Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-09-21
GOVERNORS VETO MESSAGE
ON THE POST NOTE BILL.
10 HE Senate and 'l4 Rn

ON THE POST NOTE BILL.
10 HE Sennte and
House Of Representatives..
| have considered resolu ton, ..R 4
lative to the issuance OF post notes b
the Mississippi Union bank, and to th
establishment Of its branches" and
bill entitled an act TO extend addition
al privileges to the Mississippi t'niol
Bank and for other pusposcs,'' and re
turn them 10 the respective hou
ses in which they originated for re
consideration. 1t il always with grea
that intcrpose to prevent the passag,
OF laws involving mere questions Of ex
pediency. In all cases where believe
the policy doubtful, ] give the delibc
rate acts OF the two houses my official
sanctions; but when measures ate pro.
posed which will, in my opinion, infict
evils ireparable on the people, lean.
no! without a deriliction Of duty, give
them my official approval.
The resolution gives discretion to
the Mississippi Union Bank to issue
Post notes not having a longer time
than twelve months 10 run, not draw
ing safe Of Interest oil more than six
per cent per annum nor less than
than five per cent; and provides that
not more than SIX million should be is
sued. 1.-THE Legislature deemed it adj
Ei:able that such issues should be made;
law should have been enacted ma
ling 1t imperatiye on the bank to issue
hem. The charter Of the bank au-
horses it TO take interest at the rate
a seven per cent per annum on loans
.Aying a longer time than SIX months
o run, and SIX percent on loans paya-
Die at an earlier period. 1t will be re-
numbered that the state bonds bear an
interest Of liva per cent, and to be sold
must be made payable in Europe. The
os: of placing funds there to pay the
atercst will, in all probability, be fif
cen per cent; andif The post notes arc
made TO bear six per cent interest the
ank will sustein heavy loss in issu-
ng them. The great objection, how
yer, to such paper is. that it would in
vitality be deprecated. Tie bonds
f the Planters Bank, issued last year
we're guaranteed by the Bank Of the
Jni!ed States, and, Of lam not mista
en-, J bore interest OF the rate Of seven
err cent per annum, and we're payable
the north. Yet it was with difficult
that such paper could henegotiated
par. Should the contemplated is
nes, Ike the old, be made payable at
be counter Of the bank, and bear FIVE
er cent interest, they would soon de-
reciate twenty per cent. II made to
ear six per &C It interest, they would
e at least fifteen per cent below par.
he issuance Of paper so much below
ar woily greatly aggravate the dis
resses Of the country, procrastinate an
ntire return to specie payments. and
ontinue for a long time the evils Of a
appreciated, fuctuating, and inconver-
bic paper currency. 1t also would
ave a tendency to prevent the sale Of
lc residue Of the state bonds; for c.p-
alsts would have little confidence in
Institution which couatenances such
ruinoas policy. No doubt the bonds
bIld be sold, If payment should be ac-
,pted in the post notes of the bank,
nd armed argument would be sub
tilted. showing such notes equivalent
gold and silver. No solvent man
puld safely borrow notes so much de-
reciated as the contemplated post
btes would inevitably become. No
lsinesa except shaving can justify the
brewing of notes ten per cent below I
,r, and the payment Of seven per cent
tercst on such loans. The policy OF
suing Posi- notes would be cmineatly {
,structive to the planting interest. 1t
i'll tend to continue the present exor-
tant price Of all supplies necessary
their plant ,tions, and the price OF
If great staple will not be enhanced s
penny; for. as heretofore, its value t
IN be dependant on the price it bears
foreign markets, where the currency
sound. a sound currency would do .
ore to relieve the embarrassmenls Of
6 countrs than any measure which {
n be adopted. Itwodld soon bring Q
,Sn the price ofproducc, and the cost I
growing cotton to the old standard,
d the planters Of the county would t
We annually three million Of dollars. e
his result would be alike beneficial to I
e planter. the merchant and the me-
anic. Spectators and spendthrlits c