Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-01-26

~ 'eaN PiOeuSS SiS@t excite
ments and would not be soon termira
ted. As an alternative, therefore. /;
such proceeding should be deemed "a
yisab 9, q general banking law coult
r. cnacted, placing all the banks un
der 81 table restrictions, and requiring
the assent Of the STOCKHOLDERS Of eacl
bank TO its provisions iii REASONABLE.
period, and directing judicial proceed
Eings to be instituted against those thai
fail to assent to the law. Suitable pro
vision should be made for the employ,
ment Of assistant counsel to aid the
Attorney General and District Attor
mics in the prosecution Of the causes
Taking the charter from bank BIZ
judicial procedure, even when the for.
teiture has been cIeaiiy incurred, Is u
mattcrof great difficulty. Their inn
mensc resources would Be layishly ex-
pended to prevent destruction, and able
counsel should be employed on the
part ofthe State to enforce her I'LL hts.
The statements herewith submitted
show the psesent chartered banking
capital Of the State to be sixty-three
million four hundred and fiitvninc
thousand three hundred dollars, and
the amount paid in to be twentv.six
million eight hundred and seventeen
thousand eight hundred and eighty
three dollars. On the capital paid III
the banks are now authorized to issue
slAty-seyen million one hundred and
sixty eight thousand one hundred and
eleven dollars. Neither the commerce.
or wealth ofthe State can sustain, at
present, circulation gilmore than Sc
ven million ofdoilars.
The annual production of the soil,
including cotton, corn and every other
article produced by the planter. and
the value given to property by the la
Dor ofthc mechanic, does not exceed
thirty-6ve million of dollars. In some
countries one dollar Of circulation Is
esteemed sufficient for thirty dollars Of
product.
No political economist has ever con.
tended that any country required more
than onc-filth ofthe annual
value ofits products. Unless restric4
tons are imposed on the circulation ofI
the bonks, its redundancy will Be inc
another suspension will occur.
md the country again suffer the worst
IF all evils in the blighting effects oil
! deprecated, inconyertible currency
The whole paper circulation Of the
United States does not at present. ex-
seed one hundred and thirty million Of
iollars. Its great depreciation III this
state has been caused, mainly, By its
'xcess and il IS for you to determine
in future, the honest laborerl
hall receive isreward, and the ontcr-[
rising merchant the fruits of bis indus
~. Excess differentiation has increas-
q the cost ofproducing cotton at least
hree-fold, but has not enhanced the]
rice of the article a single fagtbine. Ii
g direct tendencYis to impovcrish the I
lanting md ruin the mercantile inter-
st. Adequate penalties should beim- \
osed for the violation Of the proyi-ll
ons Of d bank charter.
The history Of corporations ii eyeryli
ge. demonstrates that men ia d cor-l i
crate capacity viii Be guilty of'actsli
Ihich they would scorn to perpetrate
Individuals; their proceedings are
lostly secret; responsibility il divided. /
'he thoughtless act Or to-day becomes I
recedent tomorrow temptations Bel
Il then paths; and Ma have Tie aufh-l d
'ity Of Holy Writ for asserting. thatlf
'he heart Of man il deceitiil abovel |
\ things. When Y u tue The inter- \
i or wish Of q corporation To assume h
overs not granted, tho charter " RAM i
cked for authority, and should noHeI d
found, AZ Il exercised undo the de- \
sive Pretence chat It Is iof tRe relief i
the people, and called for by thatl v
srn tyrant necessity An examine y
ii ofthe report of the Bank coniiliss D
Sners will shew that flie directors. III III
any instances, have borrowed nearlyEig
E entire capital Of their respectiyel os
stitutic1s. "A \ the bank bave eivenl u
aYy discounts ID their officers. This In
acticc has grown iiIs DURING tlle fever Il
speculation which has ragged for thel 81
'tiour years. 4 cannot believe tIlat 81
has been Of much real aslsanla "a til al
, directors themse lxes, tlle INTEREST," "a
" have 70 pay Is consuming lheif| Isl
stance ths property they navel IA