Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-09-07
From The .Mi,'i'nppiGn.
GOVERNOR McNUTT,

The Federal Wing press III this State are max
ing vigorous eXeTuons 10 identity Gov McNutt
with the shjuplasler bank makng party IN the
State. Their exerlions wl rcco upon the heads
of the panty to which they belong They will
find 1t task beyord the power OF performance to
prove that either Gov McNut OF any sound de.
mocrat in the State lavors the banking system in
Mississippi Facts fresh within the memory of
the whole pubic rtlute the charges which are
beng made, and "Recorded tacs," published in
this paper, unanswered aud unanswcpble, cast
the odum of banking upon the wings as party.
II IS not SO long gone by but that all can tocoI-
lcet, when Gov. McNuu came into Office the fe-
yer for making banks was still raging, aud
he by means of the veto power, with which the
executive is clothed by the Constitution, aud sus.
taiIed by a handful of democrats, intetposed his
arm and checked tho runous mama; nor are the
people of Mississippi SO short OF memory as to
hive forgotten the scenes Of last winter, when he
again lnterposed the veto power To correct the de-
sructjve policy of the Union Bank, and, if pos.
sble by the force Of example, arrest the issuance
Of post notes by the other banks And is it not
tue, and also within the memory Of all, That for
these acts now universally lauded Gov McNuu
received the unqualified condemnation OF the en-.
tire Wing press-lhat wing orators rose IN their
places IN the Legislature and denounced him as
tpIni, uamplIng upon the rights Of the people,
as an enemy to the banking system, aud the pros
pdity Of the State. Let those pmks of conss.
ttncy, who thus charge Governor MGNutt, turn
to the files OF their own journals for the winter
Of 1888, nay, let them 90 only 80 far back as
the winter OF 1889, nov past, aud abundant cyi-
dence Of these facts will be found IN every num-
ber. Let them then 20 forth into tho country,
and inquire who they were that have held public
meetings, aud recommended the issuance Of post
notes by the banks and in every instance they
will find them headed BY wings and abeIted by
voclierous wing orators Let them then exam
inc the archives Of the State, and open petition
after petition to the Legislature to increase the
number Of banks, and it there too will 10 found
that threeourhs Of the sgners are wings, and
not un(requently leaders Of the Wing patty
They will find, too, appended TO more has Que Of
these petitions the distinguished names OF PREM.
TlSS and BODLEY, and other wing worthless,
who now declare that they have had nothing to
do with the creation Of the banks in Mississippi
When Gov Nc Mutt entered the Senate Of
Mississippi, he introduced body Of resolutions in
relation to the increase Of the banking capital Of
the State, and had them referred to committee Of
the whole, aud there labortd to curb the spirit for
chaterlng banks, by fixing upon specific sum
10 which the banking capital should be limited.
He early perceived the inevitable tendency Of the
system, aud thus attempted to prescribe the
amount Of the increase, and to say to those III
favor OF the sysem--'thus far ye may go and no
father" but his efforts proved abortve, aud an
evil spirit ruled the hour TO which he was forced
TO submit The resolutions were voted down by
wing senators and the banks chartered mainly by
wing voters. Coy. McNut it IS true, voted for
a number Of the charters, bu on examination II
will be found that the banks for which he voted
are located N those parts Of the State where none
were before, and portion Of the State, then for
the first time represented in the State Legislature.
lie likewise voted for the banks at Vlcksburg
but voted under instructions signed by wing petI.
toners
A brief examination Of the history Of banking
in Mississippi will fully excmpfy that had the
policy Of Gov. McNuu succeeded, millions Of
dollars would have been saved 10 Mississippi
At the time the Bank Commissioners reported
to th9 Legislature in January, 1898, the amount
Of the circulation Of all the banks 10 the State
amounted TO about six millions Of dollars. Com
pare this then with the report Of the Commission
ers at the last session OF the Legislature, when
| the clrculetI0n amounted to about three times
that sum, exclusive Of the notes Of the MlssiSsip.
pl Union Bank.
At the session Of the Legislature in 1898, a
bill was passed taking Off the damages the bank'
we're liable TO sustain on Their paper by nreusa
| Of specie payments. This bill was vetoed by
Gov. McNuu. In the veto message delivered
upon that occasion, he clearly predicted tho dele
ferrous effects Of the measure then proposed
the Indictment TO the hanks 10 expand then cir
culailon, and the consequent depreciation.
Most unfortunately for Mississippi the slanC
then taken by Gov. McNuu was not sustaine,
by the Legislature This bill was repasssd b,
the constitutional majority, and evils ncalculabe
predicted by the Executive, and which be IN van
attempted to avert, were inflicted on the commu
nifty. The adoption Of this measure, gave aloos
to the sordld lusts Of bank managers and the sub
sequent history Of banking in Mississippi is lIul
less than history Of frauds and specuIatlons.
A ciral Request old woman observing
sailor going BY her dooI, and suPPosing 1t to b
her son Billy, crled out to him" Billy where IS m
COW gonel' The sailor replied in contemptu
Gus manner "gone to the d. for what know,
swell, as YOU are going tina, way" said the oil
woman, II wish YOU would Just let down IN
bars" o