The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-25
The Isauks.

-,....,,,. r,,atIns 4, the Banks and systems
So d, This country ara exciting great deal
- st..n..ien. as they avs do. during the
a,..sn .,on Of specie payments. It's TO be hoped,
h,ma,ar. that the re.als will be something more
,,t. ,mnrnvement than has e"en reached by former
attempts With that object
The greet difficulty ia this couutry Is the variety
of Ranking sy.tcms eoncsctei and put In operation
by ,hlsts-one States, ultimately connected. COM
mersial!y, ss w.il a. politically. Under these sys
tao,.. over thousand banks have been established
All ~ them manufacturing hssk Hcies at al de
= 4,niusti,u. from one 80 avc hundred dollars
Their specie bases have heea from one hh OF their
eircni .tian down TO nearly NJ basis at sill. The
commercial standing 81 these psper issues has beer
pe,araitv speh a. that the holder could not pass
then, ont II the haiiiwick whose date they bore
AMI hal to cell them AZ a heavy discount 10 the
a.,ar. .n Rank notes Sor can the holder, under
the .y4tem OF Banking univ. really rursuod, easily
>.k. them 10 the place they we're manufactured for
pa, paent; for that system allows every Bank 20
p.. cut anything IL piesses. and therefore all on
dsavor to keep their notes as far from home as pos
sibls swapping notes with ore another for that
purpose So that tho paper money thus Issued from
a thousand sources, 10 IN fact not convertible. Be
aides tAe rnutifsrioas descriptions aud devices OF
the notes favor counterfeitinS 30 much that
.he country Is ever so,ed with counterfeit notes
to The serious loss of honest people, who cannot DE-
tect them.
.t,. Ions 70 the commercial public by the de-
yraeiatinu Of Bank notes outside the State where
}s.ued - immense. What Is known Gs Virginia
currency and 1t lie as good currency as any IN
the Tnfon--is in New York ever at discount OF
s<to per cent; Ard North Carolina Bank notes
uu.t a. good as ours1 are al ways st discount Of
Ia IL per cent In this city. The conducting OF our
enmm-reial intercourse, with paper currency 50
generally deprteiated involves heavy tax, that Is
taken ont Of the pockets VI the people for the ben
eht of the Ranks.
Rst the worst FEATURE OF neB-epeeie paying
AMI mu!tItarirus Banking system IL the alternat e
expansions and contrsctions which mark Its hl,'
tory. !. ;empts people to extravagance and when
til adverse balance Of trade becomes heavy. an
gold ia demanded 10 meet IL. they rapidly contract
20 IN ruin >nd distress of the community.
Our Ranking sysfonI, by it's unrestrained license
10 manu.+c'ure and emit paper money, deprecatss
money and inG.tes the value OF labor produce
manu- sctures. and property Of every kind. Cur
manufacturing labor, therefore, cannot compete
with that Of those foreign nations who have solid
monetary systems. whore money is not deprecated
All whose labor and property are not enhanced by
cfprt ciated currency. The fabrics of such ns-
sion must unGersell ours. even at our own doors,
and ben :hey are 10 be paid for cannot exchange
cur Deprecated paper for them; but we must part
With u gold. and thus diminish that banking
be-i, which is already very deficient.
How are thess serious ev lie TO BE- remedied A
national bank is out Of the auestion. The Sui
Treasury ahich has been Of undouhted service In
checking the banks. has been yet unable to accom-
plish -reB az much as It's advocates predicted Nor
d. We reueds IN the proposed tax on certain
denomination of notes and Bankrupt Law tor the
banks by Congress. Upon tie States We will still
have to rely for regulation OF the system Of pa.
yer money tauEs. which It is improbable they
w,ll yjeI! the right to establish and control What
ever they may do, each state owes heavy tesHonsi
blliy 10 the Ca.on to its wisest and best
sures 70 purify sud correctits banking system This
dnty it owes 20 ifs citizens, bat still
n,uly to those innocent persons no live in othe,
State who NUT turtr by tad system they can
have go part in creating
The banking system OF Virginia n az good o,
THAT u any Of the ststes; but It has its defects.