Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-11-07

aNmhAANNMANes
ofthe country during the spring OF '39, in lheil
representative capacity, adopted, ny very
large majority OF both houses, resolution
out6orisine and Tequest' 6 the Mississippi Union
Bank 10 issue from five 10 six millions Of Post
rmos, by means of which the weight Of u
mos, oppressive debt could be upheld until the
reslizaton Of The crop, and an immense sacri-
fee ofproprry, Otherwise una yoiiable. be pre-,
vented. This resolution II is true, was voted
by His ExcelIency the Governor but was sub
scqnenIy re-passed by constitutional MAORI
~ in the House, and wanted only one vote 10
carry II III tho same manner through the Sen.
ale aud into the statue tuok. Ii was conceded
the BANK had the power 10 issue Po7t-no,es--
the passage OF the resolution, with all the forms
OF constitution It was also conceded was not in
tended to make their issue o6ijgdt0rv on the.
Bank, nor did The failure 10 pass il bind the
Bank not TO issue--the resolution was merely
advisory.
With this unequvncal EXPRESSION Of populur
feeling uiI IN view, il became question whe,h-
CT the will of single individual or tha,
,hree-tou tbs Of the chosen representatives of
the people. should prevail; 10 VIII CHI, the Direc.
tory responded by the issue uf twelve months
Post notes, bearing five per cent interest, in
loans, and IN the purchase Of bills Of exchange.
to The amount three millions six hundred and
fifty cur thousand fYc huHIrcd and rorty-hvc
l4'UoO d24!Sfs, ncuding recent loan 10 the
State by which he country was, beyond uues-
ton, further relieved from sacrifice and much
ruin, while the Bank continued, and continues,
to maln,an IFS ability to pay al its liabilities OF
whaevcr nomination.
commissioners has been appointed. and will
leave this place in u few days, with five mil.
lions o Sia'e bonds; and although the condition
OF the money market is not at his time avora-
lie yet, based as they are upon the cred, and
ANN OF the greatest cotton growing State Of the
Union just expectation is entertained OF his
success.
IT'S proper 10 say, that until such ncgotia
ton is effected, the Bank cannot afford The lac.
iii'cS contemplated by the charter, either to
the stockholders or 10 he community. When
a! ia resources shall have been realized, This
lnStllutloh VIII possess great capacity OF good
ana rs It VIII perhaps furnish our only crcula.
ton, 1t becomes the people Of the Stale to see
that l: is SO managed as to exert that caDacity
to It's fullest and busiest extent; and doing so,
to bealow upon II the enlightened support Of a
G nerous couf encc.
The directory are aware that complaints
have been urged against them for not having
established The branches brfoic this period; in
reply 10 which, they have 10 say, that under a
conscientious construction OF the charter, by
winch they sincerely believe themselves to
hav been go, @ ned in this, US in all things. they
could no, DO II. The 18th section OF this III
sIumenl provides that no individual shall be "A
Director in The Bank, unless he holds in his
.,,lI IL, Clo oTt hIA rn IA
stock OF said Bank, &c. Section 34lh requires
an additional qualification OF j residence oil the
candidate for a Dictatorship, in one oiihe coun
lies composing the district for which the Of
flee is established. This, without conflicting
with, or modifying the requirements OF the
provision first quoted, imposes further guard
aud gives evidence OF the care and dcIberauon
with which the trainers olthe charter INTENDED
these selections to be made.
in conclusion, take pleasure in saying, that
the time has now arrived when much Oh 'na'
onel Gus responsibility form rIy, and up TO inns
time, resting upon his board, is TO be assumed
by others, who, doubt not, Will win 'a'htHl'
ness and zeal, serve the cause IN wIhch ms "
rlctorv has hitherto been engaged, Inc IN
rcclurs aud Cashiers oil the dltNfent branches
have been elected, aud Arc required to com
mence their appropriate 'unc.onS anu VI
panizo the offices to which they are sew
orally appointed, with the least possible DC
lay.
These officers, have the strongest reasons
for believing, will prove general y acceptable
to the people, aud efficient in their sphere o
action; and /, with pleasure, commend mem
your regard and good offices, while this pGrec
tory most cheeriuIIy surronders into 1hel
hands portion of that control over the affair h
ot,his highly imporran, institution with whlcI
il was invested, by the chosen representative
OF the people OF Mississippi, Annexed y"
have the Cashiers statement of the condition q
the Bank this day.
Very respectfully,
your most obedient servt,
II. g. RUNNELS, PreSt.