The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1846-03-13
The New Bank Bill.

AAN~AAAA
We bad really thought, or at least hoped,
that Mississippi had sufficiently degraded
herself, and that she had delermined'by her
future good deeds, to wipe out, or at least
to hide the foul blols which have heretofore
settled upon the esculcheon Of her honor.
But we are deceved-inslcad OF ascending
to her pristine stand in virtue aud fame, she
has gone step loser in inlamy. The bank
indebted portion of the Legislature, falling
to obtain repeal Of the amendments to the
original BriscOe Bill have by means of Goa.
litiOn, wire.wOrking and log.rOllng, succeed.
ed in passing a BiH-for winding up the
Banks-cOmpared to which, the original
BriscOe Bill is mere child, as far as injus-
tice and oppression is concerned.
The Bill provides, that upon judgment Of
forfeiture against Bank, the Court shall
appoint trustees, to whom shall be delivered
up all the property and evidences Of debt
belonging to the corpoIatiOn-ihat at the
tenn Of tho Court next succeeding the one
Of their appointment, they shall return TO
said Court, under oath, full inventory Of
all the property and evidences Of debt which
have come into their pOsseSsion.-So far 50
good.
The fourth section provides FOR the sale
of all tie property Of said Bank which has
come into their hands, by the trustee. To
this feature Of the bill VIC object.-It is
urged in favor OF this section, that il is
analogous 10 the manner Of proceeding in
winding up insolveni estates and that that
has never been objected TO, very true. This
section considered abstractly has nothing
Objectionable in it, but when taken in con,
nectiOn with another portion of the bill,
which we will notice hereafter, it becomes
the first step in deep laid scheme Of free.
ing debtors from their obligations. ~
Section fifth prohibits the trustees to be-
come directly or indirectly purchasers at
their own sale, or to act as agents for others.
Section sixth provides for the appointment
Of commissioners to audit claims against the
Banks. We object to this section, because
it contains a feature which shows a fixed
determination not only to ruin and destroy
the Banks, but so far as they can, to prevent
the stockholders from receiving single
cent; in as much as it levivcs debts agains
the Banks which have been barred by thu
statute Of limitations.-Is their any analogy
here with the insOlVent debtor law? Section
seventh provides for the distribution Of tn,
funds in the hands of the commissioners
and in this section the claims Of individual
creditors and Of, widow and orphan stock
holders are the very last TO be attended to
Is this justice and equity
Section thirteen provides, that all debtor
TO banks, against which judgment Of ouste
has been rendered, shall have the right {
redeem their debts from the purchasers a
the trustees sale, by paying twelve and one
half per cent. upon the purchase money
any time i0ithiH t'rO years thereafter.
Put this and the fourth section together
and II the two do not make complete an
decided improvement upon stealing, W
must confess that we know nothing abot
it. This Bill we consider as a fouler stat
upon our honor than liquidation, and wOul
ten to one rather have the original Brisco
Bill. We intend 10 give this Bill no res
for from our souls we Abhor il. Not lh,
the Banks are our pets, but that we wish
see justice and equity dealt even to III
worst Of criminals, and we remember Ii
words Of scripture "With what measure y
mate unto others, shall II be measured uni
you again"
The Bill will be found on the first paG
Of fo.dat's paper.