Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-10-10

MIssissIFF UNIoN BASK. These bonds bear
interest al The rate Of eve pea cent, payable semi
annually N SFECIE, AND N EUROFE. The I
Bank Is uiisry HHGbls 70 pay one dollar o either
principal or interest, but all must be borne by
the people Of the State al large"
How is this amour, Of money to be p
TIE State owes the debt, and as the wings soy,
honestly too, and that acting nPOn principles OF
justice II should be paid! They say We have had
the money and We ought to paw it. True the
money was had BY the banks, and by hem loaned
out to desperate Spectators, 10 stock Obbers, aud
broken merchants, and by them used-they re.
ceived the benefits Of i,-sweled the srstoera'
as long as credit lasted finally failed and are
incompetent, to meet their bank liabilities.
Who looses those debts, thus made Does the
dreciorl No! Who thenl The State Who
pays it, # paid at ALL THE PEOPLE BY TAN
ATION!!l Such is the situation Of matters
now,--It is necessary that an average of about
eight hundred thousand dollars, annually for the
next fifteen years should be raised, and how |!
from the honest industry Of the planter and other
property holders, by DIRECT TAXATION. Let the
people-the planters especially, ponder upon
these facts
| The same writer says
! "To present, the question differently, and show
lis positive bearing, the mao who now pays aunu-
ally one dollar, will have 10 pay FIFTEEN; the
man who now pays fen dollars, will have TO pay
ONE HUNDRED AND FIFTY, aud the man who
now pays Que hundred dollars. will have to pay
FIFTEEN HUNDRED. The great question
10 be decided is, ,pi you submit 10 be Jared hes,
| enormous SnmS "
Let it be remembered tina, this amount must be
paid IN GOLD AND SILVER-or their equiv.
alent.
The Mssssppan in commenting on the sale
of The Bonds of the Union and Planters Bank
makes the following just remarks:
The Bonds of the State for the Planters Bark
were sold III pursuance Of law, but such has beet
the reckless course pursued by those to whom
the funds were confided that, but lille Of the orr
ginal capital OF the institution now remains. Tn
fre million Of Bonds sold by the Mississippi
Union Dank were sold in open defiance Of tn
statute under which they were issued, aud in de
rogation OF the character Of the State. Thu
same desperate spirit which could induce tn
managers of the Bank TO violate the express pro
visions of the charter in the sale of the Bonds
obtained in their subsequent councils, and tn
history Of their course, is no less than conca
tenation Of wllful and inlqu'tous frauds upon III
people, and stubborn opposition to law, lustlc
L.. H.. 49,
the whoIc five million Of dollars committed to tn
charge Of the Bank were squandeled, and det
Of post notes left outstanding, nearly equal i
amount TO that which was spent Not one ma
in erery hundred received eren The imagindr
benefit of loan, uhiIe IN the end euery mdl
,coman, and child, in the State, and not a tsl
ont Of ii, acre plundcred by The depreciation 0
its paper. The Directors Of the Bank, indeed
seem to be the only persons benefited by the ex
lstence Of the Bank, their several liabilities rang
ing from Sirtg thousand to two hundred an
imeipe thousand dollars, in addition TO the enor
nous sums which many had reiiered ihemselye
from, by discounting the notes Of broken specu
ators for whom they had endorsed to almost al
unlimited amount. But, it's worse than useless
TO specify single acts, suffice il to say, that III,
HlslOly VI III lno HdIlie VI ldV
throughout the earth, present nothing parallel t.
this. The Bank commenced by an illegal an,
frauduen, sale of the State Bonds, and all its sub
sequeht acts we're continual series of ouirages
in palpabe violation Of the law Such a cours,
of conduct could moi have resulted otherwise
than in the downfall OF the institution ; and
only remains now for the people to determn,
whether they are disposed TO submit to taxation
and pay the enormous amounts expended ant
enjoyed by few Directors Of the Banks
The two opposing parties take issue on thu
question Of the Gene,al Government assumn!
the debts OF the States which are now upwards o
two hundred million of dollars. The Jehersoni
an Democrats oppose and the Hamiiionian Dem
ocrais, as they call themselves, are in favor Of tn
assumption by the General Government. II III,
policy Of The wings were pursued an enormous
national debt would again be revived and to h
quidaie which, high tariff, (Which is the hobby
horse with the New England boys, and on
equaled by the United States Bank, as the sayio
of their inierests) would again be revived. Thes,
are among The many evils which the whig part,
would ENTAIL upon now free and ndependan
people, they would bind US down 10 those Eng
ish stock .jobbers who now hold about two hun
bred and ten million of State and corporation
stock of this country. This party tina; are 81
VERY thoughtful of the peoples interest," woulc
draw from the pan'eSs' melchanl's mechanics
and in short from the day Iabbrer's pockets mon
ey sufficient by taxation, TO pay the holders o
this stock, about twenty million Of dollars annual
y as interest More anon.
HARRIs0NS FORGETFULNEss.
In the letter Of Gen. Harrison 10 Mr.. Lyon,
Of Richmond Virginia, dated June !, 1910, Is III,