Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-01

which got early Of IT, material loss was s'tans0
but the profits arising advancing cotton in rredesm
able paper were too tempting the of spectators 10
allow e opportunity slip and IN the south west particular
w. institutions started with the avowed and express Fsr'
pose dealing Of this class are the Brandon Bnk
OF Missppi the Vcksburg Bank, and the unoa Bank Of
Mississippi The history Of these banks according to the
Bark report which have possession,
Is detail of most desperate Peculatons, in which few
of the made immense fortunes at the expense Of
the planters. No state in the Unsn has been deeply
ured expanded currency than Mississippi The price OF
almost every article Of consumption nearly doubled while
price OF her cotton being regulated by the foreign markets
not materially affected by it, BY the report Of the comns-
soners it appears that The Brandvn Bank has onina
capital Of $l46 900 rallied profit Of $4,000 The fol-
Lowing is extract from the Commissioner Report:
The mode by which such profits realized with
either capital labor very simple charter is first
be paid in before the bank goes operation few honest
planters OF promoting the ut OF the countr
in sos G1s To.e wSo are IN
these matters pay little possible But az the latter
nancie they elected manage the bank They soon
discount paper themselves and other stockholders Of imam
sia abilities With this they buy property to secure
more stock to g sa " !. SS ar. e Wit. p
very respectable capital upon which they permitted to
double If however the wants 81 the people
issue ad kbum The stockholders of the bank in
fair Of making at least Of acq hiring the property
ofthe people within The sphere Of their operations
The Veksburg Bask has avowedy done hut little els than
speculate nour pork baggng rope, &C., and the directors
their intention Of continuing to do The following
desc Upton of the organisation Of this bank from the Com
missioners' Report
This bank srg1ed by the payment of 100000 in the
notes of the Canal and Banking Company Of New Orleans,
and $i0 in silver and ten dollars gold. The notes
obtained fro. New orl. by few individuals; among then
Of the officers OF the Commercial and Rail Road Bank
of Vcksbug and used by for the of the
first nsament of stock which had been subscribed hen
large portion Of which the Of other persons
So the frat Board Of Directors organized the
of the real stockholders (who mostly drecto
subs ued for the of the company above described
These bank notes deposited Commercial and Rail
road Bank Of vcssburg and before stated Included
among urces reported specie
in DECEMBER 1897 Having thus paid visit to our
State, created 'ank and enabled an old to make
show Of ten times much specie she really possessed they
returned TO New Orleans.
This expose Of banking in Mississippi would be pehap, su
cent show the general policy Of that section, did not the
Union Bank Of Mississippi occupy pronnsnt portion in
cotton recuon The operations Of this bank have been
possib i'll speculative than the Others and being
confined Wild land and cotton Spectators far
dangerous than in those articles not subject to
great fluctuations The entire circulation Of this bank in
post the Of 009000 aud loaned chiefly
cotton which having held high prices she has been
bic make any provision for the post notes which have fallen
Ase the stock obbng article in the Courier 10 the contrary
The institution started issue OF state
stocks to the Of SIS oooo $oooOso Of which have
been sold s. the u Bank and the balance in New
York and London The bak chiefly depended further sales
Of these stocks to Reet her post notes. dependence which the
state Of the money market has rendered faacou This banl
indeed has been in specie paying bank
began its operations by the issue Of post These notes
have the best credit Of any Of te post note the state yet
they discount Of % per cent in this city and 10
cent at their doors The cotton which these rotes
advanced has fallen so per cent while Of the bills
purchased by the bank New Orleans back pro
tested
Notth andns the ruin which has attended every stage of
banking i. still persisted in by many Of the leading
southern men, and the deeper they SINK in embarrassment the
they extend their operations The recent circular ofhs
southern cotton convention other than pan similar in
all respects the Union Bank operation, except in the masu
tude of the scale.
The following table Of the quantities and values Of
Of the principal articles OF domestic EXPORTS for the three past
ndi IL Acin