Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-05-22

t4f LasgH BGHs. So ,l-yrsuiutan Eas passed
so the bili vas lepo'ied-so u passed rs second
reading. On tn lhird, ZIP exception Wss .iacs-
en- out for reasons pbclvi be gwen hereafter.
Ny motive Tor excePua. the Union Park from
iae operation Of tie avs .as, i tls siockhcldsf
uaHid consent. 10 make q Stale iG2,.jui0n Gift
-ome.hag IN the form oiihe Alabama bank. Il
BaY DC asked hoa 1t vas that /, Who am oppOs
I'd 20 al banks. could voc Tor Such an institution!
answer that 10 he Origin Of such an Institution.
could not qotp for II. Bu; jhe case or the In
ION Bank vas different, This bank had been Is
isbi.beJ, and. al, ! believe, 10 duecl violation oil
ihe Federal dHd STATE Constitutions aud the State
sas deeply involved Ia /. The proper question
SC, hos sho8.d tHe bank be managed, 50 as 10
save the State, and make II an ~. Tuition to ben
cit the people, II such thing be possible IN ref
ereuee To banks. Ny plan was 10 make Ia
State ns'itut On with capital o,S6,00O,000,-
4 have one branch wi, 4 capital of $4,000, J0u at
! Natchrz. the mother bank at fIcksburg Ut beng
more cealtal) with the same amount-one branch
at Columbus with 4 capital Of Sl.0U0,O0g, and
| the other at Holly Springs with 81, l0U,t00. -
/ The bank hen 81 operation should do business
only N two ways, VIZ: buy bills payable in New
Orleans and Mobile at GO, 80 and l2O days, and
loan money on the same time on real estate
moltgagfd To dOubie the amount OF the sum b0r'
rowed, 10 DO sold al 20 days notice, IN case Of
failure on the part Of the oblgor TO pay puhctual.
/ ly. The first issues | would have had to be
| 100000, Just bait the amount Of capital. 1t
should have been a specie paying bank from the
start, and had the 100000 of bills been retur'
ned on the bank for specie, she could have paid
them, and had three more leit--the amount Of
which should have been issued, as the bills re
cegabe ior the trst issue had been cashed. By
this time and IN thus way the bank would have es'
iabshed its credit as a specie paying bank, and
public confidence thai very fashionable word
nowadays, would have sustained such an instr
| futon.
A bank based somewhat on the principle hive
stated IS the onls plan which can ultimately sUs
ainilseif The amount Of issues should never
exceed two for one, and instead Of the bank en-
| qnnlnI, who wants money, II should enquire, who
Will pay the most puncuaIIy. | repeal, once for
all, tha the correct principle Of banking IS short
loans to punclua individuals THIS say was
the plan ! had concocted for bank, which
4 iICiitlNtEu ~ Uul Two IHuit iuudiS,
| such was my motive for excepting the Union
| Bank from the operations Of The bank reform law.
v'.'Lol about the time the bill was to be read
DUNE, the report OF the committee appointed
II investigate the Union Bank cutne ont with
such adeyeIopement Of startling facts, pyoduc NJ
such prejudice 10 the minds OF the members,
That II was found impossible to make any thing
beneficial out Of 1t. Accoldinl " the unlor Bank
was placed On the same footing with he other
banks und an consultation il was lhoue / adyisa.
BIZ TO place II forthwith IN State Of Iauidalion.
ana Mf besaneon OF lunica brought in Sill 10 |
that effect which was lost, ouly twenty-five mem.
oefs voting Tor It, myself among the number. -
Under all The circumstances. as here Faithfully !
dedntaed, with What proprlely--wlth what face,
Or with What Justice" can any man CHARGE On
the the base and sordd motive imputed 10 me in
the COMMIT lcauo0 before relalred to. Nuthine
but the most distempered Imagination Or me-
ef7s~est 'gn@ance Gun couneuauco suca an in.
sinmtIon, when prom usca = L. bu-o stan
der bavug no foundation ~ truth.
was well aware before | commenced IN oive |
my AID N reforming The banks aud currency tba
| should call down on uie The maedlc,jons n
those who had iaened BY pluuderng the prople
considered tlat was seat to the Legislature ia |
ASSIST q relieving The grievances Of the people, |
and knew q no better way to show NV sIncerj |
y lhaR by sinking At ouee al tho root Of the ev,i
Y Is utxlm Ptely generally subscribed 10 thai
"a Is lat "a wait s0,.aIi Is fan in rtdd,ng ~.
country q an unconstitutional law. bold rbnt
eted public emergencies wiII arise in human
events when nn ouy law, but the Con.,nnt,on
IiseI' must yield 70 public opiuon, which con,
celEe was the cuse "a reference 10 The banks and
currency oftLts STATE. Every body cned out 20,
reform, aud was for thu reform Which would
warS a speedy remedy, and have The prond
consolation Of knowing that have done INV du.
" lhe country, thank God, il nd OF those
vampires which had well nigh exhausted all the
energies and lite blood Of the body polite. This
was he tlra step; the second is for the people.
one and md'vlsIbIe, 70 stand up aud swear bv
Heaven and Earth that they won', submltto be-
taxed 10 pay those bonds. Lfihis step IS taken.
nsle ID o. disgrace, Mis- issippi will rear 10 her
sell proud monument IN after limes. She will
nave The proud consolation ol knowing that she,
by her independence and honesty has oyrrlhroan
THIS nearous system OF bond selling, BY which
me Stockholders OF this country and The atiStoc.
racy Of England are taiienng OH tho spoils Of
our labor and industry.
IN my legislative careei, il has been my con.
slant object 70 ieglsate for the good d The whole
people, and mol Of few The question to be
decided Is whether or not the mass ol the people
have been bsneflted by the operation Of this
much abused bank reform law Have lis effects
proved beneficla or mott Let the people speak.
4 they say lepeal it and resuscitate The bAnks-
and again Hood The country with shnpasiers. lei
Il be. by them anI wiling to be tfied, and not 4
by the stockholders Of the banks II Is true that ,
amidst the general persecution and dctracton that
nave been heaped on me, some tyw Of them have
aad lhe Independence and honesty 10 give me the
muhi Lnnd of La-lnn I'm or haa1nr n..1..h....