Lexington union. (Lexington, Miss.) 1838-18??, 1839-08-31
From the Grand Gulf Advertiser.
GRAND GULF BANK.

10 the Northern Stock Holders - l1av
ing aninterest in common with yourselves
lin the prosperity Of this institution, and
residing in the immediate neighborhood
lof it, where had an opportunity of wit
Messing its gradual decline, in credit and
character, for the last three years, until il
has become bye-word and reproach TO
all concerned in it, l am induced to call
your attention 10 it, in the hope that you
will take some some steps to restore it, to
what it once was, and what It ought TO be
now; and what 1t would lie agaiu, under
tolerabIe management, one Of the most re-
spectacle banking institutions in the whole
south.
For more than year after it commerce
ed business the credit Of this bank stood
as high as any state bankin the south or
west, Its paper was received By the banks
in New Orleans and Louisville, and il had
large share Of public confidence as any
state institution is everlikeIy to have.
From this elevated position, which il oc-
cupied little over three years ago, it is
now reduced in character and credit, not
quite 10 level with the Brandon Bank,
but so low as TO destroy all hope of its fil-
ture usefulness under the directory who
now manage its affairs.
Ii is 10 you that the stockholders in this
country have to look for relief, because
you own at least two thirds Of the whole
stock Of the institution, and therefore elect
the directors. You have tried the Judi
viduals who now control its affairs for more
than three years, and the result has been
a complete failure on their part; and al
most, if not entire ruin to the institution.
As a stakeholder having large interest
in the concern, give MS my deliberate
opinion, that if you do not make an almost
entire change in The directory, at the next
election Of directors, that the institution
will be hopelessly ruined. The present
board are incompetent ever TO restore it to
credit and usefulness.
1 would not have addressed you through
the newspapers in relation to this matter,
but have understood that gentleman
|whois large stakeholder, applied 10 the
board recently for list Of the Northern
stockholders, and the board refused to
| give il to him, because they supposed he
wished to write to them, and suggest the
necessity ofn change Of directory. It IS
such acts Of folly as this, that has sunk
/ the institution into utter contempt in pub
lie estimation here. The gentleman, |
understand, owns more stock Than the
whole board Of directors, md yet, know
ing that he was dissatisfied with their
management, they refused him list Of
the stockholders for fear that he might
have them turned out.
The expenses Of The institution are
Iabout three times what they should bc. A
cashier and one clerk, could easily have
done all the business Of The bank for the
last two ycars--yct they have cashier
at SALARY Of $4,000; a president with a
SALARY of $4,000; teller $4,000; and two
clerks with SALARY, ] think, Of $500
each, making IN all $4,000 year for
officers Of Tie bank, the whole amount Of
whose labor can easily be done by two
competent dividuals.
Asto the expense Of the rail road, have
no means Or forming any correct estimate
that they are enormously heavy, every
body knows. | hazard the opinion that
The cost Of the road seven miles and a half,
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