Canton herald. (Canton, Miss.) 1837-1839, 1838-12-05

mehh wiih determination t sNanf
lhe femaindef ofmF dlyaH'he PENCE.
inl Shade vi private llir. I however
tud mfflI feluelHalle drswH before
ihe pHfle lH 9fieDee a slhn Bunk ol
GreugAa NssissIppi, user which I
have thehouof 81 preside. Ms cause
Va gpod oucsiiis ne cause ii honor
and "a truth. llrnr roe patiently and
know ihas you will judge me fiehte.
ously.
] am opposed "a Tie whole hanhins
3 stem and ever have been, a4n yio.
Rlion vt lhat equality Of riehls iattn.
ded io be secured 10 each and every
member Of society by eur Republican
form ol government. The Banks are
q species Of licensed monopolics and
unequal and oppressive in their opera.
tons upon the producing portion Of
the community. Having grown up
under TIE present banking system,
which seems 10 be SO completed, ln-
tcrwovcn into all Of the fbfes 81 FRET
government; having contracted debts
while the banks were expanding ANA.
throwing out their issues, which thne
were unable to meet, in consequence
of the sudden curtailment and with
drawal Of all facilities and bank ac-
Icommodations; the people were pecu.
lniarly distressed, and could moi gel re-
| lief from any OF the banking institu.
tons in the State. Tie d0ckets Of
4 the Courts were filed with suits against
all classes OF society. They knocked
at the door Of the old banks, but were
IunieelingIy refused admittance. Bank.
4 ruptcy and inevitable ruin seemed to
stare this whole community ia the face.
was appealed 70 in a way that no hu.
lmane man could resist, 10 devise the
ways and means Of relief. proposed
to put into operation the Bank Of Gre.
NADIA Mississippi, previously chartered,
which was readily acceded to, prori-
dcd, the means could be raised. was
authorized by those in authority 10
make the necessary negotiations.
While thus engaged, | was betrayed
for less thTl-thir11- MICS Of silver. Az
ter tedious struggle Of some months
we succeeded in organizing the bnnk
and gettlngitlnto operation in August
last. was offered the Presidency
and compelled by circumstances unne-
cessary TO mention, to accept the sit
uation or permi the whole plan of re.
lief to fail, attertbe citizens OF this and
the adjoining counties had been Mt
much trouble and great expense. The
charter required the bank to be predi.
Gated on specie, or the notes OF specie
4 paying banks. There was no specie
within the reach Of the people for
whose rnhef the bank was chartered.
| The stock was therefore taken with
4 the notes Of the chartered banks of
the state, which were bound by law
and evidently able TO redeem them in
/ specie. These were, in the legal ac-
ception Of the term, considered specie
paying banks, by those whose duty it
was To receive and decide upon, the
4 kind OF funds, to be used in payment
4 Of stock. The directory were oppo.
sed to throwing out any more Of their
notes than was necessary TO give inn
mediate relic to the distressed portion
Of the community. They therefore
conlInee their discounts, in almost ey-
4 cry instance, TO those who were com
I PEELED tohavemoneyto save theirprop-
erty from beng sacrificed. The loans
were distributed through the different
counties. where there were no other
I. banking facilities, in small amounts.
/ No note was discountedfor more than
4 $4,000, and but one for that amounts
only one man got an accommodation
for more than $4,000, and at a few
persons, Of that SIZE. The most o
: the notes discounted are Under thou
sand dollars, and have only ninety
days 10 run from their date, which arr
now falling due. The Union Bank
c having by its liberal expansions, ex
tended the helping hand of relief, ha
enabled Bank OF Grenadat 0 contrac
d its issues so as TO call in a great poi
I ton Of its notes without depressing it
n debtors. The institution is in SCUM
n condition. and will be able TO redeeI
It's whole circulation soon afterthe n
sumption Of specie payments by II
r. other banks Of the state. The not
Of Of the bank passed currently and a
le swered al the purposes Of trade AZ
a. commerce, until the arrival ofthe blr
y commissioners. whotradGced the cha
i acter Of the Institution an threaten
Is to destroy 1T before they commence
y, their examination. Their minds we