Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-10-05

{ Mr.. Prentiss on the same question:
# We have seen him in the legislature o
this state in 1886, sustaining the incor
b poration of the Brandon Bank. and
S other spurious institutions. We have
$ seen him in 1888, in Congress, supper
q ting bill to compel the government
: to depcsite the public monies in the
}, State Banks, every one of which had
7? hen failed, and authorizing them, BY
s an express resolution, to loan out these
/, monies. And now, within the present
: twelve months, what are his ayowet
: opinions on this subject? In his speech
!. at vicksburg. of the 9th Of October
j 1888, published by him in the Vicks
t burg Register, Mr.. Prcntiss says, q
:, look upon the credit system as it la.
operated m Ibis country through the n,cdi
I, ufa Of BANKING INSTITUTIONS, as the
] most efficient Of all the causes which
, have developed the resources and in
creased the wealth of this Union in a
manner unc&led in the history Of
the world" Now my opinions arc d.
! rectly the reverse Of all this. look
upon our Banking institutions" as hav-
ing inflicted upon the country nearly
all the calamilias which have beEaIIeh
us, and which have reduced so large IA
portion Of this state to almost univer-
sal bankruptcy. / look upon this
banking system as q grievous tax upon
the many for the benefit ofthe few.
regard it us the fruitful parent Of rash
specuiations; as hostile to industry,
economy, and republican simplicity,
and as introducing debts, idleness and
luxury, fraud and extravaganza, and
diminishing the real wealth of the ma
ton, by decreasing labor and produc-
ton. Bank paper is not ''capital," as
Mr.. Prcntiss supposes, nor is it wealth,
nor money, nor industry, nor property,
nor labor, but simply fraudulent prom
ises of payment, millions of which are
struck off and circulated in day or an |
hour, by few irresponsible Bank Direc-
tors, and then unredecmcd and unre-
deemable, are permitted to depleciatc
in the hands of the people. On this sub
ject,thc difference between Mr.. Prentiss
and myself is great and radical, and
the people must decide between u.s.
If MIR. Prentiss is right we ought TO go
on creating more banks. and issuing
more bank paper, and thus increasing,
as he thinks, the wealth Of the country.
If | am right, we should not only ere
ate no more banks, but repeal the char
ter of every bank refusing to redeem
when payable all its notes in specie.
But here, Mr.. Prentiss, as the great
champion of the banks, interposes in
their favor constitutional question.
In his letter of the tenth OF August, 1889 ;
to the Madison County Committee, con t
senting to be a candidate for the Sen
ate OF the United States, Mr.. Prentiss (
says: r
Sits in vain to talk, even if the T
thing we're desirable, of eradicating all q
the state Banks; it could be effected i
only by surrender, on the part of all /
the states, Of the power to charter such |
Institutions. To suppose this surren- il
Ter will be made, is absurd. Even s
should it, the present generation could c
lot attain the proposed object. The f
anger portion of the banks now in ex- a
stcnce in the United States are pro- o
ccted by the sanctity of contract and Il
hielded by the strong arm ofthe con- 0
titution. A majority Of them cannot II
'e got rid Of without their own con- e
eDt, unless the people see fit to follow A
be advice Of certain desperate and ii
partisans Of the administra- W
ion, and suppress them by physical ii
)rce." fe
Recollect, these arc the doctrines til
ow avoved by Mr.. Prentiss, in becom- bl
lg my competitor, and upon which he te
anvasses for the station. If these OF
Jews Of Mr.. Prentiss are correct, it is til
seless to canvass the bank or currency
Iestion before the people or the Lee nc
and as all the banks of this ag
ate, except one or two small explo- by
I'd concerns, exist by ''contracf" UNI 1t
er the name Of charter, we are told gl
7 Mr.. Prentiss that they "cannot be do
i rid Of w,thout their own CONSENT" ex- tn
'pt by "physical force" And this pa
the doctrine now asked to be affirm dc
med in Mississippi, by the cleo pr
IN to the Legislature ofthe friends Of ART
r. Prentiss. Fellow citizens, are you aV,
epared thus to affirm this doctrine2 ed
so, you might as well give up the con- pr'
ct, acknowledge that the banks are pc
ur masters, that their charters cannot ch,