The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-01-14
our ACcUmuLArED sAND.BANKs.


duced in the Senate--one almost equal, in
intrinsic value asa monetary measure, to
John Laws famous Mississippi Bubble"
which so amazed and astonished the whole
financial world century and half ago.
1t is nothing less than bill to decouponize
our State bonds by an issue of revenue
certificates for the redemption Of
matured coupons and 10 facilitate the col
lection Of the revenue in the several counties
n the State. To this end mighty banking
institution is to be created in the State,
based on the accumulations of Virginia
land in the hands of its stockholders, which
accumulations shall be visible on every I'M
cultivated and brambly wayside where
crow would starvc to death in mid-sum-
mer, and million dollars of these revenue
certificates, which represent nothing but
indebtedness topping Indebtedness, are to
be issued by the State and placed in the
hands of this oyershadowing monetary CD
institution, to loan ont to the people for the
The redemption Of coupons and the pay
mcnt Of tares.
Shade of John Law, and all the immor-
tai currency thinkers that ever lived and
hosrished since the great food, commend
us to the author of this bill for the sub
finest specimen of financial audacity ex-
tant! These accumulations of land, val
ued at such sum as the affidavit Of the
president or cashier Of the bank may GER
tify together with the 'seculed obligations"
of the bank land, in heavens name, what
may not such obligations be.?) are to
be the basis of the monetary strength on
which the institutions to stand. What these
Z" secured obligations may be, or rather
what they may not be, it puzzles our pres
ent ingenuity not little to guess. They
may be anything or nothing, according to
the pleasure of the bank officers, only they
shall bear six per cent. interest, have not
over ten years to run, and be issued in
conformity with the charter of the bank.
When the bank shall deposit two hum
bred and fifty thousand dollars of these
secured ooiisasions US oo,ia'erals WIN
the Treasurer of the State, then that ac-
commodating officer shall deposit t,oice the
sum " "e'e oo''A'e' '''' oas " "0 f"'a'
"o.0 :" ne "eoS"'y' 70 enapie Tue oaiA 70
reoeeni 'iie fe'eNu' eei ''.ioa'es ~ c'''felcy'
"hich the oallk nasnahiliousiy agrees 70
40 ~ par! III o'ier woros' ,'io jain Is =, ~
reaecih Tue coupons Nor eilaoie 'iie peopie
10 10 sol III revenue certiiicates, anu Ihc
revenue certlnca'es IN currency SO iong
as the oeaoe shaii iurhsh IL WIN iunds
out OF the treasury, In the ratio OF haii a
million OF currency Tor TWO hundred and
nifty thousand dollars Oh thc banks Sc
cufeo ooiigaViohs'
What these secured obligations may
be, we have already alluded to as q mat
ter OF infinite question and doubt; but
part OF them may be what, IN banking Ian
gauge, Is sometimes 1acetiousiy called tine
rest "--paper promises tc pay in coupons,
revenue certificates, or whatever else may
represent the paper device to "fertilize the
rich mans field by the sweat of the poor
mans brow" For the whole scheme is
one to concentrate the monled interests o.
the State in the hands of few, instead
OF leaving them to flow, by the natural laws
OF trade ana industry, among the many
1t is no process TO wipe out indebtedness,
but simply to substitute one form OF it foi
another, when the least Objectionable form
is that for which the other is substituted.
But the bill really creates an institution
which, under our present funding bill as
dehnitlyeiy settled by the supreme Court o.
Appeals, takes the entire finances OF thu
state out OF the hands OF the treasurer
anu ,i"NIs ,i,a' oiioe, 'neie i'suie-iiea'
" wv D"nAs i'0'i.u.'o o'n 20,
'nen'''' ''i''' '''so,ui ~ - 'iue' ous sun
,eo "'e, ~ ~" e-",0" % "e
'' wy DAnN nag 40
- ~ ~. eo.pors " ".
fanra-haad i add;t;,,, - ;rs,,;,,n .an.;eastas
&c ahoro md turn;na $50 - thabs,,I
ha,r ,,;,,;on 90 f,nds :; 49, t.osa,u :.
- 49, e,ntbo, a,,;n.nu - a. - !,
w AA''s'NS - so riANA 0oA''eiJ ~ siiO Douh VI