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

3 generally suspspdsd, sshs ESshaags and
Che Farmers Bank suspended. and, The
, treasurer gave ms. otnstsIt inform alton 81
: the fact I direclsd him 70 follow ths
law as prsiefibsd BY the 2sth ssction ol
chapter SO Of ths Code. in insstussioni
/ dsted October i9sh. hereto appended,
la sn9.hsf day thereafter. the Bank Of
Virginia also, Iuspsndsd.. And when
neither deposit banks redeemed Ia specie,
and when thsTs was no longer . specie
paying bank LEFT in which tof dsposii ths
|; public funds. then Il was my duty 10 dt..
rect in what other place they should, be
kept, and to. decide, whether The deposits
should be remoysd,t, Thus ia every case case
4 found IL laid on The executive 70 act Oh On !
4 ly when it was too late 10 act with Ell:
cheney or 20 any good end, I could pro:
claim, against the notes Of no bank until II
actuly refused 10 redeem its notes ID gold
or silver coin. A distant bank could 50
refuse. and its notes be all received for
taxes, before the intelligence could be re-.
eieyed here in Q reliable form time enough
to prevent the mischief. And Il phtrosIa,
masion was made in time. there was 20
means of entertaining. whethor Shefitfs
received the notes before or after pFoeis,
nation. And thus. BY the time The de.
| posit banks suspended. then all had aus.
pended. for they could hold out longer
than any Of the rest. being central and
having the deposit Of the public money.
And TO remove the deposit WAS TO remove
what? Specie? II so. whete2 10 the
rreasurer's Office The sub:tteasuryn Of
the Federal Government n.this city bad
just been robbed of thousands out Of an
iron satel The capitol is highly ipflamS
mable, and TO put specie In It isto tempt
burglars TO risk all our arehivesl But no,
there was no expectation Of having 20 re-.
move specie. Bank notes then? Why.
they we're suspended bank no.esI Aud
where were they to be kept? But there
was q question whether 8 State would
have gotten bank notes even? The
banks would have handed the treasurer
the States own treasury n6tesl The
commonwealth, bad issued paper money
ed by way Of set of in liquidation Of all
taxes aud debts due in the Common.
wealth after the 3oth day, OF September
1856. Instead of removing deposits.
then would just have paid q part Of The
floating debsf That. prehsPs, " ould
have been some relief to The banks. but
where would have been TIE revenue co.
meet current expenses? Andif tie "ffs.
moyal had been available to any go6d
end Of safety or Of good example even
was it, without .some certain good. for
the executive 10, add lo alarm aHd pap:.
ic already fearfuliy existing, and 70 dc
stfoy the only hope remSining Of relief
by maintaining a, calm public conf.
dence But. above all. the commits
sioners Of the Sinking fund had sAdyer.
tised to redeem $18l 900 Of pablict
debt. which, OF course, required specie.
and the interest on the public debt was 10
be met in specie, at New York, on the
lst day OF January next. and the only
agents to accomplish that end. which the
State could employ in these times. were
her own banks, and chi.ea.st; : cdarrers
banks .nBy are by the Commonwealth;
they. as they are. were part of her pol.
10y; they had acted bona ode; were in
as sound and healthful condition as any
banks could be in time Of general pres.
sure beyond their control; they had en-.
barrassed themselves in part by accom-.
modating tho States own wants and
necessities; And had done their full part
in maintaining the credit OF the States
own issues ofpaPer; they were willing TO.
still do all in their power; the public oiSd-
it was still dependent upon their efforts to
it: and was it for the State exc
cutive 10 discredit them. for D necessary
act Of self preservation and an honest sea-
ri6ce to protect our own communities
against the effects ofgeneral pressure and
did not feelit imperative
on me TO do 30. and accordingly gave a
6nsf order to the Treasurer TO continue
10 deposit the public funds in the three
as usual. provided theyil
would receive the notes Of the other
banks and credit the same to the C9m-
Al hrST. So Ea .ge,
the deposit banks themselves suspeuuEu11I
they would no longer discredit the notes
of the other suspended baoks. But the
Virginia and Exchange Banks soon re.
fused to receive the notes Of the other
banks and 10 place them to the credit OF
the Common wealth; and the Farmers
Bsnk alone continued TO do 80. In that
event. the business Of the treasury began
10 be done with that bank alone. But. in
a short time the Farmers Bank. seeing
that il was assuming too much burden
upon itselfto undertake 10 convert the
notes Of the suspended banks. at The end
Of every fifteen days from RECEIPT OF
notes. into specie, notified the treasurer
that il also would be compelled TO decline
10 receive those notes and place them 70
the credit Of the Commonwealth. And
ON the ed November. the treasurer in
! formed me that the deposit banks 81 bad
SO resolved. l Immediately. by the 40
i -. . 10. r -. IsSaafaA