Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1859-12-19

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!. bi,h nra,, I, ! \, IL ma,kat / beg the
$3.50, aiss,,,sa, II ,h. na,aral Assembly
8 M, I sab;ecs 4 y fs'
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Inf;matelv cons0e,.,a3 ~, ,ur% n r,ans.es
-. esadif seyen,,e and nnhi;e works a.e.
onr banking institutions. / i have not had
ia a,,,,naElnnity 10 anafSze and 0eneraIize
,ha aFi,is,,csI 81 our banks. and "a aom.
raros ,j,a;- condition witb whatsiI Wis i,
Ia57-s8 ~ I elaborated The suhllesfst d MI
gst reoular message: but the General As
sembly / invoke is itio this work BY q com /
,mittse OF lis own.$ i have shown
Isl. That the c.aIp,iilsl employed in trade
flows 10 the centres of ttade. Il
2d. That H @ffows there il spite of what
Is called ..tle balance Of trade 7,
Sd. That balance of trade in favor
Of States producing The raw materials,
against the .eem rnerciaI CENTRES instead
Of being al trength, il 4 weakness in times
OF money pressure 81 crisis. ~.
4th. That The best defence 4 State or
people can lave against tile tax Ut payE
ing erthqngeto centres an atoana them,
and against the, danger and disn1ay OF
having their surplus 81 balance Of trade
caught under the dead falt Of hard times
An centres outside Of their Control Is %
build up centres of trade .ffor Meuselpe3
,pithia their oga tiat s by hus6aaaieg fteii,i
seg'edis5s.d,.d CONSTRUCTING tieofks ofin.prope1
nlent. .9z ..tAA 1s
5th. That we ought not 10 attempt 10
draw capital from other States or Sections.
BY raising the rates ofintefestIon rndn4y.
The tate banks are necessary anxiliaf7
les of this policy. and ought 10 be char,
tered cautiously and kept sound beyond
suspicion. The hegislai IRE must look TO
the charters and line ExeeltiyeiantI bank
officers. 70 The. administrator after the
banks are put into operation.
Charters have not been sufficiently
guarded. The late case, DC the Bank OF
Weston lisa lamentable illustration Of this.
The fill repor: of this instaneeis herewith
submitted. Il WAS. owing entirely. to ths
provisions pfihe apt Of Msrch 29(h.l 1850.
w6itih. sec, Adj. excentedlhe 1th section
Of leh, SO Qf5the Coda section which
provides the preliminary arrange mems
fol putting q bank. into operation. Freed
from this section, and no duty. imposed
npon the Treasurer such as that imposed
BY this section on the Governor. this
fraud was perpetrated which put into cir.
culation some one hundred thousand dol
lars OF notes. without at a nv lime ID
ra1fity enc thousand dollars ncurrent coin.
Il is due 10 The Directors 10 say, that they
brought the wrong 10 the attention of the
Executive. and caused it to be arrested.
The Treasurer very nationally explains
his part ia The Transaction. But some
one or two of The parties 10 it, ia my
opinion, we've feloniousiy guilty. and
ought to be prosecuted to the extent Of
the law. ! ask an investigator sef this
case, with view move especially 10 ire:
view Of all the SPECIAL q Charters and make
them conform to. i general and uniform
\ law and I call your 3 especial attention no
the accompanying list Of banks which have
been chartered and NAV 90 into onetation
if the acts. are not repealed, The num-
Der OF those now in operation otgIit ID be-
reduced, and / hope that no rs more char
ters Will be granted until the number Of
banks is considerably diminished,
The crisis az 1857 was charaei erizad bv
tso, most significant and suggestive iact.:
Isl. Prices did not fail aud
Cd. Debtors we're not compelled te nav
off their debys. ,s.sss.
Suspension and RESUMPTION Of snee;e
payments took place. ana he aend;tian of
debt and credit and nrice remained The
same during and after. IS before .the crisis
This non settlement sc debts at home
and easy escape from The embarrassment,
of1he times, were aided. i,,- q Great meas.
,,re By the saddea arrest Sc mn & atoms
The yalae oil imports llf1It from s,5 1lniIf.
ions 10 $40 millions ia one year an1iIhus.
tie home trade was relieved and he
home trade debtors weFe@indulged But
the next year the .importatioas Increased
again to about what they Mere before sus.
pension, and an expansion Is. now aoilig
on at the'expense ofour specie and { an
other crash Of credit may Be looked Tor;
unless there be create vigilance and eau
lion. We hayseneeo now TO contract iil,.l
stead Of expanding and that i. INV AL.
vice te.lhezh Ks ana 10 iIIriiffyi duats
8 II 1 IL