Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-01-25
EDIoEl4L CORRESPONDENT.



oe'sed % action oc tie legislature. having bern
referred 10 their several committees.
NJ Miller. senator fou Hmds, introduced
series OF resolutions, oil ab.ch the following !. a
copy
Whereas, IN The FIRST article of ihe Cop,p,,
ton Of the State Of Mississippi Al Is declared aha,
all ireemen when ibey foam a SOCIAL copo,et. s,.
equal IN tights, and that M man or set of men
are enuued 10 exclusive, separate, public emoia.
mehlS, or privileges from the community. brl Ia
consideration Of public services. and that an
po"eFS inherent in the people, and an free GOV.
'fnmehl' are founded on their authority and e..
'ahi'hed TOT their benefit, and they have at all
tmes' al unaI.eanabie and lnde.ea,ihle rtghl To- Al
LEI of abolish the iorm ct government IN such
manner a. they may think eyped.cnl.
And whereas. SINCE all Tree governments de
rve their authority from the people, and are ,n.fr.
tuied ior Tie preservation Of their hipr'v, and
promotion OF their happiness, and Is the mnc.
uouaHes Of their goserumeul are simply the a.
gents OF power appointed BY the people. under
a responsibility 10 perform their viii, uey as con.
radi,ongnshed fiom the BODY polite, DO not pos.
seSS one parucle Of poWe' Ii follows thai an
laws which grant the power to Cypress the man,
are contrary 10 the principles oI freedom, and re.
punuani to the rights Of the people; aud therefore
fepealable by the supreme authority
And whereas, bank charter from It's nature,
extends, and necessarily confines the power, and
privileges granted to the lew, to tho exclusion Of
the many therefore if the powers had privileges.
granted IN bank charter, operate against the
public good. It IS the du'y Of the Legislature as
Tie agent of the people, to revoke such charters.
Therefore,
Resolved, b. TIE Legislature Of the State Of
h@ssstpp that from and after the passage at
these resolutions, Il shall be deemed lawful sad
competent 10 alter, amend or abrogate any act oil
Incorporation, which has heen nr may hereafter
be granted under oy by the laws of tins STATE, on
winch Is o. may be found io exist within the terri
'onaI limits OF the same, under any name or for
what purpose, whenever in the opinion Of the .
Legislature the public good require such altcn-
tons, amendments or abrogauou.
Resolved, ?, That The public interests require .
It Is duty we owe alike TO ourselves and 10 .
posleny, that we should arrest the enormau> F.
evils Of b1pking N this State by timely repeal /
oi the charters Of such Of the banks whose con
dIiIonS do not Afford reasonable prospect Of
ihe'r ahImY early 10 recupemle; aud also by a.
mendlng the charters OF the rest So as efItctual,
y to prevent them from agan abusing their pay.
I'eees"
On Monday Gen. Speight Introduced Ae ioI.
loving resolution
Rcsolrcd That 50 much Of the Goyptnor's
Message as relates to the local banks Of tins
state aud the currency IN general be rrlcned to
the committee on banks and currency. with tn,truc.
uons to brhg IN a bill embracing substantially the
following provisions: Isl. That II auy Bank IN
lhIS State shall refuse to redeem IL, notes ON IRE.
seaiaton "llh gold and silver from and after The
INST day Of April next, the corporate powers and
privileges OF The same shd DO declared VOID and
ct no elect, and they shall not be able and ca
pablo N aW h MAINTAIN any action for The recoy.
cry OF theIr debts, but shall forthwith proceed 10
whd up ther atlats on the terms following. VIZ
1t shall be the duty of 'he sand Board, under pen.
ANY o. hue and Imprisonment, 10 communicate
me 'aci OF Their refusal TO pay specie, to the ,
governor, who shall appoint A,ce ,la.aissioacrs.
resident IN the county where tho said corporation
'ha be, whose duty Il shall be, before they enter
On the discharge OF the dulirs assigned, 10 take
an oath faithfully 10 perform tho same, and Shall
enter INTO bond With good and sufficient securi.
y-lhe sad commissioners to receive lhe same
Iof collecting as IS allowed to the Sherlfs Of this
state The debts which may be due the Sad
corporations shall be collected IN four annual ~.
'taInenls And II any banking company OF
corporation shall tIanster any Of their nofc, or
ponds wilma view OF defeating the provisions Of
ms law, the same shall be void aud of no effect.
Va the introduction Of this resolution Gen.
spelshI made very able, animated, and I'M.
Pre'sve speech. lie was replied to by Mr. Do.
BINS IN tllppant aud shor, address after which
Nh SPelsht withdrew so much Of the above rcso.
luton as relates to the appointment Of commits.
to wind up the unsettled affairs Of the Banks,
The resolution introduced by Gen. Spclghi IS
the very deslderaum. II /, What The psopie "a.
peci and what they will sustain their representa-
lives IN carrying out 10 the very letter. But
what Is the actual object Of this resouonl |,
II the publication Of our banking SYSTEM Docs
1t suIke at The very root Of all the evils that cur
very State /, grooming undrt7 Does it I'll the
space We assert that T. does
The question IS dIseusaged from all difficulty
by The open and concise manner in which il rs
drawn up. There might be some spec,u>ae.s
N any propositions fp a change N our banking
system. THIS is Intended for no change--n Is
10 sweep from existence all Of those rotten insti.
tullons which have transcribed The limits Of Their
charters.
The question has been agiia'ed by the wings,
whether the Legislature has the right to annuI al
bank charters. II Is the opinion a many Of the
most learned IN the las, that they were establish.
cd IN error, and hence The Legislature has right
to abrogaie them We quote he first and second I
sections Of the Constitution Of the State, in dc.