Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1839-02-13
SPEECH OF MR.. LANE,
In the House of Representatives, on-the
Bill to suppress unlawful banking.

OI E1IOAA vi stAAh' A%AA@'N'
In the House of Representatives, onthe
Bill to suppress unlawful banking.
MIR. Speaker: Before the question is ia
ken on the passage of this bill, must ask
the indulgence Of the House tomake few
remarks upon the subject: forifthere is any
subject which can claim the dispassionate
consideration ofihis House, am persuaded
that subject is embraced IN the title of the
bill before rs.
The gentlemen who are opposed to the
passage of this bill, predicate that opppsi~
ton upon constitutional grounds. Ills ur-
ged that the Legislature have no right to
pass any law imparing the obligation of
contracts. True, slr;--buL' certainly, be-
cause we may no, pass law impairing The
obligation of contracts, it does not follow
that we may not regulate the remedy and
think, if gentlemen will look into this bill
with little more scrutiny, they will dis
cover that this bill has for lis object a
more summary and salntary remedy for
most serious evil. which pervades the
whole country, and | presume the right
OF the Legislature 10 regulate the remedy,
Is principle of Jurisprudence too firmly
settled, in this country, to be called in
question. Ii am right, sir. in This con-.
cluson, the constitutional argument, L
trust, will have no influence upon the ac-
. ton of the house upon this bill.
Now sir, as matter of policy. call on
gentlemen to give but moments reflec..
: ton upon the great excess. of banking CAPT.
tai which our past legislation has inflicted
upon our whole State, and the injury which
has resulted to The great body of the peo-
pie, for the benefit ul a few. Such, sir, is
the injury, that we hear from all quarters
of the State a general and loud complaint
against the unwise policy of granting 50
MANY little petty bank charters, and there
by flooding the country with spurious
and deprecated paper currency, founded
only upon pledge of a little real estate
not having one dollar of actual capital on
which TO bank. And let me direct gentle
mems attention ID the system of shaving
; (which falls but little short otskinnng.) tt
/, which we are subject on all sides, both II
ard on of our own State. The citizens Of
Our sister State, Alabama, are able TO puri
, chase every article of their consumption a
about one half the price which we have tt
paw for the same articles. And do moi
gentlemen see clearly that tins marked dis
tinction cannot be attributed to any thing
} but the deprecated currency IN which we
, are compelled 20 pay for the provisions ant
other articles of consumption, for which we
) are dependant upon the Stale of Tennessee
. Kentucky, Ohio, and other States which
furnish us with our supplies. So marked
/ difference in The currency in use IN any
two border countries, is unknown In The
A history ofproyincial commerce. The dro
. ynrs of the up.count,v have driven Their
pork Ia Alabama and sold 1t for So or SIS
In preference to selling TO us at from S IL
TO Sl2 per hundred cwt.; and this,to,, hai
: been the case TO SO great an extent, that tn,
: lean tank smoke houses ofsome of the shin
! plaster gentlemen spe eS language dolefis
and piteous indeed nor is the sweenic,
condition of smokeshouses confined 10 tn,
shin-plaster gentry: il is felt 10 S me ex
tent among even the sound-eurency hard
: money men. Again, sir, let gentlemel
:, look at The bloated condition of their peck
et-books, filled with a spurious shin-plaste
paper currency, tina. will moi pay for night
! lodging for the weary traveller.
. For these reasons, Mr.. Speaker, d
hone that this Legislature may pass thi
bill, and drive from our Slate all the shin
!, plaster banks, and give us a possible chanc
= of returning to sound gold and silver cur
= rency. We owe il to our constituents I
} exercise the trust they have con6ded TO u:
: with the firmness and deliberation whic
. their wants require