Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-25
Il illEDiToRs q FRorRIEross

/ ~ 4kSAStt >IsS o FItAyf-ftls- SfNSts 2 =
90 uoixVIEOLE No. aIY.dsei
20 $3.50 49,. -.
| Eonld be rscieSed In tie notes Of suspenss
dsd banks other than the deposit banks
and btanshst That about, one. third of .
tbis amount would ptohsbly be redeem
ed by dues tsesn shs eomtn6nssalsh.
ieaying EbAianee due by The banks for
thsiE hotes ssestted .of about $500. ooo.
The balances of'spseic innds which the
leommenwsAlth then had Ia the deposit
banks WAS Q lttls more than S9oo.oo0.
This dsd noted, would Leave about Seoo.-
ooo of The notes received for revenue 10
be Converted into specie OF lis equivalent:
or. about SO per, cent. il was thought. Of
notes received tor rssenue 70 be thus con-
Yefted IN order to meet The interest on the
public debt, amounting 20 Sa00.ooo 10
round hnmbsfs, by the 1st January next
Irequifsd notice t6a be given by the
treasutSf of this probable proportion.
aud 9 circular rs be issued To the banks
whose notes were received for revenue.
TO the effect that The treasurer would be
obliged 70 convert these notes into speeie
or ifA equivalent from tims to time. as res
ceiyed into the treasury. That the. banks
would be expected 10 redeem their notes
then received aud TO be received between
che ed November and the 90 November.
With specie on the lat, and from The lSs
TO the 'ioth OF December; aud their notes,
which might be received after the Ioth
November and before the 18Th Of Deoen.
ber.o TO De in like manner redeemed on
the ] I6ths and from the 18Th 70 the a5th
December next And to enable the treG.
surer to perform these additional duties,
and to prepare weekly statements and 90.
tices to the banks, authorized an addi.
tionat CLERK, who vas Immediately ems
ployed and put 'At the work. Since then.
by the Accompanying letter Of instrue.
tion,a / directed The treasurer, to require
each bank, whose notes were received. 30
redeem them or any proportion Of them
necessary. without regard to. any other.
notes received on,eaeh bank respectively
which Issue Them. The last was YER.
bal order to require the banks whose
notes were reserved. to redeem so PERI
cent. only thefeof by the lsIh Decem.s
Der. "a This will place nearly million Of
specie funds in the treasury by that datesF
The treasurer hasfaitbtuily and promptly
done his duty. and the banks have metB
theorists With cred oathemselses, anda
saved 9thes credit aofl the commonwealth.
These orders have eall been successful.
AsIsafly aasthta2 November the tFeRs>
urS eofiGS fepoftcd tostne:1 prs aeas.As.
Specie or its equivalent. $50, ,4bs t9n
On speeialodeposisg y1ss476, ,499 as
noiftgReq 6dJ sldBob rs4ii ,--
'roRsve6uSp rseeiFed. 81 ,aOs, ,s5s IS
Toiorr6f Com! e7s.oos os b. oss. ai
=" Bit'y. fund, 2l.780 SO fSst no asG
'"n BdFP. Wg. 56.23o I2 ,i'tae sa o.
-" 'Sinklfund. 447 .934 92 sg +Ea
IL q 10 nniI.7. -------l-- Ss !, ,2O6. e53 96
Thus the Treasury hHs weatherel tbo
Storm aud the public laith has been
saved and public credit been kept sound.
n ~
This shows that the northwesterp
banks are in rYkpaeut balance due
~ other banks TO- them is included in
heir sum total Of MEANS. and yet their
urpluS Of total me ans don't exceed their
deficiency ofitnmediate means more than
'ne!ffth Of one per cent. on their sum 10.
al Of means. Tp' ~ y vta-a3
And here We have 70 note the enpiri.
ism Of attempting 70 draw capital from
'ther States by rGising the rate Of inte-
est on money. ln the northwestesn sec.
ion chiefly this attempt has been made.
md we now see the result--uttsr weak.
ess 10 time OF pressure sWith-o prospect
e uttersimpoverishment. The bankss in
Ohio ceased. com mpAratively. 70 lOan their
otss but they sold bills Of exchange &C
rom l2 to Is per esnt Some Oi the
'ther' States abolished ethe usuIy laws.
And theitnoney changer. broker aud sha.
er'stood at abe doors o! the United States
and Office and the donations by Coo.
'reSs Of alternate sections " States which
,avssthem 70 railroad corporations. stirn.
lated speehlstions 20 lthe highest pitch
finahIiont banks Of every grade were
hartsredsand operated. the most Of them
pom State and other stOeks. with seafce-
scr sunum. And h5N Tafey Of Lintersstfor
he truth Of what vas said by Senator
rom Wisconsin that the drawing OF mo>
aey there upon usury was not the scqule
.i,ion bu. the loss Of cspitsL They will
now begin TO see that money sent abroad
ID but q servant sent 10 be hired for the
profit of its owner. Add Shether that
. Sner resides 10 or out Of the STATE. tTe-
turns TO its owner, at Is per cent. with az
N leh more. or it doubles itself every four
years. Il goes there 20 make PrOhtout
Of the community which draws iG, snd for
the community which sends u. II will,
at such faissd rate, soon take away exc
actIg double the amount II carried there,
and ruin the mass Of those who borrow.
e N.ytll kas-