Southern telegraph. (Rodney, Miss.) 1834-1838, 1838-06-27
HINTS ON A SOUTHERN BANK OF
AMERICA.

To free The Spuh t. IN A oil.u inHn-
rnce, anl he dpp.cs-iOn OF Arhern cam
mewe, let the legislatures # Virginia,
North Clrolinl, Slu.h Carolina, Georgia,
Album, Louisiana aud Mississippi, PISS a
i mt chnrer for SuUTHEON BANK ,
AMERICA, he capital to be about forty mir
iioas, and divided in something Ike The Gpl-
iowlng prop rtI,ns: Virginia 6milllons, n.
CarbIn, 2, ). Carolina 7, Georgia 5. Ala
bnma ), Louisiana 10, MlsslsspJl ). Etch
If these STATES to have uRe or two br neh-
es, bat the mother or principal board to be
at Charleston, South Carolina. as The most
central point; aud each state 20 have n rep
resenlallve IN that board. Each state IL
hold three-fIurlhs of the amount Of capital
held in and assigned to it: and appoint II
proper proportion of the Directors. Let the
safes issue scrip bearing six per cent inie-
resi- for one -lourlh the amount assigned them
send, and sell that in Europe or else
where Tor specie. This would produce ten
millions. Require individual subscribers 10
pay specie or gnod current bank notes,
which would produce ten millions more, and
would be mainly bank notes, making twenty
millions to commence with. The states
would owe to The bank twenty millions
more, for winch they should issue scrip
tlle he same wi b the branches respectively
IN the states issuing 1t, SUI jecl TO sale al any
tIme TO RAISE specie, oprevent sispens It
OF specie payments, bur not to carry iair
rest until actually sold. Neither the whole
Corporation, nor any branch, to discount
more than twice the amount of its capital
stock, nor to circulate any note Of less de-
nomination than ten dollars. Full reports
To be published every quarter Of the year
OF The business Of each branch, and annu-
al reports 10 be laid before the legislatures
wlhln which the branches shall be respect
fully located, with full right of search and
examination by the Legislatures.
Such an institution would enable the
South to send lis produce TO market, and rs
a necessary consequence to import for IFS
own consumption. The people Of the
North are now the bankers and factors for
the South with nothing but Bank credit, and
and our produce for capital They are
growing rich Ivy purchasing our produce
loo low, and selling to US in return foreign
goods, and their own manufactures too high.
But such bank would make the north tri-
butary To the South in few years, and in.
stead OF disturbing our property they would
have enough To do to make their bread.
throw oat these hints for commercial con
ventions and meetings which are taking
place, 1t any thing can be done--l
must be more than wind and Words
| is an old saying that no one is so far from
market as he that has nothing to sell: but
but the man that has not the means nor in
clinallon 10 carry what he has produced to
mark ct, may be said 10 be almost as far
off 81 it is with the South, and it is
he South only that can correct or improve
its own condition.
In addition 10 the advantage such bank
would canfer upon the people individually
by increasing The price Of produce, and les,
,enIng the piice of imp ,rted gods, Tie
States would derive u large revenue from
nank dividends. which il properly applied
tnhnpruytm MS, W uId 20 n perfo ate The
Western maintains opposite each of The
great Atlanic seapnrts. Thus, acrordin
Ia The b"e srheme, The nett inrome d
Virginia, part womb exceed $!0O,00O.
Ii the above capt | sh,ull be thought to,
Inr-e, less misht PROBABLY answer, or IN ri
States might be added. Bat those abov,
named may he considered as directly IN
terested N regeneming the com nercI,
degridttlon INFO which they have beer
pledged by northern ficilues ani enter
PRISE. They are The great planting state
Of the south, bordering the A,ln,ic ant
Gulf Of McKee,, and are hon pgenepus il
social in ercougse, p liicaI institutions, anC
common Suffering. A common sympuh,
ana interest bind them together, and the,
have but comm N ohjecr 10 effect, viz: thai
Of selling their owh prJIiuc,S,o exchinaI na
them tr what they want themselves upon
their own terms; aud Of protecting theiI
own ity aud l> itu,Ilns in their own
way. X CO lee M that the silent ana az.
! tive operations OF commerce carried on by
their adversarIes at the nprih, as AT pfesen
! it not counierarted, will inevitably conquer.
what the sword dare not be drawn 10 eff.
feet.
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