Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-12
.cpNERAL BANKING LAW.
.OTRFECP CREDIT"-REAL Els
D'' TATE SECURITY.
New YoRE, May 18th, 1883.


- COMPTROLLER, the Legislature did
bipkit proper to make any further
;,ion relative to capital, but has left
to be settled by the associa-
IN such way as they may think best.
y propose to show that a perfect
p { be formed out Of special re-
securities" and that the institutions
sr. and shall be organized on this
will be far more profitable than any
kind that can be established.
m define q perfect credit" to be
bed reuenue security, universally
and in a convert bic form.
nm worth ten thousand dollars is
s.ed security for two thousand dol
aitis not generally known.
b American stocks are generally
but are not undoubted security.
IS undoub:ed security, generally
aid ii . convertible form; but /.
no revenue or interest to the hol.
lpthcrefore imperfect under a vel!
ed republican government.
he farm is not generally known,
seek it as a security for money,
gFiore the farmer and other land
must pay an additional per cent.
hoH for the use Of money. Secu.
ia doubtful character are made q
fspeculation, and can have no fix.
E, The purchaser always takes
nsideration not only the use Of the
but the risk Of loss.
and silver are either used for mer
ze and manufacture, or as a sUbsti
doubt. No man in his senses viii
oId IN his chest and thus lose the
IN the use ofthe thing, when he car
go it for a security in which he has
confidence, and which bears an in
is a substitute for doubt. Where
and tyranny exist and prevail,
svAhng to lose the interest on mon-
The purpose of knowing that it is
But the moment confidence, and
and rational liberty are established,
her Of gold is sure to seek some Sc
that will pay interest, because the
bee against the loss of his property
werth as much as the interest on
bey,
ePublcan government is founded
Fder and confidence. A monarch.
smment is founded upon force. In
he greatest good to the greatest
IS the maxim Of the lawgiver in
rihewlll Ofthe minority must gov.
principle, then, ola "perfect credit
republican principle. It conforms
le feelings and habits of our people
be sustained by them until oul
saIl teach us that the experiment
overnment has Eailed. When thai
Pl arrive, public faith will cease t.
ded as ofony value, and gold will
mand.
Eedt and confidence are the char
features Of our form of govern
who shall succeed in pointing on
y perfect system of credit" will
'd to the highest commentator.
defined a "Perfect credit" to b,
security undoubted, universally
and IN a convertible form.
tate Of New York obtains gold a
E OF interest than individuals, be
ponds are undOubted, generally
nnd IN a transferable form. III,
SCENTS for security the colectiv,
OF the people: surely an organ
be effected among individual
present the same security. 81,
sIe Is strength" And we proposI
'an a now under consideration I,
lne interest Of agriculture, com
y manufactures, so that the unioI
mote the welfare ofall.
Slll can be perfect unless there !
gwen that something tangible
ana the brst thing that present
ecuHty is that which is the sourc
e Lands and Eouses, and tina
u. ;.ie source Of all the nscessarie
- - 81 liie' must always be ofmo,
N order and confidence prevail
ny valuable as il will comman
mlngS, and therefore this elias
must be more valuable in on
nan gold.
s /. men that the capital Of an i
,o ~! Oe invested in real estate $,
mi 8 an interest, and that Il
NJ - Oe very largo--not less thu
g security will ofcourse
cS S'aI care and prudence whic
u.s.. a'aeterize men dealing in m.
" 'nls magnitude well inve
,; "a undoubied revenue securit.
ca,l!. stock win Be widely DIST
'pllal unusually large and I
- S.edit Of the institution wi
7. 'oTeIgn exchange Il vim 500
l'faly known.
great benefit that this sv.,e
80 ~ careful observer, is ii d
slSIe record security upon !
Of an undoubtsd charact
arc nov united, and 4
y saarea ofstock. Tha 80,
s..eos eIeditn Il Wi Is y
e1flty, gene nor
trans c
y nd IS n