Lexington union. (Lexington, Miss.) 1838-18??, 1839-10-26
From The Mississippian.
THE BANK OF VICKSBURG-
A. G. McNUTT.

AN article under the above caption APP
peared in the Vicksbnlg Wing few
weeks since, and is now going The rounds
OF the Wing press. The editor of the
paper which originated this paragraph
has been in the state only about ten
months, and Knows nothing personally Of
The many charges he has made against
the Executive of the State. His charges
are known to be untrue in Vicksburc-
they are fabricated for foreign consump.
ton. When Gov. McNutt was candi-
date 10 represent the counties of Warren
and Washington he addressed a circular
to the people of the district, dated Sep
temhcr 10Th, 1885. In that document
the following paragraph will be found:
81 am opposed to the creation of
batch Of independent banks, believing
that such scheme would result in this
state as it has every where else, in a
worthless deprecated currency, ruinous
alike to the people and the stockholders"
Again he says, "The people have the
undoubted right to choose the manner and
mode OF insiructing their Representatives
and the Representative is recreant TO his
trust who refuses obedience; but if the
people fail to instruct, i, is still the duty
of the Representative TO know their will,
and to give the same obedience to their
wishes as their commands. ."
Gov. McNutt was instructed 10 vote for
bank in Vicksburg, with capital of
two millions OF dolars--lhe names Of
Judge Bodley,' and all the wings of Vicks-
burg, are signed to the petition. Govern
or McNul was not ia favor of any in
crease Of banking capital in Vicksburg.
A bill WIS sent out with the petition
which was SO imperfect and Objectionable
that it was thrown aside, and a new one
drafted. An examination of the charter
of The Bank of Vicksbure will show that
II is we'll guarded, that nothing but gold
and silver aud the notes of specie paving
banks were to lie taken in payment of
stock, and that no authority is given TO
the bank TO deal in pork, bacon, -four, bag.
alng, rope, linseys, jeans and Irvine.
The c. mmissioners that opened The books,
and the directors Of the bank transcribed
their powers; and Gov. McNou, so far
from sanc'ioning their proceedings, has
always condemned them in the most un-
qualified terms. That bank has never
been loco-toco concern. The president
and cashier are wings. The director and
agent who managed the meat, -four and
clothing business is wing. w. A.
Lake, Esq a whig lawyer, is director,
and, it is said, advised The bank to pursue
its iniquitous career. James b. Robin.
son, Esq. whig candidate for the lcgis
Iaiure in this county, always has been
director of the bank. James Gwin, ESQ.
a late wing member OF The Legislature, is
also director; in fact, most of the drec.
tors Of The shin-plaster concern are wings.
We are authorized on the highest au-
thoriy, to state that A. G. McNult nci-
Their projected that bank nor approved its
operations. lie never has owned, direct
ly or indirectly share of its stock. He
never would have voted for The charter of
bank in Vicksburg unless he had re-
ceivcd instructions to that effect.
He also voted for the Water Works
Banks under instructions. But it is
asked why he voted for banks in other
portions of the State? We answer, That
he could not refuse to vote for banks in
those portions of the state then destitute,
after voting for banks in bis district, then
gorged with banks. He is the author of
that salulary provision compelling the
banks TO pay twelve and one half per cent.
per annum interest on their notes in The
event of their failure 10 redeem them in
specie. This salutary provision in the
charters of the New England banks pre-
served them during the whole period of
the war, and for many years thereafter,
from over issues, and enabled them to re.
deem their circulation in specie.
The law compelling our banks to pay
twelve and half per cent. interest on
their bills on their failure to redeem them
in specie, was repealed by The legislature
at the January session, 1888. Gov. Nc
Mutt vetoed the bill, but it was passed
over his head by the constitutional major
itv OF two-,hirds of each branch of the
legislature. The wings enmasse were
opposed to the Governor on the occasion.
The repeal of that law removed the only
restraint that prevented the banks from
exclusive issues.
The wing presses charge Gov. M'Nu,t
with voting for most of the banks that were
chatered during the term he served in the
Senate. This is untrue. He was the
strongest anti-bank man 10 the Legislature.
The whole amount Of banging capital he
voted for was only seventeen million of
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