Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-08-24
REPUTATION IN BLOSSOM.

Perhaps the most villsinous measure, all thire-
considered, ever couu,enanced by Locofoco Lc-
gissaiure Is now near its contamination in that of
Mississippi IL purports to be merely bill to de-
pfise the nsoyent Banks of that State OF their cor
Pofae powers, and as such as has been approved
by the Journal OF Commerce; but lc, US look al its
real character
A IocOioco Legislature chartered tho Uuon
Bank. with capital Of sl50ap 900. and authorized
ITO borrow Ss,oeo, 600, Cav kirNuu (now Repu-
idaior) signing and issuing the State Bonds The
money was borrowed ofthe " S Bank and loaned
Ia the People of Mississippi, in good part to those
who created the Bank These borrowers have fail
ed TO pay their notes when due the Bank conse-
qnen,ly failed the State failed to pay the in,eres,
on her bonds, and soon repudated their payment al
together. Thus the matter stands at present the
borrowers owing largely TO the Bank, the Bank to
The State, and the State to her land-hoders, and
neither beginning TO pay any thing The State says
she will never pay her bonds. which are endorsed
by the broken Union Bank, bu, the holders may
look to that Bank and its assets
Al this stage is introduced the proposition to an
null The corporate power Of The Banks, which at once
strikes dead all present future processes for the
collection OF their debts, leaving them hopeesslv,
utterly bankrupt robbug finally the holders of State
Bonds and Bank bills or other evidences of debt,
and releasing all the Bank borrowers and debtors
from any payment Of their debts, now or hereafter
Indeed, one of the Repudiatng Williams who urged
the passage OF this bill did so expressly on the
ground that il would absolve Bank debtors from the
paymen, Of their debts Said Mr.. Leake OF Lownles,
| at is well known to the members of that House
that most OF those who were indebted to Banks as
principals had been released by the Bankrupt Law,
and that many innocent persons ,oere lef 10 suffer
securities, and that the passage OF this bill will doubt
less reiiece them althou3 h it might be oppressive
upon few creditors Of the Banks, there could be
no doubt 1t would relieve many innocent debtOrS."
| The principle here avowed is which strikes
at the foundation OF all integrity, all security On
the assumption OF Mr.. Leake, one party of two must
lose money, the creditors Of the Banks, the Justice
oil whose claims nobody disputes, or the endorsers
of notes discounted in Bank by who have since
become bankrupt. Who shall bear the loss Who
oughi--the man who holds note and has given
full consideration for il! ore who endorsed it, and
by endorsing, induced the holder TO discount i, .
The Law universally answers this question as Jus
tce plainly dictates. Yet Legislative robbery here
steps in releases the debtor and swindes the cred
ior
Mr. Grant, of Jackson, a Wing, proposed ar
amendment providing that the court issuing qu,
,carranto to wind up an nsovent Bank shall APP
point Receiver to take charge of its effects, col
eci what is due it, and pay over TO its honest cred
itors. But this though perfectly consistent with
the pretended object Of the bill, TIA, of winding uI
the insolvent Banks, was fatal to its real object
swindng the Bank creditors--and il was Tad on
Tie table, Yeas 10, Nays 49, and the bill then passed
the House, Ayes 40, Nays 80, three Wings absent
and three who would have voted with them detaiu-
ed away by sickness. Two or three pretended
Wings doomed themselves to undying infamy by
voting with the Repudators and are therefore boot
ed out Of the Wing party and the company of al
honest men ever more.
The only hone now is that the Senate will sloT
this infamous bill OF the Governor, elected as q
Repudaior and running on the Repudatng tickle
for Congress, we can expect nothing,--N Y. Tri
hume.