Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-01-21

question have been confirmed by subse-
quent investigations.
The exercise Of the repeating power, is
not in its nature, judicial. The same
power that grants charters, is competent
to repeal Them. Public policy and con.
venience authorises their creation, and if
experience proves them to be detrimental
we are required TO recall the privileges
granted. Justice requires that the power
ofsuing and being sued. and Of liquidating |
their affairs, should be continued for a
reasonable time: Severe penalties should
be imposed for banking, after the repeal Of
charter. The issuing of paper money,
in contravention of the repeating act, could
be efectually checked, by the abrogation
Of altlaws now in force, making it penal
to forge such paper. The existing banks
connot be bolstered up. Destitute as
they are of credit and available means, it
would be folly in US to attempt to infuse
yigor and stability into their lfeless forms.
|! They are poweriess to do good, but capa-
bic of infic.ing injuries irreparable. |
trust that suits in the courts to establish
the forfeiture ofcharters, will be directed.
The State Treasury cannot afford the
means Of employing a sufficient number
of able councillors 10 aid in prosecuting
the various banks in the state. The suits
would not be decided in five years. The
assets of the Banks in the mean time,
would be wasted, creditors plundered,
stockholders defrauded, and debtors crush
ed. | cannot perceive much difference
in the principles on which the various
banks have been managed. All of them
are in effect, in state of suspension !,
many of them have issued Post Notes !;
several have been established in fraud, and
none of them are now useful. Let US
pursue principle and legislate for the per-
/ manent welfare of the whole State, rather
than countenance temporary expedients !;
which at last, will prove detrimental.
Many ofthe banks are transferring their
paper, and in some instances, no doubt it
is done fraudulently, for the purpose of
avoiding the necessity of receiving their
own paper IN payment. This UBIQUITOUS
course will NOT be borne. Should YOU
coincide with me in the propriety of re-
pealing the various bonk charters in the
State, or such of them as have been estab-
lished in fraud, or are incapable of speedi-
ly Tesuming business on sound principles,
it will be necessary to prescribe the con-
dit;ons on which their affairs shall be
brought to a close. The interest of the
stockholders and creditors, no less than
that of the debtors of the banks, demand
that reasonable extension should be Civ
en- to all indebted who can give sufficient
security. Much of the debt will certainly
7 be lost if suits in the courts are pressed
: Many Of the contracts cannot be enforced
on account ofbemg tainted with usury and
illegality. Forced sales of property arc
as injurious in the mainto the creditor, as
) to the debtor. Equity demands that those
: banking companies which have progress
. ed IN the construction of Rail Roads ant
: aided in the improvement of the country
i should be protected in the enjoyment 0
: the benefits ACQUIRING from the Roads
!, Such undertakings were hazardous
! The Legislature cannot divest them c
. such property without making an adequat
e compensation.
/ It no doubt will be contended, if we re
o peal our Bank charters, that the State vii
Il be deprived of a circulation, and that tn
Of exchanges of the country cannot be cal
IS ried on. This argument is more s2eciou
s. than solid. Our annual export of fiftee
e millions of dollars, will command a SCUM
IS currency. Money will then become
e standard of value, and not used as an al
,e tice of traffic. The expenses of prodl
IF cling cotton will be reduced at least fit
d per cent. whereas, the price in foreig
h markets will not be diminished. Foreig
le creditors will be contented with smalle
y amount in good funds, than they now eA
A. act in deprecated trash. A sound cul
h rency will soon restore the character OF In
it State. Those who produce nothing, VIII
10 have long lived on the labor of others, WI
= suffer. The honest Planter, the enterpr
ii sing merchant and the laborious mechan
V, ic will be benefited.
ot 1t is contendeG that if our banks ar
of compelled to cease issuing paper money
3 our State will be flooded with the circula
IS ton of other States. This argument ca
L have no weight so long as our money con
tnues TO be deprecated more than that {
re any other State in the Union. The char
N tered banking capital of the whole State
u fifty six millions seven hundred and fift
at thousand dollars.
d LIABILITIES OF ALL THE BANKS IN THE STAT
is Amount of Capital Stock
S. paid in, $50, 400 8
lie Due depositors and deposite
se certificates & individuals, 8,69l,6OI 7
a. Due banks and date checks, 7,O65,499 s
lr Sterling bills drawn, 1882, 220 s
RS Circulation, 15,171,639 Z
e. $62,e4O,965
e, RESOURCES OF THE SAME.
70 Cotton acct. and cotton
ne purchases, $3,340,33O G
70 Notes and bills discounted, 81, 36O,79 G
e Suspended pebt, 1854, 1866 z
IN Il, Suspended debt in suit, 3,425,O72 Z
~ Due from agents and indi-
K < viduals, 52S,Sl9 !
D. Rail Road expenditures 4,O4e, 500 6
le Real Estate, 79O,550 6
~ Due from banks, 4,638, 258
u Notes of othor banks, 1,693,9 75 {
a u Bank Stock 3,573,e29 4
NJ Specie, s67,977 {