Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-09-14

I lsLL .s.tf "a
transcend the powers invested in them
!. by the Legislature. His admonitions
. passed UNDECIDED; and the consequence
!. has been the bankruptcy of the conn-
!. try and the banks. At the close Of
the session, in May, 1887, Gov. McNutt
was brought out by the Anti-Bank par
" as candidate for Chief Magistrate
Of the State. He had been in public
life less than two years, and his legis-
lative course was well known. He
had not been a silent member. He
forthwith entered upon the canvass,
and traversed and made speeches in
forty-cight of the fifty-six counties of
the Stata. He denounced the whole
existing banking systemin every speech
he concealed none ofhis principles,
and vildicated his course in the Le-
gislaturc. y
The canvass was animated and unu-
sually bitter--hc was elected, beating
Dl. Morgan more than three thousand
votes. and Col. Gramball more than
eight thousand.
| In the fall Of 1887, the banks ad-
vanced largely on cottan, and expan-
ded their circulation to at least double
what it was in May, 1897. Gov M
Mutt protested against their course,
and predicted that it would be ruinous
alike to the country and the banks,
and beneficial alone to bankrupts,
spectators and spendthrifts. Gov.
Lynch's term did not expire until Jan
uary s, 1888; he sent in the annual
Message at that session. When the
Bank Commissioners made their report
at that session, GoS. M'Nutt sent it to
both branches ofthc Legislature, with
a long Message, giving his views in re-
lation tothe banking system. and ur-
ging the passage ola law compelling
them to resume in Nov. 1888. At
that time all the banks in the Union
were in a state of suspision. The Post
Note Law Of 1897 was in full force, and
he well knew that the banks in this
State would not resume unless they
could provide for the heavy circulation
they then had out. Most of the circu-
lation at that time was held by capt.
talists and banks abroad. AS matter
of necessity the Governor rccommcn-
ded that post notes bearing interest
should be given out in place of ire
deemable paper bearing no interest.
1t was not contemplated by that mes
sage that post notes should be issued
after the resumption was effected, much
less that the post note system should
become the permanent policy of the
country. That message recommends
the passage of a law prohibiting the
banks Sfrom extending their issues I'M
til resumption is effected" and de-
clares that bank issues would
only cause our currency to depreciatc
still more, procrastinate the resump-
ton of specie payments, and democrat
Use the country" time has fully proved
the truth of that assertion. Had the
Legislature. in 1898, carried out by law
the Governors Recommendation, the
currency of the State would now be
sound, and her credit restored. 1t is
fresh in the recollection of our readers
that Gov. M'Nutt opposed The policy
Of the Union Bank last fall in issuing
post notes, and advancing on cotton.
The plenters are now receiving re-
turns; many Of them viii lose fifteen:
or twenty dollars per bale on their
cotton, aud the Post Notes of the Union
Bank are non north only eighty cents on
The dollar.
Gov. M'Nutt in his annual message
to the Legislature last January, gave
his views at great length on the bank
question-twelve thousand copies Of
that message were printed by order of
the legislature, and have been distrib-
uted over the State. 1t was also prin-
ted in every newspaper in the State.
This renders it impracticable for the
wing press to misrepresent him. Ma
ny of the whig party are now convin-
ced Of the soundness Of his policy, and
will cordially support his reelection.
The democratic party, with the cxcep-
ton ofa few bank directors, who are
blinded by their prejudices or seduced
by a sordid love Of money, will give
him their undivided support next No
vember. II should not be forgotten
that the wings had.a majority at the
last session Of the legislature, and that
they refused to adopt our measures cal
to check the banks in their
lawless and destructive course. 1t
will be borne in mind that Gov. M,
Mutt vetoed five bank charters in 1888,