Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-26
From the Colum5us Dan. rat.

From the Columbus Democrat.
Pursuant to public notice, the largest |
meeting ever held on any public occasion
by the citizens of Lowndes County, as
sembled at the Courthouse on the hour
appointed, for the purpose of taking into
consideration the deprecated state Of our
currency: Whereupon Argyle Camp
bell ESQ. was called TO the chair, and
John ]. Goodwin and Francis Leech, ap-
pointed Secretaries. The chairman then
stated briefly the. object of the meeting,
after which John Crusoe made a short
but forcible and appropriate address. On
motion the following gentlemen were APP
pointed by the chair, a committee to offer
a preamble and resolutions for the con-
s:deration of the meeting Thos. G.
Blewett, Ralph Graves, William H.
Gibbs, Nimrod Davis, Jesse Speight,
John Crigler, Jno. M. Morgan, Cyrus s.
Akin, William Eckford, John F. VIII.
liams, George Vaughan. The commit
tee through their chairman, Gen. Speight,
reported the following preamble and reso-
lutions which were adopted.
Whereas a great and unparalleled de-
probation has taken place in the value Of
the currency Of this State, not only abroad
but at the very doors of the Banks that is
sue it, which materially and iniuriously
effects the interest Of the planter, the
mechanic and the merchant, by closing
the avenues of commerce and trade; les
SEEMING the demand for labor, causing agri-
culture to langush, and thereby greatly
increasing the price of all the necessaries
and luxuries of life: And whereas, a
still greater depreciation is likely to ensue,
without any connection with that general
cause which has alike visited the whole
Union-the suspension of specie pay
ments. The operations of which was
: not calculated to effect one section of the
, country more than another, without the
additional aid of mal-practices on the part
: of our Banks, not warranted by their
( charters nor any correct principle of
banking, and opposed to that moral obi
cation and justice which should ever char
acterise the policy and dealings of char
tered Institutions, acting under the SUI.
preme authority Of the Legislature, and
sovereign will of the peoples And where
9 as, from satisfactory information in the
f possession of your Committee, majority
of the chartered Banks of this place,
have not only withheld their accomoda-
tons from the public, except on terms
onerous and humiliating to be complied
: with, but have withheld their exchange al.
t so; and some of them have through their
), agents disposed of the same in distan,
i markets, at a high premium, for funds
s which were also at high rate over the
currency of this State, and have invested
d the same in Mississippi Bank notes at a
heavy discount; and have thereby real.
lied large profits to the great detriment Of
our citizens, who, being large consumers
e are of course considered loosers by the
# heavy rate of exchange that has to be paid
between this and every other State in the
Union with which we have any dealings
= And whereas, the people have a right tc
L scrutin re into the affairs of chartered In,
n situations to whom they granted exclusive
n privileges for specific purposes, it IS then
% duty whenever they have Just cause e
E suspect that the creatures of their creation
; have transcribed the limits the laws have
3 marked out as their boundaries, to guarc
: scrupnlously their interest by detecting
y fraud, and exposing error; therefore.
1. Resolved, That the practice a
y loanlng money by corporations and Rank,
= upon what is termed Cotton Bonds i +
violation of the correct and lepitimat,
q principles of Banking, derogatory % n,
2 true interest Of the people, and Opposed
Y 70 the genius Of commerce and agricul
q, ture. ''SOi
= 2. Resolved, Thar the course nur-,a,
z by the Banks in this State in refusing !,
% sell exchange at home and disnos;ng =
!; our opinion the principal cause Of the de-
y PrecIated state Of our circulating medi
e, UNI. '''eN'
8. Resolved, That Banks sbonld sal
Z their exchange at home at fair rates al,
{ should make loans only, On endorse,
!. !. notes and bills IF exchange.
3 q. Resolved, That It isinexpedient n,
. irnpo.lilc for any Bank Director 81 Direc
q tor Of any Banking association y hel5 .
i seat % she Legislature of ms SHE.
e 2. resolved That this messing con
{. see. ne Banks chartered under our nras
]. eng naa.lng system, injurious to the bes
" interests Ct Tie State.
E. 2. resolved, That this neeiina lool
g q sns general Banking law recently adop
9. TED By the State 81 New York coa
q all.1g the lnosi coffect 81 icipis 81 bank
g ing cons with ebabIicsn Govern
.. mems Z Ia4a nnnn tie h.........