Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-06-25

wrong now 70 not suspend the odd con
mon law principle, that tic violation q
The charter shall work complete forfeit
urc Of The existence Of corporation y,
Who does not see the correctness of hi
principle, us d check u The abuses or
porations have committed with such i'm
punity, and tho necessity for its being con
tinued as warning to them in lutureg
This is the principle Of The common
law, in force when these banks were char
tered--and fully before all concerned
during their operations. The true ques
tion under the Briscoe Bill, is, not whether
we are to pass a new law 10 operate in
some new manner on these banks, bul
whether at the instance Of their minions.
we will now for their benefit suspend the
old law Of the land, and remit the penal.
ties. This is the true issue which The
bank organs may in vain try 10 keep from
sight. The Brscoe Bill is not providing
neic law against corporations; 1t is only
resisting he efforts of the banks 10 Grade
and defeat The old and erisiiag lar.
The question for the public to decide is
whether they will now establish The new
principle the banks seek 10 introduce, that
whenever the penalty for a violation Of
their charters is incurred, they can pro-
cure special legislation to eyade it. Are
the people prepared to say that this great
check against the abuses Of corporations
shall be abolished But the bankers talk
of the horrible injustice Of releasing the
debtors. Whose fault is il that they are
released? They talk too Of the suffer-
ings OF the poor stockholders and credit
ors. The stockholderscan get no sympa-
thy; for it is by their own action through
their agents they have brought on their
losses; and the creditors who took the
bank paper, took it with their eyes open,
and in most cases fully warned that it
would never be worth copper.
Take these things though al the worst
that can be representative question is
still whether great principle, necessary
to prevent in future an indefinite amount
Of corruption. fraud, ruin and suffering,
shall DO now abandoned, because a little
hardship in few individual cases for
short time will occur.
But will no hardship and suffering oc-
cur, il the course the banks and their
minions wish taken, is adopted? Let US see.
a bank debtor, from the expansion the
bank introduced, The initiation of all kinds
of business and the spirit of speculation
thereby introduced, we will suppose bor-
rowed $500, with which he bought
negro, that being about the price of one
during the bank days. The $500 of
bank paper thus thrown out, Immediately
begins TO depreciate. The first man who
gets it, passes i off perhaps at ten per
cent loss, the next also, and The next, un.
ii finally it gets 10 be worth ten cents on
The dollar, which is the price the last hold
er pays for it--getling the $500, paid by
the borrower for his negro, for $l5O.-
He is now creditor Of the bank, for
whose benefit the debtor must be sued.--
What would be the RESULT To RAISE this
$500 which has cost the plaintiff $50,
he debtor would now have to sell al least
hree negroes at the prices 10 which after
he bursting Of the bank bubble they have
'allen--and thus is punished for his part
in the business in treble the sum he
realized, while the creditor is
REGARDED for no particular service rem
Tered, by being given $500 for his $3.50,
aid out The picture will not apply to
every case, but all know would be the
general result.
Is there SO much more Of Justice, and
10 much less of suffering in this course,
hat we should be induced to suspend one
# the wholesomest laws of our ancestors
0 attain liz /,