Staunton vindicator and general advertiser. (Staunton, Augusta County, Va.) 1858-1860, 1859-05-21

llic funds, it enjoys POSITIVE advantage,
that enables it to Cypress the other, and
must in the end seriously embarrass its az
tons: ny policy Is, Glands off"-separate
the State from the banks, and leave the
two varieties to demonstrate their relative
advantages before the. people, who are IL
terested only il securing the safest and best
system. | have no doubt the new banks are
as sound and safe as the old and / would re-
lieve the former, from the infretce which,
the connection between the old banks and
the State enables the latter to WELD over
them. Let both occupy the same platform.
Give no legislative advantages to the one
that are not at the same time accorded to
The other.
When the suspension of 1857 occurred,
Gov. Wise gave an "order to the treasurer
to continue to deposit the public funds, in
the three repositories as usual, provided
| they would receive the notes of the other
banks; ardecredit the same to the Common
wealth 1T first it was Understood, that
after the deposit Janhs themselves suspended,
they would no longer discredit the notes Of
the other suspended banks. But the Vir-
gina and Exchange banks soon refused to
receive the notes of the other banks, and
place them to the credit Of the Common
vealth?5- In short time thereafter, the
Farmers bank followed the example of the
Virginia and Exchange Banks, and the con-
sequence was, that these suspended depos-
lite banks discrcdited the other suspended
banks of the State, so far as they could do
lit, by a refusal to receive their notes. -
Here is an evidence Of the advantage they
possessed, by virtue of their connection with
the State, over the other banks, and having
the two systems in the State, such an adj
vantage should not be possessed by one over
the other.
On the 18th Of March, 1856, the Legis-
lature Of Virginia passed San act to sepa-
frsta the State from,the banks, by a sale Of
the stock therein, and the application of the
proceeds to the redemption of the public
debt (Sess acts 1866, page 22.) On
the Sd day Of April, 1853, the Legislature
re- enacted the 4th section of tie &C! Of 1886,
thus n,atlifsstihSI1 Settled purpose to- effect
a separation Of the State from the banks 49,
This action of the Legislature occurred more
than year before | made my treasury note
speech in Congress, and ithas remained 'pn
assailed from that time, up to. the opening
Of the present Gubcrnatorial canvass Why
was not the act of 1856 assailcd at its pass
age, and if not at that time, why was not
the issue made at the next succeeding cleo
ton in May, 1857. The action of our Lee
eislaturc is in conformity with my own O.
pinion, and rely upon it to show that !
am endorsed by both branches Of the Cen
eral Assembly Of the State.
Principle and policy alike require that
the State should be separated from her bank
ing Institutions So long as the Union ex-
lists, the State cannot legislate independently.
We have. on various occasions observed that
the banking influence has been sufficiently
powerful to control the legislation of the
Estate. When has there been suspension
| of specie payments by the banks that has
not been directly or indirectly legalized by
Legislative action? So long as the union
between the State and the Banks exists, it
lis impossible for the State to exist without
Embarrassment, if it undertakes to make
the banks fulfil their obligations. The u
Mon ties its hands and paralyzes. its action,
whenever the occasion presents Itself, which
demands legislative action to coerce the
banks to a!eet their engagements.
While it is thus with tie bankss how is
lit With tho. people-the toiling and hard
working rIlillions {. When they are unable
to meet their enga gcments-to pay their
debts-tle result is distress and failure
When the common debtor cannot pay he is
bat. once wound up-a summons IS listed,
execution IS. levied, and though the last
horse OF bed.be sold, the utmost farthsng
must be paid Gan you. see reason why
f, suspension Of specie payments by the banks
should be lcgalzed, and a suspension by
tie laboring men Of tic nation Should not
be legalized also III. 4
I It is said there is not specie enough in
Virginia to pay the taxes. Gov. Wise tells
us in. his message that we have "neo1ly
tue1rs ard half millions Of circulation in
Va, upon banking capital of thirteen
millions " Do fves, tens, taenties, fftles
and hundred dollar notes represent specie
They tdrpert upon their faces to do it. 1t
they represent specie, then there is enough
to pay three millions Of taxes, but if they
do not represent specie, the people, who
are most deeply interested. ought to know
lit, and tLeAsooner the; fact is known the
better. We have had the experiment tried
|by the national government, end also in
several of the States Wherever tried it
has been foshd to work we'll in practice.
The cry of ''not specie enough" was
raised when the independent treasury sys-
tenn was organized; still the friends Of the
measure pressed it to adoption, and the re-
suit has realized their highest anticipatSons.
Those who we're originally opposed to it,
are now so we'll satisfied with its operations
that they do not desire to see it abolished and
the old system restored. They wonld not,
If they had.tEe power, repeal the lndepend
ent Treasury Law, and restore connec,
ton between the government and United
States Bank, or the State Banks.
The State Of Mississippi has collected her
revenue in srec;e since 1886, The States
If Texas, California and Arkansas, have col
Elected their revenue in specie from their or
ganization as States up to the present time.
The receipts into the treasury Of Mississip-
pi from the 1st Of January, 1850, to the
feth Of February ! $50 amounted to 1882
|S1S.65 The. revenue Of Texas for the
year ending October 3lst, 1852, amounted
Ito $3.50, 222.5l, and at that date she had a
surplus in specie in her treasury Of So33,
! 65i 20. The receipts of California, as es-