Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-01-16


Message as relates 10 The Banks. III oihe
parts OF the Message The Governor makes SOM
suggestions in relation TO our domestic ma,
ters' and some others which however good thu
motive may have bcen) manifest elher igno
rance or disregard Unconstitutional restraints
The Report of the Bank Commissi oners o
Of the State of Mississippi, and copies Of my
letters 10 The PRECEDENT and Managers Of tn,
Mississippi Union Bank, and the President OF
the Planters Bank and the statements furnish
ed BY them, arc submitted to YOUR considera.
tlon. The act approved May l2lh, 1887, pro
vIdes Tor the election oil three Bank Commission
ers by the Legislature who shall hold the office
or The term OF Two years; and the eighth sec
ton OF the act expressly provides ''lhat when
ever vacancy shall happen in the Office Of Vl'
'her OF said Commissioners, From any cause whdi'
ercr, II shall be the duty OF the Governor, as
soon as informed OF the fact, forthwith to ap.
point from the same district, some suitable per
son to I'LL such a vacancy.n The terms OF the
first Commissioner elected in May, 1889, eX-
pred near three months after the adjournment
OF the Legislature in February, 1889, The
law contains no Limitation on its face, and ex,
pressly requires that an examination of the
Banks shall be made once IN eCch year. The
Legislature adjourned in 1889, without cleo
ting the successors to the first Commissioners
and when their terms expired, vacancies occur
red which il was imperative on the Executive.
by the letter and spirit Of the law, to fill This
duty was discharged. | regret 10 inform you
that the Commercial Bank OF Columbus; The
Tomblgbee Rail Road and Banking Company;
The Aberdeen and Ponloloc Rail Road and Ban
king Company, and the Planters Bank Of the
State Of Mississippi, refused to let the Commits
sloners examine their affairs, and assigned as
n reason for their refusal, that the ExecutiveI
had no authority TO commission them. The
Bank Of Mississippi, and the Bank of Grenada
did not make any reply 10 their application Il
The Agricultural Bank, and the West FeIicana
Rail Road and Banking Company, denied the
authority Of the Board to examine their trans
actions. The Mississippi ard Alabama Rail
Road Company, alleged that their officers were
so much engaged in bringing up their books,
and attending TO their cotton account that it
was mpracIcable for them to attend to the
Commissioners. The President pro TEN Of the
Mississippi Union Bank, in answer TO the appi-
cation OF the Bank Commissioners, replied that
'the Directory Of the Institution consider the
question as TO (he Commissioners r ght) to ex-
mime its affairs, settled by tie resolution adop-
ed last year, when n similar application was
made by the Commissioners then in Office
The grounds Of the various refusals shew an
liter disregard of the laws of the land, and
thorough contempt Of Legislative controI.--
have never seen the resolution of the Board
f Managers Of the Mississippi Union Bank re-
'Ired TO, bat presume It's substance is to be
,und in the reply Of its President to the for
Ter Commissioners, dated Nov. 23rd, 1885,
is therein stated that the Legislature sis
Iuaily competent with yourselves) to perform
Ic duty, and would be free from the influence
any disquaIliying bias growing out Of a pre- :
onceiyed opinion, which we have ample rea- !
IN 10 apprehend might not be the case with /
ourselves, in prosecuting an examination Of
&c Bankn
The act Incorporating the subscribers TO the
Mississippi Union Bank, did not receive all the
auctions required by the Constitution, until Ii
e fifth day of February, 1888. No rights at a
chcd under the law previous to that period. 0
he preliminary steps for the organization of ia
le Bank, had not been taken previous to that To-
me, and no principle is better settled than that p
Bank charter is imperative, until accepted ia
Y the corporators. The second SECTION of the d.
Il, approved May 18th, 1887, and which went il
20 operation at the date of It's passage, ex- B
'essIy provides, shat all banks and corpora Ii
ons having banking privileges, that shall ii
,realer be created, under the authority ofItl
lis State, shall be subject to the provisions A
ntained in this ACT" 1t is, theiclore, clear, O
at the bank commissioners, had right TO ex- b,
nine the Union Bank. The state al the timeItE
The application, was the sole stakeholder al
n credit had established the institution, and tn
asmuch ms The constitution cnjoins upon the u
ecuIive, 10 take care that the laws be faith, pt
lily executed, it was Of the last importance, e,
at should ascertain before signing, the resi- m
G of the bonds, whether the stock taken by Is
e citizens of the State, had been secured in tic
e manner pointed out in the charter, and the cr
airs of the bank conducted according 10 its pc
irit. ! am induced TO believe, that large nc
rilon oil The property accepted as security an
+ that stock, is incumbered by judgments, re
)rlgages and deeds Of trust-that the valua-l tn
ms OF the appraisers were generally very 81,
in many instances, the titles eli
the property offered, are yet imperfect; and lic
at The whole management Of the affairs of ST
c Bank, has been disastrous to lis credit ST
structive TO the interest of the State, and ru-
Gus 10 the institution. The cotton advanced We
on by the Bank in some instances, has been tn
ached, and the suits decided against the in sa
tuition. Many ofthc cotton agents and CON on
,nees are delaulters, and. great loss on the de
lton account is inevitable. The post notes ih
ued in violation Of law, have greatly depre- cl,