The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-17

the repeating act, could be effectually
checked, by theFabrogation of all laws now
in force, making it fpenal to forge such pa
per. The existing banks cannot be boiste,
red up Destitute as they are OF credlt ana
available means, it would be folly IN us to
attempt TO infnse vigor and stability INTO
their lifeless forms. They are powerless TO
do GOOD. but capable of infiicting injuries IT.
remarkable. trust that suits IN the courts 10
Establish the forfeiture of their charters, Will
not he directed. The state Treasury can
not afford the means of employing sum
Gent number of able counsellors 10 alu III
nrosecutino the various banks in the state
The suits wonld not be decided IN hve years
The assets of the banks in the mean t'ihe'
would be wasted, creditors Plunuol'
stockholders defrauded, and debtors crushed 6
| cannot perceive much difference !" 'no
PRINCIPLES ON which the various banks nave
been managed All of them are IN elleo''
in a state of suspension; many OF mem nave
;ssrad Post Notes; several have been estaO-
l;.bod IN fraud. and none of them are now
useful lei us pursue principle ana legs
late for the permanent welfare OF tue """ie
St,to r,ther than -ountelance temporary
exnedienls, which at last, will prove detrl-
r,ant,I MANY of the banks are transferring
tho;r naper. and in some instances, no doubt
+ i done fraudulently, for the purpose OF
oyo;d;no the necessity of receiving their
ov,n nsner in payment. This Ubiquitous
oo,,r.e will not be borne. Should you com
o;de with me in the propriety OF repeating
the varions bank charters in the State, or
s,,cb of them as have been established IN
c,ond Or are incapable Of speedily resuming
business on sound principles, 1t Will be ne
cessary TO prescribe the conditions on WHICH
,boir affairs shall be brought to close. Inc
interest of the stockholders and credltors,no
loss than that of the debtors OF the Banks,
dopand that reasonable extension should
no oiven to all indebted who can give suftl-
cent securitv. Much of the debt Will GER
to;pIv he lost. if suits in the courts are press
cd MANY of the contracts cannot be en-
forced ON account of being tainted with usu-
~ and Illegally. Forced sales OF property
are os Injurious in the main to the creditor,
rs to the debtor. Equity demands that those
bankino companies which have progressed
in the construction of Rail Roads, ana a'o-
ed in the improvement ofthe country snouid
be protected in the enjoyment OF me Dehe-
fits accruing from the Roads. Such under
takinos were hazardous The Legislature
cannot divest them of such property without
making an adequate compensation.
It no doubt will be contended, # we re-
neal onr Bank charters, that the State will
he deprived of circulation, and that the eX-
chances of the country cannot be carried on.
This aronnent IS more specious than solid.
Our annual export of fifteen millions OF dol
lars, will command a sound currency MO
nev will then become a standard OF value,
and not used as an article of trattlc. Inc
expenses Of producing cotton will be reduced
at least fifty per cent. whereas, the price III
foreicn markets will not be diminished
FOREIGN creditors will be contented with a
smaller auaonnt in good funds. than they
now exact in deprecated trash. sound
currency will soon restore the character OF
the State Those who produce nothing, who
have long lived on the labor of Others. will
suffer. The honest Planter, the enterp islng
merchant and the laborious mechanic will
be broefitted.
Il Is contended that if our banks are com
PEELED 10 cease issuing paper money, OuI
State viii be flooded with the circulation o.
other States This argument can have nc
weight so long as our money continues to be
dep7eciated more than that of any other state
in the Union. The chartered banking CAPT
fail of the whole State is ffty-six millions
seven hundred and fifty thousand dollars.
FATALITIES OF ALL THE BANKS IN THE
STATE.
Amount of capital stock paid