Liberty advocate., 1839-01-24

nine thousand three hundred dollars, and the
amount paid in TO be twenty-six million eight I
hundred and seventeen thousand eight hundred
and eighty-three dollars. On the capital paid {
N the banks are now authorized to issue sixty L
seven million one hundred and sixty-eght I
thousand one huadred and eleven dollars
Neither the commerce or wealth of the State Q
can sustain, at present, a circulation OF more 3
than seven million Of dollars. l.
The annual production Of the SOIL including I
cotton, corn and every other article produced
by the planter, and the value given to property {
by the labor Of the mechanic, does not exceed
thrty-iive million of dollars. In some coun-
tries one dollar of circulation is esteemed sutii-
cient for thirty dollars ofproduct.
No political economist has ever contended
that any country required more circulation
than one-flth ofthe annual value ofits products.
Unless restrictions are imposed on the circua
ton ofthe banks, its redundancy will be inevi-
table, another suspension will occur, and the /
country again suffer the worst all evils in
the blghting effects Of a depreciatied, incon-
vertible currency. The whole paper circula-
Iton orthe United States does not at present,
exceed one hundred and thirty million of dol
lars. Its great depreciation in this State has
been caused, mainly, by its excess; and II isl
for you to determine whether, in future, the
honest laborer shall receive his reward, and
the enterprising merchant the fruits of his in
dustry. Excess of circulation has increased
the cost Of producing cotton at least three-iold,
but has not enhanced the price of the article a
single farthing. Its direct tendency is to inn
poyerish the planting and ruin the mercantile
interest Adequate penalties should be impo-
sed Ior the violation ofthe provisions of bank
charter.
The history of corporations in every age,
demonstrates that men in a corporate capacity
will be guilty of acts which they would scorn
to perpetuate as individuals; their proceedings
are mostly secret responsibility is divided
The thoughtless act of to-day becomes prece-
fIdent tomorrow; temptations beset their paths;
/ and we have the authority of Holy Writ Tor
S asserting, that "the heart of man is decettul
r above all things.' When it is the interest or
: wish of a corporation to assume powers not
GRANTED, the charter is ransacked for authority
3 and should none be found, it is exercised under
bseD&pSS be&Syfa ana Ee!sed ed!ssed 6ff 81 that sssffd sf
: necessity. An examination of the report o
the Bank Commissioners will shew that the
a I;-ao.o~e in many instances. have hnrrowea
e nearly the entire capital of their respective IN
u
r discounts to their officers. This practice has
nj crown up during the fever of speculation which
$ has raged for the last four years. | canno
l. believe thatit has been of much real advantage
,rIto the directors themselves; the interest they
@ have to paw is consuming their substance; the
G nropertv they have purchased is generally I'M
r productive; and the high price at which it Is
l. held. has in great measure stopped emlgra
!. ,ion n the State, and retarded the settlement
@ of the country. suggest to your consldera
@ tion the propriety of requiring the Bank Com
,r missioners to take down and report the names
|, residence. occupation and liability of the vari
ous debtors of the banks examined by them.
; In Louisiana such q document was publish
;. ed bv the Legislature. 1t had salutary el
r. fact md caused the banks themselves to cor
ID rect MANY abuses which had impaired thel
usefulness The names, residence and llabll
o. ties of the debtors Of the State Bank OF Alaba
n. ma ore annually published. Such course
|. rorord to our state institutions, the Planters
i. TRank and the Miss u. Bank, would secure
I'd every portion of the State the equal rights an
advantages which they were chartered 10
he ford.
AL Fayoritism would thus be prevented, an
be the security of the State enhanced. 1t wouI
r.. oIso he advantageous to have the votes OF u
h. directors on every important question recorde
ak and published. Responsibility is absolulel
ly necessary to secure the proper and SAFE ma
,ir agement of our State institutions. lhe stat
II. by her credit alone, has furnished the VINO
- capital of the Mississippi Union Bank, and u
of tice requires that she should have the appoir
,rs ment OF majority Of the board OF director
ed and il is deserving Of your serious consider
ed ton whether the charter ought not no" 10
20. amended so as to secure to the State contro
CIV inc influence over the institution.
Of THE large interest which the State possess
An /, The Planters and the Union Bank makes
ntoI incumbent on me to call your particular alte
the ton 10 the affairs and conduct OF those lns1i
thel lions. The faith Of the State is pledged
vi The redemption of two millions OF dollars
tiol bonds, sold to take stock in the Planters bal
ers and for the whole of the capital OF the MISS
1ly sippi Union Bank. A just regard ior inc ~
or ar Of the State demands that those instl'u''O
uce should be managed with great prudence, IN
Ier- der that ample provision be made lot the Pu'
lch ual payment Of the interest and OF tIe ool
Ell at maturity Both of those institutions ~
all refused to suffer their affairs TO DC eXain,l
re- hv commissioners chosen by the Leglsl"t
ach for that purpose; and the reason assigrou
cd one of them for refusing is most oxlraoruln"
;,u' Ronks that are well conducted have nolhine
aw. fear from public scrutiny; and the flgns =.
em. i,ation in the founder Of corPoratlon, %
Tor Questionable. BY an express clause IN 'no =
roe. creating the board Of Bank Commissioners