Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-30


~, been. in the loans or business iaclIl-
lies oranled by the bank, preferred, but
have been placed upon the footing as aay
olher applicant or citizen for accommoaS'
ton. ,yn
Your committee are Of opinion that the
assets OF the institution under consioera-
ton, upon proper management, VIII re-
deem her liabilities exclusIveo Of the bonds,
and 90 far towards the redemption OF the
same In view Of this we recommends
curtailment Of the expenses Of the lnstltu-
tion. by n Withdrawal of the branches
now in operation, and discontlnuance OF
all officers not strictly necessary IN the
management OF the affairs, consistent WIN
the views hereinbefore entertained.
Seventeen hundred and seventy thou
sand dollars of the issues are already pro-
tested. some of which have been paid IN;
what amount the committee have no lnior.
nation. The outstanding circulation and
deposite certificates amounting to $500.
TIA Ia is subject TO demand and protest
with Is per cent damages. Your commit
tee recommend the repeal of the laws now
in force, giving such damages, whereby
S4l5 900 or Whereabouts, will be saved to
the State. The Justice of such course
when properly viewed, we presume mono
will question. Your committee would
recommend that the bonds already issued
and unsoId, be surrendered and cancelled,
ard that no more be issued. Owing TO
The existing embarrassed condition Of tho
money marke. at home and abroad, sales
could not be effected which would be IN
consonance with the charter. The lIaoil'
Iiy of the Stale is not, in our opinion, les
sened by the failure on the part OF the
Executive or legislature formally to rat
~ the sale made by the commissioners;
SUBSEQUENT acts on the part OF both, and
continued silence, are virtual as well as
implied raiifications, and the want oil pow
er in the purchaser to purchase, would
rather work forfeiture of the charter OF
he company, than annul the sale, espe,,
ciaIly where the vender received a qntd
pro quo or valuable consideration. III as
is stated, the consideration be deemed ln-
adequate in consequence Of interest upon
the instalmcnts received by the purchasers
or discount to make them equivalent to
par, then for that amount perhaps reld
sal to pay would be just and equitable; on
the other hand the committee submit that
the profits realized by checks or drafts up
on distant points where the funds twere
placed TO meet the payment OF the bonds,
counterbalance the loss supposed to have
been sustained.
la the present states &C destroyed conf.
deuce and credit, throughout the CONNER
cial world, your committee think il is in
expedient further to extend the principle
OF banking; they are satisfied,the currency
will again find its level and business re,
sumo its wonted channels. Your commit
tee rubmit that the driving out Of circula>
ton the issues Of our own banks, even
those in which the States is Interested
has caused the vacuum to be filled with
the issues Of banks Of the adjoining States,
Of the solyency Of which our people arc
totally unacquainted, and Of The power to
control the amount Of issues we are destI-
ute, and the advantages and profits deriv-
ed from such circulation are thrown into
the hands Of those uninteresled in gu. in.
lstitutons.
To restore order where chaos has en-.
sued, improviden. legislation.and destruc-
tive policy, is not the work Of a moment;
far easier does the tornado raze to the
ground the stupendeous fabric, than the
hands Of Briareous can replace it.
All Of which is respectfully submitted.
Your committee at as early time as
practicable, beg leave TO report bill en-
bodying thc.principles in the foreign re-
port.
CHAS r. MOT1NT, rb,o