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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|.}. ‘ •'.