declare that have
never yet heard one satisfactory against it, And
peccving ia it nothing miscievous, is enough for ne
Tat the people satisfied with it, and that illus far il
Ia worked we'll Sir Itsdr 10 change a system so ae.
ctJie 10 he Peopie, dndMat has bran necessfm lest
~ me chdtgS, ,r' get rorse "De, and hdr and rrJng
he pcoDis Let well enough alone" i the maxim o:
true wisdom-in this importan, matter of the bank
it should be- the guide ofus all-it shall be mine see
necessity for the restrictions for which gen.
cncn 80 loudly clamor Ina word I am ready To grant
the old charters without crossing r. dotting an l.
TO NJ CONTINUED
81 proper .? state ha, Coy Floyd declared Trans.
Amny h9nk iad Vert rr ily within The limit. charter
TIL. hod-y~r no At si mend The matter Tor n & b,gt
p' wm ~ el.T'gr anl gu The noholirr suffered heavy
strictly lcgai' administration does cure.
Tome Efifors ofMe WAig.
from Dr. bas ard, Sf S Ri Kent e Ssisy' very
, ed 'o tie Vaccine Agent.