ALABAMA.
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ornor A. P. Bagby delivered his message


Ls LEGISLATURE of Alabama, on the Nu .r'" ,D''a


~ folIowipg extract shows his views =" '-e


-, of1he Banks of that State:


TI,Lo,ho- The failure of the institutions 10 rear


'uohIe e1nectations of the public, Is
N IT. dofects inherent in the system, OTIS 10
,La manner of selecting the boards OF
Ue D - I'D in which they have managed 'he al
49, h,nks is the question now submitted
=" .,nd;d deliberate, determination. AnG
,he correct decision OF that question: uepe"us
~ fate of the banks, and the circulating iheu'u'
.fA,bama. If the defects are IN tne sys'eun' anu
". rod;cal they are admitted TO be without remedy,
.I tho svstem ought 10 be abandoned, at least as


-, nrcner substitute could be provided. AND
hesitation in declaring it as my settled
oD;non that if the present mode OF electlns dlrec


49,, i; n he continued, the sooner the state Oank and
benches are wound up the better. II, on the other
bonJ the defect lies in the manner IN winch the
J;rectors are elected, and in which the affairs OF
bobanks have been conducted, it becomes the In
E.nensable duty of the Legislature to apply the
.orrectiye and to adopt such measures as will in
.rre their better management hereafter. 1t has
b.en NV misfortune to differ with majority Of the
Leg
hank directors and in relation to many important
noiuts of policy in the management of the banks.
Whether the measures recommended by me would
have been saIutary in their operation, cannot with
certainty be asserted; hut that the course pursued
Lv the Legislature has been rost disastrous in its
effects upon the banks, is fortunately, no longer
r,obIem But for the settled conviction resting or
nv own mind that in the present state of society,
paper currency is indispensable, and can be only
constutionaly furnished by the States, and not
hv the General Government, the dIscouragements
Ihave experienced in endeavoing, so far as AIaba-
ma is concerned, place the State banks on bet
fer footing would have induced me to abandon the
Dresent system altogether and to have looked to some
olher expedien, within the purvicw of the consli-
urion. as a substitute. And | still think, with en-
tire respect for the opinions Of Others that the State
bank system is susceptible of being rendered a
source of incacuIable benefit 10 the people of Ala
bama | believe further, that the State bank sys-
TEN is destined ultimately, under some modification
r other, to furnish the paper circulation of this
Uuion.n