Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1856-02-23

eesable. their pfom.sory mites aud bill. oxeials fin
due short Intervals, aad executed generally for
ceived The sufheoneY this security has been .stqI ~
perence, the insaieieney Of stock has exposed H. "a
same t nthe suspension Of b. The banks 6efr
referred their circulation did depreciate willis
bonds did, such the difference In their
values that 1t would have oeen hopeless and
tempt redeem II by selling them would the e.nr
have succeeded better anywhere It vas the law -
financial crisis of universal application THAI short
paper Is more reliable eonlnodity - a,
ami fund Of what would DO the si,rt
the chance OF disposlng of them when all industrial ~
ducing and nercial classes had failed and were uns
their engagemensl Tie bills rcccvahIr af our ~ e
exceed by more thay the duplicate they hon
reefod their circulation Is there moi in large an .se
Of above the circulation security nost anbe as
certain 10 doubt It, woad hnpue degree Of mismanag,
ment to our banks utterly unauthorized and nigh ~
separate direction "Nu'r
lfitbe said socl, banks. too have their bills r
Bile and 50 offer security consisting of personal and NH
obligations combne sfoek ba,
been shown not to he available in the contingency ae
they would amount I've greatly less relatively Tim
be held by our banks organized The stock
in existence in the State exhibit, line -
hat ' anyirS ar rno, he, b l-whereas tie
their discounts within small fraction of ivyofl -, mat
The bills receivable OF the about corai -
Would there be difference, effects pn ,hr
community, between the collection OF The whole and lle
only of the banks iof the whole " part
necessary in the Of the stock hanks driven Ia be
redeem their circulaon and less than hair @ DIS
banks constituted acting under like neces "a
would be the condition the stock banks If ueh
argned bonds found unsaeable in the oeh
supposed But we suppose less exac,g AID strinea!
igency, and assume that partial collection their d.
the stock banks would restore the credit the curren
manifest that the the debtors ~ u
had all their rncan IN negotiable paper be much I
oppressive and fatal. than the debtors of les
means were divided between debts and stocks II woni b
affair of proportion, with all the Vantage in favor of
mentioned banks. " e "is'
But, as minated the complaint is ,f ,b 49,. .
bank capital and the scheme proposed would diminish b
M,ii W. In, +. nd iP,y o means to prosecute our
and of occupations and trades. There is no ~ he's
between banking which finds its Legitimate enpo, ION
advancing the general business OF the community IN IN
discounts and loans, Of which every form of us
trade times feels the and the constrnr,j ant
roads howeycf desirable and important Policy rbIaS tba,
should Involve our banks in adventures which bo1a
remotely, migh affect their safety uitv If tho Ia .
they esteemed by the whole commercial world use
cessary Legislature to its own big eba
not less than to the public, regard them in tol,,
Liberal spirit not as concessions for which oneous on
lions may De eXaete II IS worthy to be considered by
consists with The character State no relieve ts
nancal difficulties by connecting the purchase of IL, hond
with grants considered essential progress
and commercial lis ultimate effect the credit of the
may well be feared Ii might regarded as implying
haste as little proydent the future inpatient and
ons about the Tie stockholders might be consider
ed as consentg TO the purchase 10 escape something
worse and the opinion should prevail that the
was impoitic ae banks wonld be druscd any dstrn
OF them would upon the practical limit Ia
protnse expenditure imposed h, the absence demand so
long the State tofr h in open market
nora sigh consideration N eslaathS pupc credit would
lost the moment she reseed fictitious /,
might be feared tua. would be wonld b.
natural and ca>y go
lie objected the banks that they used
The notes of each other practically evade their
The prartcc had obtained paying checks in eafrei
funds, called thai is in any issues but Their He
the acts OF the Legislature which required of the banks re-
ceNe on deposit and in payment of debte notes their
issue That which the law required them they
were in common fairness entitled to use The law at
the unattanable result o rendering bank equal val
without regard the places hch they redeema
bic The end was in itself impraccabe plainly would
he to make bag of gold i'll lcwsbnrg worth as
TIN, cty, in export demand The remedy for
the abuse repeal OF the laws which led Tha,
would restore the banks position anterior to M when
circulation uneAeep nable as in any states
Win iu discretion their receipts outside OF the
rcdeemable their they would without q,
had made current funds the source lie
satisfied Of the current prendaes and dsut Of our banks
lie had been, and was opposed toit
The stockholders be They
are before you respectfully asAe H. In Their Judgment the
banks have been emnently netu in the business AMI
merce the industry aud enterprise of The State They
be padoned rinkag they nave uone ihe State good ser
vice. yet 1t be CONSIDER
banks Indispensable tom active busy progressive people
Is 50 fixed in the practice and faith of the world
ingly defy correction The disposition cherish thrm
with the spread of intelligence and liberal institutions
II has been claimed for them, with what justice the learned
Committee viii decide that they tend to reduce the
compcoto maintain stable markets and to discour.
monopoeS. Iy their agency capital is made active
private hands and devoted under the lion impartial
eounsels to the benefit Our Commonwealth has
proted by their timely assistance. the Treasurer will
1 Inform you Without banks OF currency would
as now consist Of bank nrs and we lonld he ri Tho risE
without any share the profits of the Institutions deprived
besides of the security Of having them amenabe law
Earnest as the desire OF the sto khoder to have the
continued does proceed from any idea that they
Interest in the result peculiar to themselves that they
would lose or suffer by refusal They feel OF Their
Investments and know full well the value money would be
enhanced by closing the banks As body neither
ro" nor are in debt Their capital would restored to them
81 time when almost all except themselves would be borrow
ef and sellers, and would have value above bank
St their desire continue Their Investments il
please the Legislature retain the banks liberal and sure
o"S convinced they are invaluable to tue public ard that
disasters wide spread and anentable would upon
termination As class the stockholders
pendent and philosophical themselves any cen
eessons which wouid subserye and
wal II they the only parties Interested the aues iu
OF retaining the banks would be beneath the sulcnuty
grave state issue The dividends most exceed no mod
crate return Tor the risk incurred and there
ntN rs v oil hptf
has signihcaace above aud beyond the rnoucfs
stockholders The closing Of the banks bflnl unog
community instant and crushing embarrassment Ir,s
would be the the iutrepid nj
P"goshere would be none, until rev ing eue.
XII of the people had discovered cxpdient to n
ll'ce the Unconstitutional invention of which they had been
| deprived
He prayed the Committee accept his grateful aeknov
enents for their kind and atfern The opin IFS
aud views he had had the express those
tertained citizen, after little experience and oserva
ti,n. The institution which was conpect,d neither
expected desired that he -houd ANYTHING at yariau,r
with his @5Iyeous the prblic interest and pnjry
lie may have appeared To speak with confidence but he
begged 10 assure genemen with whom his misfortune
10 der mat he entertained for them and their opnous
! most entire aud unaffected respect.
| 4 tLSsEs! AND ORCHARD GRASS SEED.
~ We hay" IN Store Clover and Orchard Grass seed on
| siXnmcHt AID ut sale.
le2.E " LEE & JOHNSON
EpiHD SEED Canary, Hemp nnd Rape
H Scots fresh and clean just to hand and at
tel d&cihs J. II. THOMPSON & cos
Am - y 4 a. .--IfitIincry and Fancy 90 "a
Etsy3 ,pt'l)S--lhe undersigned having purchased--s
WA IL r. Hehings entire stock OF Goods ken ISla
me same stand formerly occupied by him yyou.
most Respectfully ask the liberal patronage Of the
friends and customers ard the public large AZ do pledge
.en7eII'S - do all II their power to give al
those who may favour them with call We expect TO keep
has kcliI