Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-10-19
BANK Matters

IT, local and temporary causes OIL
have been considered. The
Pfes'-..,t ones, viz: the doctrine of re-
PERM chartered rights, and the unset
pa Icy Of the National Council as to
ue9 Ha.,i Bank, are deserving attention.
not one of the best signs of the
hat since the removal of the de-
M NJ from the United States Bank,
- has been an apparent increase of
MENTION to the sacredness OF public
.l-,ract. and chartered rights. We do
sav this was the origin of this laxity
= ,-,od faith. but we consider it promI-
-. Instance where good faith was VIC.
l-.aJ and the violation sanctioned by
-.oIaminant party majority. When a
80, i broken down by the chief
49, of \ nation, and the majority fol-
r. in the train, where is the error to
- -smedied?-We see the United States
p,,t derived of the deposites contract
49, ,bem. We see Indian treaties ex-
..,,,od AS mower may direct, and the In
-. 5;soossed Of the lands contracted to
49, He is then driven farther west,
- the lands he is now sent TO shall be
: r,,nre wanted. The foodgate hav-
.a1 bv this time become pretty widely
o1ened. we find in every town, village
hsmlet the now prevailing ERROR that
nnbIic contracts may be tempered with,
= -escipded altogether, without the con-
.s., of both parties. A charter is con-
.-,c, batween the State and certain par
t.es. Can this contract be rescinded by
siibsr onel As the incorporation is
5ound by the terms of the contract, so is
he State under equal obligation. If the
,oeorporation has violated its charter,
he evidence thereof can only be estab-
i;sbed before the tribunals of our coun-
iry. our courts of justice, and when
here adiudicated, the contract will be
annuiled. In no other way can it be
leraly or morally done. The State
cannot retract, without the consent of
the other parties to the obligation, I'M
Isss clauses have been expressly reserv-
Cd retaining the power. What then
must necessarily be the result of this
vide spreading and dangerous error?
Nav public faith be violated with impu-
niiyl So may privatel Is a public CON
tract void at the will Of the Legislature?
So il may be at the pleasure of either
pariy in a private contract. Where is
inc line to be drawn to distinguish the
tEol Let US lose confidence in public
integrity, and what guarantee have we
hat anv contract shall be binding be-
tween man and man? We regret to
sc these moustrous errors openly avow-
ed at the present day, and made the test
Of party. We fear for the result.
Want Of confidence will necessarily
occasion scarcity of money. Who can
trust him who advocates the violation of
contracts? And where now a few instan-
ces only have occurred, but where more
nav be intended, is it not time for the
community TO rouse at once, and set
their face against the prevalence of oPin-
ions so demoralizing in their tendency?
We nav not vet feel IL; but we inevita-
by shall. II our councils ever govern
" might instead Of right, their exam
BIZ may be followed in the common
walks Of life.
ALB contracts by note TO pay money.
Il falls due-is unpaid and perhaps not
through inability. The creditor asks
"
pease,'' will probably be the answer.
Ia this he has an example before him
The State will fulfil her contracts when
she peases, and therefore may do the
same,n will not unlikely be the reflection
81 his mind Confidence must be des-
troyed by perseverance in, and preva-
ience Of such notions. When conf
dence is lost, where is credit Where
j. the benefit of our good namei Abroad
who will trust US on our contracts, and
these have built our public worksl AT
home, how shall energy be aided by a
prudent extension Of credit, between
dealersl
The opinion is avowed, and pledges
are demanded OF candidates for the Lee
gslature, TO carry into effect this very
error. Its consequences may not be inn
Mediate. but they will be sure. 1t were
well TO move carefully in so important
natter. Destroy confidence, and you
destroy prosperity. History shows that
every violation of justice and good faith
has bean signally punished.--Cin. Gar