The south-western. [volume] (Shreveport, La.) 1852-1870, 1862-01-15
The Board Of Currency and the Banks.

.t
has submitted to the legislature areport concerning Tue
banks Of the State copy Of which IS before us LIE
report commences by presenting condensed history
the bank from the last annual report up to the Zoth Oh
November the date Of the present Que At the hrst
named date Informed, the banks held IN thell
vaults SIS 72l 276 80 in coin, with total cFcIatoh %
/ SIS 6S7 054 90 On the 30th OF March they had IN
specie $50 e44 65 with circulation Of 4oo 10 %
an increase in coin of 81 799, 692 90 AT the ciose %
the next quarter ending the 10th OF june the specie
amounted to SIS 0s6 500 81 and the circulation to
So G05 50 decrease in coin of S2443,S47 50, and
falling off in cir, ,lation of 1916 40 At the END
Of the quarter t3nth Septenber) the specie OH
hand amounted to $4ISl,G79 10 and the circulation 10
S5G 443 80, decrease in coin OF S9O39lt ~ win an
increase in circulation of $40 437. On the 10Th OF
November they bad in coin Sl3 $50 619 IS, and Their
circulation amounted to $6,S73.097. The reportad
On the 10th day of September last all the banks sus-
pended specie payments with the exception OF south
ern bank which bank is still paying all OF It's cash Ia
biltjes in coin In the weekly statement made by the
banks to the board of currency two days before hef
suspension (to-wit: 18th of September )ls shown tiat
they had in coin at that time l15 264 10, ana tat
their circulation amounted to $5,S75 792 o. by refer
enue the bank statement OF the 10Th ut II VIII De
seen that their coin has decreased since their sus,
pension 1882 465 and their circulation has increased
only S655.
The report declines to discuss the justice and policy
Of the suspension OF specie payments by the banks eaV
ING the causes which led to the suspension to be presented
by the governor at whose immediate instance and ur-
gent recommendation the measure was taken The re-
port then proceeds to say that the board OF currencyas
body constituted to supervise the banks and exact
from them a strict observance of the law possessed no
discretionary powers by which could delay the per-
Torrance OF its official duty in sucha case on the ground
of necessity and expedency' Not even the ieglsla-
ure the report observes has the power to authorIse
suspension of specie payments and no tribunal existed
which could grant the board absoution orthe neglect to
discharge the obligations imposed upon It's members by
their oath of Office Accordingly the board proceeded
on the 18th Of September notify the suspendng banks
that having refused redeem their circulation in COIN
they were required in obedience the act OF 1872 to
center at once into liquidation Having done this and
Informed the Encouragement OF the reasons for so
doing the board says the report had exhausted its au
hority in the premises since it bad mo power to en-
force either the law the observance by the banks OF
the rules it might adopt to insure atathu performance
of their obligations" The report arms the inetciency
Of commercial paper go days security in times OF
severe pressure like the present. for the prompt redemp
ton of bank clrcuaton it reports failure by some OF
the banks to observe the law requiring daily exchange
of their notes and recommends that heavy pecuniary
penalty be inflicted for the violation of this rule with
power in the president prosecute bank for such
violation at its expense, provided judgment goes
against it. The general tenor OF the report exhibits
untavorabe disposition toward the banks, perhaps even
an anti-bank prejudices.
Tie most remarkable feature of the report, peg ,aps
is its recommendation that the board of currency be
abolished Its president draws handsome salary and
he presers memorable instance of a saIared Office
holder tone Of that class favored by and by for
tune who are popularity believed seldom to die and
never to resign deliberately requesting the abolition OF
his Office The reSOns for this request are briefly stated
in the report in which told that "the board Of
currency with the limited powers conferred upon it by
the law is a useless inCunbrance-an expense without
any corresponding benefits to the public and that 'in
times like these il the enforcement OF the law within
tile control Of the board of currency much might be
tbn it,tlr hptl Tho 1arl
now constituted it is powerless for good aud might as
| well be abolished
/ The State treasurer who Is an ex oficio member of
the board refuses in the report and Mr. Hardy
the secretary of State another olcio member, with
holds his concurrence from that portion asking for fur
ther powers to be conferred upon the board being of the
opinion that legal proceedings against the banks for VIC
Aton of law should rest where it is with the attorney
| general.
The report, even to those who may differ from its
views and recommendations must present interesting
chapter in the financial history Of the State. 1t also
shows the great difficulty perhaps impos>bility of
providing by legal euacmCnts beforehand tor all crcum
stances of uaEce and commerce hatmay arise whether
as regards banks or governments merchants or their
constituents creditors debtors The present situation
seems to teach that occasions may arise when the best
laws for ordinary circun- ances, if silent may be
mUgatory, aud if no. nugatory, may aggayate the evil OF
tine time instead Of ebcctng remedy. \. 0. Delta.
! ~.~
1
Bragg-The late heavy additions The enemies forces
at Ship island and their raid upon Biloxi and other
points on the lake shore has elected from Gen. Bragg
the following stirring proclamation The general cvl-
IDENTIFY means work when he tells the people to cease
all amusemcus and frivoities and prepare diligently to
meet the enemy in defense of our homes iresides,
and our aars' We give the document entire.
HEADQUARTERS DEPARTMENT ALA. AND w Fla,
MOBILE Ala, 3lst December 1861.
/ GESERAL OEbERS, No. y.
Ia i
of military affairs is necessary to the success Of
our cause as the defeat Of the enemy. All commanders
and discussing officers in this department. will be re-
uured to give their closest attention expenditures
seeing they necessary and in conformity TO law
rigid scrutiny will he made by the commanding general
and the chiefs of Ills staff and abuses will be promptly
\ exposed and checked.
In the location of troops, commanders and quarter
termasters will consult economy and efficiency. The
vicinity of cities and towns will be avoided, far
as possible in order health aud escape the de-
morlsing effects of dissipation. Rents will not be paid
unless it absolutely necessary. Fuel will be supplied
aras practicable by the labor Of the troops encamp-
mens being selected with this view And works of de-
Tense and nuts for the winter will be built by the sol
ders-otlicers being required in all instances, to re-
main with and share the duties of their men.
2. Commanders of all grades earnestly called upon
to suppress dluIIednesS by every IN their pow
or. 1t is thecause of every evil from which suffer;
the largest portion OF sickness and mortality results
from it, our guard houses filled 10y it. officers are
constantly called from their duties to form courtsmar-
tial in consequence of it ineffieency in troops,
and consequent danger to cause, is the inevitable
result No one is benefited but the miserable wretch
who is too cowardly defend country he is willing to
sell, by destroying these noble faculties he has never
possessed. Gallant soldiers should scorn to yield to
such temptations-and intelligent and honorable off
GERS should set them example They should be en-
couraged to send to their families and friends home
the pay they receive forther services instead of
ing it in their destruction and the risk of the
holy cause in which they are engaged Small the
amount IS it will many dear to rise up and
| call them blessed.
Give strong drink unto him that is ready to perish
and wine these that be Of heavy hearts," but for US
the glorious in which engaged should fur
nish all the excitement snd enthusiasm necessary for
our success
The enemy, in large and increasing numbers is upon
our coasts Let US cease all amusement and frivotes
and prepare diligently to meet him, in defense of our
homes our fresidesides and our affairs.
By command of Major Gen. Bragg.
GEO. G. GARNER,
Assistant Addutant General.
RETALIATION AGAINST CANADA.-In the New York
Heralds money article we find the following:
Weledrn that determined effort going to be made at