Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1840-02-01

i@S"CNB 41F lIlc MISSISSIPPI
Union Bank. -
AN examination of the list OF stock
holders Of ihc Bank viii shew. tba, no
: one vote Of thirty in The State, IA.
: obtained ,tcck. .shoaid tis. sesia,s,
o. the bonds ever be sold. the stock
holders alone will be benefited b,
the sales. Is it consistent with tho
principles Of justicel does it com.
port with good faith to render the pro
perry and perso of ioriy thousand
tfeemcn, liable to be assessed, 10 raise
money for the especial use of thirteen
hundred ci!izens, many of them men
OF great wealth, and none Of whom
have any peculiar claims to legislative
I fayorl
nlnce Ihe suspension Of specie pay.
ment, IN May, 1897. three examina-
IONS oil most ofthe banks have been
made The annual reports will shew
that but little progress has been made
III preparing for return to sound
currency, and itis now quite certain
that not single bank in the State
VIII DO able for several years. TO extend
any tacfiI'ics TO The trade and con-
merce OF the country, or to loan mon.
| ~ TO those who are embarrassed
FAC salaries Of the numerous officers
connected w!.h these establishments.
aDsof5 much Of tIeir means. The
liabilities ofthe banks are not being re.
Gsced Their specie and available
funds are quite incoasiderable. Ii be-
comes Us now TO decide whether the
continuance Of The system is beneficial
TO tLe stockholders and creditors Of the |
6dh's, or 10 the country. In my last
aannal message, gave my views a.
length. III relation to the power of the
legislature 10 repeal Bank Charters.
and TO enforce a forfeiture in the
Courts BY Information in the nature of
aquo "arranto, aided by the auxiliary
process Of injunction. Ny opinions
on this question. have been confirmed
by subsequent ivestigations
The exercise ofthe repeating power, {
5 not in is nature, judicial. The {
anne power that grants charters. i.
Competent TO repeal them. Public t
.oIley aod convenience aurhorlz y G
eifereation, and ifexpcrieace proves II
rem detrimental, we arc required to !
scail the privileges granted. Justice
'qnlfts that the ptwcr Of suing and be- 1
y sued,and of ii1uidatiag theirati, tirs.
'ouid b. continued for reasonable A
nr. Severe penaIhes should be i'm. !
'sed for baasiog, after the repeal OF L
charter. iae issuing Of paper
oaey,in cootravention ofthe repeal r
4 act, cooid be eH.ct1aIly checked, /,
Che abrogaiion Of all laws now in n
rec, making It penal to forge such pa.
e. The existing banks cannot Be
lstcrcd up. Destitute as they are
credit and available meaus, il would !
folly in US to attempt TO infusc -
5or and stability into their lifeigss n
ms. They are po~erlcss to do good, a.
: capable ofinlicting Injuries IRE Nh
rable. trust that suits in tic D
lrts TO establish the forfeiture oil
'ir charters. will not be directed. Ra
& State Treasury cannot afford tie Re
ans Of employing eiiicient number Da
able councillors to aid in prosecuting No
various banks in the States. The Ba
IS would not be decided in five op'
IRIS. The assets ofthe Banks in the
an time, would be wasted, credi-
plaRdered stockholders deirauded,
debtors crushed. | cannot per tor
'e much difference in The principles con
which the various banks have been two
Jagged. All Of them are in effect, tive
state OF suspension; many ofthcm Iiat
c issued Post Notes; several have not
. established in fraud, and none of don
n arc now useful. Let MS pursue abiI
cipal and Iegislate for the perman- Col
"eIlacc Of the whole State, rather cotc
countnnance temporary expedi- cuIt
which a. last will prove detrimen. port
Many Oh Ghc banks are tlansferinglis b
paper, and IN some instances, no cha,
y i is done fraudulently, for the to b.
.osa Of avoiding the necessity OF ers
lylog fhtlr own paper in payment. exar
lhlamtous course will not be Stat
e. Should YOU coincide with me the /
e proPriety Of repeating the vari beer
'ahN charters IN the State. or such latuI
em as nave been established in A 81
!. Or are incapable of speedily re. thro
~ business on ound principles, ii the +,
DC necessary 70 prescribe The conr the
rs on which their affairs shall be can
yht 10 close. The interest Or nan