Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-01-13
NUMBER Is.

Ia.
States, of domestic growth. The inn
nense increase in the growth Of corn
oats, wheat and rye, and the large a
mount Of horses, cattle and swine
raised BY our Planters, have already
made us Independent Of other States
for the necessaries Of life
The banking system Of this State
demands YOUR consideration. During
the period Of our revolutionary strug-
giles, the Congress of the C6nfedera-
ton, 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 become Useless as a currency,
and worthless as an article Of mer-
chandize. Much Of 1t has never beef
redeemed, and the holders of that por-
ton paid, received bot q small fraction
of their dues. The deranged state OF
the finances Of the country, the low
state of public credit, and the total in
i sufficiency of the articles Of the Com
| federation to command respect abroad
or seeurits at home, induced the states
to assemble IN convention, and to a.
, don't d Constitution for the United
States Of America. That sacred in
, strdment provides, that no state shall
: coin money, emit bills Of credit, or
$ make any thing but gold and silver a
] tender in payment of debts. All the
3 states of this Union have departed
I'll from their appropriate spheres, by
: chartering banks with Authority 70 IS
: sue bills to circulate as money and
d many of them have borrowed immense
i sums of money for purposes of inter
"a nal improvement, and to establish
4 banks. The constitutionality OF these
10 measures may well be questioned
r The history Of their operations, Tor
tie the last FIVE years, demonstrates their
of ruinous tendencies. They have all
st-t disregarded the restraints of the iaw,
e. defed Legislative control, and failed
We to furnish a stable sound convertible
u currency: consider the whole sys-
on tenn vicious. 1t can never be so regu-
re. lated, as to become useful to any COM
TO muhity. Banks of issue place IT IN
tn, the mower Of few men to alter the
err standard of value, unsettle the price
CIV of property, and to produce alternate
cir expa nsions in business, and revulslons
ton in com merce: Incorporated banks oil
nu- discount and deposit, confer, SPECIAL
est. privileges on the few to the detrfhefft
ac- of the many, and enable those who
on control them to monopolize every ar
- ticle of produce they desire, to the
fife great injury of both the producer and
and the consumer. In prosperous times
bic, they discount freely, and thus stlmu
and Iare speculation. extravagance an
d If 4 ftffeness. When a rcvulsIon take
hol- place, they are unable to help the nee
O DIV, and add to the pressure by heavy
ippi calls on their debtors to sustain thel
a In waning credit. The immense losse
sustained BY their stockholders, will
ac- cause capital hereafter to seek safe
Trey and more profitable investments, ant
who bank stocks will not for many years b.
pro- in much demand. During the las
" of four years, all The banks in this stat
Obj. have been unable to furnish exchang
nted equal to the value of the cotton crop @
the Single year. Tbe present situatfo
the of our banks, places it beyond thel
power to furnish sound currency, Q
the to aid the indebted portion of the com
orth- munity by further, loans. Justice
DO their creditors, debtors, and stockho
their ders, and to the stale, innperiously az
in mand that they be placed in liquidatlo
.liev- for the benefit of all concerned. In
lined bank law of last Febr tary was to
acili- feable in its provisions to comman
ubfc the regard Of the bank directors.
act to accordance with its provisions, issl
ewifh ed my proclamations, declaring Il
$ that charters Of the following banks TO
Il day feited, to wit:
The Tonbigby Rail Road al
99s s5s Banking Company;
910.O The Hernaudo Rail Road al
95,764 Banking Company.
SCI The Mississippi Rail Road a
I 1IS Banking Company;
90 The Benton and Manchester =
I11l Road ana DdukInS OothPou
6E The Grand Gulf Rail Road q
asa Banking Company;
FOOLS II The Bank of Yfcksburg;
J. 248G The Citizens Bank of Madi:
Us 4 S73 County a..
o Copies Of these procFmations
$3.50 submitted TO your consideration
80 ,o1 also transmit copies of my corresp
aoS'1 n dent with the Mississippi Union b
OOi SIC and the Mississippi Rail Road Com
1886 nv. in relation to the appointment
685,56s commissioners To make out sched
IeI sszl of the assets liabilities of these inst
l96,s66 tons. None Of the banks have
pointed commissioners to act IN
7as GER junction with those appointed by the
listakes scutive, and believe they have all
several fused to give the State commission
, AssIs- access to their books and papers:
ed the isbelie9ed that the following b;
ton m have failed to comply with The mi
act OF tons Of the bank law, to witt
Vi tnO rTsba Commercial RorL az To