Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-03-09
GOV. MNUTTrS yETO MESSAGE on
TIE POST NOtE BILL

/ the issuance OF past notes hy the Mississippi Un-
/ ipn Bank, ihe establishment Of Is branches
and o.l 10 ho euutied "AR act TO extend add
! tlunal pu,ileses to tho Mississippi Union Bank
1 apd for other papaSes," and reiutn Them 10 the
rsspecttvc house IN which they originated lnr
consideration. II Is ALWAYS With great reluctance
thai enterprise 10 prevent the passage Of laws IN.
,ohlug nete questions 81 txptdirney. In all
| eases where believe The policy doubtful, | give
| the deliberate acts of the two houses my ufical
, >arcllon; la, Nhtn measures ale proposed which
will, IN my opinion. inflici evils ueparablc on
the people OF the state, cannot. without dete-
hcailou OF duy, give hem my ollciuI approval.
The resolution gives the diseieiloa To the Mis-.
sisslrpi Union beuk io.lsSGe post notes uat hay
/ ing longer umr thau twelve moths 70 ran. nof
drawing rate ct interest notc than SIX per cent.
PEI annum no, less man Eve per ecuii and pta.
| yiies HAT nei none thai ~ million should lie
ISSUED lf,te Legislature deemed II advisable
that such issues should be made, law should
have been enacted making II imperative on the
bank To issue them The chatter OF the bank
ouibonzcs It To take interest at the Taie Of seven
per c,uL per auuum on loans having longer
uae than sx months 10 run, and six per cent, on
loan. pay able at an eailir, period twill be re.
tuembtged thai he state bonds bear On interest
OF Eve per cent, and 10 be sold must be made
payable IA Europe The cost OF placing funds
there 10 pay the interest will. IN al pr"babhlty.
be fifteen pea cent; and &c the poet notes NE
made 20 bear SIX per cent interest the hauk will
suslRln heavy loss hy ISSUING them. The great
object On however, 10 such paper ls that Il would
inevitably be deprecated. The bonds oliho Plan.
tens Bank, issued hast year, were guaranteed BY
the Bauk Of the United States. aud al lam NOT
mistaken, bore interest al The Ninth. YET was
with difficult that such paper could be negotiated
at par. Should lie contemplated issues, hike Tho
old. be made payable al The counter OF the bank,
and bra i've per cenl. INTEREST they would soon
dtpltcae twenty per cent. II made TO bear SIX
pc, cent interest tloy would be II least fifteen
per cent; below par. The issuance Of paper SO
much deprecated would greatly agaravae the
discusses Of tho county AN entire
return to specie payment and continue for u long
period The lntolernbe evils of deprecated, nuc-
iuang, nconycrnbIe paper currency. Ilalso
would have tendency 10 prevent the snle o(the
residue OF the stute bonds; for capitalists would
have ttlr confidence IN en- institution which cnuh-
tenoncrs such IA uinous pohcy. No d"ubt the
bonds could te sold u paymcu, should be acctp-
led "a me post notes OF the hank, and a learned
} "AggumonlN no doubt, would la submitted,
, showing such notes "equyal,nl" to gold and s.
VET. No solvent man could safely borrow mo-.
/ ney much deprecated as the contemplated
i pust notes would inevitably become. No busi.
Z. ncss except shaving can justify the borrowing Of
f. notes ten per cent beluw par and the payment
u seven per cent interest ou zach loans The
policy Of issuing ''po~l notes" will be emineny
q destructive TO the planting interest, II viii tend
10 continue the present exofbdant plcc Of all
supplies necessary for Their plantations, and The
ptce oi our great staple vii not be enhanced d
penny; ior, as heretofore, % ynuc VT, be dtpend-
onl on The prcc i bears IN f,acg6 natkeis. naere
the currency sound sound c,rrtney would
do more to relieve The embara.snnnls Of the
counlry than any measures which eau b. tdopied.
Il would s"on brig down the plioo u produce
and the cost 81 growing cotton 10 the old stand
ard, and lhc planters Of the Country wond save
annually fully three million of dollars. This re.
suit would he alike beneficial u the planter, The
merchant aud The mechanic. Spectators and
-pcndlluiis alone would suffer "'lhose who
SOW the wind must trap Tie vhrlwnd." Leg-.
lote rehel may buoy them up Tor time, but
they can never be susIalsed except by he ruin
81 the productive cl1sses ofsoclety "1he plun.
delcd plouehmen and beggand ycomanry of the
and' have mriiIouous cams on the Legislature
] can never sanction measures which firmly be-
ieye wlIl lax Their labol TO sustain ho.o "whn, by
The sweat Of their brow do ndl cam their daily
bread"
lho deIaslsc pretenfe that Il CSC mrasmos are
absolutely necessary 10 enable tho parent hank 10
eslablnh Der branches, has given tAom favor
WIN The representatives. Of the people
SPEAK adVlsediy when say Thai with proper
eAetiions The morigages could lie perfected and
The stock graduated ard nssianeJ 10 each stock.
holder 70 lour weeks. The bond, could ihcn be-
issued without 'he INVASION Of thai fundamental
provision q the charter, which nakGs ihe mort.
bpers Of ~ ipcklnlieis prerequisite 10 he ~.
sAahce % ten million ni dollars M state bonds,
and pledges The properly mortgnged 10 secure
men itdemlhiod, ini - Il necessary Tor the bourd
oiInan gers even to delay unil lht stock i. d..
clMed. he commissioners could be dfspatcb
ed al orce I" negotiate Ne sale ol lie remaining
| bonds and aiItr The contract ~ made the bends
could be ISSUED ~ accordance Herewith and de-
hsrIcd Ihs would obs.ac the necessity or
lea'iHg The places where the bonds are made
! payable blank, aud Keep he commissioners M.
def The sJlci conlioi tud supervision Of the man
arers II lie graduation II The stock y DELAY.
90 uh nilei HE apfitg ernis Of our courts other
| eefiiilcales will be requisite TO show that no
judy shithl ieiis eAid On he ppperiy offered by
| lhe Stockholders. 1hs would CAUSE cDnsdera.
biz delay aud expense But Il is commended that
tue Branches cannot be established because ak
yc there are no persons qualified 10 acl as drec-
tors. reference 10 The l7lh and 34ih sections
o. the chaier Ndl convince any unprecedented |
mind that the qualification oI the directors Of The
parent BANK aud Of the oicers0l discoun, and de- |
pos'.e aie "dedIy different The iitsi are rlee,- /
Cd ny tne slockhedefs aud required to own at least
InIrty rhares Vi stock. The latter are elected by |