Newspaper Page Text
to, ‘..,V --vrr=Tr-'..rr. -
, . ivt #caos ftepartev,
BY WILLIAM CLINE.
THE WIRE-GRASS REPORTER,
P. E. LOVE & WM. CLINE 7
EDITORS.
SUBSCRIPTION.
Th* Wirk-Grass Reporter is published Week
ly at Two Dollars per annum, in advance.
kit orders for the Reporter, to receive attention
must be accompanied with the money.
Subscribers wishing the direction of their paper
changed, will notify us from what office it is to be
transferred.
The foregoing terms will be atrictly observed.
ADVERTISING.
TERMS.—Advertisements will be published
at One Dollar per twelve lines or less,
far the first insertion, and Fifty Cents for each
subsequent insertion. Those not specified as to
time will be published until forbid and charged ac
cordingly. ‘.LZT:fz I
Obituary Notices, not exceeding six lines, will
Va published gratia;’ but Cash, at the rate of One
Dollar for every twelve printed lines exceeding that
Dumber, must accompany all longer notices.
CP* Advertisers will please hand in their favors
on Monday when practicable, or at an early hour on
Tuesday morning.
Contract Advertisements.
“she Proprietors of the-Press at Thomasville, in
order to bring their advertising columns within the
reach of evbry one, have reiuoddled and considera
bly reduced their prices below former rates. They
have adopted the following uniform scale for Con
tract Advertisers, which are put down at the lowest
liviug rates, and can in no case be departed -from.—>
Each Square is composed of twelve solid Brevier
lines.
1 square 3 months $5 00 5 squares 9 uiouthss2s 00
1 “ 6 “ 800 5 “ 12 “ 30 00
1 “ 9 “ 10 00 6 “ 3 “ 18 00
1 “ 12 “ 12 00 6 “ 6 •* 24 00
3 “ 3 <* 8 00:6 “ 9 “ 30 00
f “ 6 “ 14
5 “ 9 “ 18 OOU column 3 “ 25 00
3 “ 12 . “ 20.001 •• 6 “ 30 00
3 “ 3 “ 10 0014 9 “ 35 00
3 “ 6 “ 16 001 “■ 12 “ 40 00
3 “ 9 “ 21 00j| “ 3 “ 35 00
3 “ 12 “ 25 00'i “ 6 “ 44 00
4 “ 3 “ 12 OOij “ 9 “ 52 00
4 “ 6 “ 17 OO.J “ 12 “ 60 00
4 “ * “ 22 (H|ll “ 3 “ 50 00
4 “ 12 “ 26 00 1 “ 6 “ 60 00
6 “ 3 “ 14 OOil “ 9/ “ 70 00
5 “ 6 “ 20 00; 1 “ 12 “ 80 00
Ail fractions oi a square will be charged as a
whole square.”
** No Contract Advertisement, over six squares
admitted to the inside move than mice per month.
N. H.—This schedule shall not, in any way, affect
the integrity of existing contracts. All contracts
for the year, nr any other specified time, shall only
cease with the expiration of the period for which
they were made.
ty fidisiiiesß Cards, for the term of one year, will I
be charged in proportion to the space they occupy,
at One Dollar per line.
*,* Special Notices (leaded Brevier) will be
charged Ten Cents per line for each insertion.
L. C. BRYAN, Southern Enterprise.
WM. CLINE, IVire-Grass Reporter.
Legal AdvertiscmenUi.
AU persons having occasion to advertise legal
sales, notices, etc., are compelled by law to comply
with the following rules:
Sales of Land and Negroes, by Administrators,
Executors, nr Guardians,are required by law to he
held on the first Tuesday in the mouth, between tijj* I
heurs of ,ten in the forenoon and three in the after
neen. at tlfe Court house in the county in which the
property is situafrr. Notices of these sales must be
given in a forty days previous to
the day of sale.
Notices for the sale of Personal Property, must be
given at least-TEN days previous to tin* day of sale.
Notice to Debtors ami Creditors of an Estate must
be published forty days.
Notice that application w ill be made to the Court
of Ordinary for leave to sell Land or Negroes, must
be published weekly for TWO MONTHS.
Citations for Letters of Administration, must be
published thirty days —for Dismission from Adminis
tration, monthly for sir months —for Dismission from
Guardiuusliip,/orfp days.
Rules for Foreclosure of Mortgage must be pub
lished monthly for four months— (or establishing lost
papers, for the full space of three months ■ —for compel
ling titles from Executors or Administrators, where
a bond has been given by the deceased, the full space
of three months.
CP* Pi iblications will always lie continued ae- 1
cording to the above rules, unless otherwise ordered.
All business in the line of PRINTIN'*; will meet
Eiitb prompt attention at the Reporter Office.
SUPERIOR COURT CALENDAR 7
FAT/U TERM. 1858.
AUGUST. . i
] it Monday, Floyd i
Lumpkin i
2d Mo ml ay, Clarke
Dawson s
3d Monday, Forsyth i
* Meriwether j
tv- Walton
4th Mond’y, Baldwin j
Chattaho’cheS
Glascock |
Heard
Jackson j
Monroe
Paulding
RchleXY
*C 1 Taliaferro
SEPTEMBER.
Ist Monday, Appling
Chattooga
Cherokee
Columbia
Coweta
Crawford
Madison
Marion
Mitchell
Morgan
Webster
2d Monday, Butts
Cass
Coffee
v Elbert
Fayette
<. Greene
Gwinnett
Pickens
Sumter
Washington
Frid’y aft'r, Pierce
3d Monday, Cobb
Hall
lltirt
Macon
Newton
Putnam
Talbot
Terrell
Ware
4tb Mond'y, Campbell
Clay
Clinch
Emanuel
Lee
Twiggs
White
Wilkes
OCTOBER.
Ist Monday, Carroll
l)oo|y
Early
Fulton
Gilmer
Gordon
Taylor.
Warren
Wiikinssi 1
j OCTOlir.lt* CONTINUED.
Tuesday 1 p iko
a tier, )
K2K}
|2d’ Monday, Charlton
Fannin
Habersham
. Hancock
Harris
Laurens •***•-
Miller
Sc riven
3d Monday, l!urke
• Camden
Franklin ‘
Haralson
Henry
JonWs
Murray <
Oglethorpe
Pulaski
Stewart
Union
Worth
T TJ.” !
Frid’y aft'r, Wilcox
4tb Mond’y, Decatur
Dekalb
Houston
Irwin
Jasper
Lincoln
Polk
Tattnall
Towns
Whitfield
Thursd'y.j Telfftir
Frid’y aft’r, Bulloch
Mond’y “ Effingham
NOVEMBER.
Ist Monday,Berrien
Milton
Randolph
Richmond
Upson
2d Monday, Baker
Bibb
■Catoosa
Muscogee
3d Monday, Spalding
Troup
4th Mond’y, Calhoun
Walker
r s:> i *6t_
Mon. after, Dougherty
“ “ Liberty
“ “ , Colipiitt
“ “ Bryan
DECEMBER.
Ist Monday, Dade
Jefferson
Thomas
3d Monday, Lowndes
THOMASVILLE, GEORGIA, WEDNESDAY MORNING, NOVEMRER 17, 1858.
£am Carliß. >.
~ . JAMES C. ROSS,
ATTORNEY AT LAW,
THOMASVILLE, GEORGIA.
je 23 “ W ts
HARRIS & HARRIS,
ATTORNEYS AT LAW.
Iverson L. Harris, | Charles J. Harris,
Milledgeville, Ga. | Thomasville, Ga.
march 31 vv ! - ts
B. S. BUK4 11 & WM. JIcLEMDOIY,
ATTORNEYS AT LAW,
THOMASVILLE, GEORGIA.
oct!4 19 way
RAIiIURA BKV\Ei\
ATTORNEYS AT LAW,
Troupville, Lowndes Cos., Ga.
sept 15 w ts
EUGENE L. HINES,
.ATTORNEY AT LAW.
THOMASVILLE, GEORGIA,
Office over McLean’s store. (jan26
JOHN N. DISON,
ATTORN E Y AT LA W,
OFFICE next door to Dr. Bruce’s, Thonißsville,
Georgia. ‘ jans-Iy.
G. 11. DANIEUL,
ATTORNEY A'T LAW,
- S A VANS AH, GEORGIA.
Office, corner of Bull uml Bay Streets.
jan 12 w ly
JOHN B. HILLER,
ATTORNEY AT LAW,
MILL TOWN, BERRIEN CO., GA.
WILL practice in all the Counties of the Brunswick
Circuit, and Berrien and Low ndes Counties ol
the Southern Circuit. mayl2oy
JOHN €. NIUHOLLS,
ATT TORNE Y, A T LA W,
WARESBORoVoiI, WARE CO., GA.
WILL practice in AI.L the counties of the Bruns
wick circuit; and Lowndes and Berrien of the
Southern inaridoy
GEOKGE B. WILLIAMSON,
ATTOR N- E Y A T LAW,
WARESBOROUGH, GA.
WILL PRACTICE in the following Counties ;.f the
Brunswick Circuit: Appling, Coffee. I’ieree, Ware
Clinch, and Charlton. mardltf
SAMUEL B. SPENCER,
ATTORNEY AT LAW,
THOMASVILLE, GEORGIA.
WILL give Bis entire attention to the practice of
Law, in tlie. Counties of the Southern Circuit, —
Office nil tlie second lloor of D. A E. McLean’s
brick building. _ (jan2lloy
E. C. MORGAN,
ATTORNEY AT LAW,
NASH V ILL /.’, GEORGIA.
WILL practice in tlie counties of tlie Southern Cir
cuit, n ml the counties of Dooly, Wortintful ] lough
ertv of tlie Macon, and Coffee, Clinch and War*
of the Brunswick Circuits.
Flat Creek, Ga,, Oct. 7. ts
KITE & MERSHON,
AT T O R N E Y ST A T L A W,
MAGNOLIA, CLINCH CO., GA.
ATTEND to all business entrusted to their care, in
the following counties, to-wit: Clinch, Ware, Ap
pling, Coffee, Charlton, Lowndes and Berrien,Geor
gia- Also, in the enmities of Hamilton, Columbia,
and Jefferson, in Florida.
DAVID P. KICK. | IIE.NRY M. MF.RSIION,
jan 5 w 6m
J A JIEh 11. I 01.50.N ,
ATTO RN E Y A T LA W,
MAGNOLIA. CLINCH CO., GA.
WILL practice in all the courts of tlie Brunswick
Circuit ami in tlie com ts of Lowndes and Berrien
of tlie Southern Circuit.
< Judge A. E. Cochran. Brunswick Ct.
References | j U( ]j, l . Peter E. Love, Southern Ct.
jan 5 v w ly
Iltcbical ®arbs.
.. S. ADAMS I S. R. WILLIAMS.
NEW FIRM.
DRS. ADAMS & WILLIAMS, having formed a
Co-partnership, tender their professional services
to tlie public. nug2s-tf
— - ——
R. J. Hlll’fK, | 1 ‘ ,R. D. EATON?
Ui’b. BRI CE A F.ATO\.
HAVING formed a eo-partncrriiip, tender their
Professional Services to tlie citizens of Thnnias
ville and vicinity. ie23-tf
Dr. W. 11. Il lili,
HAS disposed <if liis interest in tlie “ Wire-Grass
Reporter” to Judge Love, and will devote himself
exclusively t*his profession.
He may be found at all times, when pot profession
■j ally eiigaged, at his Cl@ie*jf opposite East side
Presbyterian Chore! ■ jefttf* “
(Reform Practice.)
Dr. P. S. BOWER,
OFFER his professional services to the citizens
of Thomasville .Calls at all hours
promptly atten*Jed.to. feb2oy
New Drug Store. T
Drs. BOW’ B A ELLIS
have opened a Drug Store at tlie
stand formerly occupied by Palmer
A 11m., opposite E. Remington s,
y&l-jSr an*l are prepared to furnish
Drugs, Medicines, Perfumery, Inks,
BP: \ Fancy Soaps, toe.
Upon fair terms to those who may
favor thorn witli a call. To their Reform friouds
they would say, that they have on hand a fresh and
reliable assortment of Botanic Nledicincs.
And will be glad to supply them with such articles
ae they may need. may26oy
Bank Agency.
THE subscriber has been appointed Agent
Bank of Savannah at this place, and is prepar
ed to discount Bills of Exchange, Drafts, &c.;
and has for sale Cheeks on New York.
ju!y22) • EDWARD REMINGTON.
Notice to Everybody.
DR. A. W. ALLEN’S
CELEBRATED SOUTHERN
LINIMENT,
IS A CERTAIN REMEDY tor Strains. Spraiuß,
Rheumatism, Neuralgia, Cramp, Nervous Hend-
Aehe, Sore Throat, Stiff’ Neck, Tooth-Ache, Pain in
the Head, Scalds and Burns, or any thing like erup
tions on the flesh. i
- for nil disease* to which horses are subject.
Dr. Aliens All-Healing Ointment,
IS a certain cure for King-worms, Scratches in
horses, Greese Heel, Thrush, Collar and Saddle
Galls; and all flesh wounds.
_ Manufactured by Dr. A. W. ALLEN, Columbus,
Georgia. —-
For sale in TBoinasville, by Baum St Shiff; in
Montfeello. b\ Palmer St Bro.,and in Tronpville, by
T. W. Ellis.” A. W. ALLEN'.
nv 24 w ly
Hides, Hide**, Hide*.
£)AAA HIDES WANTED, for which Eight
Cent* in Trade will be paid, by
mayfi E REMINGTON,
GOVERNOR’S MESSAGE.
EXECUTIVE DEPARTMENT,
Miu-bdoeville, Ga., 1
November 3*l, 1858. J
Fellow-Citizens of (he Senate
and House of Representatives :
It affords me much pleasure to be able to
*txt6 that the financial condition of the coun
try is greatly improved since the adjourn
ment of your last session. Previous to that
time, the commercial crisis, aggravated by a
general suspension of specie payment by the
banks of many of the States, including most
of the banks of this Stato, attended by a dis
trust and loss of confidence, had depressed
the spirit of our people, and seriously affect
ed all the great interests of our State.
BANKS AND BANKING.
On the 22d day of December last, both
branches of the General Assembly passed, by.
a constitutional majority, without Executivo
sanction, an act entitled “an act to provide
against the forfeiture of the several bank char
ters in this State, on account of non-specie
payment, for a given time, and for other pur
poses therein named.” This act made it the
duty of the Governor to withhold proceedings
under tbeactof 1840, for the forfeiture of the
charters of such banks in this State as had
violated the law, and were in a state of sus
pension, until the 15th day of this present
month, or till the happening of certain con
tingencies mentioned in the act.
In view, doubtless, of the great imposition
practiced upon the people by the banks, in
taking from theiq usury under the name of
exchange, and otherwise, the usury laws of
this State, so far as applicable to banks, were
changed by the eighth and ninth sections of
suiu act ; by which it is made illegal for any
bank or bank agency, by itself, its officers or
agents, directly or indirectly, to loan money
at a greater rate of interest than seven per
cent per annum, and at that rate only for a
longer or shorter time ; or to discount or
purchase notCB, papers, or evidences of debt
at a greater discouut than seven per cent per
annum. And all notes, bills, drafts and con
tracts of every sort whatever.taken for money
loaned at a greater rate of interest than seven
per cent, as well as all notes, papers and evi
dences of debt discounted or purchased in
violation of said act, are declared to be utter
ly null and void, and irrecoverable in law.
The tenth section of the act regulates the
per cent which a bunk may receive for ex
change, when its own bills are tendered at its
counter in payment therefor, by a citizen of
this State. •
The sections containing these provisions
were, doubtless iuiseiled in the. act for the pur
pose of protectiJigitlie,people against the usu
rious and exorbitant exactions of; the banks.
’ And to prevent, as fur as possible, violations
of the act, in the particulars above referred to,
it is ci.acted by tiio eleventh section, that,
“The affidavit of bank officers to their annu
al and semi-annual reports, shall, in all eases,
state that* the bank of* which they are
officers, has not, by itself, its officers or
agents, in any particular, violated the pro
visions of this act.” And the twelfth section
makes the offence perjury, should bank offi
cers swear falsely in making their reports. —
By requiring of bnnk officers the solemn
’guaranty of an oath, under heavy penal sanc
tions, that the law has not been violated by
them, the Legislature no doubt believed they
had protected the” people against such illegal
practices in future.
Although 1 withheld my sanction from the
act on account of other objectionable features
in it, and on account of the doubt I enter
tained as to the constitutionality of portions
of it, I have ua d*tttbk but that such portions
of the act as prohibit the taking of usury by
the banks, and regulate the manner of mak
ing their annual and semi-annual reports,
which applyjaljke to all bauks iu the State,
are both constitutional and expedient. En
tertainingYbese views, ou the lstduy of June
last, I issued my proclamation, calling on the
bunks to make their returns according to law,
and to comply with said eleventh section of
the act of 22d December, 1557. As this act
had been passed by the 1 Legislature mainly
for the relief of the suspended banks, and at
the earnest solicitations of their (friends, I had
reason,in common with all law abiding citizens
of the State, to suppose that they would ren
der cheerful obedience’ to all .ifs require
ments. It is with much regret, however,that
I have to state to the Legislature, that by far
the greatest number of the banks whose sus
pension had been thus legalized, and whose
chatters had been so recently relieved from
liability to forfeiture, in open violation of the
statute passed for their relief, as well as all
the batiks in the State which had not sus
pended, either neglected or openly refused to
obey the law, and make their returns as di
rected by the positive mandate of the statute,
thereby placing themselves in a position of
defiance to the constitutional authorities of
the State.
In this state of things I issued my procla
mation as required by law, publishing the
names of such delinquent banks and notify
ing the Treasurer of this State that their bids
would not be received in payment of taxes,
or of any debt due the State or the- Ceutral
bank, until they should comply with the laws
and make their returns as directed by the
statutes ; osid this they have hitherto neg
lected to do. It it is evident, therefore, that
the penalty of excluding their bills from tlie
Treasury, which is the only penalty now
prescribed by law for a failure to make their
returns, is not sufficient to compel’obJClience
to the requirements of the statutes. Doubt
less some of the banks have made more by
taking usury, and by disregarding iu other
respects the act of 22d December last, than
they have lost bv suffering the present pen
alty for not making returns in accordance
with existing laws.
Eor the purpose of compelling these cor
porations to yield obedience to law in future,
1 respectfully recommend that the penalty
for disobedience be increased, and in addition
to the penalty already prescribed, that a tax of
two percent a month upon the whole of the
capital stock mentioned in the charter of each
delinquent bank, be levied and collected in
gold and silver, for the entire time during
which any such bnnk may in future remain
in a state of disobedience and fail to make
its returns as directed by the statutes. There
can be no just reasons why wealthy corpora
tions should be permitted at their pleasure to
set the law at defiance, while individuals are
compelled to suffer rigorous penalties for its
violation. Tho mandates of the law should
be obeyed as promptly and implicitly by tlie
most influential ana wealthy as by the poorest
anu most needy. This is republican equali
ty, and our people should be content with
nothing tslse.
No sooner had the act of 22d December,
1857, been passed,than tho banks,forgetful of
their promises, to expand their circulation,
to discount freely and relieve the country,
refused to discount notes, however good,
when offered to them in a legitimate coiysc
of banking business, or to extend accommo
dations to any except perhaps to a favored
few, such as cotton buyers nnd other specu
lators. Merchants aud others compelled to
have Northern exchange, ere generally un
able to obtain it for less than three percent.
The price of cotton declined, and jnonctary
distress became general throughout the State.
Tlie bauks having thus abused the gener
ous confidence reposed in them by the le
gislature,continued to enjoy tho benefits of the
suspension long after the hanks ot the great
cities of the North and West had resumed
specie payment, and until the just indigna
tion of an injured people, expressed through
the public press, by public “meetings aud
otherwise, became so prevalent that they felt
compelled, by fear of future consequences, to
retrace their steps and curtail the specula
tion they otherwise would have made out of
the suspension. They therefore prepared to
resume on ihe first day’ of May last'; thus ad
mitting, by their resumption sii months in
advance of the time fixed by the statute, that
no such necessity's they represented to the
Legislature ever did exist for the passage of
the act. A gentleman of great ability nnd
worth, who is at the head of one of the most
important and influential banks in tho State,
hi his report of May last, while apologizing
for the suspension, and referring to the fact
that tho Legislature had giv§n till the 15th
of November, says : “Our bank, impatient
Under the suppossd odium of suspension, re
solved to resume on the first of the present
month,” (May.) It is iflair inference, there
fore, that tlie banks would linvo continued
the suspension till the time fixed by the act
for them to resume, but tor the prJhsure of
public opinion, nnd their impatience “under
tlie supposed odium of suspension.” Public
opinion having thus compelled the banks to
resumo before the. time fixed by. tlie statute,
nnd the crisis having passed, we, as rational
men, should learn wisdom by experience,
and try to provide as far as possible against
abuses of their privileges by these corpora
tions in future.
I preßumeit will not be denied by anyone
that wo have erred by a too liberal and un
guarded grant of corporate powers and priv
ileges to moneyed monopolies. And it is be
lieved that a future extension of this policy
would soon etialde these monopolies to con
trol the government of Georgia, and make
the people tlie subjeetKof their power. It is
already claimed by some, that they now have
the power, bj) l combinations and the free use
of large sums ol money, to control the polit
ical conventions and elections of our State,
and in this way to crush those who may have
the independence to stand by tho rights ol
.lie people in opposition to their aggressive
power. I trust that the hold, independent
and patriotic people of Georgia may never be
compelled to how.the week iu subjection to
the” yoke thus intended to be imposed by tho
corporate powers of the Rtate. Let it not ho
forgotten, however, by those who have watch
ed with anxiety the growing power of cor
porate influence, that the p.ricp,of republican
liberty is perpetual vigilance.
The monctaiy and commercial affairs of
the country must necessarily remain subject
to panics, under heavy pressures, at-certain,
if not frequent intervals, as long at) our pres
ent banking system is continued with its en
ormous powers aud privileges, which have
been enlarged and extended by legislative
enactment, chartering new hanks from year
to year. The people should take this sub
ject into serious consideration, and pronounce
upon it a calm and deliberate judgement.—
Every intelligent person must admit that it is
impossible for a bank having a paper circula
tion three times as large as the amount of its
specie, to redeem all its bills in specie on de
mand. Should all its hills be presented for
payment at auy.one time, and the specio he
demanded, it can then redeem but one third
of them. In that case, iftlyo bank has suffi
cient assets, or property, the other two thirds
may possibly not he au ultimate -loss, but
payment must be delayed till the money cau
be realized by a disposition of those assets
and property, which may not be till thivend
of a lengthy and uncertain litigation. It is
clear, therefore, that our present paper cur
rency is not a currency convertible, at all
times, into gold and silver upon presentation;
and that only one-third of it, should pay
ment he demanded on all at one time, can, in
the nature of things, be so convertible, so
long as tlie banks issue three dollars in paper
for one iu coin.
In iny judgment no paper currency is safe
which is not so regulated as to he at all times
readily’ convertible into gold and silver.” It
is true, our people, by’ a sort tis common con
sent, receive the Lilia of the hanks and use
them as money, though in reality they rest
upon no solid specie basis. But sad’ expe
rience has taught us that 6iich a circulating
medium subjects the country to panic at the
first breath of distrust or suspension, which
may be. produced by the fnilure of a single
bnnk having a large circulation and exten
sive connections with other hanks, and may
widen audextend to the prostration of the
credit of the whole country. Such a curren
cy, having specie basis, can be avail
able only so long as the community will con
seut to receive promises ,to pay money in
place Os money itself.
The people take from tho banks their bills
as money. The banks receive interest and
often exchange, upon thfetn. When rtsqoir
ed to redeem their bills in specie, they sus
pend, if they choose to do so ; and then, if
an attempt is made to coerce payment in
specie, they resist it, bolding a rod over the
people by threatening to make thorn pay
upon a specie basis deDts contracted by them
for the bills of the banka ; notwithstanding
those bills, when they reeeived them, rested
on a basis of only one third specie. The
high prerogative of exercising banking priv
ileges, aud of issuing their own notes or bills
to be circulated as money, not resting upon
any solid specie basis, is secured to the bauks
under our present system of legislation as an
exclusive right, while the exercise of similar
privileges npon like terms iawenied to all indi
vidual citizens'of the State by stringent penal
enactmonts.
The privilege of using their own notes as
money, gives to the iavored few who enjoy
it, ii advantages over their follow-cit
uens, and may often enable the managers of
these corporations to amass great wealth by
tbeir high salaries and large profits.- It may
however be said, that many of the stockhol
ders aro widows and orphans ; that the Stock
is in the market foradl, and that t)ie;divi
dends are not greater than the profits realized
from other investments. This may bo ad
mitted. Indeed, it seems in practice to be
generally true, that corporate privileges do
not result so much to the benefit ot the mass
..of stockholders as to the benefit of the few
who manage tho corporation. To estimate
correctly the profits made out of tlie people
by those engaged in banking, we must not
only count the dividends of seven, eight or
ten per eent. distributed among the stockhol
ders, but we must algo take into the acconnt
the banking houses, real estate nnd other
property purchased out of tho profits of the
bank aud held by tho corporation. Besides,
w e should consider a reserved fund of two,
three or four hundred thousand dollars, made
up of accumulated profits, and often kept
back by our larger banks and not distributed
amonglho stockholders, together with the
high, sdlifrios of all the officers of the bank,
which must be paid before any dividends aro
distributed. These sums, though made out
of the people by the bauks, are uot simi-au
uually divided among tho stockholder*. To
these add sums paid to attorneys, agents,
dec., and all amounts lost by defaulting agents
which, while they cannot beset down as pro
fits of the corporation, since neither its offi
cers prnpor nor its stockholders are benefited
ihereby, are still sums of money which, un
der the workiiiip of the system, aro drawn
by the corporation from the pockets of the
people.
To all this add the large sums lost almost
every year, on account of braken banka,
whose bills arc left worthless in the hands of
the people, who have paid full price for them
as money. And take into the account the
further fact that the State, in 1848 and 1849,
issued §515,000 of her bonds to meet her li
abilities on account of the Central Bank,
8240,000 of which are still outstanding. And
that in 1855, she issued @48,500 of bonds to
pay her indebtedness on account of tho Da
rien bank, which are still unpaid, making
§28.8,500 of bonds on account of these two
banks which still remain a portion of the pub
lic debt, the interest upon which is paid'an
nually out ol the taxes of the peoplo—and
we may form some estimate of the amounts
which the people of Georgia have paid and
continue to pay iu taxes, and suffer iu losses,
to sustain the banking system.
Again, in many instauces, those who con
trol the corpprstion may have great advan
tage* in bouig able, if tbsy choose,
sueh accommodations as they tnay desire, by
the use of its funds, when a favorable oppor
tunity for speculation occurs. The dividends
paid t*J stockholders arc therefore no proper
criterion by which to judge of the advantages
of the corporation to tboife who bo|d it* offi
ces, aud control and manage its capital and
its operations ; or of tho sums lost by the
people ou accouut of the workings of the sys
tem.
Thus far 1 have discussed this question up
on the supposition that the liabilities do not
exceed three dollars for every one of specie
actually on hand in the banks to meet and
satisfy them. This supposition is more fa
vorable to many of the banks than facts will
justify. The law of their charters only re
quires that their liabilities shall not exceed
three dollarsiLr everjr one of capital stock
actually paid in, aud not three dollars for ev
ery one of specie on band to meet those lia
bilities. As an illustration of tbo error of our
present legislation‘in incorporating banks,
suppose the amount of the capital stoek of
the hank be limited by the charter to @500,-
000, which is to be paid in, in gold and silver,
by the stockholders. The charter then pro
vides that the liabilities of the bank shall at
uo time exceed three times the amount of tbo
capital stock actuully paid in. The stock
holders pay in the $600,000 in gold and sil
ver. The “directors of the bank may then,
without any violation of the lottcr of the char
ter, incur liabilities against the bank to any
amount that does not exceed @500,Q00 ; and
that too, without any obligation on their part
to keep in tbeir vaults the @500,000 actually
paid iu, or a like sum. If they should take
out @400,000 oi their specie and invest it in
real estate or other property, leaving bat.
@IOO,OOO of specie in the vault,they may still
contract debts to the amount of a million and
a half, and may point in triumph to the
language of their charter, and to the fact jthat
the §500,000 of capital stock was once actu
ally paid iu, as their authority lor 60 doing.
This bank Legislation of our State does
not seem to have been well understood “by our
jteople. They have generally believed that
onr hanks, by the letter of tbeir charters,
were required to have on hand at all times
an amount of specie one third as large as the
entire amount of their liabilities. The banks
have understood'tbo matter very differently,
and have not only claimed, but exercised the
right wheu they regarded it their interest, to
extend tbeir liabilities far beyond three dol-1
lars for every oue of specie actually on hand 1
VOLUME I-NUMBEH 61.
———■ •’ W it
SjtiSr, Br.wainatw* of
tober, it wit] be seen that et the time
of the tale suapenaion ol our bank* in Au
fh“ sor < hm l!r * n ““ , ’ , i th ® ,i * biKtie one of
them for hUU to circuletioo and individual db-
P°r ***** dolU ” for Or JtZt
l°h S £ ZP* • od bi,, ‘ * *ber blink.
wbdi it then bad on hand. Another had
one dollar in specre in its vault* for dff
E*
lartonand deposit*. Another had hot one
dollar is specie for evoiV germ of lUhiliiv
for bills in circulation and deposit*; .pa „f.
her had ctoly oar dollar iniptcic for evir
eleven dollars of iu liabilities of the eharn
ter mentioned *bove. It is truc.these bank*
‘* d n ®‘ her but , tb <e aet. were not
money The question natoraUy suggests
*1 UC M * curr#nc y be oosfverth
ble into gold and silver—the money of the
constitution—on demand or presentation f—
; b *°b With fifteen dollars of otih
iven''ST, r,r 7 °r M d ° llar ,n ■M*
even of five dollars for one, pay its liabfli
t.c. on demand? It i, Aml
*‘ S Wl.,be justly fonsidered safTas
a circulation medium, or at money, if j te h
not redeem them promptly on demand f
In consideration of aU the imperfections
and abuses of our present banking system I
*“ *f ¥*• **f .bu Wu
. iu rrform.
tun. and if this be not possible; we should
sbapdoo it entirely lam the advocatTof
“bVtall W ° U,d eitbM
e legal righto of the present corporations,
however they were granted,) or
that would bring distress upon the people,
by a present return from paper to specie cur
rency. A reformation so radical, if attempt,
cd, must be the work of yearn. If the le
gislature wouM continually refuse to charter
any new bank, or to enlarge theeapital stock
of, or re-chai ter any Unknow-in existence,
the system wonld gradually work itself out
by efflux of time ; and we might, without
any sudden shock, return safely to the cur
rency of the constitution, plant ourselves ob
on a firm specie basis, and rid ourselves of a
system against which the gnat and good *en
who conducted the revolution and fminedw
constitution intended to guard their pos#rity,
when they declared in the constitation that
nothing but gold and silver coin should bs
made a legal tender.
In two of the States of this Union bank*
are prohibited by constitutional provision:
two others have no banks, and another had
but two.maH banks, whose charters, it i.
said, have been forfeited by the late suspon
•ion. And lam informed Upon what I con
sider reliable authority, that the late coiu
tnetcial pressure was comparatively bet liulo
felt within the limits of those States.
Should our people determine, however, to
continue the present banking system, and to
charter new bank*, increasing their number
and thereby increasing their power, in He
State, I would respectfully uige the imp.u
tanco.of emarding all chatter* ’ with much
greater stringency in the future. Let th o
charter of each provide that the entire lia
bilittet of the bank shall, at uo time, exceed
three dollars.tor every ono of specie actually
m its vaults and bona fide the property of
the bank, on paui of immediate tdrioitu.c.—
i.ot the simple fact of suspension of specie
payment render the charter absolutely null
and void. I his would deter them from en-
in siicli wild speculation* and over ia
sues as compel them tn suspend in case of
pressure. Let provision also be made that
all executions issued against the corporation
uny be Iciied upon the property of any
stockholder until the creditor be satisfied, leav
.HSMSS rfockholder to‘bis legal remedies
against thereat of the stockholders to enforce
contribution among themselrea. Let the bill*
of the banks in the hands of the people at the
time of suspension, bear in forest from that time
till paid. And let the legislature retain the
right, by express reservation iu the charter,
to altar, modify or repeal it at pleasure. In
ray opinion it would be best fpr the legist*
tuftj to refuse to grant a charter to” any cor
porationiot any purpose whatever w ithout
retaining a similar power, should jt* exercise
by required by the interests of the State or
the ptd(ic good. If the corporation is da
williug to trust flic people with tins repealing
power, how much more should the people be
unwilling to trust the corporation without It ?
FJtOHIBITION OF SMALL BILLS.
Several of the States bare already passed
laws prohibiting the emission by their banks
of small bills. I once entertained doubts
whether our legislature could do this with
out a violation of the chartered privileges *>t
the banks; hut on more mature reflection
and careful examination, those doubts arc
entirely removed from mv mind. I therefore
recommend the passage of a jaw prohibiting
tho emission of small bills by the banks of
this state, and forbidding under heavy penal
ties, the circulation within this State of bills
of a denomination under tea dollars, after
twelve months after the pasaageof the act, and
those of a denomination under twenty dol
lars in six months thereafter, or at Such other
stated times as might be thought best, au k*
not to embarrass the business transactions of
the country. The effect of such a law would
be to cause small bills to be withdrawn from
circulation, and a* they mast he redeemed by
the banks with specie, the specie would go
into circulation in their stead. This would
cause gold and silver to take the place of
bank bills in all the smaller business transac
tions, .The laborer would*then receive the
price of his labor in gold and silver, the (ar
mor of small mean* would generally receive
the price of his produce iu gold and silver,
which would remain good howevor much
bank billsinight depreciate,
BUO-'rRKASL’BV t>V|STIiM.
I also beg leave to call the attention of
the General Assembly to the propriety of
establishing by law a system ts our State
similar to tba sub-treasury system of the
United States, the wisdom of which has been
fully demonstrated by the beneficial results
of ito practical operation. I earnestly re
commend the adoption of such a system, Ltt
[CO.VTI.MEO Off THE LAST PAGJ|.}. ‘ •'.