Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-11-03

desperate state ever to recover and me
IFS liabilities.
4 The high salaries Of these trustees an
asslgnees USUALLY allowed them, and Il
bank attorneys together with the expense
incident to the trust or assignment, form
burthen which invariably brushes then
Indeed, the trustee feature, in the amenc
ment seems as though it was intended
furnish fat salaries for the old officers an
attorneys Of the banks-for il is hard I
see how any rejecting man could hay
expected any benefit TO result to the Gre
diors Of the banks from the appointment
and agency of trustees under the amend
ment. No such powor is given or dul,
assigned them as TO pay creditors Of III,
banks, even after they shall have collect
ed the debts No provision is made OF
this sublect-and If power was given then
to make distribution amongst creditors
what an erroneous, dangerous aud cor
ruptlng discretion would be given them
What a wide door for specnlaiions anC
irand! The salaries would be a STANDING
temptation 10 procrastInate a final settle
ment OF the trust; court of Chancery
would then have to be resorted to-and
from the grea. number Of creditors, the
delay would be great and the expense i'm
mense. More than iwo.thirds of the ere.
dtors would soon find their claims swal.
lowed up by the expense of litigation, and
the result would be that all the assets not
consumed by the expenses of litigation,
would be bought up by the trustees. A
richer field for speculation can scarcely
be imagined. The amendment is very
defective. No person is designated 10
whom the bond required of the trustees is
to be made payable.
lmputaiions have been cast upon the
opinions of the advocates Of the Briscoe
bill--and it is said that the debtors of
bank are morally hound to pay if even
they be legally discharged and released
after judgment Of forfeiture against the
bank. 1t is difficult to sec what the L.
yislature has to do with individual opinion
rs to their moral duties. As we'll might
/ interfere with the freedom Of religious
opinion, These are matters for the con.
sheraton of the individual citizen alone.
L is said that these debtors got the notes
If the banks when they were al par value,
md bought lands, negroes, &c with them.
Admit this to be true yet, perhaps, this
cry same banks stockholders, (for il is |
nown 10 he the history Of nine out of
en- of all The hanks in the State.) never
aid cent Of their stock in specie, or the
oies Of specie paying banks, as required
y their charter, or al least paid no more
lan was necessary TO put the bank in
peraion, and gave their individual pro-
lissory notes for the almost entire amount
their stock, in fraudulent violation of
leir charters. This was fraud npon the
tate, upon the borrowers, and upon the
ublic generally. The borrowers cannot
any event be said TO have received
'methiug for nothing, for the notes either
PSI the bank nothing, or a, most, moi ;
ore than few cents each, The cost of :
lper and engraving, and the promissory /,
ties of debtors collected Wy every bank !;
the State have amounted 10 ten times
much as would have paid the cost Of
lift incurred by every bank Of the State !,
he exorblant prices given to property
: the inflated issues of their spurious !.
rrency by the canks, caused the borrow.
5 TO pay four or five times as much as
2 intrinsic or proper value Of the proper :,
which they bought. Besides, the peo- J !,
, Of our Stale, as a community and as i
liyiduas, have paid dearly enough for
, runous effects of fraudulent banks,-- =
le banks have entailed evils aud injuries l
on our people that cannot be estimated
damages. They have bankrup,ed indi. =
ualsj swallowed up private fortunes; 4
rupied public morals, and destroyed The -
'sperity and credit Of our State. Had y
fraud Of the nonpaymont Of stock been j :,
covered or known while the borrowers =
! the banks paper in their hands, il =,
uld have deprecated 10 nothing. But !,
hitting that the debtors il released by :,
gment OF forfeiture would be getting -
nething for nothing, what thanks do The y,
ks deserve, who all The time we're i
uniting iraudl Their Stockholders - -
not give their issues credit and cur. 4, r.
cy! But that much slandered name !, -
he State Of Mississippi"--ihe people -
mselyes, who gave the charters 10 the /.
ks, and authorized their issues to be u y.
eiyed in payment Of public dues. Be- g.
IS, many Of them loaned the notes of
" banks, fo' tChica hcy nor hold Me :.
IS Of indiriduuls 10 an immense amount ~
nd the debtors, if discharged, after Il -;
gment Of forfeiture, are released by " "
law Of their contracts. 1t must, also, y
aiken into consideration, that, Of the ~
J number Of bank debtors at this time, y
more than one-fourth or onethird OF - =
,, RI horrn,cora Evar,, H.. ..<.,.,.. -. ~