Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-02-10

equal to one-flth of the annual products
of the country is admitted, by political e.
economists, to be amply sufficient. Our exc
ports cannot be safely valued at more than
fifteen millions of dollars. The product of
the soil alone can be relied on to pay our
foreign debt, and reinstate our credit. Elk
cessive bank issues would only cause our
currency to depreciate still more, procras-
innate the resumption of specie payments,
and demoralize the country,
An imperious sense of duty requires me
to call your attention to the situation and
conduct of the Planters and Agricultural
Banks-chartered for the express purpose
of promoting our great agricultural inte-
rests, they have, from their commence
ment, disregarded their respective char
tiers, totally neglected the great objects
of their creation, and defied the legislative
will of the people in refusing an examiria-
tion of their affairs by Commissioners APP
pointed by the Legislature for the ex-
press purpose of thoroughly inspecting the
operations of every monied corporation in
the State. The law under which the
commissioners were chosen, was approved
more than week after both of these
banks had suspended specie payments,
and thereby placed their franchise at the
mercy of the Legislature. A charter to a
corporation is grant of privileges-any
violation of their power is misuser, and
works a forfeiture. Ono mode of examina-
tion prescribed in a charter does not ne
cessarily exclude such other mode of visi-
tation as the Legislature may designate |;
neither can the grant of charters to those
banks be considered as contracts. No bo-
nus was paid by either: the great object
OF their creation was the promotion of the
planting and commercial interests Of the
State, by the distribution of loans accord
ing to the spirit of their respective char
tiers, and at the same time afford to the
people currency equivalent to gold and
silver.
A careful examination Of the original
charter of the Planters Bank, and the va
rious amendments thereto, conclusively
shews that it was intended that large
portion of its capital should be distributed
among the several Senatorial Districts,
loaned on mortgage security and that
the respective subscribers for stock should
pay thet amount subscribed in gold and
silver coins, the notes of the Bank of Mis-
sissippi, or those ofsthe Bank of the United
States or any of It's branches. These sa-
lutarY provisions have never been enforc-
ed, Fffe-subscfibers paid for their stock
in part by discounts in the Planters Bank,
and no part of their capital stock has been
loaned on mortgage security. The direc-
tors of the mother bank have also refused
to permit director, duly commissioned
on the part of the State, to take his seat
at the board, under the pretense that eve
ny director was required by the charter,
to own at least ten shares of the capital
stock. do not consider that the original
charter sanctions such an Interpretation.
The 33d section evidently qualities the
18th; but all doubt is removed by refer
ence to the first section of the act approx
ed February 9Th, 1888, which repeats the
18th section of the original act.
The State owns stock amounting to a
bout two million two hundred and twelve
thousand seven hundred and forty dollars
and thirteen cents, in the Planters Bank
all of which has been paid in actual capt.
tai. Individuals took two millions of stock,
great portion of which is believed to
have been paid in stock notes, which re-
main uncancelled to this day, having been
renewed from time to time.
Inasmuch as the Planters and Agricul-
.tural Banks have refused scrutiny into
their affairs, have procured public do
cument which shows their situation in
March last This statement was complied
under the direction of the Secretary of the
Treasury, from actual returns made by
those banks, and as it has been long since
published and not contradicted, it may be
relied on as correct.
Means of the Planters Bank. ADrH 9th