Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-05
9OllalDgl19A Pa0GI5a
~ he Editor 81 tIe Arg1ls:.-

4 U titS 1AUttOi y ttC AL TO-
SIR:-No one who wishes well to his native
or adopted State, can read the piece signed
"An Observer which was published last week
in the Democrat, but with the deepest interest;
and, hope, the time is not far distant, when
the people will be aroused to a true sense of
their present situation Banks were not in
corporated for the exclusive benefit of Direc-
tors or even Stockholders. The duty Of the
former is to guard the interest of the latter,
and at the same time, promote the public veal.
BY whom were they createdl BY the voice
Of the people. And surely the people of Mis-
sissippi never intended to place themselves up
on a footing with the Frogs in the Fable, who
| prayed Jupiter for King and received a stock
to fill the otfice who, no sooner Ia d he as
sumed the Regal appointment but he fell to
work and devoured them up, No, sir, though
the people are suffering in like manner with
the frogs, they had an eye to a correct Bank
ting system which is too closely allied to COM
merclal and agricultural pursuits, ever to be se-
vered without injury to all parties. They were
never intended to be shaying.shops, Brokers,
Commission Merchants, nor were they inten-
ded to feed upon the vitals of any community.
| If allowed to continue the course they are now
pursuing, (Which is very foreign from cor
rect Banking SYSTEM they win soon be able
to throw up their charters, and the stockhold-
ers may retire upon one half of the landed pro-
perty of the State. As an evidence of this, |
would refer any one who wishes information
: on the subject, to the many advertisements
in papers published In Columbus, where pro-
[perty has been sold, oris to be sold by Virtue
Of Deed of Trust made to the several cash
iers for cash. Property worth five times the
amount borrowed, but from necessity pledged,
and which they now fall heirs to for the best O
reasons; becaEse they keep their circulating
( medium within the grasp of their Directory
: only. ''See the Bank Commissioners report t.
the last Session of our Legislature" Agains
the highway robber we can take precaution.
) airy steps to defend ourselves; but against sucl
secret. oppression, there is no other recourse
but for the people to declare in voice of thun-
der, not to be mistnderstood!- far you may
!, 60, but no farther. The people creating, have
right to scrutinize INTO the misconduct o
5 banking institutions, 1s@
We, who are tiliers of the SOIL cannot lool
;. any longer with indifference upon the present
.. state of our monetary affairs AS culhvater
, and CONSUMERS, our private interests are mort
: seriously effected, by the present course pur
sued by the Banks, andsthe defahged state q
the currency, than the merchants because
as consumers, we pay an additional % OF 81
per centum, on all we require, which is N
small proportion of the importations into Co
3 lumbus There are many important subject
for discussion, yet, it is not my intention t
> make any remarks upon them at present
but, to call the particular attention of the farm
o ers and planters of Iowndes county, to tn
u necessity Of calm: meeting in the town c
i Columbus, at as early period as possible, 70
the purpose Of adopting. such measures, a
may be best calculated to ascertain the tru
= cause of our present situation; also, to adop
n such measures as may be deemed necessary f
ell guard against the baneful influence of, col
/, rupt banking system. ssd
ri Fellow-citizens, let not the call be in vair
: for, behold our noble State vessel annually dis
! ] charging in foreign parts, nearly twenty mil
;, worth of the staple article of our country
(Which assists and enables our Union to kee
Q up the balance OF trade with foreign countries
> now tossed uponthe temp estuous ocean Of
mismanaged and corrupt banking system, an
& in sinking condition. An distinction of pal
: ty must now be thrown aside, andl'k marine
! and passenger, each must unite with all til
: energy in their power, to. save our noble Stat
2 vessel from becoming q total wreck
le8 Who can cast an eyeoTer our rich and fel
e tile State, aud see her clothed in mantle
IL pure white, with the horn of plenty in he
!. hand; and within her reach, all the superau
ties of life, bent with poignant regret to knol
that there Is worm destroying her very Y
q talsl And who win hesitate to step forWaT
r. and apply the remedy, when that remedy
is within the power Of the peoplez / Woul
1t suggest the propriet7 Of holding The meetin
= during the session 81 the District Court, who
commences on the 18th day Of June.
"A PIiAIN1. R.