Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-12-07

| State and our own people.
| fIksgRASQE.
No considerable amoune 4 taxation Is now rails
ff q ira iass ssRfs 80 81 3 6jsck but sssls
bcds mbert iBs1 IN 4o4 n war fina 'a34
1 Jcesraon cshe8 lAsec ~ Aecess II idasrsS
aoainst Gre by he Stat1msg Be made too nsshife6
| And this source of rssssue Is much more fruitful
and more easily regu3sted than that of oysters
Proper bills, efficiently executed. these two sub
j.cts would yield q revenue equal to per cent ON
ten millions Of dpars; and il passed Add pat inta
operation. would make our present public deota
! light burden, and the completion Of all our public
works sure very sonn Our bonds would fmtncdt-
ateiy command o high premium in the market.
beg the earnest artention Of the General ASSEM-
bly, 10 this subject.
|. '........ - a., 40. sANxs.A4, stE 5i.e 5gsi
Intimately connected. with our finances. our
credit, revenue and pnblie werks, arsg our bank
ing institutions havsinot had the acpPostanity
~ anayse and the statistics1f our banks
and to cu,n are their eondithm nth what 10 was
IN lS57-5S as elaboratal the subject Ia my last
regular message; but the General Assembly i ib-
woke To do this work bs comniittee OF its own. r
l.t. That the capital employc.lin trade flows to
the centres OF trade. ,lat55t.s ~ 'Hf 8, sfit
"a That IL COWS there in spite ofwhat 10 call
ed ..tlle balance Of trade" nafys s5at IN a
3D. That q baaucv Of trade in favor of States
producing the raw ma,sralr, against the CONNER
DIAL centres, instead Of being a strength, is a
weakness in times Of money pressure Or crisis
4th. That the beat defence q State'or people can
have against the lux VI faying exchange to centres
all around item. aud against the danger and dis
may Of having their surplus or balance ii trnde
caught under the denl fail Of hnrd times in cen
tres outside Of their cuntru Is to build up'cenres
Of trade for themacves Within their limits, by hus
banding their credit, and constructing works Ut
improvement. ....l .., :. .af 'a&a=. rat
5th, Tim. we oug ht NIT to attempt to dmw capi-
tai from other States sections, by raising the
rate of interest III money 90 a.s-r
The State banks are necessary auxlliares OF this
pulley, and ought to be chartered cautiously and
kept sound beyond suspicion. The Legislature
must look h. the charter m; aud tho Executive and
Bank officers to the administration aifsr the banks
are put into operation I,7t.z 7ab 81 -.
Charters have nut leon safieiently gusrded--
The late case Of the. Bank of West.a IN lamsn-
table illustration of this, The full report Of this
instance of abuse 10 herewith submitted. 1t was
owing entrcy IL the provision Ut the act OF Marsh
Goth, 1858, which. sec. 4th excepted thsfItb sec.
of CHI. 90 OF the Code section which provides
the preliminary arrangementsfor puttiag a bank
into operation. Freed from this section, and no
duty imposed upon tho Treasurer such ~ that in'-
passed by this section on the Governor, this frnud
was pcrpetrated which put into circsation some
one hundred thousand dollars Of notes, without at
my time having in reality one thousand dollars
In trent coin. 1t is due to the Directors to say
tina, they brought the wrong 10 the attention Of the
Executive and caused it to he arrested. The
Treasurer very raienally explains his part in he
transaction. But come one two of the parties IT,
il lin my opnyu, were fclunousiy Guilty and ght
to be prosecuted tn the extent of the law. ask
an investigation Of this care, with n view more es
pecaily to n review ef the special charters, and
making them coutorm to general and uniform
law; airl call your especial attention b, the ac-
conpunyinc lists of banks which have been char
tered and may go into operation If the acts nre tot
repeated. The number of these how III operation
ought to b. reduced, aud hope Tint no more
charters will be granted until the number OF banks
is considerably diminished.
The crisis Of 1857 was characterized by two most
| significant and suggestive fucts: s'.'-f-'- goo
lst Prices did not fall /; and -'"e5H' "'. ~
%. Dsbtnrs not compelled to pay off their
debts. .-.r..-y - sss ,4'' e -i-si+o. NAB. ~
H. Su,neuson and niptiDnoc specie' payments
took ptce. aud the condition of debt and credit
! and prices trmained the same during and after as
before the crisis This on sc ttienent n debts
home, and easy escape from the embarrassment
Of the times were aided In "a great measure by
! the sudden arrest n impartanons. q The rnlue of
imports fell from $50 millions TO 240' miiiibns' in
ont year. ami thas the homo trade was relieved
! and the home debtors we're INDUCED % But the
| next year the importatsom Increased again To
about what they were before ssuspensi0p, and d
expansion is now going on at the expense of oar
n, ""o .ha,a n, a,'s 90 a"ekea
W. ad go ~. .,sss d"u ."u''on
nd ,a, vi ,.. - a.. ns.ss.
.;',,,a.. !" " " '"' 0""Ns ' a"u 70 IN
~ "nhs.;t.t;,olv l,s6o,, .,..ra ~. ala
act passed A pri ID, 1855 entitled IAN acf pres i'd
,hs Stare" II !. ~ ,cns, s1 o mn .,
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