Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-11-05
FREE BANKING.
G. NJ. DALLAS.

other citizens in desire to introduce the benefits of the
free banking system into Mississippi and thinking that
his views may have wider circulation through col
umns, has asked the insertion of the following
| ADDRESS TO the Members Of the Legislature Of Ms
sissppi in relation TO Free BANKING.
1t will be admitted all hands that the great evil I'M
der which the whole Southwest is laboring and especially
Mississippi is the want of adequate capital to conduct
the great enterprises in railroads and manufactures which
necessary the development of its resources and
the increase of its weight and influence in the Union
1t is but few days ago that the New Orleans and
Nashville Railroad Company, passing, in great portion
tits extent through the State Of Mississippi, failing to
obtain that capital at home which necessary to its
speedy construction, sought aud disappointed in
procuring, the aid of foreign capitalists.
If Mississippi would in aid of her enterprises
the capital which is seeking investment product
seeks market every part of the Union abroad she
must adopt the pursued by her sister States fur
nish secure, ready and permanent of its invest
ment under a just and liberal system of laws
1t matters not for the interest of Mississippi in what
way the capital she invites within her limits is invested
whether in lands in negroes in factories, in railroads.
in banking, in general commerce The great and lead
ing consideration is that be invited that it comes and
that it is retained and permanently invested
Upon the subject of banking some facts are well
tanned.
The whole system of bond and mortgage, of pledge of
principal and surety upon which commercial credit and
large part of the operations Of society every community
are based has precisely the same foundation that of
banking.
not in few does, prove inadequae but this
account has the whole system necessary to the
veniencc and even the necessities Of the community been
abandoned?
The private of an individual receives currency and
credit in proportion it is supposed to be supported by
fund adequate to its redemption, and where that fund
is undisputed and largely above the obligation this note
may approximate 10 the character and value Of mort
gage. About such notes the community seldom de-
ceived.
Why are the community ever or more frequently de-
tn yalu of n bar at
the fund for its redemption unlike that an individual
is generally out of sight, and that the proportion sustain
ed between the number of notes and the extent of the
fund is difficult, sometimes impossible to be ascertaned
Remove the difficulties, let the extent of the fund
and that Of the ISSUE of the mortgages based upon
be clearly ascerained and brought home to each ndyd
ua in the community at every moment that bank note
is offered to him. and let the information amount to the
nature of demonstration and who doubt that bank
note will be species of property substantial and
enduring of land negro house, mort
gage upon any or all Of these!
The opponents of banking system-and they have been
supported by too many melancholy examples, and in Mis-
sssppi more than anywhere ese-asscrt and maintain
the mpossibity OF establishing basis Of paper issue
which shall carry convertblity its face and fix in just
and invariabe proportions the relations of capital and
credit, of and liabilities. These constitute
IRENE party in every community.
Another party equally impressed with the evils Of the
system as it has existed, equally distrusfu of its prom
ises believe and maintain that the convenences of
and industry so essentially subserved and pro-
NOTED by the facilities Of transfer Of credit and capital
involved in the idea of bank that it is well worthy the
attention of every thinking mind whether these benefits
after ALL may not by some wise check expedient de-
wise, be retained and enjoyed whether have not rea
soned too strong from abuses whether in fno we are
not rash and hasty in adopting sterny and adherng to
measures of total exclusion
This latter party Democratic Anti Bank has, North,
South, East and West and particularly and most strong
y in neghbor State Of louisiana formerly the most
anbank Of ALL in its search for these wise checks
pedents and devises to which have referred arrived
NJ and mia ap1x
Free Banking.
What is Free Banking? l. Itis opposed to the system
of monetary monopoly and gives to every man in the
community the same right, by system of general laws,
and not by special charters of lending his money Of
borrowing to the best advantage system for the
poor as well as the rich.
2 1t regulates infaiby the relation between the issue
Of notes and the basis upon which the issue made and
this it does by making it imperative upon the party ssu
ing to depose first in the Golfers Of the State securities
entirely adequate to their redemption, and these secur
ties defined to be the stocks Of State and Federal Gov
ernments unimpeachable and paying interest," securities
that are generally conceded among all men and in all
countries to be the very best. When this deposte IL
made in the Golfers Of the State subject to be examined
any by any citizen then and then only is the
issue authorized and the authorization stamped upon
~ note of the issue by the signature Of the officer Of the
State himself.
The experience Of our neghbor States who have adopt
ed this system is uniform in its favor and establishes its
perfect reliability Under its influence capital has been
attracted industry has revived wealth and confidence and
security have been infused throughout the body polite
and wide and general prosperity secured.
viii Mississippi take counsel by the example and by
the fortunes of her neghbors Of Louisiana, New York
Indiana Ohio Illinois, Tennessee &C.? Will she weigh
examine, and decide and If those neghbors have been
WISE viii she decide favorably upon Free Banking?
The necessities Of Mississippi and Of the Southwest in
view of great future which opening urgent and
demand an answer now.
A Citizen Of Mississippi
NOVEMBER l. 1859.