Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-01-10


On the 2lst day of November last, the
Banks in the city of Richmond suspended
specie payments, and very shortly there
after the other Banks in the State followed
their example. The fact having been COM
municnted to me officially by the Treasurer,
caused the accompanying order to be
sent to that officer. Under the circum-
stances NIL of which were carefully con-
sidered, came to the conclusion that it
was safer and cheaper to make the three
deposit banks the special receivers and
custodians of the revenue, US tshould be
paid i'll by the collecting officers. The
Capitol is not re-proof; and if had di-
rected the revenue TO be received md re-
tanned by the Treasurer until it was
needed, it would have been necessary to
employ an additional clerk, at II salnry of
perhaps $4,000 per Nnnum. This course,
if adopted, wunld have thrown heavy
responsibility upon the Treasurer, and
would not have been safer or more con-
venient than the present mode. The rrve-
nue. collected since the suspension is on
special deposit in the banks, and is to be
drawn on special checks, trust this
arrangement will meet with your apprO-
baton.
After the suspension of specie payments,
the first important question to be consid-
provided for the payment of the State in
terest aud the redemption of her debt2-
After serious reflection, decided that the
on:y fair and proper mode was to ascertain
what per centage upon the circulation of
all the banks in the State, on the first day
OF October last (the date of the latest
quarterly return of their condition. would
realize the necessary amount, and thus
save the credit of the State. ascertaineI
that itwould require seventeen per ceutum;
aud then directed the Treasurer and
Auditor of Public Accounts to prepare
circular, to be sent the banks, calling upon
them to furnish the quota necessary ITO
meet the obligations of the State."-
Shortly thereafter replies were received
from two of the banks, protesting against
the arrangement, and insisting that it was
| the duty of the deposit banks to furnish
all the specie required for these objects,
but at the same time expressing willing
ness to aid in saving the credit of the
State. After these letters were received,
l caused second circular te be sent to
the banks. Both ofthe circulars are here
with transmitted.
On the 92d day of December last a Con-
ventiOn, consisting of officers of the VAL
ley Bank, the Merchants and Mechanics
Bank, the Northwestern Bank. and the
OttAASuGS W caCu3 tue 'SeutFal bdnk3 ttnS
Monticello Bank, and sixteen of the State
stock banks, assembled in this city; aud
after sPending some time in the discussion
and consideration of the subject delivered
to me II paper, herewith transmitted for
your consideration. On the uext dav a
committee, appointed by the Convention.
waited upon me and we bad conference
of several hours in regard to the plan
had adopted. The objections to the plan
us stated in tue conversation. were very
much those that arc embodied in the pa
per to which Ihave referred, and are set
forth in three of their resolutions.
The irst resolution sets forth priuGi-
pie which meets with my cordial approha-
ton. ] utterly dissept from the principles