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

4 grafton to tho State. and retarded tht
Isctt!enaent Of the eee@@s5ry. sugges
Ito your consideration the propriety Q
requiring the Bank Commissioners L
! take down and report the names, resi-
| dence, occupation and liability Of liz
various debtors DC the banks examined
by them.
1 In Louisiana such 4 document va.
published by the Legislature. II had
asalutary effect, and caused tho banks
themselves to correct many abuses
whiehihad impaired their usefulness.
| The names, residence and liabilities 81
the debtors Of the State Bank Of Ala
lbama are annually published. Such
a course In regard to our state institu-
tons, the Planters Bank and the Miss.
W. Bauk, would secure to every por-
ton Of the State the equal rights and
advantages which they were chartered
to afford.
/ Favoritisn would thus BE- prevented,
and the security ofthe State cnhanc-
led. ltwould also be advantageous 10
have the votes Of The directors On eve
Ery important question recorded and
published. Responsibility isabsolute-
~ necessary to secure the proper and
safe management Of our State institu.
tons. The state, by her credit alone.
has furnished the whole capital Of the
Mississippi Union Bank. and justice
requires that she should have the ap-
Pointment ofa majority or TIE board Of
directors; and IL Is deserving Of your
serious consideration whether the char
ter ought not now to be amended So az
to secure to the State controlling ii.
iiuencc over the Institution.
The large interest which the State
possesses in the Planters and the Uni
on Bank makes Il incumbent on me
70 call your particular attention To the
affairs and conduct Of those institutions.
The faith Of the State is pledged for
the redemption of two millions of dol
lars Of bonds. sold to take stock in the
planters Bank, and for Tie whole III
the capital Of the Mississippi Union
Bank. "A just regard for The honorofI
the State demands that those institu-
tons should be managed with great
prudence, in order that ample proyil
sion be made for the punctual paw
meht ofthe interest and III tie bonds
at maturity. Both Of those institutions
have refused To- suffer their affairs toI
be examinedSby commissioners chosenl
BIZ the Legislature for that purpose;
and the reason assigned BY one ofthemI
for refusing is most extraordinary.
Banks that are well conducted hapeI
nothing to fear from public scrutiny
and the right Of visitation in the foun-
lerofa corporation, IS unquestionable.
By an express clause In tic law Great
ne the board az Bank Commissioners.
III banks subsequently chartered wercl
made subject ~ liz provisions. Thcl'
Union bank was chartered long altcfl
Is passage, and the State Is vet thc
ole stakeholder. Tia Commissioners
we're sworn officers, ana required byl
he most solemn obligations Of duty ISL,
'xamine that institution, yct they wore Ii
efIscd admittance Oh tie limsv pfc-l
ext that their minds were biased; thev
we're not judicial officers. nor we're
hey jurors. Whether that institution
Il any other ist to be suffered To putthcla
Dyereign will Of Tho people Of thc /,
fate at defiance is fortherfcprescnta-ls
YES to determine. Itis tosbc reeFcE
ID thattlle Union Bank should havol 4
dded to the quantity of dcprcriatedI
apef ~ circulation, BY die issue 81 IA ]
lf9e amount of post notes having tenl d
lonths ID run % maturity. The payzl y
cent Of these notes TO their customers
I par, was not only oppressive, but un- \
Those who obtained dis. 2
oNhts ana received post aplaa IN pay. Z
ent. lndiroetly paid "a the bank se-l y
N and one5thiFd per cent fon ioslfA n
onths, equal 10 twenty ) bar Cent?! \
x annun; neithershc profits q { tlgFi. y
iltsIes nor tde gains Cf commerce. wilIEb
stily the bo1Eow Wing Of money al s1cl Ii
ferrous rates. Yhe 8 ii section 81 fI.e
IaFaeteE provides tliaE t1e bank 2shaliEN
II sloa IN exclIang, lot6ign Oh aomes. Il
!, a. v highdr fatc tbans Jul pef cenf. Y.
n aEnl'ln pn six months bills oil i Y
ortnr 5lliles una snYcD percent on ;hillxl Y
= ioIigcf time. Checks arc, III 81 n n
sts hllls6 exchange Ind selling biils "
assufsaly dealing Ia them. s6cl Y
ecks hAxe been sold by tho Bank III N
q and siy per cent premium i6f n
pif eNh notes, and ten Per cdhs. NJ. \.