American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-12-25

4
mond. Seeing this objection to be sound
and the suspended banks pledging to
redeem their notes in the hands ofthe
Treasurer in bankable fnnds, aud to
meet the demands of the Common.
wealth for their proportion of specie TO
pay the interest on the public debit and
knowing that the collection of the reve-
nue. could not be made and that the
Itax.peyers would be made to suffer,
williou, receiving the notes of the sus.
| pended banks, he deter mined no, to
prohibit the receipt of any so long as
there was no evidence of fraud, and SO
long as there was an evident bona tide
intent and apparent ability to protect
oul own people and our own public
credit.
The Governor reerctling "a be com.
PEELED to prohibit the receipt of the
notes of the Kanawha Bank; but it was
not for want ofconiidcnce in its officers
Its assets were owned out of the State;
large portion of them were removed
| for collection out of reach of our pro.
cess; much of them was in the hands of
the Ohio Trust Company, and our rev.
enue was at risk. without any profit to
any portion of our people. A full in
vestigation will show that the procIa-
nation was none too soon to save loss
TO the treasury.
The deposit banks having sus spended
also, and there being no longer n specie
paying bank left in which to deposit
the public funds, the Governor, in the
exercises of CHS duty to direct in what
IotAer place they should he kept" deci-
ded that still they should rot be reno.
we'd. This was, first because no other
place was deemed at all more secure,
and, secondly, because. tie CDmmon-
aoeaih haciag issued paper money, too,
in the shape of ftreasu,y notes, and the
law allowing thom TO "be received by
way of set off in liquidation of al. lax.
es and debts due to the Common wealth
after the 30th September, 1856" the
banks might have handed these to the
Treasurer upon his demand for the de-
posits. In that case, instead of a reno
val of the deposits, there would have
been only payment of part of the
hoatiug debt at the cost the revenue
necessary for current expenses Thus
the removal, without being available To
any good end of safety or even of ex
ample, would have only added to the
alarm and panic already fearfully ex-
iSting. But, above all, the Commission.
ers of the Sinking Fund had advertised
to redeem 1854 900 Of the public debt,
which. OF course, required specie, and
The interest on the public debt was to be
met in specie, and the only agents to
accomplish that eud, which the State
conld employ in these times, were her
own banks, and chiefly the deposit
banks. They had done all in their pow.
er to maintain the States credit were
willing still To do so, and it was still
dependent on them. The Governor,
therefore, not feeling it imperative on
him to discredit them under such circum-
stances. did not choose to do SO, and
accordingly gave final order to tho
Treasurer to continue TO deposit The
public funds in the three repositories,
as usual, provided they would receive
the notes ofthe other banks and credit
the same tn the Commonwealth"
After all this, the deposit banks con.
tinued 70 discredit the notes of the 9th
er suspended banks. The governor
then directed the Treasurer to receive
and pay out the public moneys as pro-
vided III the 29th session of chapter 5S
ut the Code-on tho warrant of the
proper Auditor, without any degosH be.
ing made or check drawa upoR a baak--
ordered the State funds then in the de-
post banks to remain until regularly
drawn out, and suggested to the Treas
nrer special deposit of bank notes
thereafter received by him with the
deposit banks for safe keeping-there
being no safe place in any public build
ing
Al this time it was thought that by
The 15h Of December there would be
at least 81, 200 5000 Of the revenue col
lected in the notes of the country banks,
Of which amount so per cent. would
probably have TO be converted into spe.
Gle in order TO meet the interest on the
public debt due the 1st Of January next.
Notice was given TO these banks accol-
dingIy, aud has been 80 well observed
that as early as the 23j November the
treasury Office reported -
Specie or it's equivalent, $3.50, ,454 10
On special deposit, d76,409 76
Revenue received, Si,206. 953 95
To credit OF Com.
monwealtb, $685. O5
/ To credit Of Lit
erary Fund, 24,780 Sc
To credit OF B'd
of Pub. Works, 56,23o 10
To credit OF Sink
I ing Fund, 447,936 %
---------------Sl 206 953 95
BY the 18th December this amount
will be increased TO neatly a million.
Here the message goes into a sories
OF tabuer statements intended to"sh0w
our other relations tn and depepdep