Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1849-11-03

Lake Washington and Deer Creek Rai!roa,
Company,
Aberdeen aud POnlOloc Railroad and Bankinl
Company,
Commercial Bank of Na,hez,
Citizens Bank Of Yallobusha,
Mississippi Union Bank,
Northern Bank Of Mississippi,
Citizens Bank Of Madison,
Bank q VckslaIg,
Haak q Grenada.
Bank Of Port Gibson,
Bank Of Lexington,
Benton and Manchester Railroad and Banking
Company,
vicksburg Water Works and Banking Com.
pany.
Hefnando Railroad and Banking Company.
Here are twenty banks chartered under the
whig administration ofGov Lynch! In fact. the
initiation was given under his administration, 10
the Union Bank, and turning to the Journal, of
1888, p. 500, where the vote is given on the SUP.
plAmenial act, we 6nd among the ayes, the name
ONO other distinguished parsonage than this same
Mr. GILMER, who Is now disposed to talk 80
glibly about The fatal and rBiaoas mania for
banks"
In 1887, Gov. Lynch called the legislature 10.
gelher, and simultaneously with the coll. he is
sued circular letter 10 the Presidents Of the "a
rious Banks Of the Stale, and convened them n,
Jackson. The result OF the deliberations a this
bank conclave was the Post Note Bin and law.
Col. Wilkins, (Shig) President Of the Planters
bank, was ,s repuIed author, though we would
tain hope for the credit Of that patriotic citizen,
that he did not advise its passage. Under this
law, the banks could issue notes for the sum of
500 payable in thirteen months from date. and
these notes were made receivable for call claims.
taxes, or other forms Of Indebtedness due 10 the
State or any county therein" Gov. Lynch, not
only recommended this law, but proposed to give
TO the banks accepting lis provisions ihc uss Of
The U. ). surplus reDenue, then proposed to be de.
posted with Mississippi In his me ssare Of sac
he recommended every planter TO mortgage his
uncuiivaied lands, and with The money thus oh.
tanned, enter Into every sort Of railroad schemes;
and In his message Of 1888, this credit system
was advocated s,ill more extensively. He there
recommends The issue Of fue or cir MILLION Of dol.
lars in State bonds, and the establishment of a
loan ofEicel Such was the bank expansion under
this wing administration, that seventeen banks
and branches examined by tho commissioners.
had little over three hundred thousand Of specie
in their vaults and nearly four millions Of dollars
Of notes in circulation Journals Vi House.
for 1888, p. 1907
Certainly, Dir. Gilmer has very short memo.
ny In accusing the administration Of Gov. M'Nuu
with "engendering and encouraging that fatal
and tilnous mania for banks and banking, which
bankrupted two thirds OF the Stale.o The truth
is, this patriot Mr.. Gilmer, with M'Nutt,
because he would not sustain the Real Estate
Bank Of Columbus.
Thus Gov. M'Nuti speaks, Just one month after
succeeding Gov. Lynch 10 Office;
Most ollhe States IN the Union have already
commenced a rigid scrutiny into the affairs Of
their banks, and are devisng saluiary reforms; as
these are perfected in other States, their curren.
cy will get sound and ours worthless. Years
will DO required to free US from the emharras>
mems consequent. on the confined depreciation of
eur circulating medium,and thousands OF our most
industrious and enlerprising citizens will be in,
yolved in hopeless bankruptcy"
We dismis. this ridiculous charge against Gov.
MNuu's administration.
"Under Gov. fuckers rule" says Mr. Gmer
occurred those immense defaca,ions and EN-,
bezzlcments which bankrupted the treasury and
brought bis administration into suqh signal and
mortiiying disrepulc." These 'immease defalca.
fions." we learn Ia another place are sci down
10 Graves and Horace Pagaud. The latter ney.
or was charged with embezzlement. He was
accused Of forging warrants 10 the anouu, Of
$4,000, but he was tried before the judicial ,rihu.
nails Of our Stale and fully acquitted. The charge
Il dealcation 10 preferred Tor the first time by this
rather questionable historian. The defalca,ion
III Mr.. Graves consisted in Withholding monies
belonging 10 the two and three per cent fund,
received from the general government, and which
had never been placed 10 the credi, four State.
No, cent &c this deialcation came out Of the
taxes paid iato the treasury by the people. This
too. 10 the only delalcalion which occurred in
Gov. Tucker's administration. Now. If Mr.. Gil.
mer's purpose in thus abiding TO the frauds Of
ofpublic officers, sprsng from any laudable am,
bition, he would hare candidly told his consi,u>
ents that the heaviest deialcations which ever
took place in this Safe, were under the admins.
iratiOn ola wing Governor. The detalcation oil
Mallory occurred under the administration OF Gov
Lynch, and from q report oil committee in 1889,
tits estimated at eighty thousand dolldrs, but from
eubscquent developments, it is very likely that il
seached much higher sum. There was also
sqsaOdered by the Agricultural and Planters
Bank under Gov. Lynch's administration, three
hundred and Seventy thorsand dollGrs being the
whole yofthe surplus revenue apportoned to Mis-.
sissippi by the federal government
st5nder the third came system OF eylrays.
Qance and pCOfgacy" says Mr.. Gilmer, "by the
creation IL new and unimporant Offices" DC
The ofEee Of Stale Commissioner was created tC
get rid ofehe three commissioners at Naichez
That was khe only Office created under the ad
min strasion of Gov. Brown. The Commission
yer al Matches surrendered the assets 10 the