Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1839-02-13

i nd anarchy, bui privileged and fos,e,x;
~ blinded and ignorane adherence -
u &c opinions and practices Of our ances,r,'
kdl political economy. hive Thereof,
Considered the medium Of your eolun.o
an appropriate place, (should you ibinL !,
worthy 10 appear there, 10 exhibit pubIict
ly the following facts and Thoughts II -
lation TO the "BRANDoN BANK,n a nam
at the very mention Of which, one part 81
our citizens knit their brows, and scowI =.
liz they would spnihilate it with a looL
while another sci light up their coun,o'
nance with smile oftriumph, which sub
siding, leaves the lip curFed in cold CON.
tempt, while yet a third set have liula
else TO do than TO look confused, and yablv
endeavor TO turn the whole into ridicule
Now, the maximum which the Brandon
Bank is charged to have issued, is IS. OO0.
900: If this be the fact, it shows n.
whole amount of debt for which the banL
/ is liable; and this, TOO, on the sappositioD
that not dollar Of stock had been maid
in, and that she had not single cent Of
capital still, in spite of these facts, uO,
favorable as they may appear, the Bran.
don bank IS still solvent corporation; land
in the face, too OF the still stronger sun.
position against the bank, that one com.
plete third of the whole issue has been
made to insovent men, and which third
the bank must redeem out of her own
means, without cent recovered frou1thos
men. And this may be made az niani(es,
as the nose on mans face, nv simplv
stating an account of the transaction.
OF the bank which arc tangible by anv
one: Thus charge the bank with her
whole alleged issue of Se,000.00O, and
to this debt add one~third for the bad debt
owing to The bank, which she canno,
make available, she will then owe go.
666,666 &c %. Then on the Other
hand. credit the bank with her amount Of
issue, as debt owing to the bank, $780,.
600, and TO this sum add the discount at
s per cent. for Two wears, 81 ,2S0,000, and
10 this sum add damages on The debt, in.
Guiding interest at 10 per cent. or $685.
000; now deduct these credits, and the
debt remaining against the bank S45S,666
&c %, and now the bank has redeemed
large portion of her issue, and is charged
TO have made that redemption through
private agencies, al an average discount
of 33 l-3 per cent. Now take it for true.
that she 50 redeemed her notes, il entities
the bank to credit of the amount of dis.
cnunt so made, and the whole sum redeem
ed is placed by most persons at 81 ,000,O coo.
Suppose then one half Of the redemption
was made at an average discount of 33 l-S
per cent. as charged. il operates as ere.
dit TO the bank of 81 1888 SO 3D.
add these two sums together, and the ha'
lance then remains in favor of the bank,
81. S74, 666 66 90. But If YOU please,
deduct still Sl,0O0,000, for money used
bv the officers of the bank, never to be
accounted for: and still further deduc.
iinn Of 1874, 666 GO 2-3 by way of over
credit in the items of interest and damages.
and which will certainly reduce them be-
low what they really ought TO be, there
] would sii1i remain in favor of the bank
Y S3,O0O,000Sf sound debt, increasing con-
linualy in amount by the interest on it,
so long as payment may he deferred by tho
debtors 10 the bapk.
b Now if this viey of the case be correct,
= as at least am well satisfied that II is So
: in the main. why is it that the Brandon
money is at so great discounis For then
} the notes of the bank now in circulation
y are precisely in the same predicament 81
: a note on solvent individual, which is al
a WAYS w.rth so much money ,.as being put
10 interest. would amount to sum equal
to the note when it should fall due: and
;, by law the greatest rate of interest IS Tor
II loaned money, and that limit 4 at 10 per
d CT per anmm, which rate uId be the
= greatest discount made upon Brandon bill
, until the bank shall pay specie, and
G place them upon an equal footing with The
r notes of other specie paving banks.
u SHIN PLASTER,