Piney Woods planter., 1839-11-23


/ notes ut Is per cent discount, at least u
present. All hopes therefore of selling
the bonds or even exchanging them 70
the April issue post notes is hopeless. !
then the Union Bank can neither sell th'
bonds nor exchange them for post notes
how is she going to redeem her four mil
lions with ninety-lour thousand dollars il
specie?
The fate of this infamous Of all thev
ing shops in the State, is settled. The
rognes that got control Of the Union Banl
commenced by swindlng the public, il
order 10 enable themselves to make for.
tunes-they lent to each other from ten
10 one hundred thousand dollars, and brib.
ed the members of the Legislature tc
prevent an immediate explosion. Sever
al Of the managers went into the commits
sion business in New Orleans and borrow.
ed several hundred thousand dolIars.--
Some have since broken, and others must
and intend soon to follow in their footsteps
Now they know that the benk must blow
up on the first of April, and every drec-
tor is borrowing Is much as possible to pur-
chase cotton, knowing that BY the first of
May he can pay ii back with 50 cents in
the dolar--it' indeed he over intends to
pay back cent.
The bank is now issuing 10 the mana
gers, post notes payable on the first Of
MAY, l64O, signed by that beautiful oil
Denocrst, but modern Wing, r. NJ. VIII
hanson, as President, pro. tenn With
this money, they have agents all over the
State buying cotton.
Let the planters rocollect the advice
we give them last year, and refuse to sell
their cotton for post notes or any sort of
lrredeemable paper. If they do, they
will get swindled as they did last year
Let them ,ecoIIect that the Union Bank
S now insolvent and nothing can save it. |
Union Bank post notes would under any
have been at discount of
30 per cent by the first of Nav next; but
Wien the bank issues for the purpose of
enabling the managers to rob the commu.
lity, IN order to realise fortunes, we ey-
'ect to see the post notes selling for so
;ents on the dollar as soon as protested
md protest is inevitable.
la anticipation of this catastrophe, the
ank is now while it has any credit left,
'suing new batch of six months post
otes, dated first November, and signed
y X. M. Williamson President, pro. TEN.
hey intend to use thess notes in the
urchase of cotton, and as soon as they
ocket the funds, they can await the
xplosion of the bank in April, and then
Ike up their paper for so cents in the
oliar. We are credtabIy informed by
'mc who had ample opportunity of know-
e the fact, when at Jackson last week,
lat the manages were discounting bills
eely for themselves; and the new issue
six months post notes, and the REISSUE
the old, fully confirm the information.
As an evidence of the total disregard of
J law manifested by the managers Of the I
Mon bank, VIC will mention that before i
Ir. Runnels started for the north, the {
oard passed a resolution authorizing him I
swap the bonds for Union Bank twelve j,
onths post notes! lie now finds that 4,
3 cannot even sell them for this paper, /;
hch was purchased at 25 per cent dis !
1unt, and he has written home to that ef-
ct. What is the consequence? Sape
Vi peW or E'dcvil take the hihdmost,o is
le watch word among the managers. and
ne half at least Of all tho cotton they
an buy for post notes will be clear gain. {
The spectators and thieves and all
ho have got this money to buy cotton,
Ill no doubt curse rs for this Informa- !
on, as they did last fall when we warned
lanters against selling their cotton for
Mississippi Bank paper. Bat We can east
I bear their maledictions, because we
now they will eulogize US next spring,
hen they go to market and find their
loney only worth so cents in the dollar. ..
hey will do rs the holders of the Rail
load md Union Bank post notes did last {
lay, and exclam, when they 20 to buy t
rorisions, "If had taken Hagan's ad- &
ice in the fall, should not now have 5
cen robbed Of half my money by the t
lllainy sof the Banks" Bat we have |
0 hopes that experience will teach 9
II, and VIC have no doubt that several of !,
le picayune pedlars, who have got few +
ost notes on hand, and hope to buy cot
N with them, will be seen going from
'rner TO corner, this very day, abusing !
J for telling the honest and salutary t
uths which this article contains. We d
espisc the malice of the whole tribe IF 8
lch dwelling picayune swindcrs. 1t Il
muses. US to notice the selfish workings O
those wretches who place their tempo I,
ry interests uboye the permanent inter- b
ITS of the country.
From thc Pittsbarg Mercurg.