Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-10-24


State Banks ia leu Of National one, was 81 NJ
that time part of the true democratic faith. y
Though did not then, nor never have believed N
in the capacity ofth State Bank system by il
self, to "8uppIy and govern general cnrrenl N
cy;" yet was willing the experiment should VI
have fair chance--and voted in conjunction SH
with my democratic colleague, A. q. McNntt, \
Tor number OF banks which have undoubtedly
failed in accomplishing the objects ithelr ere n
a,ion. large portion however, Of the BANKS N
in the State have been chartered since was M
1.-The Legislature. The present Governor the "A
State, The Hon. Senator's attcregs in democracysl
Sustained aud voted for the system throughout ii
If had doubted before, should now be sat
sfed Of tie incapacity ofthe State Bank sys-Ii
Item. VA
\ am in favor Of the winding up OF most o. n
Ne Banks now in existence in this state, and q. 4
rAturn 10 the good old plan recommended byh
1.-The Hon. Senator in 1884, TO wit: "the creating
by Congress of Bank 10 supply a general /,
currency" and Iplacc this before the people. 4
IN opposition to the Hon. Senator's present I'M 4
Dr0red model of "Bank," 'strlpped OF everyE
feature of Bank" and incapable OF sup.
plying or governing the general curren@9
cy Nj
The Hon. Senator next arrays againsEa
me the following extract from speechh
delivered by me at this place In October
1898:
81 look upon the credit system as 1t has opef'b
a,ed in this country thro' the MEDIUM OF BANKING Z
INSTITUTIONS, as the most efficient oil all thca
causes which have developed the rcsoufces
and increased the wealth of this Union inh
a manner uneXampled in the history OF the
world n
Well, am of the same opinion still. When
we had National Bank, and before experiment.
had superseded experience, the credit systemt
Idid, through the medium of Banking, develops
1.-The resources and increase. the wealth OF thef
Union, and of no part Oft more than the state
; of Mississippi. appeal to the experience OF
those who were then citizens of this stale,
whether during The short period, III which u
had branch THE United States Bank, 1t dd
p not increase in wealth aad population with un-
IexampIed rapidity, and whetherth this prosperity
$ was NOT in very considerable measure aurl9'
> lbulable TO that institution. Bat 1t was not \
/ through such u system us the present that these
: advantages resulted; ii was under such one
as the wings are ANXIOUS 10 return to--the sys-S
eItam of "a National Bank for general curren.s
d cy ana exchanges, and local banks for Iocal
use.
c 1t is not here my purpose TO so at length lns
Is TO the question OF the utility of the old SYSTEM
10 which was destroyed by the party IN power
. b,t wish 10 inform the Hon. Senator, that am
j. sill of ooinon that the credit system through
J. the medium OF The q. S. Bank, combined with
q The Stnle Banks has advanced the whole valley
II Of the Mississippi at least one generation ~
: IpopuIaton and wealth-and five can get BACK ca.
Z to It have no dolb oar future prosperity VIII
be proporlionate.
The present Banking system, especially lul
( this State, is incapable Of fulfilling the proper
L functions of credit it must be reformed, and the
) hest way Of doing it is, TO establish National
Bank. The present Banking system is bad
IL but that shall not deter me from advocating N
Is pood one--I do not choose because men some
"a times die of reple,ion or are chokcd by theiN
u food. on that account to abstain from eating-T
&c STEAMBOATS, frequently blow up, yet choose
/" TO travel on them in preference to going 4
~ foot
=! The Hon. Senator quotes, fer the purpose
. Iofeyprc sing his dissent thcrefrom, the fol
flowing sentiments expressed in my letter 81
% 10Th August, to the Madison county commb
Il. tee.
=, at is in vain to talk even if the thing wer
W desirable, OF Graduating all the State Banks;
y, could DO effected only by surrender, on IN
= part Of all the states, oil the power to charte0
~ such institutions. To suppose this surrendes
~ IT, viii bo made is absurd Even should It, ths
~ present generation could not attain the proPf
sed object. The larger portion OF the BANK
now in existence in the United States are prs
-. tected by the sanctty of contract ana snielue
~. nv The strong arm Of the constitution. mi
1a iority ofthem cannot be got rid OF without me
nd own consent, unless the people see NJ % ioliol
'aa the advice Of certain desperate and mlseraoa
partisans Of the administration, and suPpfeY
AR. them by physical force" "a.
Ior These sentiments he calls "antI-rcpuoilcs
' and ant-constitutional" NY proposition
v. that the larger portion Of the banks IN the III
v1o. lied States cannot be got rid OF without the
on. own consent because they are protected oy n
~ constitution. In most ofthe States those WING
the have fJrfoited their charters have had them Il
~, stored and of course will be sustained IN the|
ND rights BY the courts, consider Bank cha|
ha, ter contract, aud hold tho legislature DolI
by il until it is surrendered or forfeited ana
Ihe the question Of forfeiture il is the province
2,iI the judicial and not the Legislative doPar.ms|
10 to decide deny the right OF the leS's'a'ul
the 10 abrogatc at their pleasure the chlr'ersGeI
,cts led by previous legislatures. uadorslano
: orI Hon. Senator to advance the doclrlne' W
do whenever the legislature thinks thata Dahsl
zoo. not of as much service to the public as was I
oricionlod al its creation, it has right 10 aol