Staunton vindicator and general advertiser. (Staunton, Augusta County, Va.) 1858-1860, 1858-04-10

49, OUtdiH SpeCic lOI llGSc .NUteS, LHct iuuSl
pay premium of one quarter of one per
cent. They have larger amonnt of spe-
Gle within their reach, but must pay an ad
ditional tax in coEs ,quence. This looks
like taking from Peter to Paul.
But whatever objections may apply to the
operation Of the new law on parent banks
and their branches, they are vastly surpass-
ed by the operation of the same law on the
Independent banks. Each Of these is oblg-
ed to establish paying agency, at Rich
mond or at BALTIMORE which agency shall
redeem their notes under the same regula-
tons which apply to the paying centres Of
branch banks. Thus citizen of Virginia
holding notes to the amount Of 5000, must
first go to an independent bank in the val
ley (Which will undoubtedly select Balti-
more as its paying centre, there exchange
his notes for specie draft On Baltimore
send to the latter place. and then transport
ms specie to Virginia. In other words, a
citizen Of Virginia is to be sent outside the
State, to collect debt which is Justly due
within the State. It yet remains to be de-
cided whether the General Assembly has
not, in this instance, overstepped its Con-
stitutionai powers. 1t is useless to urge that
exchange viii probably remain in favor Of
Baltimore, and thus the specie draft can be
eashed IN Virginia. The principle remains
the same, and the inexpedieney of the ar
rangemeat is still apparent. Are we, in
stead Of ezerting the wisdom Of legislation
and the energy Of enterprise to turn tie eur
rent of exchange in our owe favor, called
upon to raise exchange still higher in favor
Of Baltimore.2
Again. The specie sent to the Bdtiasere
/ agency to redeem Virginia notes, will be
deposited in q Baltimore Bank. We did
think that our Legislators lad recently Wit
messed enough Of the disastrous effect of
shutting up Virginia specie in Northern
Banks. The experience Of the last few months
has demonstrated that, even the balance of
trade in our favor, thus becomes an absolute
injury in the event Of monetary crisis. -
The suspension Of specie payments in Bal
timore, Philadelphia and New York, has
| just shut out Virginia capitalists froln their
own specie, and, in the teeth of this recent
experience, q large additional amount is to
be sent, by legislative authority, to the
vaults Of Baltimore, there to await another
drop Of the dead fall
Again. If there be any advantage to be
gained for Virginia, by thus stocking Balsi-
more with our specie, why does the Gene
raj Assembly discriminate between the two
sorts Of Banks? Why are are the indepen-
dent Banks alone permitted to enjoy this
precious immunity Of choice between Rich
nlond and Baltimore? Is it intended by
this means to enable them to supplant their
competitors? Or, is this scheme nothing
more than decoy duck, employed to lure
the independent Banks to certain bankrupt
cy, by breaking down their credit at home,
while it offers the promise of enhancing their
credit abroad?
Another question. Is the State of Vir-
ginia to take the notes of these independent
banks in payment Of taxes? Is the State
Treasury, as we'll as The citizen, obliged 10
send drafts to Baltimore, there to collect
/ specie for public disbursements So we in
terpret the last act Of the Legislature A
previous Legislature DEGRADED State credit
BY establishing Virginia State Treasury
brokerage at New York. The present sot
establishes another at Baltimore.
We beg leave toiexplain to our readers,
that we were not advised Of the obnoxious
features Of this act, previous to its passage
Had We been so advised. We would net have
failed to warn the public Of Che impending
stroke. The bill was hHrsied through With
out much consideration scarcely with ,an
attempt at debate. In the House Of Dele
gates, it passed withouta division, and many
members Of the House were ignorant of it's
provisions.
/. The evil issnow past present remedy, We
I.haye nothing left US but to regret an act Of
aunwise legislation, and endure tie conse-
quences of another effort to proyincialize
Virginia. This is all But this all is more
than enough. 1t is noxious to State enter
prise. It is degrading to State credit. It
lis bitter as gall to State pride. Rich. En-.