Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-30
REPORT
Ofhe Select Committee on Banks and Cur
rency to The Legislature Of the STATE Of

rency to the Legislature Of the STATE Of
Mississippi
Mn PRECEDENT:
The Committee TO whom was referred
80 much of The Governors Message and
accompanying documents, as relates to
banks and curtcncy, hive had the same
under consideration, and Veg leave 10
make the following report.
Aware Of the importance of the subject
entrusted to their consideration, your
committee would endeavor briefly, md
with as much research as the short time
Tor examination and reflection would al.
low, TO urge upon your consideration and
attention somc views which they shall Hd
vance.
The subject Of currency is certainly
pae of the mos, delicate character, the
most complex Of all subjects, which can
engage the attention of The individual cIll-
zen, the sovereign State. or General Gov
ernment. BY lis proper conduct and
management, safe and easy channels o.e
open for the transaction Of all necessary
affairs with which the pecuniary wants OF
either are 30 intimately, and necessarily
connected. While contrary course III
reference to the came sahject, creates an
obstruction 10 the circulation Of the vital
current, upon which mainly depends the
character Of an indlvudal State or Ma
ton.
The history orhe past five yenrs in
our own STATE, is replete with fruitful ex-
amples Of the truth of proposition above
advanced.
To such an extent, have been carried
The nnwiso tnkering with the currency,
as well OF the nation, rs Of this STATE, that
we find our State second to none in impor-
lance, in the amount aud value Of exports
unable 10 meet the ordinary expenses OF It's
government, large debt staring her 10
the face, and the wants Of her people I'M
provided for.
Your committee are Of opinion that,
that legislation in regard to this SUBJECT
which il not permanent in its character,
but which seeks only 10 palliae an exIs-
tinc or present evil is unwise. The cre-
alton Of a multiplicity Of banking institu.
lions for the purpose of filling up the va
cum ia circulation, superinduced by q
combination of causes, while it extended to
tho wants Of distressed community a
present relief, entailed upon the body pol
tic an aggravated disease.
Your committee nre of opinion, that
banks or discount and deposite are only
se-yical TO a community strictly mercan-
Tile in its character; that 10 community
purely agricultural, such institutions are
rather detrimental than beneficial $50
great variety Of consequences flow from
The abuse Of The legitimate design of banks
as renders it 10 our opinion necessary to
discourage their use for such purposes.
Your committee belive that the policy
adopted heretofore, Of banking upon the
ni,h and credit Of the State, was inludi-
clous, and has been attended with disus-.
lrous results.
Tho large amount Of public debt crea-
ted by such policy, has resulted without
benefitcorresponding with the evil. The
State now finds herself embarrassed, whlle
the liabilities incurred have not redounded
10 the benefit Other citizens. AS u should
be the aim Of oil governments to act tor
the public good, il becomes wise govern
mcnt to inquire what shalt DO the course