The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1842-05-14
A. SOUTHERNER
STATE RANhS.


STATE BANKS
The following extract from The ai- ,
dress of the Wing Convention which as 1
sembIed a, Raleigh, \. c. On the 4.a
april, on the subject Of State BANKS, 5
taken from the Charlotte. n. c. Jscraal..
Among the topics which have been.
and are most fruitful OF defamation ~ith 4,
our opponents, Is The number OF baa<S.
and the amount OF banking capital u tas
United States. Th=y seek to hold ~
wings responsible for the undue increase
and mIsmansgemenl OF the banking CO.
tai, representing them a. the a1vo-a =
or unsouEd and dishonest bsazIar ils.s-f
tuuons. Never was charge less sa1-
ported by proof or more capa5ls Of con
/ pseie re!u;auO1. Gae doctrine oil th-
wings mas ever 0sen thar some PAPER
circulation was both ziyaataveoas al
necessary to the country, becausa oar.
share Of the specie Of the world = en-.
tirely inadequate II amount % our -an.s,
and because an entire specie circulation
, IS, from IFS bulk and weight. iuc0aveus-
emf and troublesome. AM from lis Coz
5 slant waste by friction, 5 yearly llm.-
' nIsmng IN amount Bot thev have ever
2 maintained that banking inzgira-Io1 -
! supply this paper circulation. $40
= be increased beyond the actual -
? ties Of the couutrv-sh0uli b Gre 49,
uPonsas rm bass Of specie and property.
T and sise laws, carefully restrained
3 iron Excess and nismaaagemen.. au1
= with this doctrine the practice u she
c wings viii Dc lcuEd % haze Correspond
ed. How IS It with our opponents p
5, Their theory has taught the propris.y 81
7, an exclusive hard money currency
ii Banking Institutions have 5esn The theme
, Of their unceasIng den1nc.aii0n- lie.
s how have they sctedl When IN posses
IS sion of power, what have they d1as g
a reduce their theoEySasssSSlicei Les u.
l. enquire Beloz into power
is it is undoub.ed . .ood eur
I'd rency. Every o. s-4'can remem5s
IT the state Of things twelve years 40
ne knows this TO have been the fact IN,
tn change IN the condition Of the COMFY
- the increase of banking capital, beyoa.
ri all the reasonable demands OF business
and the consequent depreciation. aros
on from their administration OF the Goyern
IN ment, and they stand Justly rsspCnslb l
for the consequences In tie wear lsSC
Of there were IN the United Safe. -
q banks with an aggregate capital Of Sl+5
AI9O,268. In 1882 the bill 10 rs-ch2rts
the Bank of IheI Talted States was vetoel
rs aad In 1888 the Government deposl.e
at were removed from TIA, Bank an %
IT, ced with the State Banks. Taenceioi
Ga ward, the Banks enjoyed the favor o. "A
Administrative applsadei IS 81
er, repositories Of the revenues, AMI eapS
OF Die of furnishing a sufficient and so1n
We currency for the couRtry-were urse
he by tho then Secretary Of The Trsasar
'se- TO increase their loans, enlarge the
ro- circulation, and furaIsh every lacll,
,ut which their accommodations could IT,
II nsh to the mercantile community 4
to the same time banks began 10 Be m1.i
% piled without necessity and beyond \
laI example. Within less than uyo yea
OF from the removal Of ne dePosi.es, Il
lto banks were found 10 number 55S, ~
50 an aggregate capita Of SSSl, 2S0,S1a =
And in December 1887, the nanber q
Is increased to 709, win an aggre -
;ed ,horized capital OF S44O,l
ian that the banks had doa5ls.ss s-she ca
the tai more Than ssebled II 20 years
ro- Now where was ilkegF hes lacrsa
ted in the number 49, ltl.soi t-.-se eaaS
I've Was it in Siat<id nder Wing diFscl,o
a. Or was it & States WHICH euloy
the specia benefit OF being governed
100 locofo a,ateres2 Undoubtedly
al - Us take as examples =
few States distinguish
80 cd Tor their asIachaae
- erty. Take Malae-
i n 10 ssfDhad - banks, with capita.
nil k0,eOO; in December lSST-sae D
tent = sks with capital Of S5.5S5.o'
Up Tai psylvania- In 1880 n oee
wer u number with acaPitai Of ;
t of $40. in December 1887, tae nam'
ders had increased to % and the authors
at capital 10 $50, e44,435. Take Alaba'
for which in 1880 had 2 banks with G.
tiers tai of S643, 500, and IN DecemoeF i