Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-03-10
VETO MESSAGES OF GOV. MNUrT.


| 10 ths Senate Of fht STATE If Mississippi
Having duly considered the bill, entitled an act
a. incorporate the Real Estate Banking Company
oi Columbus, Mississippi" feel constrained Ia ne
turn Il to the House IN which It originated, with my
| objections.
| Appended viii be found the names of the various
banking companies already chartered in this State,
together with a statement of their nominal capital,
as wed as the amount actually paid IN. This alone
affords ample Justification for my refusal {, sGu the
| bill before me.
| Ga the lst Of January 1856, FIVE Banks existed
m the State with nominal capital ofabou, twelyc
millions odolarS, and less than nine millions of ac-
tual capital. Now, there are tweutv-l1ur banks.
with nominal capitals amounting 10 500, 81 ; 900
and their capitals paid IL, amounts to Sls,sSi,3i0.
| When the Union Bank gets into complete opera
ton, as wei as several Others whrh viii soun com
meuce business, our banking capital actually paid
IN, VIII amount 10 more than Forty millions Of ,inl-
ars--an amount far beyond the actual wants of the
| people of the State. Most OF the Banks are author
zed 10 issue three times the amount of their actual
capitals, and should they ever exercise their pow
10 the full extent IN that particular their paper
would be little better than the Old Continental mo-
| new Political economists differ rs 10 the extent of
| the circulating medium necessary Ia supply the
wants of State nome, however, contend Tor more
than fifth Of the value of the annual products of
the country while others suppose that one dollar of
circulation Is sufficient for thirty ofpruductS@
| The present circulation of the State is less than
seven millions of dollars, and cannot be increased
without depreciating our currency still more.
There is scarcely a feature in the hill before me,
which could, under any circumstances approve
| the stockholders give their notes secured by deeds
oitrus', for stock The capital ofthc Bank is 10 be
/ 100000 and may be increased 10 one million, and
] the COMPANY is authorized TO issue two dollars In
| l,ilar Of Ia,
aud can loan on bond ana IGic1re Of rca, "ster. at
| ten per cent per annum interests, aud take what
ever amount oleNchange they may think proper 10
| demand, exclusive of the discount specified in the
| charter. A company organized on such principles
could under no circumstances keep in circulation pa
| per money, convertible on demand into specie
| Banks can only loan capal--they can never create
| it. The circulation and value of paper money de-
ponds manly on its conyerbility into spccc--not
entirely on the ultimate Solytncy Of the corporation
issuing il, as IS generally supposed.
| The faith Of the government was pledged for the
| redemption Of tho Continental moncy-it was made
| receivable in payment Of all public dues, and Sc
we're penalty imposed on all who refused to receive
il in payment of debts, at its nominal value Every
| additional issue caused farther depreciation, and
eventually il became worthless, and has not been re-
| deemed 20 this day.
| These are times to be met--not followed can
not cooperate with the Legislature in charcrnr
more banks, more especially when they are based
upon principles evidently calculated 10 deprcciate
still more the currency, procrasnate for years the
| resumption ofspecie payments, destroy confidence,
break up tie standard of valuc--and weigh down
the planting and commercial interests by the in
tolerablc evils Of a iIuctuatng deprecated paper
| currency.
The high respect which, entertain for the Lcus-
Iature, as well as an anxious desire to harmoni1e
with the immediate representatives of tas poati
would induce me on 0rilirary occasions 80 itli M
i-'+' "ai u".....,, our when measures are submit
Ted Tor my approval, which, II carried into elect
would, as eonscienously believe, nlic evils ire
PARABLE cannot give ticm my official approval,
without violating my duty to my constituents, the
people of the State. A. q. McNUII
Executive Department,
jackson, Nj, Feb. 10, 1898.
Names ofthc cartons Banks ,cith Statement Of
the nominal capital, and also the amount actually
paid IN.
NAMES OF NOMINAL AN TOT CAPITAL
pa Sasrs; Rank. s1qiqooo 90 sa2is 600 90
Agricultural Bank, 100000 90 2,OOO,oOO SO
Commercial & Ran
Road Bank Of
VicEsbnrg. 100000 co o,G8.55o 90
Grad Cuff Railroad
and Banking Cohi
pany, 2,0ooooo W l,129,o29 w
West Ftlclana Rail
Road and Banking
| Company. 100000 90 SI, 200 o.
Commercial Bank Of
Natchcz, 100000 90 2,n347O oc
Commercial Bank Of
MANCHESTER, 100000 90 Gl2,soO q
Commercial Bank Of
Columbus, 100000 90 592l2o OF
Commercial Bank Of
Rodney, 100000 90 100000 o.
Tombigby Railroad
Company 2,oOo0OO oo 252,boo W
Mississippi and Ala
bama Railroad and
BANKING Comply, 100000 90 Il43960 o.
Rank Of VlcksburG, 2O000O0 90 100000 O
pank orGrenada, 100000 90
D.nk cr Lexnrton. 100000 90 10000 o.
Bank Of Port Gibson, 100000 90 loo,ooo U
Vicksburg Water
Works s. Banking
Company, 50O,0oO % ooOoo
Northern BankofM. 100000 90
fernando Railroad
and Banking Co. 100000 90
Mississippi Railroad
Company e,ooV,ooo w
Citizens Bank Of Ma
J,son county 100000 90 10000 0
Lake Washington
and Deer Creek
Railroad s Bank
ing Company 6oo'0oO w @oo'ol'
T. Miss Union Bank l5,5OO,OO %
Aberdeen and Pom
totoc Banking Co. 100000 90
Benton and Man
chester Banking
Company ,000,oo0 90
Branches Of Agricul-
tural and Planters
!, Bank at Franklin
II and T'cbua, 900, 900 90
n 500, 5l2,0 900 90 Sls,S3i,3l0
To the House Of Representatives. Of the State
|