The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-09
:. = life IS ;r,eaaily as bank ace d

n,,hack. Thus you wtlf annually fur-
ssS the rcorle with a considerable volume
NS n",a5rrmabit currency, and at the same
~ .,n confer lasting benefit upon them by
Wv. ,,,~;nc the credit of the State. No State
F', 1n hos nor can any State ever hope, to
eve while its credit is dishonored. The
l's, here recommended will contribute
'n n, 70 the redemption of our dis
ihnrca credit, and reduce the whole
Yerfcct order and system. To make
10 ,isn complete success, | would
,,".,l,hit the raymcn, Of any principal or
t.,.rs, u,nn tho now outstanding bonds or
'.,rhtc5ncss ot the State. except the ster-
...,,, bonds For those persons who prefer
,,r-;.tcrclt, q COUPON bond, payable TO
,-,r.~o0i transferable merely by delivery.
,,r,lc provision can be made by making
.hnh,nl and coupon payable 10 the order
4 ,bc owncv. and by recording the name,
,',r and number OF The same on the books
q, thcaudtor.
,.IIltTiuN az THE EEytNrE.
,,,,hcr nc.;c If contributing to the re-
,.r.,;,,, If tho State credit, rs we'll as To
.-.fc fully protect the interests of the pco-
80 ,,.ay be fruni y. n ,ilticG cnt system of
ss,l>>,;Ht- the revenue. 1t has been the
..,,v ( governments. from the day that
,.,rS were first imposed 10 the present time,
,,trnviir some system which would secure
.Nr rrp.nrt, fNitlful. and honest collection
= .hc ru1Iic revenue. NJ perfect system
.svcthccr discovered, ana probably never
.Ihc while human nature, with all its in
lr~cnt weaknesses and fra;ltics, remains
Unchanged. We can, however, approx
r. -, IL 1 -.
o.s.gI ;ac subject all the protection that
,>gr~;cucc las demonstrated rs practical
s3I u,clu,. Heretofore tho revenue Of the
SO Has been collected at certain stated
.,,.i.als. and remained in the hands Of the
c.,l,rlor until paid iutothc State TREASURY,
.- ~r4u.,cG tx law. on the 18th OF March
u,G pccru.l cr in each year. II rcmaiucd,
rnt,, uycd. in the State Treasury, or WAS
5.,nsjtcI IN certain banks in the city Of
Richmond to the credit Of the Treasurer.
Two evils are the offspring Of this system ;
FIST. the temptation 70 the collector to use
the money while in his hands for private
1ut!.pscs from which loss may and often does
result: and second, the periodical drainage
T.! money from every portion OF the Common
wealth into the State treasury. where often
..:ars i NAV remain for months unused,
unless bv the Richmond hanks. These
evils can be mitigatel, ii not wholly rene
died. BY providing a system OF State de-
RESTORES Of the public funds, or of the rev.
cauc for private purposes. Every bank
and banker in the State, at the discretion
Il tie Auditor, or Treasurer, or q hoard COM
N,scl of the Treasurer ana frs, and Second
Av1itCrs, might bc constituted under proper
dana. tn,,
Lpon dcpositing with the Treasurer, say
100000 or $40, 0oo of State bonds, as sccu
jitv for the public deposits; and il
these repositories the collectors should ht
required to deposit all the public revenue
collected at least twice each month. \ Ger
;ifcate for every deg sit made should b.
t.euel hv the depository 10 the collector
certifying that the amount deposited hal
beer LACED 10 the credit Of the Treasurer
which certificate should he forwarded I,
the Treasurer. and the amount thcreo
charged by him 10 such depository these
dcroSit- - be subject to draft by the Urea
survr at any time, as tIie money may ht
needed for use. the Treasurer always using
yruper vigilance that the deposits at n
time exceed the value Of the bonds Ieposi
tel ~ security therefor. The Plan hr,t
suggested il vcTy plain, ANA can he rcadi',
Yut - practice, ard Will afford an addi
'iuuul security for the public revenue, an
80 '"' ''';'' t,-'.. ''' NJ ,,o,,
1-''% '!"a5S H'7''!p"y''' NV, '"r ..:'
"'"''". 'n' pen Wv .t;'t' ,,';Ii'
r''''' :" ,''V '''''' -
''"N' "4SE ~ o''">'''''''
lo!NT STOCK COMPANIES, nt>H+. &c.
rln ,rror,;r.. e. snc,ial charters of IN
,.,nf;an of j,:rt -,n.k comnauics la
t,r...uu an ryji' n1 s,cb ,u.,su;;ul, - (,
fn,,o,I - remedy ~ yerr i;u&.. NcarI'
,.u, half of the session. rf the ia. l.r.ix,a
tnro was consumed nnA great EXPENSE t
,ta STATE incurred. in the discussion. enact
mon, and nulIirnt:o,, - tl.sc laws: AN
VT ,nanv ( thu-c charters remain muse,
Ia this Inv. and uorhor< il many case
they were never intcr,lcl "a hcuSci e%ccr
for SPECULATION or for TIC exclusion .
Mhcrs who mich; desire 10 occapy The sam,
fcl! Of operations We have general Law
broad enough in their provisions for ih
cgcauizat.on Of stock companies for mimi,
and manufacturing purposes. and of almc.
al kinds Of business for which such organi
yqtions are usually formed. There i.
therefore. NO necessity and 10 excuse i
usost instances tor troubling the Genera
Assembly with these matters, unless til
PARTIES desire special privileges and la
muMiiics not obtainable under the genera
laws. While l would urge the extension u
every proper inducclrcnt and facility 70
the formation of banks and insurance
mining aud manufacturing. transport&tio
and railway companies, ] would at til
same time earnestly recommend that sue
regulations and guarantees be adopted a
vii etectuaI!y protect the Legislature 1rol