The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-10-11

IN the state have been created since was
lin the Legislature. The present Governor
.lof the State, the honorable Senator'S atter-
egs in democracy, sustained and voted for
the system throughout is / had doubted
before, should now be satisfied Of The III.
lcapacity az Tie State Bank System.
am IN favor Of the winding up Of most
lot the banks now ia existence III this State,
land return q the good Old plan recon-
lmended by hs honorable Senator il 1884,
to wit tie creating By Congress Of q bank
TO supply a general currency, and / place
this before the people ia opposition 70 the
bonortbie Senator's present Improved model
of bank, stripped Of every feature Of a
bank, and incapable of supplying Or gogorn-
ing the general currency.
The honorable Senator next arrays ! 5a;;,af
Inc the following extract from a speech de-
/ llvared By me az this place il October, 1888 !.
81 look upon the credit system as Il has
Ioperated u tbs country thro' the medium
let BANEING lNsTITUTIoNs, as the most eff
cient of all the causes which have deveIop.
led the resources and increased the wealth
lof thIs Union IN manner unexampled in
the history Of the world
Well, ] am Of the same opinion STILL
When we had a National Bank. and before
experiment had superseded experience. the
credit system did, through the medium of
banking, develoIe the resources and increase
the wealth Of the Union, aud Of no Dart al
Il more than the State Of Mississippi. i As.
peal to the experience Of those who were
then citizens Of this State, whether dusinq
the short period, in which IT had branch 81
the United States Bank, it did not increase
in wealth and population with unexampled
rapidly, and whether this prosperity was
not n very considerable measure attribu.
table 70 that institution. But It was not
through such a system as the present. that
these advantages resulted il was undersuch
q one as the wings are anxious TO return
to--the system Of a National Bank Tor gen
ralcurrency and exchanges. 8 local banks
for local use.
4 ls not here my purpose to 60 atlength
INTO the question Of the utility Of the old
system which was destroyed By the party in
power; but wish to inform Che Hon. Sena-
tor that, am still Of opinion that the credit
system through the medium Of the y. 81.
Bank, combined with the state banks has
advanced the whole valley Of the Missis
5ippi at least one generation ia population
and weasth--and if we can get back toitI
nave no doubt our future prosperity will be
oropoFtionate.
The present banking system, especially
2 this state, is incapable Of fulfilling the
roper functions Of credits II must Be re-
ornad, and the best way Of doing Il is, 10
establish National Bank. The present
'anking system IS bad, but that shall not de-
er me from advocating good one--I do
lot choose because men sometimes die Of
epletion Of are choaked By their food, on
hat account to abstain from eating Steam
oats frequently blow up, yet choose to
ravel on themin preference togoing foot.
The Hon. Senator quotes, for the purpose
{ expressing bis dissent therefTom, the fol-
owing sentiments expressed IN my letter Of
9th August, to the Madison county COM
niItees
sslt Is q vain to talk even il the thing
rere desirable, Of graduating all the state
ankss il could be effected only by SUR
ander. On the part Of an the states, Of the
0Wef to cEiarter such Institutions 10 sup
|ose this surrender viii be made is absurd.
Even should il, the present generation could
lot attain the proposed object The larger
.ortiou of the banks now III existence IN the
United States are protected By the sanciity
{ contfaci and shielded 81 the strong arm
f the constitutions a majority Of them
annat be got rid Of without their own con-
ents unless the people see it 70 follow the
dvice Of certain desperate aud miserable
'arlisans Of the administration, and suppress
hem by physical force
These sentiments be calls santi-republi-
al and anti-conslitutional" My PROPOSE
lon Is, that the larger portion Of the banks
! ihe United States, caunot Be got lid Of
tifhont their own consent because they are
Foteeled hy the constitution. "a most Of
Be states those which have forfeited their
curse will Be sustained IA theig rights By
be courts consider bank cllaIlefa con
aci. and hold the legislature bound bg Is
nil il Is surrendered og forfeileds and 0n
ie question ot forfeiture n is the province
the Judicial aud not lhe legislative De-
arfment decide. deny ths rghtofthe
igislalnre ID abrogaie AZ choir pleasure, Che
aarlefs granted by previous legislatures.
ndelsiand ihe pH Senator 10 advance
e doctrine. tha Whenever the legislature
iinls hat bank IS not of as much so1rcs
tie poblia as was anticipated az Is clco-
ga. has right @ abrogate and repeal ID.
oR this be Tie Hon Senator'S opinion.
more ndica| aud destructive than
q ever thought him. Tho proposition that
e legislature can repeal and take away
1afler NIlaout lhe Intervention % Tie in-
elay. Sto CD mind doctrine Gle most
seheNoQ4 and dang it can hs n-
ynea li strikes at the very root cfcnf sTs-
s4# nNN# |U|fN.