Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-01-03
Governors Message.


Of Rep,yscatotipes Of The STATE Of DIT /
0ipOre in General Assembly met 3
The biennial assembling of the General
Assembly, at the scat of the State govern
ment, affords n fit occasion for congiatula- ;
ton bv the Executive to the Representatives
of the people II il grateful task to eXtendto
YOU such greeting to-day. We are free rom
many of the wrongs, expressions and calam-
tiles which afilct the people of some OF our
sister States. We have been spared the
dread effects Of the pesiilenre. which has
visited other sections. The lah0rs of the
hushandman have been rewarded by apund.
ant crops: and the continued happiness and
prosperity Of our people ought to inspire us
with gratitude to the Great Ruler of The uni
verse We are indebted for our freedom
from many of the grievances which have ai-
tlicted the people of other States, 10 the wise
policy adopted by those to whom was COM
mitted the legislation of the State during the /
existence of the late disastrous civil war. No /
State. occupying similar position in the
Union. has suffered less from the effects Of
that war than our own; nor have the people t
of any other State, thus situated. been more
secure in the enjoyment and exercise oil their
rights. These results are mainly attrilu'a- !
bic to the legislative wisdom and prudence
of our General Assembly; and doubt not.
fife present Legislature will enter upon. the
discharge of the imp irtant duties committed
to them by conding constituency WIN
the same purity of motive, and that they
will pursue those duties with the same inde-
pendencc, patient, persevering dctermina-
tion and patriotic purpose which conducted
their immediate predecessors to results emf
nently beneficial TO the State, and which have
commanded the approval and endorsement
of the people.
the Governor !" shall, from time to time, give
to the General Assembly information of
affairs concerning the State, and recommend
| to their consideration such measures us he
shall Judge eXpcdient." In obedicnccto this
provision of our Constitution, deem il my
duty to call 10 the attention Of the General
Assembly several subjects Of vital interest to
the people q; the State. The circulating
medium. or means afforded the people for
the transaction Of business, although not I'M
dcr,he immediate control of the Legislature,
: is. nevertheless, us connected with Tie Imam
cial interests Of the State, subject well
worthy their careful and deliberate consider
alton.
In Il message, which submitted 10 the
Legislature nj their January session. lSGG,
lclt il duty incumbent upon me. AS the
Executive of the State, to invite their all en-
tion 10 The charge produced in the condition
, OF our State Banks by an Act OF Congress,
!, approved March 3, 1850, entitled, IN Acl
to amend an Act entitled. An Act to pro
! vide internal revenue to support the Coy
t crnmcnt. to pay interest on the public debt,
| and for other purposes. ~ this act il il
provided, "that every National Banking
Association. State Bank, or State Banking
Association, shall pay ajax oi ten perccnllin
e on the amount of notes on any state Bank
i, or State Banking Association. pdd ont by
II them after the first day Of July. eighteen
: hundred and sixty-siN. II was not diilicul
n to torpsee that under this provision our Stal'
If Batks would moi. after the first OF July ,lasl
!, be- in n condition to afford the same anonn
=, of accommodation to the people that they
q had previously done. therefore, in In
y message referred to, submitted To your I'M
Il mediate predecessors the views which thei
=, entertained upon this subject in that mes
. sage respectfully refer you for my genera
J. views. wishing at present simply TO inrii
d your attention to the difference between tn
= means of bank accommodation under TIA
system O, State Banks, rs il heretofore eN
~ listed, and the National system, as u nos
r. exists. Tie amount of bank capital oi Til
in State. under Our former system, WAS tw
!, million one hundred and iurly-tiyc thousan
- dollars, which WAS used hy the banks j
le addition 10 the notes issued and circulated h
them. in the transaction Of their business.
Under State charters. the circulation OF Oh
h.. banks was moi limited. Allowing the oircr
= laiion. which was often above that amount
10 only 10 equal The capital. state Banks In
us the means of atfording accommodations I
by the amount of four million two hundred an
. ninety thousand dollars. This amount ow
as ing to the greatly enhanced value u llnC
'c- and the rapid advancement In the a-rioultul
&C al and mechanical interests Of the State W.
,al scarcely sufficient to supply the CROWN
=, wants Of the people.
"' Under Tile National system as il nj pre-
w. emf exists, the amount OF bark capital
Ia this State is one million five hundred al
=, fifteen thousand dollars only ninety pi
!" cent Of this amount, however, is iuIhisht
We 10 the banks in currency by III" FEEDER
,sc Government, fifteen per cent IS require
- to lie kept in the vaults, which leaves ON
nm about seventy five per cent. Of their capit'
:" amounting to about one million one In
Ill drcd and thiry-siX thousand dollars, as t
lis means of accommodation sum hut lit
or above fourth the means OF our ban
A.. under their State charters. The Farme
Bank and the Smyrna Bank still continue
OF do business under State charters, The i
the incr with Il capital Of six hundred and cigl
M thousand dollars. the latter with II capital
,,, one hundred thousand dollars, anhpnnll
,"e tossiher TO the sum OF seven hundred q
nch eighty Thousand dollars; add this TO the $
the OF one million one hundred and thirty
,r, Thousand dollars tile amount of means
w. accommodation under the National syst,
and you have an aggregate Of one mill
)dst nine hundred and sixteen thousand doll
the being two million three hundred and SIEVE
into four thousand less than under The State
,UuS TEN. Whether the Directors anu SIC
mint holders of the Farmers Bank and Bank
rest smyrna, will consider it the interest OF Il
institutions to continue to do business III
on. their State charters, with their circuli
=, taxed out of existence hy the operation
. ~ Federal laws. remains to be seen--the
'hs tempt to do so may he regarded rs an
If ptsimcnt Ii is greatly to be hoprdu on
Ike count Nf the business interests oil Me u
liz, and especially OF the localities i'll W
~ these banks ART situated, that they may
c the find il necessary IN 90 into liouida
his This is still more desirable in consider,
,ancc Of the interests OF the free schools of
a.. State, a large amount of the Funds for
us support of which are invested in ihn +
moral ers' Bank. 1t is desirable, also, ON acc
ernor OF large number of widows and orl
inhu- IN ms ota'e, Whosc nieans "ie SAW N
pun these banks should he compelled To 70
liquidation, the whole amount of banl
of lis commndution TO the people OF the State
~. oro he reduced to an amount scarcely, II Il
So above onc-fOurth of that afforded u,
State system. This immense rcducli'
icion band accommodation, with the unprccc
lie into ed mpidiiy Of improvement now - 4
~ in the agricultural and mechanical int
u 'ei' of the State, will be exceedingly emb
ld IN ing to that portion Of our popnlaiio
E Con- gagged in these enterprises. The ii
,refore state Of the currency during, and snc
war, has prevented any considerable
navarro vcncnce, as YET, from this cansc; !
the currency shall continue to be cOnir
in the as has been minated, and ms Il sound
oord;- cal policy would seem to indicate, as
if not necessary 10 preserve the NJ
stature credit until il is brought down 10
vernon basis. with the whole bank capital
nj our State monopolizgd by the Federal q
,;a;,,, ment, and the State bank circulation
.. ~ ''"'N out of existence by the imposition Of
ihraiy' hibitory tax. great Inconvenience,
, 10 say great distress must result 10 the pro
as well us the mechanical and conn
,;r. so interests al the State. ! have sui
''''' VI, these views not because suppose hi
Consti- subject under the control oil the ]
xyish IN tnrn lint with the ID Sire IN aid them