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

of resolutions intended 10 test The sense
of the Senate as to the extent OF bank
ing capital to be chartered and the
restrictionsto be placed in the char
ters, to guard against abuses These
resolutions produced long and angry
discussion-those who heard il viii re.
member that Governor McNutt was
not viewed as friend IN the abstract
TO banks, but on the contrary opposed
10 them in principle--but inasmuch as
other States were increasing their
bonking capital and has constituents de-
naa,sded a further increase, he felt bound
to carry out their views. The propo-
sed increase of the Rail Road bank
was intended to promote stock specu-
lation ofsome of the Directors and
their friends-whcn the bill came to
the Senate, it was, on motion of Gov
crnor McNutt, so amended as to de-
feat their scheme--and the amend
mcnt was consequently rejected by the
Directors who held the proxies Of the
stockholders.
Gov. McNutt was not in favor Of
chartering the Lake Washington Bank,
but gave it his vote because he knew
that his constituents were favorable to
the measure, As a. Senator, he could
not refuse to vote for banks in those
portions Of the State then destitute, af
ter sanctioning their increase in his
district. He, however, defeated many
bank bills which had passed the Low
er House. He was the Chairman Of a
committee to whom they were all re-
ferred; there, when there was no pros
pect Of defeating a bank bill, he amen
ded it; but many the most salutary
amendments he proposed we're voted
down by the Senate. At that session
parties in the Senate were equally d.
vided. When he returned home, in
the spring Of 1886, he was denounced
by the wing party, for his opposition to
the banking system.
Previous to the April session, 1887,
he was instructed, by petition to the
Legislature, signed by large MAORI
ty ofhis constituents, to vote for the
Water Works Bank and the Bank of
Vicksburg. To carry through these
measures, he was compelled to vote for
banks in other portions Of the State.
Nine-tcnths of the signers Of those pc
titions were wings. In voting for the
charter of new banks Gov. McNutt
was giving their votes, not his own.
He could not carry out their intentions
without voting for banks in other por-
tons of the Statc.-Their instructions
compelled him to vote for the Banks at
Vicksburg, Port Gibson, Canton, Ben
ton, Lexington, Grenada. Holly
Springs and Hernondo, in 1897. Their
known wishes and the opportunities of
leading wings compelled him to vote
for the banks he did 1886. During
the three sessions he remained in the
Legislature no bank bill was defeated
in the House; many Of them passed
that body without being read, the whig
members from this district never raj
sing their voices in opposition to the
alarming increasingly never made a
single effort 10 arrest their passage or
10 place salutary restrictions in their
charters. Loud and often did they de-
nounce Gov. McNutt as a Loco Foco
Bentonian, hard money man, oppo-
sed toall banks, and the foe ofthe cred.
it system.
But it is said that he favored the
post note palicy. 1t is well known
that Gov. Lynch sent a circular to all
the banks to send delegates TO meet
the Legislature at the called session,
in April, 1887, These delegates recon-
mended the passage OF bin authori-
zing the banks to issue post notes.
Gov. McNutt voted againstthe bill in
all its stages, and on its final passage
his name is found recorded in the neg
ativc. Every Senator that voted
a ainst the bill was a democrat. See
Journal Of the Senate, 1887. p. l03-
During the three sessions be served
in the Legislature he was in constant
correspondence with the Editor of the
Register. HisIetters were
without his signature. Mr..
Shannon can point them out. They
will prove that he was opposed to the
banking system Of this State--that he
warned the people Of the irreparable
evils it would infiict upon them-that
he cautioned the banks to cease dis
kites, OF bills drawn without
funds in hand or expectancy to meet
hem, to be satisfied with moderate
profits, and, above all things. not tol