Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-05-28
TIlE BANKS.

=
+" shaVers" who stand at the corners Of the
streets, making their hundred per cent. by Ia
king advantage of the necessities of their
lneighbors, and the untoward state Of the
times; and also gave our opinion of the causes
of our present difficulties and tie only method
to rid ourselves of them, ma mely: by change
Of rulers and the overthrow Of Mr.. Van Bu-
ren's experimenting administration. We did
not speak particularly of the Banks,-and
when we say = the Banks" we do not mean
those tina have acted in good faith to the COM
munity- when we spoke ofindividuaI sha-
vers, we also meant those banks that acted in
like manner.-Corrupt banking institutions
that take advantage Of the public necessities,
by FIRST depreciating their own notes, and then
using their exchange and good funds only for
the purpose of buying them up and engaging
in speculation by the purchase of the depre-
ciated notes of another bank, thus forgetting
the objectof their creation by distressing in
steadof assisting the community, are worse
than the individual us,Ters Of whom we COM
planned. That such institutions do exist with.
in the bounds of our State, no one, not even the
most uniformed, at this late day, can doubt.
Banks should never be created for the purpose
of benefting the stockholders to a greater
extent than, by their operations, they can be
made to pay dividends not exceeding or very
little exceeding the legal rate Of interest. If
they are conducted honestly they never can or
! win divide among the stockholders more.
Monopolies Of all kinds are dangerous to the
Liberties of the people, and when one is granted
for the purpose of concentrating large capital
for the purpose Of building up a banking insti-
tutions or for carrying out some great work of
internal improvement for the benefit Of the
people, the charter should contain severe re-
strictions respecting the dividends to be made
Before the Liverpool and Manchester Rail
Road was formed. and many years ago, the
British Parliament granted to a joint stock
company the monopoly Of making turnpike
to connect those cities, but so careful were
the English Legislators in granting the char
ter. they made It imperative for the company to
expend, IN continually improving the road, ev-
cry shilling Of surplus over and above GER
tain dividend our recollection serves Uf, it
|, did not exceed per cent The great and In
< -creasing trade between liverpool and Man
|, chester caused an inmehsity Of travel, and
the receipts Of the company were enormous,
but by the wise Legislation Of Parliament, the
: stockholders could not pocket the whole Of the
: gains, and the surplus being expended upon the
: road, it was made enc of the best in the world
. every hill was leyeled, every bridge was built
- for permanency, and every crook in the road
!. was Strengthened and thus while the stock
!. holders were reaping fair and indeed heavy
e interest on their capital, the public was i'm
= mensely benefited Thus would we have
IS Banks in this country. Prescribe their divi-
q dends in their charters, and IT will make them
e honest and should they pursue their opera
tons so successfully as to have a surplus, it
q should 80 to the State, q % some work OF
! public Improvement Then none bet capital
. SIS Woa3 becmns stockhoderss and the bass
:. Of ther issues would be sound ard TO be de-
pended upon. Our remarks sometime sincat
! respecting the loose manner 10 which our legs
e lature graated charters We would repeat. be-
e cause we fllly believe that Baa3as have been
), created merely fot che purpose OF sqeeR4asion.
4 and that their charters Sc loosely are they
l. woE3e1. are temptations 70 che d5reet9ss q
them toaet dishonesty. "LsaR rs not INFO 1sraps-
4 larson" "a the daily prayerwe are command
/ "a to repeal, end We wish the petition could be-
I written on TIE walls q cur halls Of Legislation.
{ Bot We ought not % be tempted, and those
{ who suiieisnily Weak and unguarded, a. to
Be led into tsnPtaiions always receive the De.
! nuueiasion q God and man. and ere punished
{ toths oxtehfof Their sin