Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-06-23
The Banks! The hanks!

ever held on any public occasion, by the citizens
OF LOwHdes county, assembled AT the court house
on the hour appointed for the purpose OF taking
into Consideration the deprecated state OF our
currency; Whereupon Argyle Campbell ESQ.
was called to the chair, and John j. Goodwin
and Francis Leech, appointed Secretaries. The
Chairman then stated briefly the object Of the
Meeting, after which John Culsoe made short,
but forclble and appropriate address. On motion
the following gentlemen were appointed by the
chair, committee 10 offer preamble and reso-
buttons for the consideration OF the meeting: Tho.
G. Bewett, Ralph Graves, William II. Gibbs,
Nimrod Davis, Jesse Speight, John Crigler, Jno.
Nj. Morgan, Cyrus s. Akin, William Eckiord |
John +. Williams, George Vaughan. The com.
mittee through their Chairman, Gen. Speisii, re-
ported the following preamble and resolutions
which were adopted.
Whereas gIeat and unparalleled depreciation |
has taken place in the value Of the currency Of
this State not only abroad but ut the very doors
OF the Banks that issue it. which materially and
injurously effects the interest of the planter, the
mechanic aud the merchant, by closing the ave-
nues Of commerce and trade; lesSening the de-
mand for labor, causing agriculture to anguish,
and thereby greatly increasing tie prce OF all the
! HeceSsares and luxuries Of life And whereas
still greater depreciation is likely to cusue, with
out any connection with that general cause which
has alike visited the whole Unlon--,he suspen-
sion of specie payments.-The operations Of
which was not calculated to effect one section Of
the country more than another without the add-
tiona aid Of NAL -practices on the part Of our
| Banks, not warranted by their charters nor any
correct principle thanking, and opposed to that
moral obligation and justice which should ever
characterize the policy and dealings Of chartered
| Institutions, acting under the supreme authority
Of the Legislature, and sovereign will of the peo-
pie And whereas, from satisfactory information
in the possession of your Committee. maioFl'i;
Of the chartered Banks of this place, have no! on
| " withheld their accommodations from the pub
lie, except on terms onerous and humllIaiIng to
be complied with, but have Withheld their cX-
change also and some Of them have through
their agents disposed of the same in distant
markets, at a high premium, for funds which
were also at high rate over the currency oil this
State and have invested the same in Mississippi
Bank notes at heavy discounts and have there.
by realized large profits to the great detnment of
our citizens, who, being large consumers are OF
course considered loosers by The heavy rate OF
exchange that has to be paid between this and
every other State in the Union with which VIC
have any dealings: And whereas, tho people
have a right TO scrunze INTO the affairs OF char
tered Institutions to whom they granted eXclu-
sive privileges for specific purposes, It IS their
duty whenever they have just cause TO suspect
that the creatures Of their creation have transcen-
ded the limits the laws have marked out rs their
boundaries, to guard scrupulously their interest
by detecting fraud, and exposing error; therefore,
|. Resolved, That the practice Of loaning mo
ney by corporations and Banks upon what is
termed Cotton Bonds is in violation of the cor
rect and legitimate principles Of Banking, dcro
galory 10 the true interest Of the people, and OPP
posed to the genius of commerce and agrlcul
ture.
! 2. Resolved That the course pursued by tn
Banks in this State IN refusing TO sell eNchang
at home and disposIng Of the same abroad at
great premium, is in cur opinion the principe
: cause Of the deprecated stple of circulating me
9 dun.
3. Resolved, That Banks should sell thci
exchange at home at fair rates and should max
loans only, on endorsed notes and bills OF eX
y change.
$ 4. Resolved Thotn is inexpcdcnt and impol
. tic for any Bank Director OF Director OF an.
: Banking association to hold seat in the Legisa
9 ture Of this State.
5. Resolved, That this meeting consider tn
; Banks chartered under or present banking sys
Il ten, injurious to the best interest Of the State.
IS 6. Resolved, That this meeting look on tn
:. general Banking lawsrocently adopted by tn
Sat & W 1l,o
rect principle of banking consistent with nc
!, publican Government--as it lays open the bus
ness Of banking TO all persons possessing capn'
= who wish to engage in it thus preventing inc
nopoies or giving to individuals fictitious cap
i, tai and credit, which neither their means or cha
= dcter entitle them to.
y I. Resolved, That after mature deliberate
this meeting believe that a law similar to the Ne
= York general Banking law, would De productI'
:. Of much good TO our State, as it would enable
- citizens possessed OF unincumbered real estd
'e an opportunity of reaising an additional lnerc
~ Of their property, by investing II IN stocks una
this law, thereby lessenIng our dependence on 70
=, egners for capital, and giving their note holde
tldoubted security, for the redemption OF not
'e' issued under such system.
mt 8. Resolved, That Committee Of SIX be a
ed pointed by the chair to draft memorial and
he obtain signatures, praying our Legislature to U
their best exertons to reform the present bankl
system of this State to fix an early day Tor
ed resumption of specie payments by them' and Il
es- in all cases where they do not comply with su
CIV a law, that forfeiture of their charters should
So the consequence, and also, that law, similar
ish the .Ne,U Fork General Banking Ldw will
=. adopted by the State of Mississippi.
~ Resolved, That the preamble and rcsolnlio
- together with the proceedings ofths meeting
- signed by the Chairman and Secretaries, and p'
e'i lished in both the newspapers of Columbus.
). Resolved, That the thanks Of this meeting