State rights and democratic union. (Yazoo City, Miss.) 1839-18??, 1839-09-10

lcoastitulion, and sustained by q handful Of
democrats, interposed his arm and checked
1.-The ruinous mania; nor are the people Of
| Mississippi 50 short Of memory as to have
forgotten the scenes Of last winter, when ne
again interposed the veto power to correct
| the destructive policy Of the URion Bank,
and, if possible, BY the force Of example, ar.
| rest the issuance Of post notes by the other
banks. And is il not true, and also within
the memory Of all, that for these acts now
universally lauded, Gov. McNutt received
the unqualified condemnation of the entire
wing press-that wing orators rose in their
places in the Legislature and denounced him
as tyrGnt, trampling upon the rights Of the
people, as an enemy to the banking system,
and the prosperity of the state. Let those
pinks Of consistency, who thus charge Gov.
McNutt, turn 10 the files of their own jour.
nails, for the winter of 1888, nay, lie! them go
only so far back as the winter Of 1889, now
past, and abundant evidence of these facts
will be found in every number. Let them
go forth into the country, and inquire who
they were that held public meetings. and re-.
commended the issuance of post notes by the
banks, and in every instance they will find
them headed by the wings and Allotted by
vociferous whig orators. Letthem examine
the archives of the state, and open petition
after petition to the legislature TO increase
the number of banks, and il there too will be
found that three-fourths Of the signers are
wings, and not unfrequently leaders of the
wing party. They will find, too, appended
to more than one of these petitions, the dis.
tinguished names Of Prenfiss and Bodley,
and other vhg worthless, who nov declare
that they have had nothing to do with the
creation of the banka in Mississippi.
When Gov. McNutt entered the senate of
Mississippi, he introduced body of resolu-
tons in relation to the increase of the bank.
ing capital OF the state, and had them re r.
Ted to committee of the whole, and there la.
bored to curb the spirit for chartering banks,
by fixing upon a specific sum to which the
banking capital should be limited. He ear
Iy perceived the inevitable tendency of the
system, and thus attempted to prescribe the
amount oil the increase, and to say to those in
favor of the system-'thus far We may go and
no farther;' but his effors proved abOrtiVe, and
an evil spirit ruled the heul 10 which he was
forced to submit. The resolutions were vo.
ted down by wing senator's, and the banks
chartered mainly by wing voters. Governor
| McNutt, it is true, voted for number of the
charters. but on examination it will be found
that the banks for which he voted are located
in those parts of the stat where none were
before, and portion of the state, then for
the first time represented in the state Iegis-
lature. He likewise voted for the banks al
Vicksborg, but voted under instructions sign
ed by whig petitioners. - -
A brief Examination Of the history Of bank,
ing 10 Mississippi will fully examplify thal
had the policy OF Gov. McNut succeeded
millions of dollars would have been saved Ia
Mississippi.
At the time the bank commissioners re-
ported to the Legislature, in January, 1888
| the amount of the circulation of all the banks
| in the state amounted to about six millions
of dollars. Compare this then with the re-
port # the commissioners at the last session
of the legislature, when the circulation
| amounted to about three times that sum, ex-
elusive Of the notes Of the mississippi Union
Bank.
At the session of the legislature in 1888,
bill was passed taking off the damages the
banks were liable to sustain on their paper
by refusal of specie payments. This bill
was vetoed by Gov. McNutt. In the veto
message delivered upon that occasion, he
clearly predicted the delefeTious effects fthe
measure then proposed, the inducement to
the banks TO expand their circulation, land the
consequent depreciation.
Most unfortunately for Mississippi the stand
then taken by Gov. McNutt was not sustain.
ed by the legislature. The bill was re.pas'
sed by the constitutional majority, and evils
incalculable, predicted by the executive, and
which he IN vain attempted to avelt, were
inflicted on the community. The adoption
of this measure, gave loose TO the sordld
Iusts Of bank managers, and the subsequent
hstoty Of banking in Mississippi is little less
than history of frauds and populations.
Mississippi0n.