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


Executive had no authority % COMMISSION then.
Tie Bank Of " ssi,sIppI, and the Bank Of grspa.
Ia did no; make eng reply 70 TIER uprfIrai on.
Ihe Agricultural Bank, and he West FeIcisua
Rail Road and BankHg Company. denied the au.
t1uiy Of he board 10 examine the transac-
uoIs. The Mississippi ami A'abama Rail Road
Company, alleged that their oiFice.s were 50
much engaged ~ bringing up their books, and al
tending % their cotton account that il was i'm
practicable for them 70 attend 10 the Commission.
crs. The President pro en- of the Mississippi
Union Bank, 10 answer to the application Of tie
Bank Commissioners, replied, that the D.rec.
tory OF the Institution consider the question as
to (thc Comm ssoncrs' right 10 examine rs al.
fairs, settled by the resolution adopted last year
when similar application was made by the Com.
m'ssipnes then IA office. The grounds of the va.
Gus refusals, show an ulter disregard of the
laws of the land. and thorough contempt of
Legislative control have never seen the reso.
luton Of the Bo1rd Of Managers of the Mississippi
Union Bank referred to, bat presume It's substance
IS To be found IA the reply of It's President TO the
former Commissioners, dated Nov. 23rd 1899.
1t i therein stated the Legislature Is equally
competent fwith yourseyesl TO perform the duty,
and woull be free from the influence Of any
dsqnaiiNOg bias growing ont Of preconceiy.
eh opnon' which We have ample reason to appre-
bend Hight no. be the case with yourselves IN
prosecuting an examination of the Bank.
The aci Incorporating he subscribers 10 the Ms
sissppi Unlon Bank did not receive all the sane
llons required by the Constitution, until the hilh
day Of February 1888 No rights attached under
the law previous 10 that period. The preliminary
steps For the organization ofthe Bank had pot been
aiken previous 10 that time, and IN principle il bet
Yer settled Than That b NIX charter is imperative
nn'I accepted by the corpomtnrs The second
section Of The act, approved May 18Th, 1887, and
when went INTO operation nj the date Of us pas
sag, expressly provides " tiat all banks and cor
pofatons having banking privileges. that shall here
after be created under the authority of this State
Sla. be s1heci to tie provisions contained N thS
act u -, therefore clear, that the bank commS-
hiHhtfS' nae iilht to examine The Union Bank
The state NJ he time Of hn application, was the sole
vi ckboder-her credit had established the lnslltu-
ton, and nasmuch as the constitution eE ioia1 upon
HE eXecaVe, To lake care that the laws he faithfully
executed II was at The last Importance, that should
ascertain before signing, the readue Of the bonds,
whether le stock taken by the citizens oi tie State,
VA" heeh secured ~ The manner pointed out N The
cl1rler,"and the affair, of the bank conducted ac-
Il
large p1fildn Of the property accepted as security
Tor that stock, is Hcumhcred nv judgments morga-
ges and deeds ol lruSt--that lie valuations oi The
aPlasefS were generally very txtmvapant-- that N
mlhE instances, the titles to the property offered, are
Vel imperfect; and that the VII bic management OF
the affairs ol the bank, has been disastrous to it,
cFeaH-dehruetlve othc interest Of the State, and
ruinous To the institution The cotton advanced
upon by the bank in some instances. has been at
larhed, and the SUITS decided against the institution.
Many OF the cotton agents and c0nsgneers, are de-
hiuefs&Nd great loss on the cotton account is lnevl-
lahe, he post notes issued IN vAlallnu OF law,
nave greatly deprecated, aud il the decision oil sew
eraI o. our circuit Judges, are affirmed by the high
eohil y efslrS and appeals actions cannot be suS-
In'ned on large p'riJn of the bills receivable OF
the bank. The ninth section Of the charter pre-.
Seflors mat the managers OF the bank, shall have
power 70 appoint three commissioners 10 negotiate
ana sen The state bonds. ! scned and delivered to
me managers last summer, bonds to the amount ol
hve millions Of dollars. The President of tie Bank
was despatched eastward TO make sale, but was
Unable 10 effect It. II NAV well be questioned wEe-
lhef HE spirit Of the charter did moi require this i'm
portanl NEGOTIATION 70 be placed in the hands of three
persons. u must be conct ded that The services Of
lhs President II the parent Bank should not hat
been dispensed with al such a critical uncture.
On The 18th uf November, 1889, received "A let
tenifom HE cashier olthe Bank. together with two
resolutions Of The board; one Of which informed
me, That the remaining five millions and hall Of
bonds, were really for my signature. Believing that
lhele was no Immediate prospect ct sale Of The
bonds aud that nrlAer Legislation might he requ-
SITE, ~ relation thereto, determined not To execute
ire remaining bonds, until should have an oppor-
tuuty o presenting the Whole question TO the rep
resentltves o! the people, and Of recommending Ia
them, such measures as the eSigency OF the case
calls Tor.
The President of the bank inhis letter to me, Of
The 81 Of January 1858. stated that il would at
all times aord hun pl assure % furnish the eNeeu-
I'VE 81 the STATE, nun view n the condition OF the
BANK when such repotl IS TO lead TO rig'd scrut'
ny OF It's affairs" On The sixteenth day OF last
mouth addressed letter 10 the President and man
agtrS Of the bank, calling fur specific information
relative to rs snuaton aud management. In reply
tleteto, was furnished by the cashier with GIN
era! statement of IT, affairs, nn the 3lSt ulumJ,
copy 81 sad letter, viii The statement furnished, rs
herewith Au before you. 1t viii b. seen that the
edhk has Jailed TO FURNISH me wHh a statement 81
the quantity Of cotton advanced upon, and not ac-
counted ot by The agents of the bankthe amount
soid ~ the conslgnees not accounted for BY them,
anu ite sums due on that scnre~-the number OF
uaes advanced upon, which have been attached, and
AN " &HS hHtN-A copy Ql lile dtt ttSulu-
ton 81 tile board ~ relation 10 advances cotton
and Tie ISSUANCE OF pest notes, together with CO.
PY 81 me instructions 10 the catton agents tie la
bthiics nj each manager and officer Of The bank, and
o. me several oihceS " discount and deposit both
on rntes ami btu OF exchange, as drawers eudotserS
security aad acceror us we individually rs pact
ner ~ business. II Will nnt be denied hal the IN.
formation sought was pertinent and essentially ne
eessary 70 etable the Legislature to ascertain the
| whole movement and situation IT ths habk The
| iacl tbal he managers have smnthertd The aap0r-
taht facts called ior, proves that cnipabe inlSnan
! aa,eaeai and selfish ayofjism have cbaraclerlEee
taeir operations. Surely tile people have a tight Ii
know what h'sscs they wfi probably sustaln BY tn,
operations ot Tic bank. and they wll, trust. speak
| through their representatives. IN voice, that no or
w'il dare 10 oppose, and demand full view Of ID,
condition OF ire bank, II il ShaI be lound that ma
ny of tlie aRrars have been relieving themselves,
tite expense y The community aud some ul then
u addition, dta@ng prlucely salaries, | doubt na