Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-23
From the Washington Union.

From the Washington Union.
Annual Message of the Governor of Tennessee.
We have before the message Gov. johnson which
transmitted to the legislature of Tennessee the
9th inst 1t is long and ably written document, and
contains many recommendations which, at this particu
lar crisis in the financial affairs of the country, could be
acted upon with signal advantage to the public interests
in nearly every State of the Union. In regard to the
financial condition of Tennessee the governor says
ct will be perceived from the tabular statement that
the actual Indebtedness and liabilities Of the State for
internal improvement companies and the agricultural
bureau will make the State liable for the of twelve
millions eight hundred and sixtysix thousand eight hun
dred and ysix dollars and sxtysix cents 500 ,856
66) up to this time. And if all the internal improve
men companies apply for the aid of the State which
have been authorized to do by the various acts of
semby which have been passed to encourage works of
internal improvements it will swell the State debt up to
not less than twenty millions of dollars, (200000OO.
The governor is no friend as will be seen from the
following extract of partial legislation or
overlooking the interests of the Industrial classes and
favoring and protecting corporations
The legislature with great hberaity, has aided other
important interests of the State such as railroads and
agriculture Will it not therefore extend similar aid to
manufacturers and mechanics and doing place these
great interests equal footing with the other indus
trial pursuits Of the country and thereby exonerate the
Legislature from the charge of nvidOus and partial e
gslation? # you legistate for one teglstae for the
1ChOte.'
In these bank-note, bankrupt days. when the paper
currency makers have such a suspicious control
the action of too many of governors and legislatures
is indeed refreshing to observe the honest fearless and
democratic position which Governor johnson has taken.
We make the following extracts from that portion of his
message which relates to the banks
If banks to be continued for the purpose of
king and issuing paper circulation it would be but just
and fair to give to each commercial division the control
OF its own banking accommodations, and all the circua-
ton issued by banks in each of these commercial divs
ions should be made redeemabe at the counter OF the
bank where issued and at the principal commercial point
in each division. For instance, to suppose East Ten
nessee to constitute division let all the circulating
medium issued by the banks in that division be made
reeemab at the counter of the bank where issued and
at whatever point may be deemed the most commercial
in that division And with the middle and western
divisions OF the State requiring each of those prn
cpal commercial points to make arrangements with the
other two for the redemption of their paper circulation
whenever it passed beyond the commercial boundary in
which it was issued. An arrangement by the banks,
upon principle of this kind would exert a powerful
and salutary influence in making the bank paper uniform
in value and quantity when thrown into circulation by
each of the commercial divisions and at the same time
leave each to determine the wants and necessities in
gard to banking accommodations in each commercial
| division.
q have stated that the circulation of banks in this
State the lst Of January, 1857, was eight million
dollars. l will now add that the entire amount of
specie III all the banks, great and small with which this
eight millions of bank paper to be redeemed, in
round numbers, was two million dollars The bare
statement of this fact must be conclusive to all minds
which are familiar with the operations of banks that
eight millions OF bank paper, resting upon two millions
OF specie cannot be sustained whenever there is pres
sure or arrangement of the monetary affairs of the
! country.
circulation in paper amounting to four dollars for
che In specie cannot afford sound and uniform cur
rency. A circulation which can be expanded from two
TO eight millions OF dollars the interest and cupidty
OF the banks may suggest, never be made uniform
III quantity and value but the whole country must be
subject to the increased dmnution of prices for all the
products of the country just proportion as their bank
accommodations expanded contracted This state
of things bad enough when brought about by all the
banks but to confer such power upon any one insti
tuition, whether it be State bank otherwise embrac
ing separate and distinct commercial divisions to b
controlled by directory in the city of Nashville is
state of things which hope will be brought about
by the representatives of the people of Tennessee
i
"Our State very properly requires security of all its
officers having charge Of any of the State money pro
perry individuals require security of each other in the
daily money transactions, and there no reason why
corporation chartered by legislature with the priv
ege of issuing notes. checks and bills of credit should
not be required to give ample security to the notehod
err The integrity and business capacity of bank officers
is often the principal capital of banks Past experience
has taught US this is not sufficient guarantee to thu
note holder that he will be paid when he presents banl
its issue 1t becomes therefore matter of frs
Importance for the safety of the funds of the State thu
security of the people and for the prosperity of all branch
of industry that in granting charters of incorporation
when special privileges guaranteed to the few credi
should not be given such corporation until it is deprived
of all power to do injury. cannot see the necessity
our State creating bank continuing one already ii
existence with power to emit bills of credit on tn
ground that we require fiscal agent to receive dsburse
and keep more safely the funds of the State"
/, A MARRIAeE-The French papers announce tn
marriage at Malmaison of Gen. San Roman, who wa
formerly under Secretary of State in Spain for the Wa
Department. under the Sartorous Ministry, to Mis-
) Rob, daughter of rich American merchant Ouee
> Chrstiana the Duke de Riancres, Gen. PIN M. BRAY
Muro, and several other high personages connected wit
Spain, were present.