The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-11-03

To The Member Of the Legislature n Mississippi re-
laiioa 10 Free Banking.

~. AS Af1.Ef Of
Union 10 Fee Banking.
y will be admitted on all hands that the great evil an
der which the whole Southwest is aborng, and especial
y Mississippi is The want OF adequate capital TO conduct
the great enterprises IN railroads and manufactures
which necessary TO the development OF lis
the OF its weight and influence in the Union
Ii is but lew days ago that the New Orleans and
Nashville Railroad Company. passing IN great portion OF
lis extent through the State OF Mississippi. failing TO OBJ
lain that capital al home which was necessary to its
speedy construction, sought and was disappointed in
procuring. The aid OF foreign capitalists.
III Mississippi would secaTe aid OF her enterprises
the capital which Is ever seeking investment, as product
seeks Market 10 every part OF the Union or abroad
she adopt the pursued by her sister States
furnish secure ready and permanent OF lis invest
meni. under just and liberal system of laws.
II matters not, Tor the interests OF sslsspp in what
way the capital she invites within her limits invested
whether in lands in negroes in factories in railroads
in banking, general commerce. The great and lead
ing consideration is, that il be invited, that II and
that il is retained and permanently invested.
Upon the subject OF banking some facts are well ascer
tanned
The whole system OF bond and mortgage OF pledge oil
principal and surety Hpon which commercial credit. and
large part OF The operations oil society IN every CON-
MUMMY. based. has precisely the foundation
that OF banking.
The mortgage. the pledge, the security, may, and in
moi few cases does. prove inadequae but on this
count has the whole system, necessary TO the
venlence, and even necessities OF the community been
abandoned.
The private note OF an individual receives currency
and credit In proportion as is supposed 10 be supported
by fund adequate 10 lis redemption and where that
fund is undispuled, and largely above The obligation,
this note may approximate 10 the character and value
OF mortgage About such notes The community are sell
dom deceived.
Why are the community ever or more frequently de-
ceived 10 regard TO the value OF bank note II is that
the fund for its redemption, unlike that of individual
generally out OF sight, and that the proportion sustained
between the number OF notes and the extent of the innd
is dltHcult, sometimes impossible. 10 be asceriained
Remove the Two difhcuhes-let the extent OF The fund
and that of the issue, OF the mortgages asad upon
be clearly ascerianed and brought each ndi.
vidsal In the community at every moment that bank
is offered 10 him, and let the Information amour,
10 the nature oil demonsationand who doubt that
bank note will be species OF property substantial
and enduring OF land, a negro, house,
or a mortgage upon any or all OF these
The opponents oil banking sysien-and they have
been supported by loo many melancholy examples and
in Mississippi more than anywhere else--asseI and
issue which shall carry converlibty on its face and
fix, just and nvaable proportions, the relations Of
capital and credit, of means and liabilities. These
stiluie an extreme party IN every community
Another party, equally impressed with the evils OF the
system has existed, equally dsrustiu Of lie prom
ises, believe and maintain that The conyeniences oil
commerce and industry essentially subserved and
promoted by the facilities Of transfer oil credit and capital
involved in the idea OF bank, that is well worthy
the attention OF every thinking MAD VIII ether these bene
his, after all, may Roi, BY some wise check expeden
or devise, be retained aud enloyed-whether have
not reasoned TOO srong from a1uses-wheiher in fine
we are not rash and hasy adopting sternly, and ad
| herring To- measures OF total exclusion
This latter pariydemocra,ic, anti. bankhes, North
South, East and West, aud particularly aad strong
neikhboT Stale Of Louisiana, formerly the
anti bank OF ALL It's search for these wise checks, ex
pecenis and 10 which have referred
at and established what 10 called and well knowi
as free banking.
What 10 free banking
I. IL is opposed to the system OF monetary mono
poly, and gives TO every man IN the community the
same right, by system OF general laws, and not b,
special charters, OF lending hs money, Of borrowing
IT, 10 The bes, advantage IL is system Tor the poor
well as the rich
Ii regulates nallioy lhe relation between The issu,
OF notes and the basis upon which the issue is made
and this II does BY making II imperative upon the par,
ties entirely adequate 10 their redemption and these
cur,es defined be the stocks OF State and fedora
governments, unimpeachabe, and paying intsrest-se
curIties that are generally conceded among all men
all counes, 10 he toe very best When this deposi
made 10 the cohefs OF the State. subject TO be exann
ed al any moment BY any czen then, and then only II
the issue authorized, and the authorization stamped Upor
every note OF the issue BY the signature OF the officer
the State himself.
Tbs experience OF our neIghbor States who hav,
adopted this stem is uniform in its favor and esiab
ishrs its perfect reliability. Under ts influence capita
has been attracted, industry has revived wealth and
dence and security have beea infused throughout hs
body polite and wide and general prosperity secured
Will Misssslppl take counsel by The example and BY
the fortunes OF her neighbors OF Louisann, New York
Indians. Ohio Illinois. Tennessee, &c viii she weigh
examine. and decide, and II these neighbours have beer
wise. will abe decide favorably upon free banking
The necessities OF mississippi and OF the Southwest
10 view OF the great future which opening urgen
and demand an answer now.
CITIZEN AND FRIrSD TO SOUTHWEST.
November /, 1853.
II