New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-12-07
SUSPENSION OF PAYMENTS IN
cRARGUA


Ono Of the first steps taken in Georgia toward
separston from tho Union seems to have pro-
yoked violent collision Of opinion between the
Governor and the Legislature. We refer to the
passage of the act authorizing general suspen'
sion Of payments for year to come, not only on
the part of the banks, which are relieved from
MI the penalties hitherto imposed for not redeem
ing their bills in specie, but also on the part OF
the citizens. who are to be protected during that
time from all levies of execution for debt.
The passage of this bill drew out from Gov.
Brown a vehement and bitter veto message. The
snspendinQ banks ore required by the act not to
ask more than one per cent premium for North
ern exchange when payment is offered in their
own bills. But this restriction, according to the
Governor, is no better than mere sham. Ii their
own bills are offered in payment for exchange, tho
banks will have none to SELL and the purchaser will
be referred to some broker near by 1t the bills OF
another bank are presented in payment, there is
nothing in the act to prevent the banks from
asking what they please, aud only in such cases
will they be likely to have exchange to sell. The
Governor thinks that the banks, having had the
advantage Of prosperous times, which have
enabled them to make large profits, to
pay fat salaries, and to declare good dividends,
ought at the present moment to bear the burden
of buying specie, which he insists they might do
at q small premium, so as to afford all the facil.
tiles needed for moving the crops and relieving
the people AS to the promise OF liberal dis
counts as consequence Of the suspension, the
Governor has no confidence in it, and he refers
to the example Of the bank suspension of 1887 to
Justify his lack of faith He insists that the act
is entirely for the benefit Of the banks, and In
sinuates. or rather charges in direct terms, that
it was carried through the Legislature BY means
of money.
Gov. Brown cannot see in the peculiar p0liti-
cal aspect of the times any ground for such
legislation, nor in his treatment Of this topic
does he seem by any means to consider it as o
thing to be taken for granted that Georgia is to
90 out of the Union. Should such result
occur, it would be then quite time enough, he
thinks, to interfere, and, perhaps, to permit
suspension for q short period. That event, he
admits, might produce q arrangement OF the
currency.
His argument against the other part of the
bil-that which suspends for q year the issue Of
executions against individual debtors-gOes in
still stronger degree to show that the Governor
has no great confidence that Georgia is going out
of the Union. He objects to this part OF the bill
that its operation will be to give to creditors
belonging to other States q decided advantage
over those residing in Georgia. Such creditors
residing in other States can sue in the United
States Courts, recover judgments, aud levy their
executions, while Georgia creditors, not being
able to sue in the Federal Courts, can take
nothing for a year by any judgments they may
get in the State Courts Thus the Georgia traders,
whose debts are chiefly due out of the State,
will be liable to be pounced upon by their
creditors, while this stop law will cut them of
from any means of compusion against their own
debtors. SIS this" exclaims the Governor,
"justce to our own citzensl Ia this what is
meant by resistance to Northern aggression "
The Governors veto, however, did not have
much effect upon the Legislature. The bill which
he sent back was very quickly passed over his
head by decided majorites Free debt for year
was too great temptation, not TO take into ac-
count the money influence of the banks of which
the Governor so bitterly complained Should
Georgia actually carry out the threat made in
her name, of secession from the Union, it will be
some time, we apprehend, before either her
banks or her citizens will resume payment.