New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-08-10
Reputation in Blossom.

legislature is now near It's consummation IN that
deprive the nsolvent Banks Of that State Of their
corporate powers, and as such has been approved
by the Journal of Commerce but lie, " look at
its real character:
A Loco Foco Legislature chartered the Union
Bank, with capital of Sl5,000,000, and author
lied it 10 borrow S5,000.0O0, Gov. McNutt now
a Repudiator) signing and issuing the State
Bonds. The money was borrowed Of the Z. 5.
Bank and loaned to the People OF MiSsissippi-In
good part to those who created the Bank. These
borrowers have failed to pay their notes when
due; the Bank consequently failed: the State
failed to pay the interest on her bones and soon
repudiated their payment altogether Thus the
matter stands at present. the borrowers owing
largely to the Bank, the Bank to the State, and
the State to her bond-holders, and neither begin
nng to pay any thing. The State says she viii
never pay her bonds, which arecndorscd by the
broken Union Bank but the holders may look 10
that Bank and It's assets.
At this stage is introduced the proposition to
annuI the corporate porer Of the Banks, which
at once strikes dead all present future processes
for the collection of their debts, leaving them
hopelessly, utterly bankrupt, robbng finally the
holders Of State Bonds and Bank bills, or other
evidences of debt, and releasing all the Bank bor
rowers and debtors from any payment of their
debts, now or hereafter. Indeed, one of the Re
pudating villains who urged the passage Of this
bill did so expressly on the ground that it would
absove Bank debtors from the payment Of their
debts Said Mr.. Leakc Of Lowndes
well known to the Members of that House that most
Of those VINO indebted Banks principals had been
released by the Bankrupt Law and that many per
left suffer Secultigs and that the passage
Of this bill viii doubtless re.ce fhCm although 1t might
be oppressive upon few creditors OF the Banks there could
be 10 doubt it would reers many innocent dsbtors.
The principle here avowedi is one which strikes
at the foundation OF all integrity, all security.
On the assumption of Mr.. Leake, one party of
two must lose rnoney-the creditors of the Banks
the justice Of whose claims nobody disputes, Or
the endorsers OF notes discounted III Bank bymen
who have since become bankrupt Who shall
bear the loss Who ought-the man who holds
note and has given full consideration for It or
lie who endorsed 1T, and, by endorsing, inuuceu
the holder to discount it The Law universally
answers this question:, as Justice plainly dictates
Yet Legislative robbery here steps in, releases the
debtor and swindles the creditor
Mr.. Grant, of Jackson, a Wing, proposed an
amendment providing that the court issuing
quo ,oarrantO to wind up an insolvcnt Bank shall
appoint Receiver to take charge of It's effects,
collect what is due it, and pay over to its honest
creditors. But this, though perfectly consistent
with the pretended object Of the bil--that Of
winding up the Insolvent Banks-was fatal to its
real oblect-swindling the Bank creditors-and
it was laid on the t0ble-Y cas- 43, Nays 3S-and
the bill then passed the Housc-Aycs ~, Noes
39-three Wings absent, and three who would
have voted with them detained away by sickness
Two or three pretended Wings doomed them
selves to undying infanly by voting with the Re
pudiators, and are therefore hootcd out of the
Wing party and the company of all honest men
ever more.
The only hope now is that tie Senate will stop
this infamous bill. OF the Governor elected as a
Repudator and running on the Repudiuting ticket
for Congress-, we can expect nothing.