Lexington union. (Lexington, Miss.) 1838-18??, 1839-03-02


Yet it was wsth difficulty that such puper
could be negotiated at par. Should the con
templated issues, like the old, be made
payable at the counter Of the bank, and
bear FIVE per cent. interest, they would
soon depreciate twenty per cent. made
to bear six per cent. interest, they would
be at least fifteen pei cent. below par.
The issuance OF paper so much deprecated
would greatly aggravate the distress of the
country pro:lastinate an entire return to
specie payments, and continue Cor a long
period the ntolerable evils of deprecated
huctuallng, inconvertiblc paper currency.
II also would have a tendency to prevent
the sale Of the residue Of the state bonds !;
/ for capitalists would have little confidence
in an institution which countenances such
a luinons policy. No doubt the bonds
could be solditpayments should be accepted
in the post notes Of The bank and learned
"Argument," no doubt, would be submitted
showing such notes "equivalenl'' to gold
and silver. No solvent man could safely
borrow money SO much deprecated as the
conteni lated post notes would inevitably
become. No business except shaving can
Justify the borrowing of notes ten per cent,
below par, and the payment Of seven per
cent. interest oa such loans. The policy
OF issuing "post notes" will be eminen,lv
Obstructive 40 the planting interest. IL
will tend to continue the present exorbit
ant prlce ofal supplies necessary for their
plantations, and the price of our great sta
pie will not be enhanced penny: for, as
heretofore, its value will be dependant on
the price II bearsin foreign markets where
the currency is sound. A sound currency
would do more to relieve the embarrass-
menis of the country than any measure
which can beadoptcd. Ii would soon bring
down The price Of produce aud the cost OF
growing cotton to the old standard, and the
planters OF thocountry would save Annually
fully three million ofdollnrs.. This result
would be aAke beneficial to the planter, the
merchant aHdthe mechanic. Spectators
and spend Thrills alone would suffer. "Those
who sow the wind must reap the whirl-
wind" Legislative relief may buoy them
up for time but they can never be sus-
tanned exccptby the ruin Of the productive
classes Of society. "The plundercd
ploughmanand beggarod yeomanry of the
land" have meritorious claims on ,heiegis.
lalure. can never sanction measures
which firmly believe will tax their labor
TO sustain those "who, by the sweat Of
their brow do not) earn their daily bread.''
The delusive pietence that these mea-
snres are Absolutely necessary to enable
the parent bank to establish her branches
has given them favor with the representa-
tives Of the people.
lspcak advisedly when say that, with
proper exertions the mortgages could be
perfected and the stock graduated and as
signed TO each stakeholder in four weeks.
The bonds'could then be issued without the
invasion of that fundamental provision CT
the charter, which makes the mortgages
ofthe stockholders a prerequisite to the is.
suance Of ter millions of dollars ia state
bonds, and pledges the property morlgaged
to secure their redemption; nor is it nee.
essary for The boar of managers even
TO delay until the stock is declared. The
commissioners could he despatched at once
to negotiateihe sale Of the remaining bonds
and after the contract is made the bonds
could be issued in accordance therewi.l.
and deliverd. This would obyiate the ne
cesslty Of leaving the places where the
bonds are made payble blank, and keep
the commissioners under the strict control
and supervision of Interchangeable the gra-
uatlon OF the stock is delayed until alter
the spring terms of our courts other cerlf
icates will be requisite to show that no
Judgment leins exist on the property offered
by the stakeholder. This would cause
considerable delay and expense. Butt is
commended that the branches cannot be es-
sablIshed because as yet there are no per-
sons qualified to act as directors. A ref
erence to the l7ih and Bah sections Of The
charter will convince any unpreiudiced
mind the qualification Of the directors ofthe
parent bank and of the officers OF discount
and deposite are widely different. The
first are elected by the stockholders and re-
CURED TO own at least thirty shares of stock.
The latter are elected by the directors of
the parent bank, and the sole qualifications
prescribed are that they shall be " citizens
OF this state, residing and domicilated
within the counties for which said officers
4 shall be established"
The twenty-five per cent. which the
bank is now calling in, with her other re-
ources,would enable the institution at once
to establish the branches, and thus equal.
ize its benefits. believe that the sixth
district, and the one in which the parent
bank is located, has obtained four.f(ths
| of the loans already made The issna e