Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-03-04
The National Finances.

4 large audience, including many of ou
leading business men, assembled in the hall o
the House of Delegates in Richmond, Satur
day evening, to hear Mr.. James FL. Platt
eyposition of the finance bill recently intro
duced by him, and now pending before Con
gress.
On motion of General Joseph r. Anderson,
Hon. Robert H. Montague, OF Mlddescx, was
called TO the char.
Mr.. Montague presented to the meeting
Hon. James H. Platt, member of Congress
irom the Norfolk district, who explained the
purposes of the bill in question, and urguco
that its passage would place the finances o.
the country in safe and prosperous condition
and afford that security and relief so much de
1uanded by the commercial and manufacturing
interests.
General Joseph r. Anderson followed Mr..
Piatt in support of the National Excheque1
bin, and 10 d speech Of considerable length aud
great force, urged the imp, rtance of the
scheme. He presented the following preamble
and resolutions, which he had prepared for
submission to committee OF the House. o.
motion of Mr. Connally, the same were u iopt-
cd, as follows
Whereas experience has demonstrated that
the existing financial system in the United
States is dcfcctive-among other things in this
tha, from want Of elasticity, or other cause,
money is sometimes rendered so scarce and
dear as to seriously embarrass the business and
industries of the country; that this system fur
nj,h,s an irredeemable and, consequently, a
Auctuatiug currency, for the uses OF the people
aud that while it employs large number Of
national banks, it establishes no such concert
Of action between them, or predominant power
and control in any OF them, as is believed to be
essential to prevent, ward off OF quiet CONNER
cial or monetary panlcs.
And whereas the people of Virginia in COM
mon with the people of others OF her sister
States desire more equitable distribution of
the currency of the country; therefore, be it
Resolved by the General Assembly Of Vir-
piuia, That in the opinion OF the General AS:
scmbly no currency can be satisfactory to the
people Of this country, or place them on an
equal footing with the people of the rest of the
world, which is not redeemable in coin.
That in the opinion of this General As
scmbly the amount Of SUCH currency should
not be rgdy fixed by law, but should be
regulated by the wants of the business of the
country.
). That in the opinion of this General
AsScmbly-as>umlDg the power OF Congress
10 establish bauks to be settled by the prac-
ticc Of the governmcnt-it is expedient,
at as early day as practicable: to estab-
li>h one controlling specie paying national
bank with branches in the several States,)
which bank shall be the fiscal agent of the
government, shall be 10 its organization aud
administration independent of political control;
and shall have power to prevent, ward OFT and
quiet such commercial or monetary panics as
all bu>iucss communities aye liable TO, by the
accumulation Of adequate cash reserves of coin
and bullion; the use OF the dlscouutlng power,
aud, when need be, the regulation OF the rate
OF interest that it may charge.
t. That n the opinion OF tins General AS
senhly it is unwise lu our government, unlike
the other leading commercial nations, to hold
its large balaucc of coin, amounting usually to
near Il hundred millions Of dollars, locked up
in the treasury and Useless while the people
are struggling against panic 'llat nay he
speedily qnetcd or prevented by its wise use.
Witness the unparalleled crisis Of September
last
:; That 10 the opinion of this General As
>cmbly the bill now before the House OF Rep
rcScntatives OF the United States, entitled "a
bill Tor the establishment OF an Exchcqucr,
seems to cmbody substantially the foregoing
principles, aud is worthy of the careful conslde-
ration of Congress-.