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


cTedence, opposed rs !; Ia bv the kaowa
high character IF their officers and ..sre.-
t.rs. The course pnrSucd by IN. Psea.ars'
Bank. since the suspension of spc-Ic pay
ments, must SHOW. that the inpres~i,a va
founded in errr 1t seems that The h,-,k
adopted resolutions to paw interest on Is c.
cnlation-;o mike no diyilcn.-,o m 4. r.,
new oans, nor 10 do any thin. by which So
circulation would be increased; anil Prs
sumo that The conduct o.: the A.ri-u..s,-as
Bank is alike defensi5le
lndividu ais have n, dssi'.t iniis-reessT
pushed their wild spersIl ,ti sns. bl, shey TO
were encouraged hy the pr,>p-c, ut o.ssaisi-
Ing increased facilities through the cre-.iss
ot new banks; TINS II w'.uld >ce.n IN !; IA.
banks and Iniiviiuils have ho "A oversrf-.i
and have equally incurred the ri-ss ari
vIcIssitudes 1T trade; and by m uuf ,vo-=hss
change ofcircrnstances. 18th became ersr-s-
ped AMI embarrassed IN their operaifn-s-
AT length the in'ensily at the pressure, s:l-
eratin. upon b-nks rs irdivii Iats rel
a suspension of specie Payments, wai,h h-
cutting OF all facilities Tor bsrrowirs- rla-
ced Ms IN the IN 81 try IL "a, s=;ts n u-sca -
issue of which tepenici the ere Ia . Ia
Safes and ref ,:stny nj tbs cen nlu:v
The ut'nnst iirinae>s aai r,-ssec, ~ ~.
supremacy of the laws anI sssi order
That bo'ir we been s. TAR ,.,iv .I~;.i1s.
must rernain source IF PToli .rsiific.s:,-,.
The eyes of sister States have been su-uef
upon us with di~trSlss. bat the manner IN
which the SIN -ck has been borne INST d.Ss-
buse the public mind, ant u. only RS r.
confidence In our good f.i;h. bit nav Ils-sy
challenge share of their a.Isnsra,ion
Thus situated. souni p 'icy requires yo.r
best aid 10 s.,t an and III. tn crush or IT.
| StitutioHs-:o remedy and not 10 ri1siGly -
enforce the penaliy OF the bah
| The latest Information relasIye IN the E.
ropean money market, presents the prospect
of favorable nego.il;ion &c the Safe bo-..ss
proposed to be iSS1et IN Ter the charter Ct
the Mississippi Uninn BsnS"
| On former occasss,. l Suggested. TIA.
in the organz,;ion If ssich n n ias,i,u.i,.s. IN
voiying deeply the ineres, AMI credit &C
| the State, the attention of the iersSlaflFa
would properly be directed n ei->e Seru-
tiny of the provisions of as chsrer; aui "A
throwing around IT the In0st sssri-i ~
s.rictions for the greater safety 1T the Safe;
and 10 that Communication | again 40
vite your consideration. In adii,issa tn Z. >
amendments there recommended, l WI
here remark, tina, the policy Of the provisinzI
entitiing the State to one tenth Of the whole
profits of the bank m Consideration ct -
bonds may be well questioned. The Siet-
has no motive in making such n trans
action n matter Of profit la loanins Is
credit to carry into effect this in<;i,n'ion, u
should be influenced from hiyher coaSidc-s-
tons, that of the interest AMI prosperity ct
the whole community. All I, can desire, u
an ample indemnity against the risk sa';
any ullinite loss on the bonds- Ii wosiii
accord better perhaps with the char,c:er
and interest of the State, to substitute &c
this provision, the insertion Of soma addltil1-
al security t. the Ssite.
| There seems t. be some ambiguity IN tie
construction to be placed nPan the e,sh :
section, To the value Ia be fixed ucon ms
property mnrtgised for III. rsFm>ai os
stock by Subscribers EsIn ia Fetiia. |
arrive at the conclusion, that az the prsser-
ty m,r,gaged for that purpose. w.sh the eN-
cep:ion of hon -e<, Is 10 be taken at ~ fssr
valu ,tion as fixed by the cosnn:s>ian-as-
From the ninth section ! understand that
the corporation Is invested wish a dlSc-S.-
tion1ry power To laan, tn ne,.s;ilre. In tEks
mortgages AMI pledges, AMI tn discount on
such terms, and slch securities as they >Assi
Judge proper. THIS clause world seen -
apply to mortgages given fnr rho pay-sseas 4
NOES discounted. ana nj &C. In re given 50
stock; and vests the power n The csrss---
ton to take the property rapxsesi tn b
morty ICED at IFS esImlte ys.l-. NJ IN m "a
any deduction they NAV think proper To
twen.y-sixh section, hosc-er, msse- ia
discretionary power general, AMI the inter-
eLce IL, that the board of d..ec-srs nave ira
right to receive the m,rtyiycd property !.
!. its appraised value, both I'm pssrnent u
T stock Subscribed for, AMI ssr the pay.nen: a:
mites discounted This feature mast DC
highly Objectionable. II Is ealcnlaisss -
produce he ,r;hurninss aud much ds>-s'ss-
faction. If the properly cs enc snpl'cass Be
received al valuation by siss ssssna,ssrnuers,
and that of another he reduced. the essss>e-
!, quences may be readily ccn-esve-l- There
!, FIRE recommend that this ds-rcsf-a gwen
the bnard re restricted; and for she hstset
-t,ccurity Of the State. thls It he eaj sned ~
on It MT 10 tske property offered ut ms-e
/ than onc-half the Value placed upon Il ~
the commissioners. ar nj an ~ two-:hsrds-
The demands that are nov bearing N -
: heavily upon cur ci;izens. and in the ar
) ranpement Of which there Is mist difficulty.
j are those OF non-residen.s; and ifa pss,uegcd
! suspension II spcrie payment on the part ~
/ the banks should be deemed indispensable,
: general demand Cor specie in payment a
: debts may be apPrchended- Usaer do
9 Constitutions of the u. Safes, hank nnses
: are NOT a legal tender; vet fom sensssl
J; usage their receivabiliey IN paynE.s a Al