Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-10-05
WASHINGTON NEWS AND GOSSIP.


on Saturday last, has recovered, and was this
morning engaged in the discharge OF his usual
duties at the Executive Mansion. Shortly after
his return from his recent flying trip to Wheat
land. he experienced slight bilious attack,
thus so soon happily over
"VIRerNIA MoNEY."-The Richmond En-
aminey contends that a large class of the Vir-
ginia banks were never specie paying institu-
tions, illustrating its meaning by showing that
from their location-that of their points of re-
demption it has always been practically impos-
sible to demand specie from them. That is; for
others than brokers in whose hands considera-
BILE amounts of their notes had accumulated,
who 60 to the expense of sending special
agents over shocking country roads to demand
their coin. While this is true, land accounts
for the very bad odor in which even the best
Virginia bank notes have proverbially been
held at the North and elsewhere,) there are,
| nevertheless, banks in Virginia whose issues
are necessarily as good as those of the New
York Safety Fund banks, which, under the law,
are so created that they must be paid in full in
specie, We care not how managed. Of them,
and the probable effect of the continuance of
the existing want of business confidence in all
directions, the Richmond South says:
"It would be well for the holders of the notes
of the so-called State Stock Banks to remember
that if they lose anything by a hasty and inudi-
| ciOus disposal, they alone are to blame for it
| The state, holding her own stock collateral
security for every note issued Is ultimately bound
1 to redeem every red cent in the shape of bank
note issued by them. Besides il is asserted that
| the stockholders of such banks are individually
liable for any deficit. In consequence of the stale
| of uncertainty produced by the arrangement in
| money matters, people here are put to great in
| convenience and trouble In making change and
| eifecting sales. Trade has been very much Grip
| Piled, by reason of general feeling Of distrust
| Should matters not mend, serious results will
| n cessarily follow. The tobacco manufacto tor es
| not being able to sell that article will have To-
| close doors. Should they do So state of things
| will be produced by no means desirable. Other
| large manufactures will be similarly affected
As previously announced, the city banks are re-
| fusing all issues but their own, meanwhile con-
| tinung the exchange of currency between them
| selves BY this means many who have notes to
| pay will be caught foul, and suffer great trouble
| The brokers, who are just now harvesting in a
better field do not seem disposed to afford tenn
| porary relief by buying up uncurrent funds at a
reasonable rate. In a few days, having extracted
the cream of their present joke, they will recur to
4 this rich placer
| The APPROACHING Iowa ELECTIoN-Our
information leads US to the conclusion, that in
the approaching Iowa State election the Demo-
cratic gubernatorial candidate, Mr.. Samuels-
a gentleman of great oratorical powers, for
merly of the Valley of Virginia-will triumph
by some five thousand majority; and that the
Democrats will carry handsome majority Of
the lower house of the Legislature, as well as a
majority of the Senator'S to be elected Those
holding over, however, are Of the Republican
party, and with the Republican party Senators
who will be elected, may possibly be able to
control the body, and thus prevent the election
of an United States Senator; an operation by
which they cannot possibly gain aught, inso-
much as the majority against them year
| hence will be greater rather than less In the
matter of the United States Senatorship to be
filled from that State, we have to say that it is
| already very clear that the able, popular and
| indefatgable gentleman whose term Of service
from Iowa in the Senate of the United
States is about to expire-George W. Jones
will surely be re-nominated. That fact is suf-
fciently plain to US already. No man ever
served a constituency more faithfully or to
| more purpose. He richly deserves every honor
at the hands Of his constituents, and their
heartfelt thanks
SENSIBLE VIEws.-The Courier and En-
qn'rSr, in a late article upon the financial
condition Of Pennsylvania, takes occasion to
| deprecate the evident disposition of the bank
officers OF that State to rely Oh (State) govern
ment aid to relieve them from the responsible
ties to the community of their privileges by
charter In so doing, the editor clearly and
forcibly defines the duty Of the government to-
wards the commercial interest or class, showing
that its province is simply to preserve a high
| do Of "a. =.
in trade to deserve that credit; at the same time
equally deprecating, in fitting language, the
idea of Furnishing the mass of the banks of tho
State for what has occurred, for which thew
were not responsible, and the idea that the
Legislature can properly sanction banking for
any length of time except upon a specie basis,
and that only. We quote the article to which
| we refer, as follows
" There Is ever a tendency among people I'm
such trouble, who see no Immediate Resource no
easy way Of escape to appeal for help to the gov
eminent There Is vague idea that in some way
the state may prohtably intervene ''restore con-
hdence" and ''sustan credit" But the idea is
altogether unwarrantabie. Credit is the belief
entertained in mans resources; confidence il
The general feeling produced by that belief tits
the business Of the State TO keep up the standard,
OF credit, so that they be steady and not liable to
deterioration; but IL is not the business Of the
state To sustain credit, or to keep il fixed That.
depends upon the diligence, probity, exactitude,
and discretion OF the individual business men
and II Is their business to sustain credit indiyid
ually as II Is collectively their business to mpart
"conhdence." Credit is the result of conduct
not matter OF convention; confidence is a feel
ing, and cannot be decTeed. The duty of the
state is to keep stable possible the standards
OF credltj II Is the part of business men to main
tain the credit itself-their part to sustain their
own coincidence" IN their own body. In the
business world as we'll as in all other departments
OF social life there is Pertinency In the exclama-
ton
I" How small Of all that human hearts endure
That part which laws or kings cause or ire
bnt while II is not the duty Of the State any
more than it is its faculty. to provide CAPITAL for
merchants In time OF crisis by relaxation extern
sl0n' the loan OF credit, or any other means 1t is
us duty 10 provide and maintain the best form Of
currency, and thus, as far as possible. keen the
standard OF credit invioate Ii will be the nm
doubted duty Of the Pennsylvania Legislature to
save me Banks OF the State by leyalizing their
Of nv.