Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-10-05

be repealed, and continue now an,
forever to bear with patient submis
sion the evils Of a depreciatec curren
cy, and all the other wrongs and on
Prcssionsinfiictcd OH you by banking
institutions. Rccollect that all tn
banks IN this state now in operation
with scarcely one exception, exist b,
charter from the legislature, or as Mr.
Preniiss calls it, by "thc sanctity o
contract and Of course none Of them
according to his avowcd opinions, car
be 'got rid Of without their own con
sent" except by"physical force" Now
neither advocate Physical force, OF
any other anarchial doctrine, but | re-
gard this opinion of Mr.. Prentiss a:
anli-repubIican, anti-American ana an,
unconstitutional. The constitution OF
this and of nearly every state in the
Union declares ''no man or set of men
are entitled to exclusive, separate pub-
nc emoluments or privileges. from the
community, butin consideration Of pub.
lie services" Under this clause, 4
exclusive chartered privileges are con-
ferrcd upon bank, it must be only in
consideration of public services" and
without this consideration, the grant is
utterly unconstitutional and void. Now
what are The "public services" to be per
formed by a bank9 They a.c TO keep
up a sound currency, convertible AT
all times into specie.
This is the only consideration upon
which the Bank charters can repose and
it is well established rule Of law, that
when the consideration fails, the grant
fails with it. Has then the considera-
ton failed in this Case? Have the
banks performed their part Of the con
tract? Have they fulfilled the only
purposes for which they were created?
Have they maintained sound currcn-
cy? A bank charter is a contract be-
tween the state and the corporation,
founded upon mutual stipulations--pro-
misses made in consideration Of each
other. The stipulation on the part Of
the bank, and without which, It's char
ter is void, is to perform public seryt
ces, ~ maintaining sound convcrti-
bic currency-the stipulation on the
pa4 of the state, is the grant of GER
tain privileges, 10 be exercised by the
bank during the period of its charter.
20 long as the stipulated public scrvi-
,cs are rendered by it, namely, the
maintaining sound currency. This
las not been done by the banks, and it
$ well settled principle Of the civil
aw, and OF the common law, and
If the international law, that in all con-
racts, with mutual stipulations, the
allure of one party to perform its
'art of the contract, releases the other,
md the contract is dissolved. Such is
he case with all, or nearly all the
'anks of this state. They have for
cited their charters by non pcrfor-
nance of the conditions on their
art; and the Legislature can re-
uire if it thinks proper, this forfeit
re to be carried into full effect, as has
cen repeatedly done in relation to
'anks in many of the states of the I'm I
On. Nor does this doctrine in the :
ightest degree impair the "sanctity OF I
ontracts," or aver, that when Bank |
lithfnlly and in good faith performs |
u the public services in consideration /
which its charter was granted, that t
lc charter can be repealed with /
ut a repeating clause in the con- v
act, and which, therefore, ought to be t
Spressly reserved in every charter p
$ the Banks, no doubt, under the sane r
on OF this opinion Of Mr.. Prentiss, v
i'll resist all attempts on the part of s.
&c people to have their charters for v
tied, and will contest the question in 0
e courts Of the country, and proba- +"
y in the Supreme Court of the Uni Il
d States, have stated my opinions d
the legal and constitutional ques- A
IN, and fearlessly abide the issue. ki
Before closing this address, | will |
tice briefly some charges preferred til
ainst me, not by Mr. Prentiss, but lii
the wing organs Of mississippi. ]
is said that am indebted to sin. te
bank of this state eighty thousand So
liars, and wish, by my opposition to gi
; banks to depreciate their paper and vi
this debt. Now, ifthis fact of in lei
btedness were true, as stated, my all
nciples now in regard to banks an
the same that | have invariably
owed for ten years past, when l ow- Ia
not a dollar to any bank; and
'sume the banks, with their other
wers, do not claim the privilege OF my
'neing the principles of every man sig