Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1842-04-09
MEETING
OF THE STOCKHOLDERS IN THE
MISSISSIPPI UNION BANK

n - 'HS 4tAio9iSolPPl CHlOH BANK, II
the Liberty District, held in the tow
r Of Liberty on the 28th day of March
y l842, for the purpose Of conerng on III
subject OF their connection with said in
a stltution, /. NJ. Rogers was called 10 tb
Chair, and t. w. GRIFFIN appointed Sec
rotary. David Gordon, w. baltimore
and y W. Caulfeild, being appointed
Committee TO submit course of action
, Tor the meeting, the following exposition
OF Inc case Of the subscribers was report
ed, and being unanimously agreed 10 wa,
ordered to be published.
The case on which this meeting is held
embraces moral and legal question.
| The moral question will be un folded If
advertlng to the origin, the object and the
administration of the Mississippi Unior
Bank This institution had its origin in
the Legislature Of the State, and for its
object the establishment of a sound locn
currency. To attain his desired end. il
was deemed Indispensable that the landed
property OF individual stockholders should
constitute the basis of safely and conf
dence. The design was both wise and
patriotic, and had the execution oft been
equally so, the State Of Mississippi might
have enjoyed an enviabIe distinction for
good money and good credit, amidst the
present general wreck of moneyed corpo.
rations.
From some Of the animadversons
which party spirit has INDUCED in against
this institution, u stranger to its history
might lnler that it was devised by specu-
lalng adventures for sinister ends. II is
already shown that the motive Tor its ere
allon was far otherwise; but it is still
deemed proper TO say, that the individual
subscribers for its stock are generally. so
lar as they are known to this meeting.
common planters Of moderate means. who
never owned stock in any other bank. and
never engaged in any Of the usual specur
iatlons of the day. lflhcy have commit
ted any fault in this matter, it consists in
confidng in the wisdom and Justice Of
Their government, which devised, cre5ted
and Proiessed to patronize the institution
IN question, This government, by the
charter It framed, virtually invited those
planters TO take stock, on the pledge of
their lands and their homes, without
which the original design of the govern
ment could not succeed, They relied, as
already suggested, on the fidelity of the
government; and many small hardwork- I
ing planters mortgaged their little tracts
D! halt or quarter section Of land, and
Inns ventured their little earthly all,
If IT be said that it was not the govern
nent, but the bank commissioners, that
deceived the innocent subscribers for
stock, then the reply is, that those COM
nissioners were the creatures of the gov.
the Legislature having appoint
ed them all, and that the institution was
'ulned by them, under the eyes Of the
government, before the subscribers had
I in their power 10 take one<single step
o arrest lis fall.
The rea fact is this: The Union Bank
was purely a measure Of the Legislature,
which they patronized whilst it was pop
liar, but abandoned and disowned when
is character was gone The ex,Gover-
Tor too has proved himsefto be an eyre, G
,ions changeing, by his conduct in reta-
ion to this institution. He was at first
opposed to the design, and afterwards
when he found it was popular.
But much worse than this. At one time,
When it was thought the Bank might be !!
'esiored to credit, and used to advantage, !
lie claimed all the stock, the five millions !
hen obtained, as the exclusive property i
f the State, denying to individual sub. a
cribers any share whatever in the insii' !
uton. But at another time, when its al, y
airs were deemed desperate, be Insisted \
hat those subscribers owned the whole i
oncern. The influence of the ex-Gov- I
rnor has sgnaly prevailed on this sub 0
set, and had the five millions of stock u
cen used 10 advantage, individual SUBJ Y
crlbers would never have received one y
snt of the profits. But now when the .
ock is known TO be wasted, il is more
ian insinuated that the same subscribers 5
Mould bear the loss--yes, more than in, y
nuated; for the House Of Representa-, i
YES Of !he present Legislature, imbibng '(
lie spirit, aud actuated by the example
the ex Governor, have indicated and b.
rged certain measures against those Il
disorders, which nothing but an un> n
Ghteous policy could suggest. The re- CT
,rt on the bond question, which was p
lopted by a large majority, concludes ~
it'll the following resolution: G.
"Resolred, Therefore, BY the Legisa- b
re of the State of Mississippi, That for Il
c reasons set forth in the foregoing re &C
,rt, this Legislature denies that The Stale II
Mississippi is under any legal or mora !
litigation TO redeem The five millions Of al
nds, sold by the commissioners Of the n