Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1861-01-18

sions were felt and expressed by the timiC
of its friends. The measure was pressed
adopted. and after an experience Of years
very few would be willing to return to III,
old system, and revive it as the settled poll
cy of the government I can see no reason
why the adoption Of a like policy By til,
State would not operate equally as we'll, anc
produce results equally as satisfactory.
The first objection is. that it would ope
rate oppressively upon the people, in this
that they could not procure specie enough
to pay their taxes. The same objection wa
urged when the system was proposed to b,
adopted by the Federal Government: bu
the result has proved in that case that it wa
unfounded. So think it would be in thi
case. In four ffths of the States the taxe
are now paid in notes of the ba,ks Thes,
notes upon their faces profess to be the rep
resentatives of speciA. If thistle srue, ther
there would be no difficulty IN converting
them, and the specie thus obained woule
be used in the payment of the taxes.
tn, y are not convertible the people, the mos
of whom are interested in banking upor
sound principles only, should know the fact
and neither they nor the States should re-
ceive them. We want sound paper cur.
rency, currency that is convertible into spe
eie-and if our present currency is not con,
vertible at the will Of the holder, it ought
to be made so.
The second objection is, that we have not
specie enough in Virginia to carry this pol.
icy into operation. The wisest statesmen
of the nation have for more than twenty five
years felt The necessity Of infusing into the
circulation of the country larger amount
Of specie, and to This end they have been
shaping the Legislation of Congress. They
have abundant reason to be gratifed with
the success that has attended their efforts,
In October 1888 we had in specie, in active
circula ton, $4,000, 900. and in the banks,
in specie, S25. 000, 900; on the LIST day Of
January 1884, S12, 000,0 in active cir
cplation and S27, 900, 900 in the banks
on the list of January, 1885, SIS, 600, 900
in active circulation, and in the banks, S43,-
geo 600; on the 1st day of January, 1886,
1928, 600, 600 in active circulation, and in
the banks, 10000 600 land on the 1st day
Of December, 1886, S28, 900, 900 in active
circulation, and in the banks, SIS 900, 900.
These are the results of the policy inaugu-
rated by those statesmen, who we're ridicul-
ed and stigmatized at that day as "hard
money men p and they are valuable practi-
cal results rejecting the highest credit up
on their sag icity and craftsmanship, and pro-
ducing the best effect upon the business and
interests of the country. l come down to
later period, and present the results as
they exhibit themselves to us. Since the
discovery gold in California in 1S49, more
than $500, 100000 have been added from
that source to the gold of the world. 1t was
estimated that we had in the United States,
at that time, $120, 900, 600 in specie, show
ing an increase between 1887 and 1S49 OF
SIT ,000,o 900. In December 1857 it was
estimated that there was at least $3.50, 600, :
600 in specie in the United States. $780,
100000 Of which were in the banks, and
5000, 900, 900 in active circulation.
In our own State, according to the quar-
terly returns made by the banks to this de-
partment, OF their condition on the Both of
September last, their capital amounts to
SIC. $3.50, $40; their circulation SO, $685.
857.S3; their deposits 5000. 2S8 go !;
their discounts, $25, 532, 391.67 and their
specie s., 500, 930.15. Thus it is seen that
We have circulation of near ten millions.
upon banking capital Of more than sixteen
millions and half The question that pre-
sents itself in this connection is, do the FIVE,
ten, twenty, thirty, fifty and hundred dol
lar notes now In circulation, represent spe-
Gle ? Upon their face, they purport to be
convertible into specie, at the will of the
holder; and it would be regarded as an at
tack upon the solyency of the banks which
had issued them, to say they were not con-
yertible. We thus have within fraction
OF ten millions in the circulation of the banks
besides the specie in active circulation in
the State, which r.ust DO several millions
more. Can it be possible, With these facts
before us, that the revenue of the State cam
not be collected in specie IF there shall
be doubt On the subject, let the law pre-
scribe that one-four,h shall be collected in
specie the frsts half the second. three
foarths the third, and the whole amount
the fourth. This will afford the people am
pie time to provide for the change in the
system of collecting the revenue of the
State.
IN 1910 the banks held $43, 900, 900 i'll
specie. upon which they issued a circulation
of $114, 743. AS. En- 1857 they had $780,
600, 600 in specie, upon which thew issued
a circulation Of $214,77S,S22. Thus it
will be seen that in period of eight years
the banks increased their specie only ST.
600. 900, while their circulation was increas-
ed more than 500, 200, 600 in the same
time. Could such result have occurred.
if the operations of the various State govern
ments had been conducted upon the prinsi-
pie for which | contend, viz: the indepen-
dent treasury system. It requires no pro-
phet to foretell the end of system which
exhibits such startling results.
Another objection urged is, that the sys.
tem is not safe. Why not? Cannot the
Treasurer of the State be as safely entrust.
I'd with the keeping and disbursement of
he public money as the officers of the banks?
Fhey are all respectable gentlemen; and is
here reason to suppose that an officer of the
State is less trustworthy than on officer of
he bank? Experience, however, is the
safest guide 10 all such cases. Has not the
experiment. worked well under the Federal
Government; and if it has, have we reason
o suppose that the officers of our State gov
'rment would be less honest, less prompt.