The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-22
63.673.97O 60. 555. 100

Total ......... S62 G69,il9 63,673970 1855, 100
The returns for August, 1916, compared with May,
s4S show increase in the discounts Of the city banks
and decrease in the discounts of the country banks
On the whole the movement of the banks of this State
has been during the past two three years far
can Judge from the quarterly reports very uniform; but
SO far as we can judge from the periodical pressures in
the money market it appears that there have been
greater expansions and contractons than the pub
lie generally know any thing about The quarterly
turns give the in each department on the first
day Of each quarter but what the at any
time within the quarter, every outside of the banks
is ignorant of.
The annexed statement in relation to banking affairs
in Mississippi, gives insight into the movements
which have from time to time been made in that State for
the regulation and liquidation OF the solvent and inso
vent banks, and cannot but be important to those nte
rested in those institutions There has been demand for
Mississippi money from the debtors of thelbanks of that
State for the purpose of iqudang their dues before
these institutions get into the hands of commissioners
under the new law. An opinion appears to prevail in
that latitude that this enactment which passed i'm
medaely prior to the adjournment of the legislature
and to which we alluded at some length will prove
complete failure far relief to the debtors was the
object and this certainly the sole incentive of its
trainers The last section of the law which provides
that nothing in the act should be construed i'm
pair lessen enlarge contracts between banks and their
Debtors and which was designed to bring the banks un
der the operation of the law it is believed rem
ders all the preceding sections null and void In add
ton to this the impression is very general that the banks
against which judgment of forfeiture had been rem.
dered previously to the passage of this act be
brought under its operation inasmuch as right was
vested by that judgment, under previous law to sue
and collect which could not, by subsequent act be
taken away, or changed into right to sell
The course of legislation in Mississippi with regard
TO banks and banking has been OF the most singular
absurd character. These institutions required by
their original charters to loan at least onehaf of their
capital in long loans renewable for years
When the crisis of 1897 overlook them they were
unable to rally with the promptitude the banks
in other parts of the country from the fact that large
portion Of their assets consisted of loans made at long
dates under the above provisions Of their charters and
when suits were instituted for the recovery these de BITS
the courts decided that one more" Ia very
nient and indefinite phrase) meant several years and
collections could not be made At the first session ofthe
Of collecting bank debts and in 1910, with view Of still
further impeding their progress they were prohibited
o assigning their bills receivable to their creditors
that these institutions compelled to remain in
continued state of suspension.
The Quo Warranfo law was finally passed under
which suits were instituted in behalf of this State
Prive the banks Of their charters Under this enactment
the Circuit Court decided that continued suspension of
can yments was evidence of insolvency and that in
soivency necessarily evoked forfeiture of charter This
was an extraordinary decisions for legislature in 1898
iegazea ne suspension Of specie payments by requr-
ing such banks as did not redeem their before saO
annum. until paid. ~ f ' POI
But now that the Supreme Court of the State has d.
cided that the amendments TO the Quo Warrauto law
which required the trustees to and collect were nm
constitutional and the trustee twas vested WITH ;ht
and powers to do So" the assembly attempts to- nniiv
the decision OF the Supreme Court by legislative enact
ment TO wit by changing the character Of the law nm
der which the decision was made and that too after
falling to repeal tho Quo Warranto act, by majority Of
eleven. This, however Is not the feature in Mis-
sssippi legislation The Sinking fund.- ofthe Plante rs,
Bank pledged by its charter for the payment of tho
principal and interest Of the bonds Of the State About
$S4 900 Of State warrants collected and held by the
commissioners Of the fund which they refused give
to the State, to pay in any way, except in the
mode required by the charter viz "thc payment of
the State Bonds.
"!n the session oes4sA the Legislature passed an act
making penitentiary offence to embezzle with