Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-05-12

state.
The Bank convention which assembled at \
York have fixed upon the first Of January next 10
the resumption Of specie payments. How many
Of the banks Of this state viii be able TO resum,
at that time Not one Of them. The Legisla
ture will meet at that time, and us PLAIN and pal
pable duly Will be 10 pass a Law immediately com
pelling our banks 10 resume upon day certain
say the first Of April ensuing, under pain Of for
fixture of their charters. Unless this be done
when other solvent banks shall be found to have
resumed, Mississippi paper will not sell in the
eastern cities for enough to transport it TO the
banks which issued it,. Mississippi hteIigeReer
OUTRAGE on THE PEOPLE.
As faithful Chronclers Of the Times, il be-
comes our duty to give their "lorm and pressure"
"a we find them now existing. Against the bank
ing institutions Of Mississippi find the voice of
their former warmest and most devoted friends,
becoming loud, lndisant and denuncarory. Ey-
cry day only increases public imp!ecatlons a
ganst their INSCRIPTIONS swindlIng. There is
no mllder epilhet to express popular feelings and
we therefore use II as we find II IN the mouths of
the most intelligent men in the country. At our
own doors we are compelled to give from 80 to
leo per cent on our bank paper and when il is
borne in mind that our banks have the strongest
| foundation of any in the United Suites, and could
at once raise their money to par with that of Lou
lsana and the adjacent States, it is not surprising
that popular clamor should increase. When men
are robbed of one half of their earnings they are
not apt TO speak in the mldest accents, and
every one who buys a dollars worth of any com
modify or who puts his foot in a steam boat will
soon find that he had to pay 80 cents Of every
dollar he expended for the benefit Of Banks and
Bank officers.
We tell the Banks of this state that they have
played too "srons game" tina. the people are
not disposed to bear their exactions much longer
and that they will endeavor to find a method of
making them act honestly making them act for
the people, for whose advantage they were institu-
ted, instead of the favored few who control them.
They must raise the value of their paper and they
mist do 1t soon, there is no time TO be lost They
managed to snuggle large number of their Of
fcers into the Legislature, and succeeded IN get
ting a bill passed for their relief las they thunght,)
after this they snapped their fingers" at the peo-
pie, appointed another batcn Of the members of the
Legislature to tho directory and then declared
that they would not draw on the north this yecr.
Suddenly their paper deprecitad, all wanted to
get clear of it at any price, and as the banks them
selves were alone able 10 purchase, as they alone
had northern funds, the paper has been re-
duced to its present degradation. Bank officers
were said TO have sold checks in this city at 80
per cent and we have heard Of bank officers buy
ing plantations and negroes and paying up the
cash for them.
How can this be done these tlmesl We owe
duty TO the public and the Banks, and we must
speak out We will not say how it is done but
we will tell how ii can be done. A bank director
says he wants $50 thousand dollars for few days,
he gets it and draws checks on the north TO the
amount. lie gives out that the Banks do not in
tend to check during the year and the paper falls
80 cents on the dollar. His agent or himself buys
up the paper and in ten days he goes back and
pays the bank tho l5U thousand dollars he bor-
rowed and then be goes into Madison, Kinds,
Warren or any other county where the sheriff is
pressing and buys up a plantation and negroes
with the balance.
The honest banks will soon find that the swim
dlers will rum both them and the country. The
credit system must be sustained, but in order TO
sustain it, there must be radical reform in our
Banking institutions. They have had conyen-
ton after convention, and after each caucus their
money got worse and the people had to suffer still
more.
1t is now time that the people should hold their
caucus Unless there is something done imme-
diaely we would advise the people of Vicksburg
to meet at the court house next Thursday at O.
clock and express their sentlments.-Ss Sentinel.
" We earnestly hope the CITIZENS of
Columbus will hold similar meeting Let il
be meeting of tie whole PEOPLE, for at this
crisis We should know no party. Let inquiry be
instituted relative to the depreciation of our bank
paper. Where are the funds derived from the
sale of the cotton purchased BY the banks of Co.
lumbus Do the Banks of Columbus send their
agents or directors abroad with foreign funds to
buy up their own notes at great discount We
pause for reply!