Canton herald. (Canton, Miss.) 1837-1839, 1838-02-21
UoUsE OF REPRESENTATIVES,,
Jackson Feb. II, 1888.

jackson RET. IL, l838.
Dear Sir: After having been six
weeks engaged in the business of LIE
IgiSlation, have to say to you that we
have perfected but very little yet.
We have a great many bills in pro-
Igress, which can be consummated in
a few days; as the great mania for
speech making is pretty well over,
a disposition is now evinced to do
something for our constituents, other
than furnishing speeches for them to
read. The Union Bank Bill, after
much opposition, has passed both
Houses, and been approved by the
Governor, SO that it is no longer con-
Itingency. We WIZ were its friends
had to labor hard in its defence, or it
would have been defeated; for when
the Legislature first convened, con-
siderable majority were opposed to.
its passage. 1t is thought, from the
amount of its capital and general char
acter upon which it is predicated, that
If well managed by those who have
its direction and government, very
TniTt6cc3hF . good can be affected Wy Vt, M
relieving the people Of this State from
the whitening embarrassments under
/ which many are suffering. Bringing
Unto the State capital so large; be-
ling a clear acquisition to our banking
capital, and procured at SO low 4 rate
of interest, it will afford, when put in
full and successful operation, an
amount Of facilities amply sufficient
to meet all the legitimate wants OF our
citizens, and must tend much to en-
hance the value of real estate; as
we all know that the nominal value
of property is enhanced in proportion
to the increase of the circulating me-
dium-the only standard by which the
value of property can be tested. Sew
eraI new charters for Banks will be
granted this session, amongst which
are several predlcated alone upon re.
al estate pledges. And it is the gen,
eral opinion that the last are lar the
most safe and useful institutions, as
from the charact4 ar of their basis and
amount of restrictions thrown around
them, the community are amply guar
anteed against any risk from their fail
ure or depreciation. 1t is certainly Il
source OF deep regret that we dId not
have few largo and efficient institu.
tons in the State, sLaclent to meet
|, and subserve the wants of the people,
instead of so many small ones as at
present. which if they are able to sur
vive this general wreck of confidence,
can never from their circumscribed
sphere of action obtain any degree OF
distinction or generaluseiulness. With
1.-The Union Bank, we have chartered
nominal capital amounting to some
thinglike sixtymillions ofdollars. Now
the question is, can we after the pres
ont embarrassments are thrown oil,
continue in useful employment an a.
mount of issues which SO many Banks
Iare allowed to make and which their
interest will prompt them to make! AT
present in the extended Indebtedness
. of our State very large amount Of
t capital is absolutely necessary to pre-
r vent many of our best citizens from ru
| lin. But this aggregate amount O
+ debts is constantly decreasing, anc
r when an amount much les will be re
! CURED, when our debts due abroad are
4 discharged, an amount comparatively
. very small will subserve our purposes
! The Union Bank bill passed the Legs
& Iature without any amendment; which
was agreed upon by the friends OF the
( charter to prevent the hazard Of the
/. veto power by the Governor. Blu
G since supplement bill was introda
I ced in the house by myself, (who in
$ troduced and had the control Of the o
= lriginal bin in the house, containing
2 such amendments as was calculated Il