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

subjeceofa general banking law,I would
Recommend: ~
ist. That bat one plan Of banking be
adopted.
ed. That each corporation be indepen-
dent. and be not allowed to have q
branch or branches.
Sd. That each be authorised to issue
only two Of notes for one Of capital. -1
eth. To issue three Of notes for one of
specie. and no more, under q forfeiture OF
charter. 49,
9th. To redeem all its issues in specie. !
9th. Be required to register all their
notes issued. in some government Office.
7th To issue no note under $40.
9th. To be separate from the State and
its finances. except so fat rs toSnegotiate
loans and 10 receive deposits Of public
funds. =, =.
9Th. To be limited in dividends 10 sew
en- per cent. and to reserve all surplus
over that per cent. for contingent fund.
to guarantee specie payment.
10th. That greater governmental con-
troll be reserved over them to supervise
their proceedings. and to prevent viola
tions Of their charters. :. ID.
stock in them or not. at least three Of the
directors be appointed by the State; to be
sworn as commissioners to report quar-
telly the condition Of the bank; and that
said commissioners be not allowed to own
stock in or to borrow from the bank
while acting as directors.
18th. Aud that for sufficient cause the
Legislature or the Executive should have
power to institute proceedings to close the
bank and put it in the course Of liquida-
ton. y
18th. That the banks be allowed to
bank upon limited amount. say one half
only OF the deposits made in them.
! A bank or system Of banks thus limi>
ted would be safer to the people and bet.
ter accommodate the commercial commu-
mites. And nothing short Of some such
limitations and restrictions can be relied
on to guard the agricultural States from
revulsions like that We are now suffering.
A few years ago only we were suffering
from the operations OF a mammoth ma
| tional bank, which controlled our COM
mercial aud financial relations, and ex-
banded and contracted to suit the specu.
lations of its managers. 1t warned us
forever against the evils OF any system
with its power Of mischief. 1t is strange
that we imagined that we rid ourselves
Of money monsters when the Bank of the
i United States was crushed. It was a
great conquest to overcome such an in
strument Of Capitalization, and it was
hoped that the like would never again
threaten our liberties and fortunes. But
a system equally dangerous, fear, has
resulted from the want Of consentaneous
regulation Of State banks. Have not a
few city banks Of New York now almost
the same central and specializing, and ex-
Pandlng and contracting power over f.
nance aud currency which the Bank oil
the United States was wont to WELD
True, We have the benefit of the indepen
dent treasury, and its specie feature is in
valuable for public credit and for relief il
times like these. But does it really re-
Geiye. in specie, and disburse the identi
cal funds il receives? IL does not. The
government is authorized to sell drafts or
. its repositories at par; two>thirds Of it
revenue is collected at New York, anc
there is the chief depository on which
drafts have to be drawn. The publ,
q funds are received there, and by the aio
Of drafts the disbursements are in effec
= made there also. A draft for expendi
q lures here at Richmond can be sold at
3 premium on New York; and instead o
# bringing specie here. to add to our basis
= specie, Int" Z the amount disbursed il
q turns broker. sells the draft, drawsPE4en
n MUM to the treasury at Washington
d draws specie from our bank. binders GU
il local accommodations pro tanto; and III
/, draft goes to New York, aud draws an
It e1pends the specie there. Thus. by til
It powers Of receipts and expenditures bott
% the banks of the commercial centre, pow
}. erful enough already, are made NOR
1t powerful still; ever7 thing ceutralizes
10 them, and they can put the whole deper
10 denotes Of trade at their mercy at an
u moment when it may be their interest I
o pull the wires Of expansion or contrac
d ion. With the balances in their hand
20 they can force the banks Of their satelIiI
!. centres to any line OF necessity whic
}. they choose to impose. In respect I
It danger and disaster, in what does tn
, differ from a national monster? Woul
v it not be well to repeal this power Of di,
/. bursting officers to sell drafts on the de
" positories: and for the States to adoE
,. some uniform rate of interest on the us
lie OF money. uniform denomination {
/. notes. and soma relative amount Of spe
lfl Gle to bank c,re"le,;--rN~Fo'Iy or inde
= r@.|euEiy regulate its own trade and f
It nance SO long as there are so many varv
: ing systems in our confederacy of States
: Can no sufficient number Of States b,
Q brought to adopt a uniform rule of bank
e ing. without irrevocably Incorporating III,
S rule In an amendment of the constitution
i: Of the United States?
: We ought to guard not only agains
= the revival Of national bank, hnt an,