Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-02-18

lators, good natured souls, did their utmost 10
relieve the citizens Of the State from impending
danger, though they failed T hen rang from
one end Of the State to the other the hue and
cry, the Banks athe prostituted Banks, i. /
The children Of their own raising had turned
to bantlings. Banks owe their existence to
to credit is their very life-bood. Impair ii.
in any way, and in proportion as its influence
ceases Just SO far win the power Of the banks
be destroyed And any legislative action upon
this subject must inevitably be for the dscredit
Of the whole State, inasmuch as all changes in
financial operations for relief presupposes poy-
erty or want Of confidence; either Of which
affects credit
Two years had hardly elapsed when the
mirror was again changed, and new picture
met the wonder gaze of eur legislators. The
ssPost Note system had utterly failed; and
the mirror had shifted SO soon that the true
cause was not seen. Then was heard the re-
iterated charge Of corruption among bank di-
rectors and Bank oficers,--aIl Of which was
evident, --because the banks did not resume
specie payments, when, in truth, it was legis-
latiye speculation that curbed and withheld
their ability. With feelings the most malignant,
but at the same time with views the mos. sin
cere the Legislature Of this State at the ear-
est period Of their present session passed the
following law:
AN ACT entitled ian act to repeal SO much
of san act entitled ian acts approved Nav
II, 1887, granting to the several banks Of
this State the privilege OF issuing post notes,
and for other purposes.
SECTION !. Be It enacted By The Legislature
Of The STATE Of Mississippi. That SO much of
the above recited act as makesit lawful for the
several banks of this State to issue post notes
be, and the same is hereby, repealed.
i SEC 2. Be II further enacted, ssThat If any
Eof the chartered banks of this State shall issue
post notes, or notes payable at future day,
intended TO circulate as currency, If shall be
held and deemed forfeiture of their charters.
SEC. B. And be ii further enacted, That this
act shall take effeci, and be in force, from and
after It's passage.
J. SPEIGHT,
Speaker of the House of Representatives.
RI GEORGE B. AUGUSTUS,
President olthe Senate.
i Approved, Feb. 6, 1910.
A.G. McNUTp.
And, to add the climax of experiments upon
banking, bill is now before the Legislature Of
this State, of (which the following Extract from
the Mississippiani is an out line; from whicllit
will be seen that there is an astonishing viru-
lence offee;ng against the credit of the state
upon the part of our Legislators, flor no other
reason than the belief, that the Banks, have
acted in bad faith. Some may have done so
but where is the proof that all havel 1t GER
tainly is without parallel in the history ofle-
gislation, that the sins ola few should be visit
ed upon all-because, they bear the same name
although that name is the odions one Of
g Bank
On yesterday the bill to provide for the
! payment of specie by the banks OF this State,
| and for other purposes, . passed the House by
a vote of so to 80. In another column a list Of
t the ayes and noes on the passage of the bill
may be seen. F0ur Democrats voted against
i the BILL and four Wings (see the names in ital
ics,) for it. The clause which excepted the
Union Bank from the conditions imposed upon
the other banks, it viii also be seen, was strick
en- out. BY the provisions of the bill as it pas
D sed the Hose, all the banks IN the State are
requiredt to resume specie payments on their
] notes Of the amount of FIVE dollars aud under,
on the first day of April next from and after
D the lst day ofJuly next, on all their ten dollar
: notes, and from and after the first day of Oc-
D tober next, on all their tlrelfg collar notes
and from and after the first day of January
next, on al their bills, checks, Ger tificates OF
depostes and all other evidence of debts, upon
presentation of the same at their respective
J banking houses and upon failure 10 comply
with the foregoing provisions, Their corporate
powers, privileges and franc Use, shall there
upon cease, be null and void, and of no effect, .
except for the purposes of liquidation.
The bill provides that, should any bank IN
the State fail to pay specie as required, the TO
ernor upon being satie fled of the fact, shall Is
sue his proclamation, declaring the charter Of
such bank forfeited; and from and after that
time, no person or persons shall, under the
cover of the name of such bank, do any act of
banking, on pain of imprisonment in the peni-
Tertiary.
That the Governor shall appoint one COM
missioner for each bank, whose charter my
become forfeited, from the county in which the
] bank is situate, who shall forthwith take an
inventory of the effects ofthe bank, and file a
copy OF the same in the Office of the Secretary
of State,-that hereafter no bank shall issue
any note not payable on demand--that no IN
dividual or firm shall be allowed hereafter TO
become indebted to any bank in the State in a
greater sum than ten thousand dollars-ihat
every bank in the State shall, quarterly, COM
mencing on the first Of April next, forward to
the Governor ofthe State, a general statement
Gifts situation, and shall cause copy of such
statement to be published in some newspaper,
at its own expense.
The penal sections of The act are required to
be given by the several circuit judges IN charge
to the grand jurors, and the District Attorneys
are allowed fee ofone hundred dollars for ev-
cry conviction under the act.
The bill contains many other provision not
enumerated above, but inasmuch as the Sen
) ate has We. to pass upon it, we have not dee
med It important to give our readers more than
: an outline of It's features. b.
CORRESPONDENTS OF thu COURIER.
WASHING TON, J AN. %.
Mormonism has been introduced into the
Senate 4lYc f1arnsF,fr fo ~I,ar,e