Southern standard. [volume] (Columbus, Miss.) 1851-1856, 1853-04-30
Banks and Banking,

The Columbus Southern Standard of the end
instant has a lengthy and well written article on
this subject. If we understand it, it advocates the
establishment of system of Banks, by the State
of Mississippi. 1t is undoubtedly true that this
doctrine has fare more supporters now than it has
had for ten years, and many who are really friend
y to it, are too timid to utter their convictions
Some because they doubt whether banking can be
conducted in this State on proper principles but
more because they fear to encounter the odium
which has been so long attached to this faed sys-
tenn. 1t bears the brand of Cain upon its front,
and politicians shun it as the plague.
We think the error of the Standards article
consists in this that it regards banking in the alb
stract as evil, but urges it upon this State be-
cause it is practised in all the others. Now we say,
if it be wrong in ITSELF let US beware of it. Let
us not adopt an evil to conform to the other states
Let us rather maintain the correct ground, and
wait for the other States to conform to u.s. But
the question instantly recurs, which is the correct
system
Every experiment which Mississippi has tried in
il heretofore has resulted in discredit and disas-
ter or, as Mr.. Justice Clayton so aptly and clas-
scally quoted, "began in folly and ended in tears
Hence the experiment is regarded here as fairly
tried, and an attempt to revive it, is hailed with
Kisses and denuncation. We say that this is not
dresses itself to the wants of man, is presented
as a subject for investigation. We are no advo-
Gates of this system, but we think it should be
calmly discussed as any other subject which con-
Germs the interest of the State. To accuse and
condemn is not the right rule. Even the worst OIL
criminals should have fair and impartial hearing
We believe that banking has always been con-
Quoted in Mississippi and is still carried in most
of the States on improper principles. We would
object to any system which would exempt the
stockholders from liability. This has always been
the great error in bank charters, and the fruitful
source, of over issues and insolvency. But in ad-
dtion to this our heterogeneous population, in the
early history of our State, continually furnished
corrupt and incompetent agents for their manage.
ment and direction.
We deem it by no means impossible that banks
should be chartered, guarded in such a manner as
to prevent the prominent evils that have hithartc
attended them. We think however, that such
guards have not yet been discovered, and for the
present we are opposed to the whole system o
chartered banks. We would however, regard
them as an infinitely less evil than the so-calleC
free banking system based on State stocks, which
some political fnanciers have proposed, and which
obtain in some of the States This latter system
we think in no proper sense is named free banking
and appears to us to involve in itself much tina
is absurd and wrong, as to border on the foolish Of
the criminal
We rather go for the repeal of all laws on the
subject of banking, whether for or against. There
is law in this State which prohibits private bank
ing. This is opposed to the spirit Of free trade
and the rights Of the citizen under the constitu
ton. Let all bank that wish to, on the principle
Of mercantile partnership, if they can Obtain
the credit This is free trade and free banking.
The Standard wishes to shut out the deprecia.
ted currency Of other States, by one created al
home, but does not point out in what manner il
shall Be created. What plan does our intelligent
and public spirited contemporary propose 2-Mddi.
soBiaB $3.50