The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-08
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s..s. lire New Ycrk may issus upon stccke
x.r~nes Il has a"elssrfne hcuseV 70 ksep aown
ssreaIssion: bu. % agricultural ssste, whose cofa
.ersa 4 not active sacssh 70 sestis balances sees
r. uust have eireaiation equal - Tee capital sna
no barls except the spscs basia can b ms'e saw
n the tss,.,ature, then, takas up the subject o.
a general banking law, would rsspset'shs 'e'"'"
''i lac rh.. su. on. plan o. bastinsee adopted
ID THAT each corporation he inaspe WV
- not allowed TO have branch or brssches.
"a Ths. each be authorized to issue only Two OF
notes for one Of capital .u....
Am 10 sane three # mites for ~ OF specie,
"a ~, .,,,,,. nnSey forfeiture Of charter
AN 10 redeem all its issaes 10 specie.
s,h n rasuired 10 register all their notes Issued,
tn acme government ofuce
IN TO issue no notes under $40.
Ssh, TO be separate from the state and its
ssanca4 except 90 far 20 negotiate loans and to
yseetse deposits Of public funds.
9TH To be limited 10 dividends to seven per tent,
aud reserve ali surplus oYer that per cent for
contingent fund, 70 guarantee specie payment
loth. That greater governmental control be re-
served oser them to supervise their proceedings
and 70 pverenf violations II their charters
lith. That whether the state owns stock 10 them
or not at least three Of the directors be appointed
by the state; to be sworn as commissioners 70 re-
port quarterly the condition of the bank anu that
said commissioners be not allowed to own STOCK IN
or 10 borrvw from che bank whilst acting 40 d.
rsctors.
i2th. AID that for sutHcisnt oause the lsgisla-
sure or the executive should have power TO insti-
tute proceedings % close the pshk sno PUT IL IN
IN urse Of liquidation.
IL rh.t the hank. ne allowed to bank upon lin.
tied amount say onehalf only Of the deposits made
in them.
he safer to the people and better accommodate the
commercial communities And nothing shorter
OF some such limitations and restrictions can be
relied 60 guard the agricultural states from re-
81 hAf
years ago only we were suffering from the opera
tious OF q mammoth national bank. which control
led oar commercial aud fsa0cial relations, and ex
banded aud contracted 10 SUIT the speculations OF
ffs managers Ii warned forever against the
evils of any system with its psser Of mischief /,
% strange that imagined that we rid ourselves
of money monsters whom the Bank Of the United
States was crushed, Ii was a great conquest to
overcome such an instrument of Capitalization
aud 10 was hoped that the like would never again
threaten onr liberties and fortunes. But a system
equally dangerous, / fear, has resulted from the
want of a consentaneous regulation OF state banks
Have not q few city banks of New York now almost
the same central and speculation, and expanding
aud contracting power over finance and currency
which the banks Of the United states Was want &c
weldi True, we have the benefit Of the indepsn
dent treasury. and its specie feature is in valuable
fr public credi, and for relief in times like these
But does IL really receirc specie and dis5urse tn
identical funds reoeiptsf II does not The GOV
eminent Is authorized 10 sell DIR, a. on it's deposi
worries NJ par t~oturue OF It's revenue collect
at New York, and there is the chief DEPOSITORY o,
which drafts have been drawn The public fund,
received there, and by the aid of drafts the dis
bursement are in esct made there also. DRAFT FOL
expenditures here At Richmond can be sold at
premium New York; and instead Of bringins
specie here, TO add 20 basis by circulating tn,
amount disbursed IN SPECIE the United States Gov
erument turns broker, cells the draft, draws pre-
m um to he trea.ury at Washington, draws s, eel,
from our bank, hiuders our local accommodation,
pro tanto; and the draft goes to New York and
draws and expcnis tie specie there. Thus. by the
Iosers u receipts and expenditures both the
bank Of the commercial centre, powerful enough
alf.ady are made more powerful It'll every thing
ceutraizes in them ana they can put the whole
dependencies of trade at fh"ir mercy az any mo
meu; when it may be their interest + ri,' ~
wires of expansion and c-,ntr ction. ni.n tnt
balances in their hsnus, they can ierce the banks
Of their satellite centres to any line of necessity
which they choose to impose. In respect TO danger
and disaster. in what does this differ fr ON a ne
tiouai monsterf
Woliitn not be we'll to repeal this power of di.bur.
ing cfc u sell drafts on the deposltores and or
the los ~ sdop; some uniform rsts interest OF
the Use Of mon"s.s unliarn demon IA -. noies
aud re- st,vs arn5unt Of p.cis ak circuls-
tipD IL s by ou- Inst no one stat can p7orerly
or Independently regulate ITS ,rsde and finance
hong there are so many VARYING systems in our
Ca 81 - Of states Can sufficient nulnb4r OF
states De brou <ht,o al opt uniform rule OF
without irreyoc4tly incorporating thu rule in Al
auien mint OF the con- til zion OF the United States
"eousht TO guard nor Only asspst the revival o.
81 ssn or resulted with ike ,owers, AM alike dan
eerous The STATS rhemsei ives, without investing
the general ut with suy more powers AT
Il hs- already, may operate 10 plan 80 brins
about IN fo NIFTY in bsnkins and in regulating tbs
currency Their laws ought nst 10 conflict; and the,
cn1h' To Gu ult the general sod hy cuncurring il
shn- nsllt olssslsttou those vit.l subJec
Ma 72f Pirgilia move ia proposing conference O
tas IA. = 'oattaiu this desirable nd without anne Id
NJ III. -n-ttution vf the Uni ed states
make tiiese "a s1es.i5ns worthy OF ynu- saria,
CONFEDERATION. The loo 81 bank and other cor
20 sions tpr at the commercial ceutres are threat
enns To become national their m hiels ~ " a
1tte mammoth monster of a nstiooal bank il
self Tue M lister OF money power is q b ydra; on
If its heads only has been destroyed another Ia
grown, aud must he cut II The money power mus
be checked, by being more equally distributed an
fts rentra zaticn be dispersed
Htvinx occupied much space in a condo nse
discussion the nnaercia crisis and it's effect upo
cur INKS and finances must defer the kindred an
collateral topics OF the usury laws. and the queetio
Of their abolition and its probable effect upon pryat
and public CT. dit to a special message.
With the highest respect,
have the honor TO be
Your obedient servant.
HENRY A. WISH.
Richmond, December Z 1857.