Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-01-25

Il
funds Of the Bank, 10 pay ia London tie interest
accrHns 90 he State Bonds, previous 20 The FIRST
Of September rext. lt,hcTefore becomes rs u
consider whether The Bank can be sustained con
sls'cniIy wih the interest ofthe great body of the
people. Al the polls .osi November, thew deer
dcd agar si the Post Note policy. None can
now Be found so foolish as 10 give the control Of
their Cotton to any Baak whaieyer and take an
advance Ia paper money worth not more than
seyeuty-fye cents in the dollar. The Union
Bank has certainly failed 10 answer the purpo-
ses Of is creation, and | feel confident that even
with the most able and prudent management it
can never be made useful. Is it vet too late to
recele from our Raise po>iton--io avoid encum.
berhg The state with an enormous debt for the
peneht OF a few to the permanent injury of nine
tenihs OF OUT eltzensl Have We right to Dor.
row OF posterty. and viii future generation re-
deem our pledgesl These are questions requir.
lng calm and deliberate investigation. After
the best reflection that | have been able TO hes.
tow on this grave subject, have come to the
conclusion that IS our duty to place the insttu.
! ton either IN liquidation, or 10 repeal all that
| portion OF The charter giving to private individuals
stock m the baGk, and privileged loans.-The
STATE DEBT already amounts to about seven and
hall million Of dollars. The interest on seven
millions Is payable abroad, and amounts TO the
sum OF three hundred and seventy Thousand dol
lars annually. This is a sufficient tax on our
resources. The rights of the stockholders are vet
inchoate aud until the residue of the Bonds are
soll, they can have no peculiar claim. Influ-
enced by no motive, save that ofthe public good
--anX'ous to protect the rights of all, and TO adj.
vance the interest ofhe whole State, am bound
TO recommend that the five millions of State
boads last issued, shall becacd in and cancelled
ana mat % more hearafer, shall be issued for
the Mississippi Union Bank.
An examination Of the list Of stockholders of
NE Bank viii show, that not one voter ont of
thirty 10 the State, has obtained stock. Should the
residue Of the bonds ever be sold, the stockhold.
ors alone viii be benefited by the sales. Is il con.
'lsinn' with the principles ofjustce does /, com.
Pof. WIN lath TO render the property and persons
4 u 'o.'9 'hoaSaAd frcemen liable to be assessed
=, - ''''o money Tor The especial use Of Thirteen
''"u,e' cl'lzens, many of them, men of great
"'o'n' ana none Of whom have any peculiar
clalms TO legislative favor
, 9,.ce me suspension fspece payments.n Nav.
i2o'' tarcc examinations of most of the banks
HoN1 oeen made. The annual reports will Show
,'''' cut ntlIe progress has been made in prepar.
"'S 'oF return 10 a sound currency, and il s
now quite certain that not single bank in the
7'Ne WIZ be able for several years, TO extend a.
/ ny facilities to the trade and commerce of the
country, or to loan money to those who are embar.
raised The salaries Of the numerous officers
connected with these establishments, absorb much
OF their means. The liabilities of the banks are
not beng reduced. Their specie and available
! /,
20" 70 decide whether the continuance ofthe svs
tom IS beneficial to the stockholders and creditors
u "e banks or to the country. In my last annual
'"''S'Se' gave my views in relation to the pow
CT o. lNe legislature to repeal bank charters, and
o"toree forfeiture in the Courts BY nforma
Won N ire nature Of quo warrento aided by
Tue auxiliary process of injunction. Nv opinions
Oh 'l'S question have been confirmed by subse
| quehI Investigations.
nc exercise of the repeating power, is hot in
rs nature, Judicial. The same power that grants
cnnfterS' . competent to repeal them. Public
! PViry oHd convenience authorizes their creation
anu experience proves them to be detrimental
VIC are required TO recall the privileges granted.
'"el'ce requires that tie power Of shlng and be-
NV sued ana OF hquJdatng their affairs, should
oc continued Tor reasonable time; Severe pen.
o''ts should be imposed for banking, after the re-
lea' OF charter. The issuing of paper money,
N contra'entIon of the repeating act, could be eli.
'ec'uaily checked by the abrogation of al laws
20" IN force, making it penal to forge such pa.
per. lhe existing banks cannot be bos,ered up
uestlln'e as they are of credit and available
means, It would be folly in us to attempt to in.
fuse vIgor and stability into their feless forms.
hey are powerIess to do good, but capable of
'hlt.ng injuries irreparabe. trust that suits in
me courts to establish the forfeiture of charters,
WI be directed. The State Treasury cannot
ahord the means Of employing sufficient mum.
ef u aoe councillors to aid IL prosecuting the
various banks IN the state. The suits would not
be decided IN five years. The assets of the Banks
IA the Inean time, would be wasted, creditors pIun.
dered, stockholders defrauded, and debtors crush.
cd cannot perceive much difference in the
rrmciples on which the various banks have been
managed All OF them are in effect, in a state Of
suSpenIon,m OF them have issued Post Notes;
several have been established in fraud, and none
oil them are now useful. Let us pursue princi
pie ahd esIsIaie for the permanent welfare of the
whoe StaIe, rather than coantenance temporary
expedehls; which at last will prove detrimental
Ma OF Tue banks are transferring their paper,
aad ~ some instances, no doubt Il IS done frau.
duen'ly Tor the purpose of avoiding the necessity
OF receiving their own paper N payment. This
iniqmtous course will not be horne. Should YOU
coincide with me IN the proprIety of repeating
the various bonk charters N the State, or such
OF them as have been established ia fraud, or are
, incapable OF speedily resnmiug business on sound
principles. Il viii be necessary TO prescribe the
! conditions on which their affairs shall be brought
TO "a close. Tho interest Of the stockholders
, AMI creditors, no hess than that of the debtors
, otthc banks, demand that a reasonable extension
should be gwen to all indebted who can give suf
ticient security Much of the debt viii certainly
be lost f suits IN the courts are pressed. MANY