Southern telegraph. (Rodney, Miss.) 1834-1838, 1838-01-16

i
tooe,her with the circumstance ct their
drawing interest, will supcrsede 10 u great
extent. The desire or necessity "f their Con-
version. This idea is sustained by the fac,
,,,nt State Bonds drawing an interest OF SIX
per cent. have been reaei!y converter s'ato
/ coin. az Il handsome premium; and this CIR
] cnms.ancc offers sufficient guarantee 10
| their general receivability, eqnal'ng at ieas''
and should suppose, surprising that OF Our
pres emf bank issues.
The prohibition anlded.to III the 9ih'sec
ton Of General Provisions, does not bear up
on the measures under consideration. 1t Is
not proposed to borrow money nor to pledge
the faith of the State for the payment or re-
! ,lcmpton of any loan or debt. growing olf
of such loans: but for the ultimate redcinp-
ton of its Bonds loaned to individuals upon
the most approved security. The object ct
the provision, from its reading, is very appa-
rent, and was clearly intended to guard
! against hasty and impruden pledges OF the
faith of the Stale 10 raise loan OF money
for the establishment of banking institutions.
The Legislature al lis late session, in pass
ing an act relative to the reception OF tho
| surplus revenue, pledging the faith OF the
State for its safe-keeping and return when
called for, has virtually coufrmed the con-
strIciion here given to The provision.
The establishment Of National Bank at
some short period, is much relied upon as
promising the most efficient and speedy cor
receive for the existing evils and distress.
But the time necessary for carrying INTO
effect So important measure, the Oi,Jec-
tons to he met and overcome, together with
the great difficulty IN settling the details o!
the charter; all conspire 10 place such an
anticipation upon fond hope, rather than
any well founded probability: and the un!a-
vorah!c ac:iun of Congress at its late SEES
sion, upon the subject, however it may be
regretted, serves to show the futli'y of fur
,hcr reliance upon foreign dependency,
and the necessity of devisng other means
10 avert the mischief with which we are
threatened.
If our immediate interest was alone con-
suited, the establishment of National Bunk
would perhaps lose much of lis importance
If there is one State IN the Union above all
others, that can dispense with such an insti
tuition, it is Mississippi. Our great staple
commodity furnishes the means by which
tho issues Of powerful State Bank, proper
ly organized, and backed by the credit and
faith of the State, could be made to super
sede, to great extent, the necessity Of Il
National Bank. shall not, however, be
and selfish. A National currency is Ma
s;onGl concern, and properly TO be urged up
on 'he advantages 20 result 10 the Nation,
and not those of a State.
The propriety of single banking ms i,u-
ton fostered by the State, with view to the
enhanced credit and extended circulation of
It's currency, as above limited at, is an opin-
ion long entertained and expressed. The
amount of banking capital chartered by the
State, is not SO much 10 be objected to, as
the numerous independent banks through
which it is welded. If, therefore, a plan at
some future period could be digested, SO as
to induce the banks to surrender their char
tiers, aud TO consolidate their capital into one
or even two State institutions, feel sa,isli-
ed that it would have the most salutary eff
feet in giving to its issues an extended cred
it and confidence, that those of the nnmer-
Gus banks already chartered, can never re-
aliZe.
believe, however, in order to ensure
sound, uniform currency at home and abroad,
even with the existence of such Il State in
st,ution, it would he better to have branch
of a National Bank located amongst us, that
they may act as checks upon each other.
do not wish to be understood as being indif-
ferent to the establishment of National
Bank, freed from some we'll founded obiec-
tons to It's former organization and usa oes ::
on the contrary, from the best reflections
have been able TO bes!ow upon The subject.
believe it to be essentially necessary to
the Government as a fiscal agent, and for
the regulation Of the national currency.
A proposition, which has excited some
sensation, has been thrown out as CON-
promise, tor the purpose of facilitating this
object. The terms are an amendment to
| the Constitution of the United States. oiyine
to Congress the power to act and by fixed
provision to vest in that BODY the entire
control of the banking capital of,he Union
to prevent its increase, and to provide for
ITS decrease; until the capital among the
States shall be reduced to ru:io that NAV
be deemed safe by Congress: aud the States
ab]ure the power Of Incorporating a bank
beyond the amount of capital fixed as the
| ratio.
NO scheme has yet been proposed less
/ cqn'vocal in its nature, or more directlv
tending to sap and merge in the whitening
influence OF a separate and Independent
bank government, the sovereign action of
the States. We should not wantonly eop-
ard'ze the stability Of the government BY
t.inper'ng with the Constitution in the way
OF amendments. 1t is not necessary, in
order to effect the object desired: and as a
precedent, It IS impossible to predict the
consequences that might result from the ex-
pertinent.