Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-01-26

q
I aver banks, which notes were i'd some
4 instances again paid out at the coun-
tcr to their customers at par.
4 The failure Of The Bank 10 establish
\ her branches, has operated most op-
lprcssiycly on those living remote from
the fSasrIrt DHDK. TREY IUaId .1sss- pos
lsibly obtain equal advantages with
Those more fortunately situated. Their
securities were not generally known,
land the expense oftrayelIing and other
linconyeniences have in measure de-
!. priyed them Of the amount OF loans
| guaranteed BY the charter to the seve-
raj districts. These violations of tho
letter and spirit Of the charter, how
ever, dwindle into comparative insight
ficance, when placed BY the side Of The
monstrous assumption Of power on the
part ofthc bank, in seeking to mono
police the cotton crop Of the State,
and becoming a factor and shipper of
our great staple. / venture to affirm
| that not a single member Of the Legis.
| lature who voted for that charter ever
intended to confer such dangerous
1 powers; nor does i fair construction Of
that instrument warrant the bank in
Exercising them. The banks which
heretofore advanced on cotton general
~ try tojustify their course by pleading
necessity, inorder that they might re-
plenish their vaults with specie, most Of
them are now satisfied the system is
wrong in principle, and arc willing to !
abandon ii. With q capital Of fifteen
and half millions of dollars, She Mis-.
sissippi Union Bank. If suffered to do
50, could monopolize the whole cotton
crop Of the State, and every article Of
Eofproduce and merchandise, depopu-
late our towns, PROSTATE onr merchants,
and crush our planters.
THIS system Of advancing will ab-
sorb the ayilable means Of thc intitu-
ton, and throw the discounts of the
bankinto the hands OF the large cot
toni planters and the spectators, and
deprive those Of loans who do not pro-
duces cotton; nor will those who get adj
yanceson cotton Be ultimately benefits
ed, for all experience proves that the
profits Of such speculations seldom
reach the pockets Of the producer.
Anamendment Of tie charter If thc Plan
tcrs' Banks required. a single indiyi-
dual holding the proxies Of the nonresi-
dent stockholders, annually elects d ma
lority of the directors, and exercises i
controlling influence over lis affairs. ss
Tho State owns the larger portion Of tie
stock, and in strict Justice, Ii entitled ID
majority Of the directors. The report
Df the auditor Of public accounts proves
that great abuses have preyailedSin tho
Of that institution, and that
every impeachment was thrown ia his way
" order 70 deprive him Of ali opportunity
y aseertaining and reporting The true
iltuatjon Of The bank This course has
lever been pursued in any other State
where the people had contributed 4 pors
ion % the capital, The Legislature "
virginia, two years ago, called for, md
'btained from all the banks iii which she
neastock, d full statement Of the names.
'esidence and occupation 81 all the De btors
y 4! those institutions and their several lil-
'ilitles, The right of the State 10 de
Iaand tle Information was n0t seriously
BY my one, and tie state
aents were furnished as soon as. thew
ould be obtained- lam not aware tIsat
bis right has been questioned IS any
tate of THU Union except Nlississippi.
a. your 81 teption 70 the gs3 "a 9th xs,sih
I'D %6 sections ri the act so establish thn
'lanteFs, Bank vi The s Ill w of m ississinpi.
hose sections have bNon utterly disfer
aEqeq, N w9s eAIldeilt Az Intended that
AZ half Of tlls capitaI9 lay banks sloula
distributed among tllo Fafioisa senafoFi-
districts 0I tlls st0ie on mort esred w
1flty fhf equal advantages cor fe,,,s
lated bY the charteT, Npuld he bfo.5 oteH
y Inssti!ig on y tlill compliance witI
los pkcxlsl0ns would Freafly stfennih-
Y we seop tll0 I'M 4, as ,so N Nv sisr
Eedlt Qk ilie bank, 81 have one hal I IF. I,eF
sPitAl lniElY diastibntca ada wei sscuraa
y tnof'gR ees On feRl estate: lilo rnIiof
lns afforded Wqslld laNe N sa IiAt5 olleef.
rqileeiXe my sllIl5 III y Y y fess ", N.Y.
'nce thQ Jews ont eFtaih ID, Ne 2fiot IS
le ne iefn AZ hpNl II IN Bill H. has
seil lled NJ ppe e ~ Sioies of tI,is
nlpn, ana which may be lHonnhS rs be :in-
Qilslrea ~ tp this NtRtq Blink inr When
lsed upon solid cal litai nnd pfopeg nriSci.
eas nsl IA ~ Iia ~ IN oroia NJ niI VIVA
loose ~ embark NJ me- businssS W. ~
Ee s''eeeas a. 4 'fes system ol banking 4
'pRfni pRnlSfHI't lgN ~ indignant y 3 ...
lils power has been {lale6atad ID tl,c ID.
'EnsllslAl cl lls9 bnl: IA lAtcs, aisd placed