Mobile register and journal., 1845-12-25


 will dhsoro ihe circulation oi ihe Stale Bank and Branches, and furnish an additional sun. sound funds, sufficient 10 pay the interest thus to become patube, must be clear 10 all. For it will hardly be ronended that the notes of those Banks after being eturned 10 tie State, either in pay Ol taxes dr ID piyment of debts due the banks, can egItmatel, hc mi again in circulation; the powers of the banks which issued them for ls purpose having terminat- ed. II, however, there be any who suppose Il can be done with lhe sanction of law, the destructive policy of throwing bank nntes iatu market by the State 10 Le sold for such funds will, from lime 10 fine, be demanded ol us, would uterly forbid il. Instead of Tt !ieyng he country of the depreciaied cnrrency-one oi the great purposes ot winding up 'le banks-snch policy would not only keep up the supply, but Increase Is depreciation. The losses 10 the State wond be enormous. The acl bemg known, through the country as il certainly would be-
 that the State relies upon the sale of the State bank notes as lhe means of raising money to pay the in terest accruing from time 10 time, would find ourselves in the hands of brokers and shavers, com pelled 10 submit 10 such terms il,er cupidny might dictate. Very few rounds of the circle-re- ceINlns our notes at par and selling them at such discount would be demanded result in inc exhaustion of the remaining nssels of our banks, o pay the interest only; leaving the principal deht, in all its magnitude, bearing heavily upon Us ; swelling with still further interest. This suicidal policy. trust will not be adopted, even as temporary mea- sure. IL involves the same principles which have tso long prevailed in the management of our banks avoIing the bank debtors at the expense Of the tax payers ol the State.
 IL IS believed that the amount, now in shit ,against those who refused accept the provisions of the oi the last session of te General Assembly in re- gard lo bank debts. added to one half of the debt extended in virtue of that act, and the sum 10 he raised by taxation, will relieve the pressing ties of ihe State The propriey and importance of prosecuting these suits, and enforcing collections, when all the cIcumsta tancrs are properly consdered, Dt Inc nllV fla nG he ter proposed by lhe act, is petceived when we re mem Der that most of those debis contracted more than seven years ago, for mpney lent; and for which indulgence had been given from lime to time, 10 that period. By that ac, they were required To nay one third only Gt he amount due sun which was n- peraliYey demanded by the necessities of he State, to meet her own liabilities. Punctaaty on the part of our debtors, m meeiing all reasonable demands npou them, Is now all.mporiant to the State; for upon this may depend the preservation of our faith and credit, If these debtors put upon au equal footing with those who paid as required, the prece- dent will encourage disregard Of our demands; !; and puncluality will cease to be virtue. con- trolling reason Is found in the cons iteration, tha at less ihan the proposed collection will moi place be- sond contingency, our ability to meet the demands upon the State. Am! we are bound in justice to the great body of cur constituents, who are without idult ald who have received benefit from the banks, To save the honor of the State from peril; !; even fl Il requires sacrifice. by those who have been SO long, in the enjoyment of bank sccomn,oda- tiOns.
 The time has arrived when we should cease to daily with thIs subecl when by firm adherence 10 the enacinents Of the leg islauie and faithful exc cation of them, Il should be made manifest that they intended to effect the object indicated b, lher provisions Bank debtors should understand, that the laws are intended 10 operate equally all: not tU spend their force portion, who regard them; then to be changed. and mod dihed, 10 suit the convenience Oi other portions, who treat them with neglect.
 There IS an obvious propriely in extending to agents entrusted with the duty of making collections, every ad n our power, to facilitate their efforts Ind while no one can be less inclined, to do unne- ccssary injury, either in feeling interest to our deblors than an, cannot doub., that in a IS cer mg the course proper 10 be pursued, il is duty to consult the interest of the State; untrainmeled by an unreasonable apprehension, HIS te the effect wh ich il may have upon them The aid ol our citi. zens should be invoked They are directly interest. ed n this great subject; being responsible for any deficiency, in the form of taxes, 10 discharge uui State Inability. Win this view, submit To your consideration the proprety Oi publishing in such form and manner, as may it to reach ciIi- generally, list of the names ofhe bad oubt- iul and unknown debtors; win ihe amount due from them respectively. The people of the Stale have the right at any rae, like all other credtors to know who lher debtors are. And I entertain no doubt that our collecting agents would acquire much assIs
 
 cause 10 be communc ,ttd Those debtors could have no cause 10 complain. They are in defau.- They have no right to withhold from the State any oi their effects. And if any are withheli, every means should be essayed 10 discover and apply them.
 In connection with this subject, submit 10 your consideration the proprely of causing rIgid scru- tiny into the conduct of the officers attorneys and agents, under whose management the astounding losses To our Banks have accrued; holding them 10 a strict acc instability. Such inquiry seems 10 be called for, we'll for the purpose of enforcing jus tice from denquenls, 10 relieve those who Ina ye been aithtul. from unmerlted impulation For our constituents justly consider il difficult perceive how the affairs of our Banks have been brought 10 their present condition, without great and culpabe mismanagement in their officers, attorneys and agents. When these things shall have been done. When all shall have been collected that can be col lected When the burden shall have been made as light as it can be made, our patriotic citizens will not shrink from il. Though il be heavy, and bear hard upon thenI they will not falt,r unaer il. They will pay whatever may be necessary to sustain the pghted iaiih and honor of Ihe State. They will march forward with their treasure, as herei ofore they have done, not only with that, but with their blood also, to preserve unlarnished our fair escut Cheon. On our course now, theirs may depend hereafter. hope, therefore, may not be consider. cd lmro lunate when in the name of every thing dear to us, commend this subject to your most de. iberate consideration. J. l.. MARTIN,