The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-01-22
eoVEIRNI1Is, Is 8 C.
Gentlemen D ne Senate
and House Of Representative

~ = 4A&e1A ~ ~ - -
Gentlemen of tIe Senate
and Hoase Of Representatives
coOrLuDEp.
The banking system Of this State demand
your confederation. During the period Of
oilr gayolutonary struggles, the Congress ofI
he Confederation. and the several States,
issued immense amounts Of paper money to
carry on the war. Before Ifs close, this
money had Deprecated SO much as.to be-
come useless useless as currency, and
worthless us an article of merchandise. -
Much Of Il has never been redeemed and
The holders Of that portion paid. received
but small fraction Of their dues. The de-
ranged state Of the finances Of the country,
the low state of public credit, aud the total
insufficiencv of the articles Of the confede.
ration TO command respect abroad Or secure
II 81 home, induced the States 10 assemble
in convention, and to adopt constitution
FOR The United States Of America. That
sacred Instrument provides, that no State
shall coin money, emit bills Of credit, or
make any thing but gold and silver tender
in PAYMENT Of debts. All the States Of this
Union have departed from their approprite
spheres, By charterng banks with authority
ito issue bills 10 circulate as money; and
many of them have borrowed immense sums
of money for purposes Of internal improve
ment. and to establish banks The consti-
tuhonality of these measures may we'll be
questioned. The history Of their opera
lions. for the last Ave years, demonstrates
their ruinous tendencies. They have all
disreaarded the restraints Of the law. deiiedI
Legislative control, and failed 10 furnish .
stable, sound convertible currency. ICON
slider the whole system vicious. Itcan never
be So regulated, as 10 become useful to any
community. Banks Of issue, place Il IN the
power Of few men to alter the standard Of
value, unsellle the price Of property, and
70 produce alternate expansions IN business.
and revuIsions in commerce. Incorporated
banks, Of discount and 6episit, confers special
privileges on the few to the detesiment OF
the many, and enable those who cgntrol
them 10 monopolize every article Of produce
they desire, to the great injury OF both the
producer and the consumer. In prosperous
Times they discount freely, and thus stimulate
speculation, extravaganza and idleness.--
When 4 revuIsion takes place, they are nn-
able to help the needy, and add TO the pres
sure by heavy calls on their debtors to sus-
tain the waning credit. The immense losses
sustained by their stockholders, viii cause
capital hereafter 10 seek safer and more pro-
litable investments, and bank stocks viii
not for many years be in much demand.
During the last four years, all the banks IN
Ibis State have been unable to furnish ex-
Echange. equal to the value Of the cotton
Icron Of d single year. The present situa-
1tion Of or banks, places It beyond theiI
lpower 20 furnish sound currency, or % ald
the indebted portion Of the community BY
further loans. Justice to their creditors
ldebtors. and stockholders, and TO rhe State
limperionsly demand that they be placed u
Humiliation for the benefit Of all concerned
lThe bank law Of last February was TOO fee.
s ble in its provisions to command the regard
lof the bank directors. In accordance witt
Its provisions, issued my proclamations de
claring The charters Of the following banks
ioffeited, 10 wit:
The Tombigby Rail Road and Banking
! Company;
Company;
The Mississippi Rail Road and Bankinl
Company
The Benton and Manchester Rail koa
and Banking Company;
The Grand Gulf Rail Road and Bankin
E Company;
i The Aberdeen and Pontoloek Raid Ron
s s and Banking Company
The Bank Of Vicksburg
The Mississippi Union Bank, and
The Citizens Bank Of Madison Count.
8 Copies Of those pr0clama lions are submit
8 ted 10 your consideration. also lransm
D copies Of my cores ondenee with the A1i
p sissippi Union Bank, and The MISSISSIPPI
8 Rail Road Companys Id relation e The a
g poinimentof commits onels 70 make out
schedule Of the assets and Liabilities Of Ties
institutions. None Of he banks have &
pointed commissioners @ aci % conluncllc
with those appointed by The Executive, a
II believe they have al refused 70 give 4
{, State commissioners access @ their bool
J. and papers
S. i IS believed that The following ban
IS have failed . comply with Tie injunction
& Of lhe bank law, 70 wit:
The commercial Bansof Colnmhus
d The Commercial Bank of Rodnsy
3 The Agricultural Bank
g The anlers' Bank Of AIississippi
The Bank 81 Lexington;
The Bank of Grenada,
81 The 4icksbuEg Water Works and Ban