Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-09-21

+, I~svHC WOulu buueTs uOSe VINO SOL
! The wind must reap the whirlwind."-
Legislative relief may buoy them u
for time, but they can never be su.
famed except by the ruin Of the pre-
: ductiye classes Of society. s'The plum
! dercd ploughman and beggared geo
. manry OF the land'' have mertcriou
! Claims on the legislature can ncv
ersanclien any measure which firm
n iy believe will tax their labor, TO sus
: tain iEos sswiiu, by the sweat Of thei
: brew lido notl earn their daily brcad.'
;. The delusiye prttcncc that these
measures arc absolutely necessary t.
enable the parent bank to establish it,
branches, has given them favor with the
i representatives If the people.
! lspeak adyisedlv when ! say that,
with proper exertions the mortgages
could be perfected and The stock grad
uatcd and assigned to each stockhold-
er in four weeks. The bonds could
then be issued without the invasion OF
that fundamental provision OF the char
ter, which makes the mortgage Of the
stockholders q prerequisite to the is
suance often millions ofdollars in state
Bonds, and pledges the property mort
gagged to secure their redemption; nor
is it necessary for the board of mana
gers even 10 delay until the stock is de-
clared. The commissioners could be
despatched at once to negotiate the
sale Of the remaining bonds, and after
the contract is made the bonds could
be Issued in accordance Herewith and
delivered. This would obyiate the ne
cessity Of leaving the places where the
bonds arc made payable blank, and
1 keep the commissioners under the strict
control and supervision of the mana
gers. IF the graduation of the stock is
delayed until after the spring term Of
the courts, other certificates will be re-
quisite to show that no judgment leins
exist on the property Offered by the
stockholders. This would cause con-
siderable delay and expense. But il
is contendcd that the branches cannot
be established because as yet there arc
no persons qualified to act as directors.
A reference to the 18th and 34th Sec
tons Of the charter will convince any
unpreiudiced mind that the quali6ca-
tion Of the directors Of the parent bank
and of the officers Of discount and de-
posite arc widely different. The first
arc selected by the stockhol lers, and
required to own at least 80 shares of
stock. The latter are elected by the
directors of the parent bank, and the
whole qualifications prescribed are that
they shall be "citizens of this state, re-
siding and domiciIlatcd in the counties
for which said offices shall be establish.
cd"
The twenty-five per cent which the
bank is now calling in, with her other
resources, would enable The institution
at once to establish the branches, and
equalise its benefits. ! believe that
the sixth district, and the one in which
the parent bank is located, has obtain
cd four tifths Of the loans already made.
The issuance Of six millions Of dollars
in post notes, would rebound to the
benefit Of the present debtors Of the
bank, and operate most injuriously to
the other districts.
Ii may well be questioned whether
The Legislature has the constitutional
right to direct the executive 10 sign and
leliyer the bonds before the state is in
Identified by mortgages on the proper
" of the stockholders. lfthis can be
lone, may not a subsequent l.egisla-
urc enact that all the mortgages be
cancelled, and the security of the state
destroyed! "The act to extend addi-
ional privileges TO the Mississippi I'm
on Bank, and for other purposes re- ,
luires the Governor Of the state to ex
cute and deliver to the Union Bank,
Bonds to the amount Of ten million hvc
hundred thousand dollars; but the ex
cutive is only authorized to execute
even thousand five hundred bonds, OF
wo thousand dollars each. No pro-
ision is made for the issvancc ofbonds
Or Eve hundred dollars Of Of the stock
nd no time specified at which theyl !.
hould be made payable. 1t is intend a
a that the executive, or the managers G
{ the bank, shall designate at what pc t
iod said bonds shall be made payable. I
The second section Of the bill, au p
aorizes tic directors Of the bank, to 4
Itablish agencies at such points in the &
United States, as they may think pro- 4
or. A bank chartered in this state, P
annot make contracts out of the lin =