The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-17
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To pay the residue, the Bank has FIVE
millions Of State Bonds and EXCHANGE bills
receivable &c, TO the amount of about nine
millions Of dollars The State Bonds canno
be sold, and sufficient sum cannot be re
alised in time, ont Of the other assets oft he
Bank, TO pay the Post notes due next Ap Ri
and May. 1t will take more than two hu H.
dred and fifty thousand dollars Of the avail a.
ble funds of the Bank, TO piv IN London
the interest acCruing on the State Bonds,
previous TO the first of September next It
therefore becomes rs 90 consider whether
the Bank can he sustained consstently.with
the interest of the great body Of the people.
AT the polls last November, thew decided
against the Post Note policy. None can
now be found so foolish as to give the con-
troll Of their cotton TO any Bank whatever
and take an advance in paper money worth
not more than seventy-fve cents in the dol
lar The Union Bank has certainly failed to
answer the purposes Of its creation, and /
feel confident that even with the most able
and prudent management, it can never here
after be made useful 1t is vet too late to
recede from our false position-tO avoid en-
numbering the State with an enormous debt
for the benefit of few, to the permanent in
jury of nine-tenths of our citizens? Have
we ritht TO borrow of poserity, and will
future generation redeem our pledges?-
These are questions requiring calm and de-
Ii5eraie investigation. After the best re-
Election that / have been able TO bestow on
tajs grave subject, have come TO the con
clasiuu shat it IS our duty TO place the inst-
tujion eitter in liquidtion. or to repeal all
that portion of the charter giving to private
individuals stock in the Bank, and privileged
loans. The State debt already amounts TO
about seven and a half millions of dollars
The interest on seven millions is PAYABLE
abroad, and amounts to the sum Of three bum
dred and seventy thousand dollars annually.
This is sufficient tax on our esourCes.
The rights Of the stockholders are yet in
choate, and until the residue of the Bonds
are sold, they can have no peculiar claims.
Influenced by no motive, save that Of the
public good; anxious TO protect the rights
of al, ~ to advance the interest ofthe whole
State, | am bound TO recommend that the
FIVE millions of State Bonds last issued, shall
be called in and cancelled; and that no
more hereafter, shall be issued for the Mis-
sIssippi Union Bank.
An examination Of the list of stockholders
Of the Bank will shew, that not one voter
out of thirty in the State, has obtained
stock. Should the residue Of the bonds
ever he sold, the stockholders alone will be
benefited by the sales. Is it consistent
with the principles ofiustice? does it COM
port with good faith to render the property
and persons of forty thousand Freemen, liza
bic to be assessed, TO raise money for the
especial use Of thirteen hundred citizens,
many Of them, men Of great wealth, and
none Of whom have any peculiar claims to
Legislature favor?
Since the suspension of specie payments,
in May, 1887, three examinations Of most
Of the banks have been made. The annual
reports will shew That but little progress has
been made in preparing for return TO a
sound currency, and it is now quite certain
that not single bank in the State will be,
able for several years, 10 extend any facili-
lies TO the trade and commerce of the coun-
% VI W lOall lliOuGy W tuUSS WHO are en-
The salaries Of The numerous
officers connected with these establishments
lbsorb much Of their means. The liabili-
les of The banks are not being reduced
Their specie and available funds are quite,
nconsiderable. Ii becomes us now to de-
tide whether the continuance Of the system
$ beneficial to the stockholders and credi-
ors Of the Banks, or to the country. In nv
asst annual message, | gave nv views al
ength, in relation to the power of the leris-
ature TO repeal Bank Charters, and 10 en-
orce forfeiture in the Courts. by informa-
ion in the nature Of quo warranto, aided
~ the auxiliary process Of injunction. NV
opinions on this question, have been con-
irmed by subsequent investigation.
The exercise of the repealing power, is
lot in its nature, judicial. The same DOW
9r that grants charters, is competent to re-
peal them. Public policy and convenience
authorizes their creation, and If experience
proves them to be detrimental, we are re-
luired to recall the privileges granted
Justice requires that tho power Of suing and
being sued, and Of liquidating their affairs,
should Be continued for reasonable time.
Severe penalties should be imposed for
banking, after the repeal ola charter. The
ssuing Of paper money, IN contraVention Of