The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1859-12-06

psue seanleoa. ~, ~ nsxt yees teetmeeecoAs
sss:sssS sIsfs sss WI e! sss
A: =: Az ~ \ !
g s,ss a add g
unhssltAtinsly rsco.,lmsnd ths repeal q w act
auo r s saS sasns 81 the
81 don't ranks ii y snciss, one
sow u u no sss Ssos p ana MAKE
no,es payable IN specie on demand, wherever pay
and. Ii makes the noteholdsr, the. creditor: psy
70 the bank. the debtefs discount tor feoe s''"s
Sd. II provlncial,ses our people IN dsgrsalnff
sense by .enuing them certain isscf,nn ana
cascy g bslumure out o. pa ~" ~ sos there, and
discount aiser sstns here Sn, ,aws fs ~
have M SANCTION wnatsse eai,ses,on al debss and
man, -. =, - ID home. which the laws had made
feasemsbie e. par aa ~ People forfeit remedies at
b,,as nnae, hs 18th section OF the 6sth chapter Of
neI ahsp where bank notes are PAYABLE, not out
efsne Sts g. To redeem them at their own cost.
hans which "a moi an intoeraae evil Practically,
il has been disappointed IN It's intended ehect, IN
sspendent saaks less able TO redeem at their own
counters. without at all proport oaateiv strength
eans tae parent hanks and .snees 70 redeem
Ia We not sent the specie t. parent banks and
cies TO meet tia redemption OF their notes and inc
redemption being compulsory there. the parent
banks and agencies have been comps to restrict
tie accommodations in their own i9csitiss. Inns
drxwlng spe cic to the centre. as was expected.
5th. II is law for the benefit OF brokers alone:
drawn by brokers for the promotion oil tneir nusi
ness il could not have operated more seishly lor
| them. To illustrate: Take the operations OF the
The act operates only to aid brokers IN etu,nlns
the notes Of th 4 bank, heh take as me nstan e.
because il has been one OF the sounsest IN Tue
State. This has been done, am informed to.a
disastrous and Gripping extent me Inanuiacfu.e,s
caniarmts w ars Pt,sbers their rival on credit OF
six months. These sales are made 70 persons iFins
kensesy Mfs hs an asss o draw
UPON the persons To whom they Sc a, 81 x inon,hs
and must haze hs S Bans ha, been the
discount of these bills. which is necessary LOT the
existence of the manufacturers nen ahs hank
IA ar the residence of the party upon whom the bis
are drawn They are then pad IN the hank notes o,
currency of that locality, and MT to the credit or
1 tne Northwestern Bank at " h. hns Under THIS
| law by the 9Th section, that bank cannot draw for
smenco is that no bank will collect these bills Tor
the Wheeling bank in currency or bank notes, and
Wheeling bank to avoid these bills, and the manu-
iscturess have to sell them to brokers at a heavy
discount Section 9TH has the same effect.
! oh. The eutlre bill in effect makes the note
holder take drafts instead of specie. and makes
/ HIM pay for it. too; and It is demonstrable that
4 crisis for they weaken the security for redemp-
I Besides repeating this law, other amendments of
1 banking laws ous hit to he adopted.
LIST More power GU ht to be eiven to the Execu
4 tive TO enforce compliance with the laws by the
banks. Now the whole sanction by the Governor
to prevent the receipt of notes for revenue. and
then only In case oil suspension There ought to
he summary mode OF. competing the banks to
keep within the limits of the relation OF specie and
CIRCULATION. and 10 restrict the total amount OF
liabilities TO the legal standard, whatever it may
al. 1
bat whethe separated from the State or not con
troll. ard greater than present CONTROL hit to be
held over them by the Governor and First Audi
3D. There ought MOI to be two systems Of bank.
independent aud have no branches.
4'h. The Calculation ought never to exceed double
the amount OF capital, nor three times the amount
9th The banks should he summary compelled to
redeem all their issue IN specie and to register al
their notes issued IN some government office and
to issue no note under ten dollars.
oh II separated from the State. in stocks. still
to he obj sed to neSotlate loans, and to receive de-
posts of public funds.
IT'LL To be limited in dividends to gwen rate of
per cent, and to reserve all surplus profits over
that rate, for contingent fund to guarantee specie
payment.
Sth Directors on the part Of the State ought not
to be allowed TO own stock in, or to borrow from
the bank any amount at all whist acting as direc-
tors. For mora extended views, refer to my last
| message on this subject.
EDUcATIoN AND LITERARY FUND.
| The literary fund has been increased nearly
| 500 900, and the permanent Investments will soon
| be two millions of dollars. The interest upon this
| will be about Sl20.U0U: and the whole capitation
tax being devoted 10 the common schools, the funds
| for education now To be annually expt nded are
little short of $3.50 600 Surely, some considerable
portion of this can b. appropriated 70 increase
oil the annuItles To the University and Nillttr, In
stitute and other annuIties may be given to the
colleges and TO the professional and hi IA schools
without diminishing the bounties to the common
schools
| recommend:
| For the UniveG sity SIS coo 90
For Military Institute. observation-disclosures. 10 uuU 90
For Med cal School at Richmond. 5 90 ~
| ForFn colleges NEUTRALITY-SUSPICIOUS.. 80 ono on
FOR one hundred high schools. 10000 10
llO zoe 90
For common schools 120 90 10
S23G,e00 90