Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-04-14

Agricultural Bank.
Commercial and Rail Road Bank Of yicks-
burg,
West Fel,caoa Rail Road Bank.
Mississippi Rail Road Company, Nachez,
Mississippi aud Alabama Rail Road Company
Brandon.
Aud The following IS m extract from the third
section Of lhe amended charter Oihe Grand Gulf
Rail Road and Banking Company:
"4hai the said Corporation, together with all
other Banking institutions in this State, shall, at
an times lie obliged to redeem their notes in spe.
Gle, aud f at any time any note or bill Of such
( banking institution shall be presented for Pay
mcut n any 81 their respective Banking houses
/ OF oAices where The same is payable, and pay
/ menl shall be refused, the Collector, Teller or
/ Clerk to whom presented, shall endorse thereon
1 the date Of such pfeseutment, under the penalty
Of $500, 10 be recovered BY the holder in an ac-
ION OF debt, and SAID note or bill shall therefore
bear interest at the rate Of IL and half per cent
per annum until paid
II is believed that this provision as above ex-
pressed. applies 10 each aud every Banking nsIi-
tuition in this State although not expressed IN
their several charters.
The Banks ought 10 be on their guard. They
ave deceiying themselves. The people feel that
they have consprcd against them. They have
broken their promises, disappointed the expec'a'
tons they had raised, and such rs the storm OF
public indignation now gathering, that we expect
those who hold their papcr will present Tor pay
ment, and if refused they will sue the banks, or
claim the } and half per cent. interest. II the
Banks would consult the interest OF the public,
and ultimately their own interest, they would al
ter ,heu course. There are no people more no.
oral hau ,he people Of Mississippi, but when tho
Banks are determined TO have all q the golden
cgrsn ii once, the ev becomes TOO grevous.
But tho question may be asked are the Banks
nile 10 extend relief Let them use The means
they have lcgdlmaiey. They musI nov have in
their possession from 10 millions Of dollars Of
Inc last crops in Northern funds. This would
ernblr them 10 raise the credit Of their paper up
10 ,hat Of Louisiana und kentucky, and il i were
, 2or3re r cent. below, the public would bear il
: without murmnf
! By using their Northern funds, confidence
, would be inspired, aud the value OF Mississippi
' paper 80 elevated, that the Banks nigh, increase
their issues with propreiy and impunuy. he
nubhc would save about 80 per cent on their cur
:, rent expenses, and those now IN the hands oil The
= Sheriff would be saved IRON num-
hN Banks lhHi are NOT bultHNHtu WIN u
= Road, are in duty bound to step forward III pres
~ cn, 10 tho aid Of these Who are suffering. They
y must have the means, and lbcy oughtio use them
I" for the relief Of the community instead OF shaving
10 the nublic, in order to make dividend Of 20 or
~ 80 rcr cent. for tie stockholders. The Planters
Bank oftbs State is peculiarly bound to AID the
gu people. sRloro titan ere halt Of its capital is
NV owned by tho State il has made a dividend o.
~ II per cent we believe, and has a surplus iuud
~ besides of one million Of dollars
n Some defend ihc Banks course in selling ihci
!" check. 10 he brokers ii New Orleans by shal
IN lou apccies ii special pleading. The Bark, 50.
IN ibry. docs not buy its own but some other Mis-
(! siss.ppl Back paper Now, suppose, thai any
two II more Banks, tie Roducy and Grand Gill
! yicksburg or Naicht2. 20 10 New Orb ans anC
\, purchase 90 each others paper md then cx
n change, Wherein IL ike difference, 10 the commit
MY or the Banks between such transaction all
~, he direct purchase q their own paperl II is al
axiom in mathematics that things which mr.
F., equal to the same tbios arc equal to each other
Ind wc contend that he puIcbaso Of each other
paper By two OF more Banks, is equivalent 10 IT,
direct purchase oltheir own papor--so far as I'll
interests Of lbe Banks and the people affected
~, 4 de question Of n'eiest and damages vii
IN 80 doubt, soon eeae before tue Counts, We ca
the attention Of The press and the legal protssio
IT, 10 it.
as DGrEHcr or SOUTHERN RiGHIs.-ll has beer