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

munity have also rights, and that the
welfare of us all depends on their main.
tenancc. The regulation Of the cur
rency is one of the highest attributes
of sovereignty, and can never be plac.
| ed beyond Legislative control. .rh..
1 greatest evil Of fine bankir,g systen,
consists in the continue, eTnans;on.
and contractions ofhank issues. for thc
pnce OF propertg is thus made liable to
fluctuations, and every thing rendered
unstable. In prosperous times. banks
az induced to expand their issues for
I the purpose fmaking large dividends
to their stockholders money becomes
4 plenty, the price Of property Is enhanc-
ed. speculation is stimulated. but in The
end Revision takes place. property
declines in value, bank accommoda-
tons can no longer be obtained. and
the country for time suffers ali the
evils t incident to q deranged currency.
The lessons Of experience teach Is fo
guard against the recurrence Of the
evils which we have endured for The
last two years. To effect this a gener.
~ banking law is indispensable, limit
ing by its provisions the circulation &c
each bank, and the accommodations
q its officers and stockholders. limiting
the amount Of dividends, and recurring
the publication Of monthly reports If
inc situation of each bank, verified by.
the oath Of the president or cashier.
prohibiting under suitable penalties
any bank from dealing in cotton or anv
other article Of produce Or merchant
dlze, or buying up at discount the is
sues % any other bank. Each bank
should be required to pay out At rs
counter the notes Of that bank alone II
required, and monthly settlements
should be made BY all the banks having
accounts with each other.
The value Of bank paper being de-
pendant on its conyerlibility, on de-
mand, into specie, the issue of post
notes should be forbidden, and .,ot
more than three dollars ia paper issued
for each dollar Of specie IN the vaults;
and when that proportion Is destroyod.l
no more issues made until it is restored.
Il might be well, also, to make the RI
iusal Ola bank to pay any OF its notes
Or deposites on demand, an absolute
forfeiture Of charter, and require imme-
date proceedings to be instituted to
stop the operations ofthe bank.
other provisions will, no doubt, suggest
themselves to your consideration. cal Il
culated to secure to our constituents
the invaluable advantages Of a sound,
and stable currency, and to guaranteed:
70 every portion Of the State, and each
individual thereof, equal facilities Il
obtaining loans and discounts.
IA am well 'aware that the rights of|I
the Legislature to alter, amend or re-
peal bank charters is denied BY nanyIe
eminent jurists. III several Of The It
States the right is expressly reserved inlI
their acts ofincorporation. III
The State of Kentucky, many years I
ago, repealed the charters Of ail herl &
banking institutions. am not adyis- p
ID that the constitutionality of the actl i
vas ever called in question, eitaer ina
he State courts Or those Of the United a
States. i
Should you differ with me in relation i
q the constitutional right Of Tho lacgis- D
Azure to repeal our bank charters, an D
'theT course could be adopted, which,
you'd answer the same purpose, and u
lot be obnoxious to constitutional OBJ 81
ectlons. The evidence reported byl .
be Bank Commissioners conclusively q
roves hatnearly all the banks iii Tile n
tate have forfeited their charters ~ q.
1lsslsing their privileges. and falling to b
omply with their express provisions. 81
ono Citizen have Issued a greater al b
lonntof circulation than they were III
others have moro property Of
lan the are authorized to hold. MAJ st
y of them have Transcribed their I'll,
overs by dealing ia cotton and pfo- 81
uce, and exacting usurious interest; in
nd not few Of them have been es. tn
lblished " fraud All of them have III
specie payments. All infof- HE
laEionin the nature ~ u did warfantoIpr
ould bring Che question Of forfeiture of
eforethej adicial tribunals III tte coun. TAI
y, where the State and thc banks il
3uld produce their evidence, have Il tn
ii bearing aud All impartial triai IN
hould tlle courts declare their char SUI
~ iorIeitcd, The Stockholders woiilal pu
: the only sufferers, Tor the comps an