Okolona messenger. (Okolona, Miss.) 1900-current, 1903-01-28
ISsISSIPPILANEOUs.

A~ea 49, 1A@A ANAA4nNy
called 10 the rapid increase In the
number Of hanks in Mississippi.
This increase still continues ct
the same rapid rate, and there is
yet no sign Of cessation In the near
future. Every day q charter for q
new bank is received by Secretary
Of State Power to be entered for
record, and q total Of nearly fifty
banking institutions have been
chartered within the past year.
Recently the attention Of the state
departments having to do with
the creation Of these institutions
has been called to the fact that in
very many cases these banks or
ganize and begin business on their
corporate name alone and without
requiring the capital stock to be
paid up. OF course the stock is
all subscribed for con credit"
and Of course the stockholders are
liable for the unpaid balance due
on their stock, but in many cases
this liability is no guarantee, and
at best such a system Of imitation
is bad business that suggests the
bubble Of flush times and paper
currency that results so disas-
sstrOusly after the collapse. The
report recently made by Auditor
Cole, shOwing'th the condition of the
various State banks doing bus
mess in Mississippi, reveals the
fact that a number of them are
doing business on practically no
capital. In other words, they are
simply doing business on the mon
ey Of their depositors, and the
slightest veering of the financial
wind would tip them off their feet.
In one case a bank reported to the
auditor that only about S1,400 Of
it's capital stock was paid up. 1t
had an authorized capital Of &c.
900. The stock was all subscrib-
ed for and all issued, and the pa
per is in the hands of the stock.
holders, who have paid only IA
cents on the dollar for it. The
bank was fOurishing on the mon
ey intrusted to it by depositors,
and the holders Of this stock doubt
less expect to use the dividends
hereafter to pay the balance due.
There are q great many like in
stances, of course not quite so
glazing as this, but bad enough
from a business point Of view.
The matter has been much discuss
ed during the past few days.
There is no provision Of law reg
ulating the evil, and so far as our
statutes are concerned q bank may
begin business on no capital at all.
The only suggested remedy is for
the people to protect themselves
by refusing to do business with
such unbusinesslike institutions.
The auditors Office has the sworn
statements Of each bank, showing
the amount Of It's capital paid up,
and the records Of the Chancery
clerk in each county will show the
amount Of capital authorized to
the bank.
In nearly every county of the
State the complaint is made that
the white men are wOiully and I'M
accOuntably Indifferent to the mat
ter of voting in the coming pri-
mary. Notwithstanding the fact
that the campaign is opening up
and nearly all of the State and
county candidates have announced
themselves for Office, the rank and
file Of the people are a~ppearantly
Indifferent and care nothing about
who represent them in the State
and county Offices. It is known to
every man that can read and write
|, that the new primary election Law
absolutely requires that q man
shall not vote unless he is a quail
fed elector under the law, and
that the primary qualification il
; payment Of taxes. NOtWithstand-