Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-01-22

he courts declare their charters forfeited, |
he stockholders would Be the only suffer.
RS, for the companies could not sue or
collect their debts. such trials would pro.
luce great excitement, and would hot Be
IOon terminated. AS an alternative, there.
ore, il, such proceeding should be deem.
ed advisable, a general banking law could
be enacted, placing all the banks under
restrictions, and requiring the as.
sent Of the stockholders Of each bank to
los provisions, IN d reasonable period, and
judicial proceedings to be insti-
tutcd against those that fail to assent to the
law. Suitable provision should he made
for the employment of assistant counsel TO
and the Attorney General and District AT.
tornies, n the prosecution Of the causes.
Taking the charter from d bank BY Judi
cial procedure, even when the forfeiture
has been clearly incurred, is d matter of
great difficulty. Their immense resources
would be laNishly expended to prevent de.
slructlon, and able counsebshouId be EN-.
ployed, on the part Of the State, to en-.
force her rights. fe
q The statements herewith submitted
show the present chartered banking CAPT.
tat Of the State to be sixty-thFee millions,
four hundred and fifty mine thousand three
hundred dollars and the amount paid 10,
to be twenty.six millions, eight hundred
and seventeen thousand, eight hundred
and eighty-three dollars. On the capital
paid in the banks are now authorized to
issue sixty -Seven million, one hundred and
sixty.eight thousand, one hundred and
eleven dollars. Neither the commerce or
/ wealth of the State can sustain, at pres.
ent, a circulation of more shan seven mil.
i lion of dollars. @ < st
The annual production of The soil, in
GLIDING cotton, corn, and every other arti-
Gle produced by the planter. and the value
given to property by the labor of the me.
chanic, does not exceed thirty. five millions
of dollars. Ia some countries one dollar
Of circulation is esteemed sufficient for
thirty dollars of product.
No political economist has ever con.
tended that any country required more
circulation than one fifth of the annual
value of its products. Unless restrictions
areimposed on the circulation OF the banks,
its redundancy win be inevitable, another
suspension will occur,and the countryagain
suffer the worst of all evils in the blight.
ing effects of deprecated, inconvertible
currency. The whole paper circulation
of the United States does not at present,
exceed one hundred and thirty millions of
dollars. Its great depreciation, in this
State, has been caused, mainly, by Its ex-
cess and it is for you to determine wheth.
er, in future, the honest laborer shall re-.
ceive his reward, and the enterprising mer.
chant the fruit of his industry. Excess of
circulation has increased the cost of pro.
ducing cotton at least three.fold, but has
not enhanced the price of the article a
single farthing. Its direct tendency is to
impoVeriSh the planting, and ruin the mer.
camille interest. Adequate penalties should
be imposed for the violation of the provi-
sions of q bank charter. be
The history Of corporations in every
age, demonstrates that men, in coFpo.
rate capacity, will be guilty of acts which
they would scorn to perpetrate as individ.
uals; their proceedings are mostly secret /;
responsibility is divided. The thoughtless
act of to-day becomes precedent to.mor.
row; temptations beset their paths and
we have the authority of Holy Writ for
asserting, that the heart of man is de.
ceitful above oil things" When it is the
interest or wish of a corporation to assume
powers not granted, the charter is ran.
sacked for authority, and should none be
found, it is exercised under the delusive
pretence that it is for the relief of the PEG.
| pie, and called for by that stern tyrant ne
cessity. An examination Of the report Of
the Bank Commissioners, viii show thai
the directors, inmaay instances, have Dor
Eowed nearly the entire capital Of theil
/ respective institutions. All the banks have
h given heavy discounts to their officers
| This practice has grown up during the fe
yer ofspeculatiOn whichhas ragged for thi
last four years. 81 cannot believe that
has been of much real Advantage to the di
} Fectors themselves the interest they hav
to pay is consuming their substance; tn,
+ property they have purchased is general,
unproductive and the high price at whic
( it is held, has in great measure stoppe
: emigration 10 the State, and retarded th
!. settlement of the country. / suggest Z
e your consideration the propTiety of re
s quiring the Bank Commissioners totak
i G6%n, and report the names, residence, oC
ctlpation, and liability Of the various debt
, ors of the banks examined by them.
: In Louisiana, such document was put
: lished by the Legislature. Il had satu
J. tary effect, and caused the banks then
: selves to correct many abuses which ha
]. impaired their usefulness. The name.
j, residence, and liabilities of the debtors {
= The State Bank Of Alabama are ANIMAL
n published. Such course in regard to on
e State institutions, the Planters Bank, an
o Miss. u. Bank, would secure to every poi
!. lion Of the State, the equal rights and az
It vantages which they were chartered I
/. afford. aa
j. Favoritism would thus be prevented
e sand the security of the State enhanced
! H would also be advantageous to have Il
]. votes. of the directors on every importal
d Question recorded aud published. RI
sponsibihly IS absolutely necessary to s.
e cure the proper and safe management
L our State institutions. The State, by b,
i credit alone, has furnished the whole cal
il ital of the Mississippi Union Bank, al
j. Justice requires that she should have Il
appointment Of a majority of tie Boa
s ,of Directors; and Il is deserving Of yol