Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-03-09
sPFCIE PAYaIENTs

MEsEke. EDIToEA-lha BAT s1und an Uniform
currency IS Of vital importance 10 The b-st interests
Of civilized communities, Il fact conceded by al
political economists Of al countries. or the truth
Of this position, the people OF Mississippi At large,
and particularly those Of LOWndes county, must by
this tine, be pretty well eOuvincedi to those how
ever who rnsy still be skepiesl this point, would
say, make some calculation as to the amount OF ex-
change paid by our State for the two last yeaFs,
and # one Fifth Of the proceeds Of the cotton crop has
not beeh absorbed in this way, 10 the prejudice Of
our people, will acknowledge this axiom Of political
econousts is false: Until however, am convinced
10 the contrary, will continue 10 believe as now
do, that il is the imperative duty Of all who can in
any wise contribute 10 bring about healthy condl-
ton of our currency to do so, either by calling on
the public to the support Of those institutions that
have endeavored TO pursue an honest course during
The commercial panic which has swept over the
whole Union. and which has effected our State more
severely than any other having scarcely left res
tage of ous former credit to bear us through the
pecunisry difficulties that encompass US on all sides
or, to hold up 10 public seorn such as have been
preying upon the vilas Of the community for two
years past and still appear to Feast on the distrcsses
OF the people, though this hunger and thirst after
III COTTON Ohio legalized) plumber, was never TO be
appeased. Actuated by this feeling alone, avail
mysefot The liberty which you extend 10 correspOn.
dents, by laying before the public through the me-
dun of your paper, my views as to the relative SOL
vency and honesty of intention by which the Bank
ing institutions of our city have been marked during
the disastrous period before referred to. Az ev
er more agreeable tome to look first on the bright
side Of picture, will therefore, in this communi-
saton, dwell alone on the conduct Of that institu-
ton which has least offended my sense of moral hon.
estY,-that have reference 20 the COMMERCIAL
BANK, il is, presume, almost superfiuOus to add.
As with individuals, much depends on the circum.
stances in life, and the influences that surround them
when first thrown on the theatre of action, as 10
their future conduct, and in proportion TO the resis-
lance which they offer to the evil temptations that
encompass them, are they entitled 10 the common
dations OF all worthy members of society. So also
il is with Banking institutions, which are only a
number Of individuals acting in joint capacity, 1t
will be remembered then, that the COMMERCIAL
BANK was ushered into existence in the spring of
point, and that unfortunately for the community at
large as well as the institution ITSELF as fear the
sequel will PROVE it was too liberal in it's accommo-
da tons. This however, cannot be attributed to any
bad Intention on the part Of the directory, for il ae-
yer could be their design TO make bad debts, or even
Sloc ones, as the existence Of banks, which are prof
liable TO its stock holders, mainly depend on the ia
cty with which they can make their means avala-
BILE: That there is too much financial capacity in
the Directory TO place nearly one half of the capital
paid up, in the shape Of a suspended debt as is al
present the case, cannot for moment doubt. As
nearly all the issues of this Bank were post notes
payable in Mobile, Ala, it had large amount Of
them IN circulation wheI the general suspension
took place il was therefore more excusable in this
Bank to purchase cotton for the purpose Of meet
ing its issues payable in an adjoining State, where
Mississippi money was worthless. than il was for
those Banks which had not this excuse 10 make ;
and in further extenuation Of this violation Of its
charter as some aedge it to be- it should be known,
that the proceeds OF all the cotton obtained by this
institution were applied 10 the redemption Of its
post notes during the suspension thereby keeping
them al the par value Of Alabama money, when all
other Mississippi bank notes were from ten to fifteen
per cent discount. This lis without parallel in
the history of the issues of post notes made by the
Banks Of this State previous to the suspension.
much carping amongst those who feed hostile towards
this Institution, from statement made in il relative
to the liabilities Of the Directory, whom it asserts
borrowed three hundred and twenty seven dol
lars more than they paid in for their stock" The
Books of the institution show that the reverse is the
case I; admitting even the statement of the CON-
mssoners 10 be correct it argues nothing &c the pre-
judce Of the institution Many persons of general
information on all subjects, save that Of finance, can
Al. -. IL IL. Al
public property. There cannot be any thing more
erroneous than this opinion is for how can the pri-
vate properly Of few individuals be made that Of
the public by legislation A Bank charter in the
first instance grants the public the privilege OF ta-
king stock in that particular institution, but 50 soon
as this privilege is seized on by comparatively few
of the mass, II ceases TO be public property IN the
general acceptaton Of the term. should like to
ask gentlemen who entertain this opinion, what in
ducemenl can gentlemen have in subscribing for the
stock Of Mississippi Banks and Of filing the Offices
OF Directors il they were TO derive pecuniary adj
vantage from II ls it in our nature TO work for
nothingI Are Bank Directors TO get nothing but
the honor Of Office in lieu OF then time and capital
The idea is preposterous These woud-be Bank
reiormers whom have Just referred to, rbect very
much to the reduction BY the directory, Of the cap
ital of this Bank from seven hundred and twenty
four thousand 70 fouf hundred and seventy FIVE thou.
sand as nQwis, on the ground, as they would have
it, that the Directory have no such power. These
gentlemen must have overlooked me following clause
in its charter: "They may do and execute all and
singular, the acts, matters and things which TO them
may appear necessary or are incident TO hodies cor
porate." From this clause il is very evident that il
is only required that the Directory should deem il
necessary 70 make the act legal, and until i can be
proved that it was not necessary, there is no ques-
ton a, issue. Taking the course then, that this
bank has pursued since the suspension OF specie
payments, in connection with the unfortunate cir
cumstances uader which she came into existence, il
is evident that she has done the best, taking all
things into considerations aud therefore ought 10 be