Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-07-31
n THE PRESIDENT AND DREcToRs OF
THE SEVERAL CHARTERED BANKS IN
THE STATE oE MIssIssIRP1.


Gentlemen THE high and responsible
-;,,,tion, in which circumstances, and the au-
,Sortv of the State Legislature have placed
ron as officers Of the respective Institutions
. ,ror which YOU have been called to preside,
secures to you the power, of dispensing much |
,.,od or of inhctng great evil. With high |
sS,;n5od honorable and business men, the
.ho;ce would be easy to make; and the well
fro Of the people, and the State, their great
-, pleasure to serve; but the course you viii |
u,,sue. is already partially sene, and the con
soopences it will entail, soon will be felt by |
,be Deople of Mississippi. When the dark |
cloud Of adversely first obscured the horizon
oftbis State, in July 1887, and with each sue
ceednc flash, rent wider, and wider still, the |
v,wr;ng chasm produced in our hitherto I'M
paraleIed prosperity, and threatened to en-
arlDb. beneath each impending mass every
interest. in the country, one institution in
Jood asoltary and alone" was seen to pene-
trate the deep gloom, step forth from your
ranks. and extendis feeble, though welcome |
aid. 10 save from hunger and ruin, the perish |
ingand dstressful Loud, indeed, and vocrfer-
atinc continued the cries of the needy, but !
deaf as marble were the ears, and mfecling |
as adamantine walls, we're the hearts of others, |
in this scene of hmentation and wo. No eve
did pity nor arm was stretched forth to save,
except this one which now it wouldsee1n, You
have determined to destroy. Ere the distress
shalt over, you are by every unfair 1neans of |
inuendo and insnuation, (to use no harsher
epthets) endcayoring to PROSTATE the only
chartered institution in the State, that has en-
deavored to alleviate the wants of her citizens
And should you succeed in this unrighteous
warfare against the most valuable and useful
Bank III Mississippi, what would it avail
Would il place your own rotten institutions In
a better condition or create more confidence
in yourselves? If your banks lack capital,
and the officers who preside over them, integ-
nty, the spois of the enemy might, indeed, af-
ford you much; but if you lack neither of
these, your triumph would be small. Created
by the same power, and placed in the same
situation, why should your confidence abate,
unless, indeed, warned by the extent of your
own slender foundation and corruption, you are
induced to doubt both the solvency and integri-
ty of others. If there be any just cause, either
to doubt the solvency of the Brandon Bank,
,or the integrity of those who manage its af-
fairs, why should it not have emanated from
the proper source. That institution has been
recently examined bya committee of citizens
of known integrity and disinterested motives,
-whe make most favorable report of its con-
dton; and the Board now invite a re-eXam-
nation from the Bank Commissioners, appoIn-
ted by the Legislature of the State, III any
way they may think proper. The Directors
have also pledged their large estates to the
bank, to remove every possible apprehension
that might arise in the minds of the bill.hold-
.ers, as to their integrity; and further to secure
the more certain ability of the institution tC
discharge all of its liabilities. The loans 0
che bank, have been on the very best security
in the world to wit, cotton bonds, deeds il
trust, and judgments and executions transfer
red. Its operations have been large, the SO
cunty ample and the profits great. Lastsea
sonit controlled seventy thousand bales ofcot
ton, equal in amount to four millions of dollars
and the next season, probably, will conTC
half as many more Where, then, Is the dar
gerl With all these circumstances and fact
staring him in the face, can any man doubt tn
ability Of this institution TO resume Specie pay
ment as soon as the other banks in the State
But, gentlemen, l fear that it Is not the ba
condition Of this bank that excites your fear
but its solvent and sound condition, and Il
favor it has with the people, that provoke
your prejudice. To prove this fact, 1 wou
remark, that each of your institutions hav
probably from 30 TO so thousand dollars in Il
notes OF this same Brandon bank, and you no
begin toreiuse to receive any more; atthe san
time, you also refuse to loan this same Brand'
money to the people, large numbers Of who
beset your counters daily, Offering the best $
curty, to save their property from sacrifi
;and the Sheriff's hammer. If you are afraid
this money the people will borrow II, and ri
the bank. And, if it viii answer their pr
pose, and they give good security, why
let them have it! They are not afraid to Try
the Brandon bank if you are. By withhold
this money, and refusing to receive any mo
you inhict a twolold injury upon the people,
you stamp as worthless, that which they
ready may have among them, and, conseque
ly,itbecornes uncurrent and win not ansy
the purpose of passing from one to another;
it is well known, that, now, we have little e
What, then, is topay offthe thousands of ju
ments and executions, that are daily matur
in our several Courts, throughout the State
The greatest loss and sacrifice must ems
The people win be stfipt Of al they have,
left stiTl in debt. In conclusion, I ask, can
LONGER pursue in this iniudicious, and to the
pie, ruinous counsel IfyOu areEeally ara
the Brandon bank, loan whatever amount y 5
issues you may have Of receive, to tne Pc
upon good security; and, continue fo-re
and loan It SO long as they val borrow,
which means, yoIwiIh run no risk with
institution: and sne6 course viii tend 70
port its credit, and accomnodate tne Pc
until the resumption Of Specie PayInen
the banks IN this State, shall test. the sol
.eyOf ALL. d asV4 ~ y
The Righiof Insirnctio4 AMI; gh
81 ~ t.f-, r-1lru fha d0cfFII