Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-05-04

vi the Ieaulng OnlccrS OF the Kali Road
Bank, with the aid of their Texan loan
agent and commission merchant, in New
Orleans, succeeded in getting 100000
out ofthe Canal Bank of New Orleans,
which was paying specie, in order to take
the stock in the Bank ofVicksburg. These
Canal Bank notes were guaranteed 10 be
returned in short time, and they were
so returned TO the Bank to which thew be.
longed. The bank of Vicksburg then com
menced to food the country with post
notes, payable in IL months and in OK
change for these notes, she obtained con-
troll of our planters cotton. The notes
OF course deprecated, and have since on
ly been worth about from 70 to rs cents
IN the dollar. But the Bank having rot
control OF the cotton, she drew on it, and
with these northern funds, despatched
one OF her directors to Louisville, Cincin-
natl, &c. with $4,000 dollars, to purchase
produce, pork, lard bagging and bale rope
for the Bank, all of which was placed in
the hands of different merchants in Mis-
sisippi and New Orleans, to be sold at the
highest prices, rating her own paper
among the lowest river money. With
this large amount Of, funds, the agent raj
sed the price of provision &c. in Ken
lucky and Ohio, in few days 20 per
cent; and of course this increase in
price was repaid by the people of Miss.
All these facts were disclosed at the >ex-
animation, by the Bank Commission
ers, and may be found IN their report.
But the balance Of the history Of this
Bank, is still more interesting, as illus
trating the injustice and outrage Of the
system. Though the Bank a few
months after she commenced on Sl20
capital, was able to begin the produce
business wife 80 thousand dollars CAPT.
tai; yet when her first batch Of post
notes become due last March, she rcfu-
fused to redeem them, and the holders
were compelled to take other post
notes of the Rail Road Bank, payable
at the expiration of another yeal! Now
the Rail Road Bank has failed, and
the planter, mechanic and others who
hold these promises to pay, will per-
haps have to sell them to some OF the
same Banks agents at 30 per cent dis
count, or whatever they will command
in market. A bare statement Of the
facts of this case is enough to excite the
blush of shame, on the check Of all
who feel for the honor, the interest or
the happiness Of the State. In any
other state it would arouse storm
that soon would demolish tho foul sys-
tenn.
We have been told by ono of the Of
ficers ofthis bank that she has retired
from the produce business, and that her
former agent now carries on that de-
partment solely on his own account
Weare pleased to hear this, and if these
were times for refection-times when
the determination to get money ct all
hazards did not cxtinguish all other
principles Of right and iustice-we
should hope that every man who aid
cd, abetted, and counselled that institu-
ton, would feel deep and lasting re-
greet that he had been engaged in
transaction which will live in the his
tory of Mississippi, and be referred to
in after times as an illustration of the
evils which speculation and banking
bring in their train. The fact that the
bank now declines any conncxion with
the pork business proves one of two.
things: either it must have been an I'M
profitable speculation. or that the di-
rectorS have become satisfied of the
lmpropricty and injustice Of their
course. We are charitable enough to
attribute their motives to the latter.
There are in Mississippi about one
thousand men employed in mixing Ii
quor, and seven hundred and fifty en-
gagged in the production of paper mon
ey, yet the whole male population ov-
er twcnty-one, amounts only to about
IS, 0OO.-Vicksbupg Sentinel.