Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1859-12-06

just aud tempting to pc Jury aud fraud There ought
will increase without increasing tho rate Of
taxes
And repeat my accommodation. moro earnsiy than
Of increasing the by upon the oyster
trade; and I'd, by policies Of insurance by the State
Since the last adjournment OF the legislature, have
cau.ed authentic statistics to be obtained by the nspcc
tornchief Of vessels under the Law protect property
In slaves. The reports the subject win prove that
my rst estimates not too large and that at least
Eve millions OF dollars worth Of oysters taken from
the State per annum. chiefly by Northern vesses Tho
packing and picking Of oysters u becoming large b.
siness aud policy Of taxing the catching and trading
10 oysters would turn tho prohs which how into the
pockets Of non-residents, many Of whom dangerous
to property In slaves and to peace into the pock
cts Of our own eitizens Now get the price only Of
catching the wild seed oysters, and then would get
tho price and profits Of catching planting packing pick
ling and Of AL tho incidental occupations Of carrying
to market aud Of the other business connected with the
trade Inc hin proposed By the committee Of the last
legislature u very detective aud needs rsvsal aud cor
rection The revenue from oysters can't DO collected
w'hou, At least three steamers cos,ug about $4,000
eacn, ana to,VoO piece per annum u them. They
may be made Invaluable TO aid the inspection Of veAses
TO prevent tho running on slaves Under proper
BILL with good management am confident thas nes
OF $4,000 per annum can DO realized be.ides
otherwise materially beneHtng the State and our own
people.
No considerable Of taxation Il nov r.sed from,
tho tai on insurance Offices cannot enter into detail,
here on this subject but refer my previous messages
In February 1885 and in December 1857 IL border
war continues as In Jefferson county lately the necessity
oil insurance against fire by the may be made too
manifest And this source of revenn. IA ,,,.h - $50
ful aud more easily regulated an ,h,, of o~s, p
bulls ehcienty executed, these two subjects vond
yield revenue equal to per ten million of do
lars; and If passed and put into on.r.,;o, n. W.
our present public delhi yh, hn,dsn al MAXI
OF all our public works very SOON Our bonds opd
Immediately command high premium In the msrket-
eeg the earnest attention of the general assembly TO
this subject. y
n.sxs
Intimately connected with finances our credit
have not had the opportuni,v ,o anaix,a "a ,.
the statistics of our banks and m ,t, ,s
ton with what il was In is57-bs as clshors,sd a.
subject in my last regular message. b,, ,ha n .uo
semby invoke TO do this work by csmuSt,,a. - -.
own. have shown: " ~
LIST That tho capital employed in trade aox. a ,h
centres of trade. -
I'd That it flows there In spte of what q; e.r.5 ar
balance of trade N's
3D.. That balance Of trade in favor Of state. rroa
cling the raw materials against the cou,merc.i aa,
instead of being a strength Il a ueaknes. In ,;rss
money pressure or crisis p. = 'S "
4th. That the best defence state or people can b.y.
against the of paying srcbapos tn centrr. nj, roS
them and against the danger and diana, Of In.
surplus balance of trade caught under the lead "a, of
hard times in centres outside OF their co,,ri - 49,
up centre, of trad, for - ,I: . - '
BY hns5dndisg their credit and eon,fr,.cf,, ,I -
improvement. '"'S
9th. That VIC ought not to attempt to draw cap,,I
from other states or sections by RAISING ,ba rs r -,
| money. " '"''
The banks are necessary au ries of ,bis o
and ought be cautiouslx and -,
beyond suspicion The legislature must look IN The -
tiers; aud the executive and bank officer, m m. aS;n
tration after the banks are nut into oner.,o,
Charters have not been suAicieptlv Guarded rho,,
Of the Bank of Weston is ameniablc =,
this The full report of this instance of abuso h h.,
with submitted IL was owing entirely IN ,bo rroxi
OF the of March, 20 1883 which sec An ,b
18th section of CHI 5S of the Code section which mo-
vides the preliminary arrapcements tor nn,n PH
into operation Freed from this section and no dnS inn
posed upon the such as that mposed nv this
section tha ,h;.
which put into circulation some one hundred Of
notes, without any timo having in reality ono thou.
aud dollars in coin due to the directors to
say that they brought the wrong attention of the
executive, aud caused IL be arrested The
very nationally explains his part in tho transaction But
some two of the parties to IL in INV oninon r.rs
feoniously guilty aud ought to be- prosecuted 20 ba
tent of the law ask investigation of this case with
a view more especi,Iiy To rav;aS, of al ,ho s,o; -
ters, and making them conform to a general and uniform
law; and call your especial attention TO the
nyng list of banks which have been chartered and ma,
into operation if the are not repealed Tho num-
Der of those now in operation ought 10 ho radnced "a
hope that charters will DO granted until the
number OF banks il considerably diminished
Tho crisis OF 1887 characterized by two mos, sg
| nifcant aud suggestive facts: %
LIST. Prices did not fall; and
I'd Debtors compelled to paw off their debts
Suspension and resumption of specie payments took
place, and the condition of debit and credit anil nr;ca
remained the same during and after as befor ,b r;.
This debts at home and easy esana
from the embarrassment of the times were aided n ~
sudden impOrtatiOna
value Of imports e from $50 millions 10 40 millions i'm
year. and thus the home trade was relieved and tbc
home debtors INDUCED But the next wear the,
importatons increased again to about what they were
before suspension, aud expansion IL now going on AT
the expense of our specie and another crash OF credit
may be looked for unless there be greater vigilance aud
caution. We have need now to contract instead Of
panding and that is my advice the banks and 10 in
| dividuals
unheSatingly recommend the repeal of the net pass
ed April I'd 1885, entitled ian act providing for moro
uniform currency of the banks of the state n r. wrong
| in principle and in practice
lst. IL dispangcs all the notes of branch hanks re-
deemabe at the parent banks and all the notes of indie
pendent banks redoemabe at agencies of one
per below par The law should allow Of no reIemn
ton below par and make all notes payable In spece on
demand. wherever payable at all
End IL makes the noteholder tho creditor nav to the
bank, the debtor a discount for redeemin9 he own
notes
Sd IL provincalizes our people in degrading sense
by sending them in certain aud frequent cases 20 R
more out Of our iursdietiop and makes them ~ ~
expense of going there and discount after getting there
where our laws can have no sanction TO- ,ho en-
forscmcnt NJ r.p,od;os r. a..