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

winding up their affairs time gwen TO
collect The amounts due them, 50 as neitn-
e. 10 distress their debtors or jeapordize
the interests Of any one concerned. ],
therefore. respectfully recommend that the
charters Of oil the banks founded in fraud,
or conducted in such manner as to be In
furious. to the community, be repealed
and that such restrictions be imposed on /
rl~rf' = Is VIII conino chem 20 the busiz
ness Of banking alone, and secure the peO-
ole aasiAsl future abuses The evidences
submitted, leaves no doubt Of the fact that
an out banks have been, more or less, en-.
gagedSin specnlatiOn some have pur.
chase cotton, oilers have advanced large
" upon the article; others have been en-
gagsdin Specializing IN cotton, provisions,
and hagting and rope. This course, iii
tolerated, will be ruinous to the mercantile,
and destructive to une planting interest Of
the country; nor win il be beneficial TO
The stockholders of the banks. Agents
and fayoriics will reap the harvest. The
charter Of the Planters Bank, which is
the Oldest among US, makes that inslitu-
ton Edible and capable iullaW to have,
purchase, and possess, receive, enjoy, and
Tetainst Il. the use Of them and their sue
cessOrA lands, tenements, hereditaments,
goods, chattGls, and effects, Of such kiEd
and nature or quality sOeveT, to an pnnounl
not exceeding six millions Of dollars, in.
GLIDING the capital stock, and the same Il
grant, alien, and dispose of at pleasure. ,
Most OF the bank charters contain the
same powers, none have more extensive
Tho Legislatures which chartered then
never sntended to clothe them with thC
power Of dealing in cotton, or specializing
fnanyspccies of property; such dangerous
powers were never solicited, and could moi
safely have been granted. Chartered com.
Panies,can take nothing that is not clearly
ecxDressed lin their acts Of incorporation,
sad car. exercise their powers, alone, IN
the manner point out Any ambiguity
NoDeriies against the adventuTers, and in
favor Of the public. Monopoles and ex-
elusive privileges should be put down, and
all corporations confined to the privileges
plainly given them BY their charters the
exercise of their franchises, being in DER
legation of individual rights, cannot be ex-
tended, beyond the letter and spirit of the
act ofincorporulion. Ifthey are permit.
ted torleaye their legitimate business OF
banking, and enter the field offs peculaiion,
their great capital will enable them to
drivesindiViGual competition fromthe mar.
ket;' to mOhopolize every species Of pro.
ducc, and every article of merchandise.
The existence Of our government will be
Of little value, if It's functions are trans
Eerr6d 10 the hands of privileged corpora
lions, and all future Legislatures prevent
ed from protecting the people against the
abuses Of a system which is impoverish-
ing The State while we seduously guard
the rights Of private property, we should
never forget that the community have al.
sOTightS, and that the welfare Of us all
depends on their ma ntenance. The reg.
ulation Of the CURRENCY is one Of the high
est attributes of sovereignty, and can new
or be placed beyond Legislative control.
The greatest evil of the banking system
consists IN the continual expansions and
Contractors of bank issues, for the price
Of property Is thus made liable to fuctua-
tons, and every thing rendered unstable,
IRprOspereus times, banks are induced 10
expand their issues, for the purpose of
making large dividends to their stockhold-
ers money becomes plenty, the price Of
pr0pc rtyis enhanced, speculation is slim
mlated, bat in the end revulsion takes
plhce, property declines in value, bank &c !.
communications can no longer be obtained,
andsIhs. country for time suffers all the
evils incident to a deranged currency
The lessons of experience teach US to
GUARD against the recurrence Of the evils
which we have endured for the last two
years. To effect this, general banking
iaWsis Indispensable, limiting by its provi
sions; the eiEellstisn of each bank, and
Gheeaee0mmOdation Of It's officers AM
stockholdsrs, limiting the amount Of divi
dends, and requiring the publication o
monthly reports Of the situation Of eacI
bank, verified by the oath Of the Presl
dent Or Cashier, prohibiting under suitabl
penalties, any bank from dealing in cot
ton, oF any other article Of produce, 9
merchandise, or buying up at diseour
the issues of any other bank. Each ban
should be required topay ogt at its couI
ter the notes of that bank phone u requi
ed. and monthly settlements should
made By al the banks having account
wilfleach other. t'i'9
The Ealue Of bank paper being Deepen
dsht On It's cOnVertibiIity, on demand, int
specie, the issue Of post notes should b
forbidden, and not more than three do
lars Ia paper issued for each dollar Of sP,
Gle III lie vaults and when that propo
ton b destroyed, no more issues made u
tiIit restored. 1t might be well, ais
tomake the refusal Of 4 bank to pay an
Of ID notes OF deposites on demand, q
absolute forfeiture Of charter, and requi
immediate proceedings to be instituted
stop the further operations of the BAN
OtIiet provisions win, no doubt, sugge
thsniselves 70 your consideration, calcl
lated 10 secure 10 our constituents the il
Vdluablo advantages Of sound and stab
currency and to guarantee to every pc
ton &c the State, and each individual Their
Of, equal facilities in obtaining loans az
disc50nts. ,-
am well aware that the right Of Il
Lsgl.latdre to alter, amend, or repeal bal
charters, is denied BY many eminent j
ristss I'll several Of the States, the zig
Is expressly reserved, in their acts of ]
corporation.
fhs State Of Kentucky, many yea