Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-01-18

shall be subject 70 the provisions contain
ed IN this act" Il Is. therefore, clear
that the Bank commissioners had 1
right 10 examine the Union Bank Tbs
State al the time Of the application va
the sole siocShoider-her credit had IS
tablished the Institution. and 5nasmuch g.
the constitution enioins upon the eNecu
tive 10 take care that the laws BE- fal,a
fully executed. II was Of the last import
ance, that ! should ascertain before sign
ing the residue of the bcads. whethel
i the stock taken by the citizens OF the
/ State had been secured in the mauaes
/ pointed out in the charlc~. and the atlalrs
/ Of the bank conducted according - Is
spirit. | am induced b believe. that &
large portion Of the property acceale.
/ rs security for that stock. Is iacemaerel
by Judgments. mortgages and deeds oH
trust-thaf the Valuations OF The agarlt-
sers were generally very cN.revag CANT
that 10 many Instances, tle tl.-s &c che
property offered are YET Imperfect; AMI
that the whole management as tire az
fairs Of the bank. has been disastrous -
It's credIt-des.ra ct5ye ta tle interest 81
The S,aje. and ruiuous Oh che iusciru-s .a
The cotton advanced upon bv the bauk IS
some instances. has been attached. and
the suits decided against the institution
MANY of the cotton agents and cons
siguees. are deiaul1ers. and great loss oa
the cotton account IS inevitable. The
post notes issued in violation Of lau.
have greatly deprecated. aud if The le-
cision OF several OF cor circuit TIdEes-
are affirmed by the high court ct errors
and appeals actions cannot be sustained
on Il large portion OF the bills receivable
OF the bank The uIaIh section IF the
charter, preScri5e- that the Managers 1E
the Bank, shall have power to appa.lz
three Commissioners. to negotiate and
sell the Safe bonds. / signed and de-
Ilvered To the managers last SUMMER.
bonds 10 the amount OF Eve m. IlIoas of
dollars. The President Of the Bank WAS
despatched eastv ard. On make q sale.
bat was unable TO effect g.. Il may sell
be questioned. whether the spirit ST the
charter did not require this important
negotiation to De placed IN the hands 81
three persons. Il must be coaceded thar
the services of the President az the pa
rent Bank. should not have been dis
pensed with M such a critical iuacture.
On the 18th of November. 1889. re-
Bank. together with two resolutions OF
the board; one OF which informed me.
that the remaining i've millions ami .
half Of bonds were ready for INV gaa-
ture. Believing that there - :. no mue-
date prospect Of a sale Ut r. bonds. f
and that further Legislation insight ba -
luisife in relation thereto. ! 5-lermi
not 70 execute 1he remaining bonds.
should have an opportunity OF rr.-..-..
ING he whole question ID sHe repre-
lives Of the people. aoI If r.-1nu -
NO 20 them. Sucl measures as Ire .l.-.
reucy of tine case calls i.r-
The president OF raa bans lu his --
er u me, OF the 81 ~ January. I#f
stated that d would -a- a.. rsnss aH...
liu pleasure ID furnish 'ae eX-c.t-. ...
HE State. n full view 90 On. ral#
be bank, when lrn report Is O. ..a
rigid scrutiny Of It's atist rs" l..
sixteenth day 81 las' month.
/ letter To the President ami ua-.
he bank. calling for specific .a..-.-.--#
.on relative To lis situation aaI .aHa-.-
nent. In reply thereto. / uHs .s-l..-
d by the cashier wsta general sa-.
nent Of is affairs. GA the 5Is- -mr
\ copy Of said letter. wr-h -H- =-s-a.
FINISHED. is her with laid 1=.-e SGD.
Z vii be seen that tbe baas has la ad
o furnish me with a s-a-rm-1- ur -h.
uantity Of cotton advanced aPea. =
ot accounted for bv the agents e fh.-
ank-rhe amount sold BY the cons g1e-
%. accounted for by them. aaI -a- saa-
ne on that score-'he number of ba-
dvanccd upon. which have been arraea
d. and the situation OF the s1lts--a copy f i
{ the late resoIutien Of The board. ll r-
alton To advances on cotton and the is-l- d
nee Of post notes together with a ca1t
f the instructions 20 the cotton agents
the liabilities Of each manager ans
ficer Of the bank. and Of the several
ffiees OF discount and deposit, both %
otes and bills Of exchange. As drawers. !
security and aecePtor- a. wali 4
as a partner ~ business
will not b. denied that the informa-
on sought was pertinent and assent a. &. +
ecessary TO enable the legislature Q
scerfain the whole movement and slfua-
on Of the bank. The fact that thr
managers have smothered the important
acts called Tor, proves that culpab.e mas
manage menf and selfish iavorltlsm have
their operations Surety ,
he people have right TO know whal !
uses they will probably ssIstain bv chs
pc ratious Of the bank. and they will- 6 /
rust, speak through their Representa-
ives. IN a voice. that no ore will dare - +
ppose. and demand fHE rielr of the
Jndition of the bank. Iii L shall D.
ound that many Of the officers have been
themselves. AT the expense Oh
be community, and some Of them IL Al
ition, drawing Pria-ely salaries. dsabs
OF but that a corrective viii Be speedily .
ppiied- II
The faith OF the Safe : pledged Tor
he whole capital stock. and the proper
v Of all her citizens NAV hereafter De
axed TO make up It's losses ana deEaica-
ions The right Of the people, there
ore. 10 know the eonGuct o. al -
gents. and the liabilities OF every one
t It's debtors, sannot be questioned
The liabilities OF the bank Il
a. present are. S2iFs695 - :