Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-02-19
Number 10.


in 1900. Her charter has long since en-
PRED and she did but little injury COM
pared with these that followed. For period
OF nineteen years, no other state bank
was chartered, until 1880, at which time
The Planters Bank was organized. In
1881, three other banks were chartered,
the Vest Feliclann, the Commercial Rail
Road and the Agricultural In 1885, two
banks were chartered. Hero We had
rest until the year 1885; during which
year VIC had screen banks chartered, and
amongst them the sold Brandon" Again
in 1887 We wero douby cursed with leg
islotive creation of banking facilities, tho
people receiving nine chartered banks,
and last though not least, in 1888 we re-
ceived the blessings of the Water Works
and Union Bank.
Such is history of the progressive
charters. In the short space of Two years,
sixteen new banks had been chartered,
with a capital of many millions. All We
believe went into operation; and the stock
generally was taken by money borrowers,
instead of money lenders. This seem
ingly strange circumstance TO the uninli-
ated is easily explained by Gqanciors.
The stock was taken by the stock holders
executing notes for the amount Of stock
subscribed for These notes were gener-
ally loft to pay themselves; and the stock
thus taken sold in the northern market for
cdsh The banks commenced their ope-
raions frequently without money enough
lopay for their books and the engraving
of their bank notes But fine semi-annu-
al dividends were paid at tho north; thus
making the stock stand fair and sought az
ter as an investment, and the notes Of tho
bank here circulated aud were received in
payment Of debts.
Ii il had not been for The banclul indu-
ence of our banks, Mississippi would have
been now ono of the richest and least om-
barrassed State in the Union; her soil in
point of fertility is not eScelled, and her :
cotton crop in years past, has commanded
high prices, and cotton planters have re"
ccivcd handsome profit on the capital in-
vested, which by this time ought 10 hove
filed our State with wealth. But our
State Treasury has been made bankrupt,
having received large amounts Of bank
paper which has become utterly worthless.
Our citizens are oppressed by taxa
ton at this time, unsurpassed By any of
our sister states, even while yet nothing
is levied for the purposes Of paying The
bonds.
Many conceive that The individual hor-
rowers Of this money have derived bene-
fit from it. But on the contrary il has fu-
ined them. 1t isa notorious fact that tho
largest borrowers Of our banks are the
greatest bankrupis, and cannot pay now,
even were they honestly DESTROYS, aliho'
the paper Of majority Of our banks is
only worth from five to ten cents on tho
dollar.
What good has il then done the commit
nifty in the immediate vicinity Of the
banks1 We refer to Natchez and Vicks-
burg, which have been more bank.ridden
than other points. The citizens who were
in business during The prosperity of the
banks are with few exceptions, greatly
embarrassed. Even those who did not
borrow, have been induced TO become Sc
curily for their friends who did, and who
made bad investments.
Point to any portion of our fair State
where banks existed, and there il will be
seen that the citizens arc more embar-
rassed Than those who were out of the
bank influence
Again VIC ask, what good have they
done 10 our Statel We answer none, but
the greatest Of injuries. II is true that
the facilities afforded have been tho means
Of opening our land and telling our for
esis, also Of bringing into our State, thouS-
ands Of negroes which have been sold at
from $1,000 to 1880 each, and some Of
these purchases yet unpaid for But ask
the planter If he has been benefited, no
will answer by pointing to the embarrass-
cd and ruinous state of his business, thus
reduced from prosperity by schemes Of
banking and kindred legislative measures.
The fact is the banefu effects Of an OK.
ploded banking system has pressed down
our State as an incubus for the last ton
years, but Mississippi although CENTRALIZED,
can and will, work through BY strict econ
omy and industry 81 VicksJnrg Sentinel.