Louisville messenger. (Louisville, Miss.) 1842-1843, 1842-11-19

negotiation of their loans, led thcl
to the condition Of practical rcpudin
ton for the present IN which we fnr
= them. That the Government Of IL
: United States, in time Of pcricc
peace. and with no occasion for cX
traordinary expenditures, cannot b.
u brought into u similar condition thro
G the iuDproyidence OF those who nc
l. quircd power Ivy false representa-
lions, is truly fortunate for the nation
ut large--iortona,e for the tax.pay
: ers, though not altogether grateful tc
! the tax.con,umers.- PcmsyJvmtian,
=, How THE BANKs ARE MADE" IL
! the year 1881, il pleased their high
! mightinesses, the gentlemen of ouI
: Legislature, to charter this Bank as
a snug, quiet little shaving shop, with
capital of 100000; but it could not
move until an amendment or so roun-
ded the sharp corners, and made the
charter acceptable TO a certain cap
lta'iS;,' who came all the way from
Boston.
DWELL, on the 10th May, 1888, the
books were opened in Pensacola, and
closed again; Waller Gregory sub
Scribing for 1905 shares, eleven res,
idelts OF Pensacola Ito qualify them
selves for directors) 45 shares, and
$50 shares were graciously reserved
for the Territory. As an nStalment
on this subscription, Gregory depos-
tied $500 with a since broken brok-
cr of Mobile; aud the enormous sum
of one hun9red and eighty dollars be-
ing paid into the Bank, she commence
ed the manufacture of shinplasters
with a nominal paid in capital of Sc
rem thousand dollars. You see the
advantages Of encouraging capital
lists to come into the country! Mr..
Gregory was encouraged! The char
ter was amended so as to exactly lit
his $1,000, which he brought-not
to Fiorida, but to Mobile; and in
short time, as President of the Bank,
enabled to inform the Legislature
that he hal put into circulation pa.
per money to the amount of seoenty.
one M,uslad four hundret and eighty
seven doliarS. Thats did the tcapila!.
isl nsGtc moncypScniy.
ain 1885, a grand scheme was pro.
iectcd for building city at PensAco-
In, Of about two miles square, 10 CON
tain 100000 inhabitants, and a rail
road Mom it, through Alabama, to all
parts Of the Union. All that was
wanted Especially to create the in
hahitants) was bank charter. Ac.
cortlngly our accommodating Coun-
cll augmented the capital OF the Pen
Secola bank to $2,50O,000, with the
privilege of issuing bonds to raise
capital for making the railroad.
son the 2lst February, Mr.. Greg
DRY subscribed all The new stock 49,
600 shares, but paid nothing; and on
the l4th December divided $4,000
shares with the capitalists Thomas
Biddle, Ellen Chancery, Samuel Jau-
don, Charles A. Davis, 5. V. S. Wild.
or. and W. II. Chase. At this time,
100000 was nominally paid up; but
onc-third was in promissory notes,
that have never yet been paid.
"On the IS III of April, 1895, the
bank is ned 500 bonds of $1,000, en-
dorsed by joan IL. Eaton, Governor
of the Territory, which Went into
the hands of the capitalists above
mentioned, who disposed of them,
and RENTED The funds, which ena-
bled the baEk to make advances to
the railroad until they amounted to t
S592,0l3, The railroad company q
employer surveyors and engineers I'M !
1.-THE funds were exhausted, before I
hey had completed one foot Of the {
Dad.
"Thus, then. stands the bank. Ill
advanced to the railroad company
more than the amount of the bonds I
old and the capital paid up, which d
vas entirely dissipated, with the ex- ii
option of what might be obtained a
" the sale Of some Of the materials. a
'he bank has large amount of bills 7
float, and nothing whatever to meet h
lrm, except few worthless notes st
individuals. The interest (amoun,. al