Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-12-17

present Directors ares mdnys OF uidJoitey -
them, my political, and as far as know, all Of
them, my personal friends. But when look at
the condition ofth banks, and investigate the
causes which led to it, my judgment tells me,
that the mode is wrong; and my duty tells me
| to endeavor to correct it. The present mole
has been tried and has failed, as the cordition
of the banks fully attest And uE0n the sub.
iect Of increasing TIE powers of the Depart
ment to which have been twice called by the
people, ccnsole myself with the reflection,
that With whatever ability may have admin
isteied the Government, have betrayed no
desire to increase the powers of the Executive,
at the expense of any portion Of the public in
terest, or at the expense of any other depart
ment of the Government; and that in looking
forward to the future exercise of this power by
i the Executive, ] cannot possibly foresee any
/ evil likely to arise, at all comparable to the
present mode of elccting Bank Directors.
1t may also be proper to inquire into the ex-
pediency of further reducing the number of
Directors, and giving them a sufficient salary
to justify them in devoting the whole of their
time to the management of the affairs of the
banks. The general objection to increasing the
number of salaried officers, Will, no doubt be
urged against this proposition, and as general
rule, it is cheerfuly admitted that the objection
is well founded. But apprehend that those
who expect gentlemen of competent abilities,
to engage in these times of unexampled diff
Guilty and embarrassment, in the multifarious
and perplexing affairs Of monied institutions,
| without sufficient compensation, will be most
likely TO find themselves disappointed Indeed
there is no sufficient motive to induce them to
do it-patrlotism finds higher qualification in
less irksome and laborious public employment,
than the direction of monred institutions and
1t IS utterly destitute of any of the ordinary at
fractions, which present themselves to the yo-
taries Of ambition. 1t is true that the appoint
ment of Bank Director is still sought with a
good deal of zeal and avidity. But it is most
generally by those, who have been Directors,
and who, as such, had obtained loans to large
amount, before the passage of the law, depri-
wing Directors of all accommodations, and who
are anxious to be continued, in order, to retain
the use OF the sums already borrowed; or it is
those, who are anxious to get into the Banks,
with the hope of promoting their individual
interest in some other mode. Neither
Is 1t to be expected in the present condition OF
our Banks, and of Banking institutions pener-
ally, that they can be well managed by those,
who are engaged almost constantly, in the
conduct ard management of their own affairs,
and who only 60 into the Banks at stated peri
DDS, perhaps once or twice week.
1t is great and important interest, and re-
qulres, like every other, the constant and vigil
liant attention ofcompetent and faithful agents.
and 1t will be found in regard to Bank Directors,
as well as all other public officers, that just
compensation, and rigid accountability are the
only means OF ensnring competent and faithful
services.
Another object of great importance to the
Banks IN the collection of their debts, is the
authority on the part of each Bank to appoint
a Marshall to be invested with such power as
in he opinion of the Legislature may be neces.
sary and proper, and recommend it to YOU
consideration.
feel SO fully satisfied that the amount O
stock already sold, is sufficient for all the pur.
poses OF sound and healthy circulation, that
respectfully recommend, that whatever portion
, of our State Bonds remain unsold, should b.
called in, and cancelled.
The act ofthe 10th of January 1885, entities
: 'sAn act to create sinking fund for the ultim
ate redemption of the State Bonds" seems I,
be so completely inadequate to the accomplish
ment of the object intended, that it will be ne
ceSsary to make some more eftectual provision
upon that subject.
' 1t is true these Bonds are renewable foreve
] at the pleasure of the State. Butt becomes
question of grave and serious importance
D whether it is most congenial to. the genius c
: our Government, and more conducive TO tn
present and future interest and pre- sperity {
the people Of Alabama, to consider the amour
of our Banking CAPITA as permanent debt, o.
which we will pay interest in perpetuity, Q
: whether it will not be more proper to give sue
a direction to our legislation now, in relation
to this important subject, as will ensure tn
ability to redeem the stock by the time it be
comes due-thereby relieving ourselves frou
the annual payment of a large amount of inter
est, and from the force and the application {
> the maxim, that ga public debt is public bles
sing - and above all, relieving posterity fror
the payment of debt, In the contraction {
which they had no agency, and from the con
tracing ofwhch, they will have derived no ad
; vantage. It is evident, that the fmd-shoul
: 1t be thought advisable to raise one for thi
: purpose-can only be obtained in one of tn
I two modes-either from the banks themselves
or by resort to taxation upon the people,
: The former Of these modes is, in every point G
view greatly to be preferred.
Should it, therefore, meet the appreciation G
. the Legislature, would recommend the pas
sage of law authorizing the election OF tire
: Commissioners TO be styled Commissioners {
the Sinking Fund; who shall be authorized t
J receive annually from the State Bank, an
each OF the Branch Banks, apportioned to tn
amount OF Their respective capitals, in gold an
: IsIlver or Its equivalent, sum sufficient to re
deem the whole amount of the principal of sal
:, stock by the time it becomes DUE It will b
II proper, that the act, if one be passed, shout
: define clearly, and specifically the duties of tn
!, Commissioners and ensure the faithful per
u torrance of those duties by proper guards, OBJ
d legations and restrictions
i | am not ignorant, that there is a large an
highly respectable number of persons IN thi
: State, who consider all attempts to sustain tn
3 State Bank system, or at any rate to render
e useful and beneficial to the community as nj
E terly hopeless unless the sleepless and vigi
q liant influence of individual interest be infuse
z into it. toa sufficient extent to CONTROL its oper
i ations. With entire respect for the iudremeu
I of Others, incline to different opinion.
i 1t is generally true, that every man is th
u best Judge of his own interest-but it by n
= means follows, that every one is the best iudr
! of the public interest, or is always under til
/ influence of sufficient inducements to pursu
that interest, especially, if it should, by poss
/ bility conflict with his own The bankin
= power, and the power orer the currency is on
= OF immense magnitude in any community. A
e present. it is secured to the State-wben one
/ parted with, it is irreclaimable and sbonl
/ regret exceedingly to see it relinquisbed in tbi
e State to greater extent, than it has been Al
ready, and more particularly to an extent sniff
u Gent to give individual interest controlling =
= fiuence in our State institutions r. e - Il