Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-06-29

george their avaricious nav. Until
the late United States Bank put on her
best bib and tucker and went on her
good behaviour, TO secure another char
ter, she had frequent banquets at the
expense of commerce and industry,
and the trials and tortures Of hundreds
Of families, hurled by the hat other d.
fectory. in a single day, from afluence
to beggary and ruin. In 1919 and %,
this bank calamity was scarcely less
general and overwhelming than the
late disaster. At a later period in
Cincinnati, she pampercd the mer-
chants and spectators, houses were
built, trade unnaturally extended, and
at one fell swoop she hurled her vic
tins into irretrieyablc ruin, and pur-
chased up their property at her own
price. In her own good time sh., ex-
banded her issues, and sold out the
property of her deluded victims at a
1 profit Of 500 per cent! The whole
history ofbanking, both in this coun-
try and England, exposes series Of
plumber and outrage on the rights and
property Of the public.
But we will proceed at once to the
extract from the Minutes of the As
sembly Of Pennsylvania, and recon-
mend it as a formula to the people OF
Mississippi, when they are about to pre-
scribe for the bank disease which
now grinds our people to the dust.
"Minutes of the Assembly, March
u, 1854. Petitions from considera-
bic number of the inhabitants ofChes-
ter county were read, representing that
the bank at philadelphia had fatal eff
fects upon the community: that whilst
men are enabled, by means Of the
bank, to receive near three times the
rate Of common interest, and at the
same time receive their money at very
short warning, whenever they have oc-
casion for it, it will be impossible for
the husbandman or mechanic to Dor
row on the former terms Of legal.inter-
est and distant payments of the prin-
cipal; that the best security will not
enable the person to borrow; that ex-
pericnce clearly demonstrates the mis-
chievous consequences of this institu-
ton to the fair trader; that impostors
have been enabled to support them
selves in fictitious credit, by means
of temporary punctually at the bank,
until they have drawn in their honest
neighbors to trust them with their prop
erty, or to pledge their credit as sure
ties, and have been finally involved in
ruin and distress; that they baye re-
peatedly seen the stopping of discounts
at the bank operate on the trading
part Of the community with a degree
Of violence scarcely inferior to that Of
a stagnation ofblood in the human Boz
dY, hurrying the wretched merchant
who hath debts to pay into the hands
of gripping userers, that the directors of
the bank may give such preference in
trade, by advances Of money to their
particular parties, as TO destroy that
equality which ought to prevail in a
commercial country; that paper money
has often proved beneficial to the
State, but the bank forbids it, and the
people must acquiesce; therefore, and
in order to restore public confidence
and private security, they pray that a
bill may be brought in and passed into
a law, for repeating the law for incor-
porating the bank. n
'March %. The report of the coin
mittee, read March 25th, on the petit
lions from the counties of Chester and
Berks, and the city OF Philadelphia and
its vicinity, praying the act Oft the As
sembly whereby the bank was estab-
lished at Philadelphia may. be repeal
ed, was read the second time, as fol-
lows, viz:
ssThe committee to whom was refer
red the petitions concerning the bank
established in Philadelphia, and who
were instructed to inquire whether the
said bank be compatible with the pub
lie safety and that equality which ought
ever to prevail between the individuals
of a republic, beg leave to report:
THAT it is the opinion of this com
mittee that the said bank. as at pre-
sent established, is Incompatible with
the public safety; that, in the present
state Of our trade, tie said bank has
direct tendency to Danish a great part
Of the specie from the country, so as to
produce scarcity of money, and to
collect into the hands Of the stockhold-
ers Of the said bank almost the whole
Of the money which remains among us;
that the Accommodations of enormous