Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-03-05

session Is exhausted, aud we must stop
We may resume the subject again.
Qua readers have oeed made aware of
the fact, while the Legislature was in ses-
sion, that proposition passed the Senate
compelling the banks Of the State to pay
all demands against them in legal tender
notes of the United States, when parties
having claims against them should SO de-
maud. The difficulty With the bill as dis
closed 10 the debates aad in the outside
discussion of the matter by the members
of the Honse, was in the fact that the
banks were compelled not only to redeem
their circulation but their entire liabilities
in legal tender notes. This was consider.
ed too sweeping. We presume a msjority
Of the House would have been willing 10
make the banks redeem their immediate
circulation in par funds, but they we're
not willing 10 include their other liabilities.
We know no good reason why the banks
should not after the time named in the Sen
ate bill [lst of May, 1880 have been com
PEELED te redeem all their liabilities in legal
teuder notes. Every other corporation, as
we'll as every person, in the State, can be
compelled to pay what they owe il legal
tender notes. Nothing else of paper char
acter will discharge debt, if parties choose
to refase other money and demand the
Government currency. This being the case
there is no equity in comforting privilege
upon any corporation to pay It's debts with
less money than other corporations or in.
diyiduuIs can pay theirs. And this is what
the failure to pass the Senate bill does
The whole thing is wrong in principle, and
being wrong in principle it necessarily
works to the injury of the communities 10
which the banks are located.
The following is the bill as it passed the
Senate aud failed in the House:
[senats Bill No. IA Bill requiring the Banks In
their liabilities in United States legal Tender
nOteGl
Be il enacted by the Legislature of West
Virginia.
l. The several banks of this State shall
from and after the first day of May, eiRh-
teen hundred aud sizty-fOur, pay all de-
mands against them in legal tender notes
OF the United States, when demanded.
2. 1t any note or notes, bill or check for
money due from any bank, be presented
for payment within the usual business
hours at the bank or Office where PAYABLE.
and be not paid in legal tender notes of
the United States when SO presented, the
party presenting the same may, on mo.
ton or by warrant according to the
amount,) recover from the bank the
amount Of such note or notes, bill or
check, with interest thereon at the rate of
Twelve per centum per annum from the
time ofsuch failure until payment.
). Every bank falling to redeem as di.
reeted 10 the first section, shall forfeit and
pay to the State Que halt of one per cent
um on its capital stock 90 the 6rst day
OF June, eighteen hundred and sixty -four.
and one half of one per cenIum on its cap.
ltal stock GU the first day Of each sue
ceeding month during the continuance OIL
speh failure. The same shall be paid into
tne public treasury on the warrant of the
a auditor and be.applted to the support OF
TIE following is the vote by yeas and
n4ys in the House OF Delegates, by which
the bill was lost:
YEAs-Messrs. Boggs, Cook. Crawford,
Dawson, Dehar, Dolly, Duuu, Foster. Kee.
ney, Lamb, Scott, Wheat, Kramer, (S,.ttk.
NAYs-Messrs. Alexander, Barraek,
Cassidy, Gather, COpley, Cunningham,
Fleming, Golf, Hagar, Hinchman, Holman,
M'Donsld, McGrew, Montague, Newton,
Peterson, Bader, Ross, Ruffuer, Sheetz,
Soper, Sutton, Teter-23. -
II may be proper to note the fac, in this
connection that by the law institutiug the.
NATIONAL banks they are prohibited from
taking or paying, out the notes of State
banks that do not redeem their circulation.
inlegal tender notes. Itis sasy to see
from this that it soon must become the in
terest OF State institutions to so redeem
their issues. 10 this State we lave already
one national bank lat Parkers6urgJ aud
soon will have another, We presume, at
Wellsburg. The starting of these banks
will bring on currency conflict which can
only have one legitimate termination, viz
the redemption by the State banks of their
notes in legal tenders. Perhaps. 10 one
sense, it was better to leave tue matter to
settle itself is this way, although this view
does not alter the equitable principle in.
volved. 1t is more than likely we shall
have number of national banks in the
State within the present year, including
one here, and then the discrepancy be-
tween the two currencies will become more
marked and wide spread. So far as we
understand the views of bank men in the
State there is no special feeling against re.
demPtiOn, although, Of course, in point of
circulation, it is their. interest to,keep out
their notes as against the brokers of other
States who would rush. them home were
they redeemabls ia government funds
Snoh vvos o1g,a,,, -, :, e - - -