Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-01-21
$4,29O,s8O AT
387,6l8 So
$3,9O3.261 90.

To pay the residue, the Bank has five
millions of State Bonds and exchange bills
recoverable, &C., to the amount of about
nine millions of dolars.-The Stale Bonds
cannot be sold and sufficient sum cannot
be realized in time, out of the other assets
of the Bank, TO pay the Post Notes due
next April and May. 1t viii take more
than two hundred and fifty thousand dol
lars of the available funds of the Bank, to
pay in London the interest accruing on
the State Bonds, previous 10 the first of
September next. Ittherefore becomes rs
to consider whether the Bank can be sus-
tanned consistently with the interest ofthe
great body of the people. At the polls
last November, they decided against the
Post Note policy. None can now be
found SO foolish as 10 give the control of
their Cotton to any Bank whatever and
take an advance in paper money worth
not more than seYenty-five cents in the
dollar. The Union Bank has certainly
failed to answer the purposes of its crea-
ton, and feel confident that even with
the most able and prudent management it
can never be made useful. Is it yet too
late to. recede from our false position
10 avoid encumbering the State with
an enormous debt for the benefit of a few,
to the permanent injury of nine -tenths of
our citizens? Have we alright to borrow of
posterity, and will future generation re-
deem our pledges! These are questions
requiring calm and deliberate investiga-
ton. After the best reflection that
have been able to bestow on this grave
subject, | have come to the conclusion
that it is our duty to place the institution
either in liquidation, or. to repeal all that
portion of the charter giving to private in
dividuals stock in the bank, and privileged
loans.-The State debt already amounts
to about seven and half million of dollars.
The interest on seven millions is payable
abroad, and amounts to the sum of three
hundred and seventy thousand dollars an
nualy. This is a sufficient tax on our
resources. The rights ofthe stockholders
are yet inchoate, and until the residue of
the Bonds are sold, they can have no pc.
culiar claim. Influenced by no motive,
save that of the public good--anxious tc
/ protect the rights of all, and to advance the
interest Of the whole State, | am bound tc
recommend that the five millions of State
Bonds last issued, shall becalled Inland car
celled and that no more, hearafter, shall
be issued for the Mississippi Union Bank.
An examination of the list of stockhol
ders of the Bank will show, that not one
voter out of thirty in the State, has obtained
stock. Should the residue of the bond:
ever be sold, the stockholders alone will be
benefited by the sales. Is it consisten
with the principles of justice /? does it com
port with faith TO rem er the property ano
persons of forty thousand sFreemen liable
to be assessed, TO raise money for the es
pecial use of thilteen hundred citizens
many ofthem, men of great wealth, ant
none of whom have any peculiar claims tc
legislative fayorl
Since. the suspension Of specie payments
in May, 1897, three examinations Of mos
of the banks have been made. The annu
al reports will show that but little progress.
has been made in preparing for a return
to a sound currencys and it is now quite
certain that not single bank in the State
will be able for several years, TO extent
any facilities 10 the trade and commerce o
the country, or TO loan money to those wht
are embarrassed. The salaries Of tn,
numerous officers connected with thes.
establishments, absorb much of thei
means. The liablitis ofthe banks are no
beng reduced. Their specie and availa
bic funds are quite inconsiderabIe. i
becomes US now to decide whether I'll,
continuance of the system is beneficial t,
The stockholders and creditors ofthe Bank,
or % lhe country, In my last annual mes
sage gave my views in relation 10 III,
power OF the legislature to repeal banI
cnaraers, and TO inforce a forfeiture ia til
Courts BY Information in the nature of
quo warreIlto, aided by the auxiliary pro
cess Oh injunction Nv opinions on thi