The Washington union., 1857-11-13
ring the past ten years
GOV. McRAEs MESSAGE.

We have before Ills the last regular message Of
Gov McRae to the Legislature of Mississippi. 1t IL
forcble, wcl-written document-full OF gratifying
statements and sound practical suggestions. We
give below tho Governors views on banks and the
present banking system:
IA gloomy crisis has recently come and is now pre-
vang In tho monetary affairs Of the country, growing
out of the evils OF currency inherent In the bank
ing system which issues it representative OF coin,
cheapening the actua value of money, and enhancing,
In proportion the price OF every article Of necessity con-
venience or luxury, and really representing the
confidence OF the community than 1t does any actual
value The consequence is, that when for time con-
fdence high in this spurious representation OF con
large issues made by the banks the inferior paper
currency predominatcs gold and silver to cicu
late money becomes cheap prices high speculation is
rife everything is represented by fictitious value, every
individual extends his credit to the futhes extreme and
every branch OF business is expanded to the utmost limit
Having reached this point there must necessarily he
reverse business fails to be profitable individual credit
fails with it, engagements cannot be met confidence is
destroyed the paper currency fills the land and is found
to be the circulation but not the money Of the country
it Is fictitious representative Of value the banks
which have issued 1t cannot redeem It In COIN Gold and
silver which is actual money, then become dear; every
thing else except articles Of absolute necessity becomes
cheap credit is gone property of every kind is sacri
feed the laborer is thrown out of employment. or can
not obtain his hire the producer suffers loss in the price
of his staple whatever it may be; the consumer has
interest Of the country sue This condition Of things
necessarily grows out Of the Inherent evil of the banking
system itself and every rejecting mind which has wit
messed the revulsons which have occurred in
day. from the crisis in 1887 to that which Is
upon the country in 1857 cannot Il seems to me, fall to
perceive and appreciate it.
Mississippi, having almost wholly rid herself of the
banking system for than fifteen years past IL not ut
this time serious sufferer at home in the present
crisis from the evils of paper currency but Its perni
cous influences felt by her in Its effects upon the price
Of her great staple, which will not even command
than twothis Of its actual intrinsic market value,
owing to the general failure of the banking system and
the destruction of confidence throughout the
whole country Az evidence Of what might have been
the condition of things in Mississippi under the banking
system had ii prevailed here In other States have but
instance the fact that the only two solitary small banks
which yet exist in the Statehe Northern Bank Of Mis-
sisspp and the Commercial Bank of Manchester under,
supposed by the country, the most prudent
ageent nd with all the experience before them of the
explosion of the banks in Mississippi from 1857 to lS40
have both suspended payment Of their notes "