Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-02-08

mt IL snail De unlawful Tor an
bank to issue and keep in circulation
z notes for more than three times tn
amount of specie actually contained i
its vaults.
, y. That no individual shall have
loan by the discounting of a note, bill
or otherwise, in any bank OF which he
director or officer; but the banks ma
give compensation to their officers an
directors for their services.
10. That the directors of all the bank
IN this State, shall be made liable in thei
persons and property for any wilful vic
lation of the provisions of their char
ters.
/ II. That no individual or firm shall b,
permitted TO become indebted to any
bank, in greater sum than $50, 900 a
any one time.
IL. That all the banks shall extend tc
their debtors, who may offer satisfactory
security by moatgage OH real estate OF
personal property, five years indulgence
IN equal annual instruments; but when
satisfactory security shall not be offered
the banks may proceed for the collection
of their debts as heretofore.
l3 That the Governor of the State
shall be required, to institute proceed
ings in the proper courts of Justice OF
the State, in the nature of quo warranto,
against all banks which he has reason
to believe have been founded in fraud,
which have been frauduletly conducted,
or have failed for the last twelve months
to pay specie for their notes on demand.
IA. That it shall be the duty of the
Governor, to institute proceedings to pro-
cure the forfeiture of the charters of all
such banks as fail or refuse, within nine
ty days after the passage of law, con-
tanning the foregoing provisions, to noti-
| ty him of the acceptance of the same as
amendments 10 their charters, and in the
mean time, that he be authorised to take
such measures, by injunction or otherwise
as Will prevent the banks or any of them
from anticipating the effects of judicial
forfeiture.
Is. That provision be made by law,
Tor preventing individuals and companies
not incorporated for the purpose, from
issuing bills and notes for circulation, or
in form 10 be circulated.
16. That provision be made by law,
preventing the circulation within this
State. OF the post notes of any bank To-
Gated in and Incorporated by any other
State of the Union, and the establishment
within this State, of any agency for the
circulation Of the post notes of any such
bank.
OF the general spirit and provisions
OF these resolutions we approve highly.
There are few minor details we consi-
der inexpedient, and would prefer to see
a few additional features incorporated
into the bill which is recomme nded; but
In the main, the measure proposed are
wise, equitable and effective. They for
bid the issuance of post notes or any
other species of paper not payable on
demand
They propose to prevent in future the
extravagant issue of currency.
They propose 10 prevent, as far as it |
is practicable, the fraudulent favoritism |
which has heretofore frequently marked
their management.
They propose measures which will |
prevent a broken and insolvent bank |
from exacting the collection of its Gre
dts, while it frauduIently evades the le-
gal offset of its own indebtedness. They
provide for an early resumption of specie
payments. They propose to infuse the
vitality Of value into the inflated, worth
mas inundated the land, or to close the
fountain from which it flowed. All its
measures are urged and compliance
with its provisions secured under the just
equitable and constitutional sanction of
judicial forfeiture. 1t is equitable, and
t is effective.
The measure recommended secures all
he benefits to be hoped from legislative
action, without danger and without sac
.ifice. Ii secures a reform of bank abu-
les, or an eradication of their cause; 1t
the banks TO restore the necessa-
" soundness to the currency, or 1t IN |
'ures their own destruction. 1t secures
reformation of our financial affairs, on
legal, constitutional and effective re- {
zeal of the banks. Wise, expedient and
as are the measures-secur-I
ng all the benefits of repeal without
IS daLg ers-preserving its equilibrium
,f our government, and restraining the
-arious departments within the constitu-
ional boundaries Of their power. at the
anne time that it is attained practically
he very end which the party In authorl-
v profess TO seek, it found no favor with
he majority. Ii was not democratic
Measure. II was thought necessary that
he movement of reform should be made
" those who produced the abuse-that
hose who Inflicted the wound. should ad-
minister the remedy. Tho party IN
,ower have of late represented them
elves as the exclusive advocates OF
ound currency and Of bank reform, and
) give shadow of color to the claim II a
ras necessary to advance unconstitution-
| and revolutionary doctrines-to clog
he corrective of abuses with provisions,
nd to propose it in form which The :
rinciples, the conscience and the oath
f the wings forbid them to support
The order and the harmony of our gov
must be destroyed--PaiPable
,fractions of our constitution, both state I
nd federal, must be committed-the pub
c faith violated. and the bonds which
mite the moral elements of the world
,ust be burst assunder ct the relentless