I;-

1 v

1 WlJ'... L'.state trensa;y l,' - -- t- ..." nat1j3 authorial tarec... Vrf the stale or ctiiy pi;..,

chsuld bo made in r ..4 w. -- .

mm

I1I

R

7 1

1 i

neyut- -

up at thd Cice,.,be delivered over to 1

appointed. Suitable .found necessary to prevcL.rof tho State funds in such

All tho Lots in the City ulonging to the State, have beenexcepted, reserved for public pu.for the health, ornament and con;ofthe city. The late sales amount .sum ofone hundred and seventy-ei- "'

sand nine hundred and one dollars,.,in one, two and three years. This 'it could be made available, would blcient to finish the State House and ii,.the adjacent grounds. -

Largo appropriations will hn mm

,1,

'Jr

w riiaulri, .,t!. lini of commerce,rt!l;t:h"; rdsTri- n- tfrncney at suchii r-,.raf--

;:4Tha CCi erciion 0f thecIkiic, v - 5 t1 ' t J.'y banlc sball hotdaf;.c-- t :jnor dcmestic,atai.if.c. r..i .... :

JL

A; : ,

"

jif ;

-- 4 CSUCiv

-- tat!,3

1- - J;?:eixl

JlrW" - i;;.. j fi ir '

V

0 '

' 1 i. ...,'r.rsf UC

...

or r 1rl

..iitcHrbrca1; ... : jcr lcfths, lA!p: sis t' anoint

- vrW i - --crceer cf 1- - ettacaor-itr- -t

rrc-?n-t,

tc. driit.irf rethaaCrV X0r1 --wJ.ai.::.. .Jiiicticathc oil,vincIu

dirq cotton, com nr.d every. 6er articlarrivcn i

ed surxaent fcaihirty dollars ofprod;icr.. Ko political economist haa eriir cnttt'mtU

ed th-ta- ny cour'jy required mfrn circuit Jtion tn oae-nt-ui t the annual valaa of itsproducts. Unless, retricifccs re Imposedca iry circuhtiori ct theanli, itsVedun-- ;v.auv,. ug 4uevuoiej anoiar saspen- -

io wwi ocqur, ancnarvar-rgainiuuo- r

the jt of allevils in fc3 L'.tTnj: eLectj

'Ivr.;:1. I ;;srcircuUtiin.cf,.the Uni:.JCKt t . . ,3t at ; present excecdwlCJ,

&B? tisa n tins stntat Leea.caused milyV by its excess, and

itisfrr rato iatc:-vi- . ;ic:Ler, in future,

ur. J C. ? tsisrprising niechar.t the Tni its cfliis indtrr. jCxccwofcirculation has increated tli cost cf producing- - cotton at feastthree-fol- d tat has --rot 'enhanced tlio pricetf thav, article a'single farthing.--'; : It directtendency is1o iinpoveri.n thejjlantingaridruin the , nisrcaniilejiute rest;. Adequatepenalities should heiaVpQsed lor the viola-tica- of

.the provisions iifbank charter '

!lhe'history ot coq-aliin- is in every otfdeujotratei3 .icat'iri in a corporate capa-city .wtll.be guilty cfcU which theywouldRcorn to perpetrate p individuals; their pro-cee.di- cs

- are TOostl;-- ) secret: 'ree"hibtlit vdrv"-d- ;. rThe. tr litiesa act c: ixJ iv,

bc.z:zzz t rcdolar.1 vtr.orrow; temptati:bcsC: their paths ; r J wo havo the author--ity.'CS;Uoiy-wnu- i - s?ert!C7 thatrihe4

'hexrtof taan is dec, :tful ubove allihiiios.?"when rus ..tne: interest er wishof n corpora-ti- ..

fa r?umo povc not granted, thecaar- -lf ;u ranc:tc! ftd far j-

---fhcjityt;,and shaulJI

"r..V5b"e,f ' ,tjV ' -- Iundirihe cs--l

3L.

f-- :rV

7 vnr. ' J il ia fcclJ,

measure L . emigrationU L.u and retadea O ri-r- tl, ...Uuntry: I suggest to your considera-tion, the propriety of requi.ing (he BmkCommissioners to take down anj rep0rl tenames, .residence, occupation and liabilityounc various oeoiorsoi ine banks examm-- ied by them.,vIv--;- ; k l , f

inuisiana sucna oocument was pub----j -- -o a salutaryeffect, and caused the bank themselves ir I

wrrcui ..ujr ttuuc..

.,ua 0aU lrnpa,rednicir usciuuiuoa. o uanses, residenceand liabilities of the debtors of the Statebank of Alabama are --annutj publishedSuch a course in regard to our stnte institu-tions, the Planters' Bank and the Miss. UBank, would secure to every portion of thestate the equal rights and advtmtaires whichthey were chartered to affiird, , -

Favoritism would thus he prerentcd, andthe security of the state enhanced It wouldalso be advantageous to hav: t)Q votes ofwe Directors on every important qeslionrecorded and published. Uernsibility itfabsolutely : necessary to secure the properand safer management of our state institu-tin- s.

The sUte.by her credit alone, hasfurnished the whole capita! of Aiggjp.

Union Bank, and justice requires thaishe sliould have the ppointc-;- t'of a roajority of the board of dneotors; uid it is do-servi- ng

your serious consider: tion wheth-er the charter ougot not now tofca amendedso as to secure to the state a cclHa' taCuence over the institution. W , ,0 -

The lare .interest, which tj'tj' pos-esss-es

in the Plan er' ar:d tha fTzba banksmakes it incumbent ca ms to

'c: ) year par-

ticular cttcticatatta cCjiira t czzizzx

method of keeping the accounts in 1.. .urerWflicsmoneys paid into tha t?c:trj-- !

ry on account of the literary, three per cent-- and Scminery funds, is liable to bo drawntnjtfor the ordinary expenses of government

those funds should not be diverted fromtheir Ugitimale object. I invoke your par-

ticular attention to the laws in relation to

the appointment a nd duties of Assessors andCollectors the whole system needs amend-ment- their bonds are .insufficient, and not"filed in the proper place the office of "A-ssessor and Collector, in the large countiesparticularly, 'should be severed, and sepa-

rate bonds given for . assessing and for. col-

lecting taxes. Wm both offices are united in one individual, a failure to return theassessment roll, : renders it difficult to holdthe collector responsible for failing to paythe taxes he may collect, into the stwetreasury. v ;

It is deserving of your serious considera-tion, whether the embezzlement of iho pub-

lic, money 'should not be made felony, andpunishable imprisonment in the state

I The law prescribing the duties of Auctioneers requires amendment they inter-fere with the regular merchant, and the tax-

es, they are Required to pay, from somecause or other, fail to reach the state treas-ury. : ,'t:c, - V " '

v

1 no rep'Mi en iin; ivwjuuiiu vjreiierai is,herewith submitted during the last year

. most of the regiments have been organizedl our citizen soldiers are awakening to theimportance xf preparing in peace for war.The number of volunteer companies havebeen more 'tharr doubled, and I feel confi-dent that by, ther? life of the present year I

will be enabled to have every rpgimentor-- jgantzed and officered, in addition, it is ex-

pected that forty volunteer companies will,by that time, be armed and equipped, readyto march at shrl notice, to whatever pointdanger may threaten. I commend theseCompanies to tho special consideration of the

.legislature; composed as they arc, of youngand ; chivalrous gentlemen, ready to faceany toe and brave any danger, the countrynmy jiepnfi.'ently rely on" them for protec-S- .

4ion.' The appointment of an Inspectorvlenerat is respectfully recommended whoeduty it. should be, at least onee in every

.year, to drill the officers of each regiment.To obtain a competent t fficer, a liberal sal-ary will be requisite. Having reviewed aportion of the regiments last fall, I can safe-l- y

say, that the entire organization of themilitia is not impracticable,and that ourcit-- .izen soldiers are amply able to protect theirhomes against the assaults of any foe, for-

eign or domestic. Three hundred and fif-ty muskets," belonging to the state, werewrecked in the barque Ella Hand. Theseguns were purchased in the spring of 1637but in consequence; of-th- o protrst of thecheck given in payment of them, thy werenot shipped until

rJuly, 1838. Under, theact of. congress of 1808, arms are annuallyfurnished to Jhe various states of the union.Carrect return.? of the strength of the mili-tia of this state have been made by the Ad-jutant General to the proper department;and, in future, a sufficient quantity of armswill be annually obtained from the generalgovernment, to furnish ten companies. Inseveral of the. counties' the .regiments aretoo large, and some of the brigades could beadvantageously divided. The existing m-ilitia, law is plain and perspicuous fre-quent changes in the system are alwaysinjurious, and it perhaps would be well togive the one now in force a fair trial.Twenty-fiv- e hundred copies of "the act toregulate the militia have been printed, andmost of them distributed among the officers.Books of discipline are needed, and cannot

- readily be obtained. During the last fall,representations were made to the Executivethat the lives of some four or five individu-als were in great danger that the Indians

'ere resnIvcd t retaliate on them for kill-C- y

ino or,e of their tribe that no organized, force in that county existed, to aid the civil

officers in preserving thepeacc and enforc-ing the laws. Believing that neither whitemen nor Indians should be permitted tolake the law in their own hands and re-venge their supposed wrongs, I consideredit ray duty to take precautionary measures,and be prepared for any contingency. Thishad the desired effect, and the peace of thecountry was preserved.

The report of the late State Treasurer,J. A. Van Hoesen, Esq., and of the presen?Treasurer, Gen. Silas Brown, as well as theReport of the . Auditor of Public Accountsare hemewith trarismited. These docu-ments will convince you that the annual ex-penditures far exceed the receipts into theState .Treasury, and that retrenchmentimprovement in the collection of the reve-nue or additional taxation must be resortedto.' - y:r .;;

Soon after the appointment of J. A. VanHoesen, as State Treasurer, I directed him

i. to call on the legal repesentatives of JamesirhiUips, for nil the books, papers and mo-ney belonging to the office. He reportedtome that he counted the money in the ironchest, but that books of the Treasurer werewritten up, and time was required to effectlhat object, and to ascertain whether all the

, i3tale. Havin? been in formed that nn nnrtI ofJLb5noney fuund m the safe of the latei ifreasarsr bad .been paid over to his suc--

censor, f;U it my duty to cdll on the Executrix for a report of the official acts of

I James Phillips', nnd the amount of money. found in the c!ast l the time of bis death.

A cc;iy rJrsid cc:K:usicitioa is herewithtrszz:lv.zd, LTa direct reply bus been re--cc;rt3. in cr.-r:-ye reply, by an individual

I ctese-- i -- 172:3 rkin2 ea imnroDerui3'cfl!:3 rotiej, and fcad co legal right toO crrtr --- 3 ts:u!sred a returned n

I: ro--V j c--

Cer their. cQirs to Li csarainedc.;. :bnerg clicrrn by. tha Icisla--f '"t psrpcss ; ted the reason as--

' Hjf bjTv. . . refusing is kx1' t r well con-ooilhtr:. b" f-- 1 public

.t: --j fcz$ li3v !;t cf vitr 1 ia the- ' 'Vfstcorpcrc-T- , w unqu-- I ible.

tinzVail bafcJca

?J, rero 1 : suhjecj, ":5ycii L--

ak waand th

i.Jirr. Thscomi...rare, ana roqnjr.

;:'v'S3?tJ3D,-',,- duty

t .;cCirhgy; pretext '. ? 'izz;J;' they were

cre Jliey jurorg: ifany other ia to

rcrcign trill ofthe:p i Cir.tilr representaI ' t be regretted

C -Si t'. Md have added to w

w.. j ..iwliA cprecutid paper in circu3 of cjara an-ac- tof post ..... t, ..i. i 1 jTiArunty.

- J .L't: i atj vr, Ai cct ;c!y?ipjc?sive, butJ.'jTia tybach:aintd discounts

iww.iy Lzr.U tzTza tmi oae-thir- d

f r cjual tajtwenty- -

l.r rcat. per annumi tfai ortcr.time, and

:!i t;:iic;a fongcr time.wUCicfcscban&e : and -

ai:..j-T- . i' L"wr:::j- 'dealing in . themcc--a c!.-c- hj I.r.T3 t --ca --C3.Miy the bank at T

uvair. j super ept: pr.ina for their ownnutos, -- r.i twT if csr.V premium, for the'notesnffes r :rr 5;iaar.c?3 vaaiii paidr;i,?t.tl;o rw. -- "r t: thtomerst par. ,

K TKaX:1 - r: her? r J Z. tt. ?preasively

on thejq livt- -j retr.taf.ths-jpareiu- bank. '

Theyr"! ;- - ; "lyUain equal advanhf " j clro rflrtimiitvT ;

A?''-- fwU'ta prera-'nceberall-y

known,end the-cxpeas3- travelling and other in--cc; yeaicr ?ca hate in a measura", deprivedlhcm"cf the amount of loans guaranteed bytha-charte- r to the several dtslrtcts -- Theseviolationsof the letter and spirit of the qharter, however, dwindle into comparative in-significance, when placed by.the side of thecsansupcjf of power on the partof the bank, ia seeking to monopolize the5cotton Crop of ths : stqte, and . becoming afactor nnq shipper of our . creat staple. Iyrntura ta ajfirn that not a Eirndrt . moff tla legislature,"who voted for that char- -tar cvor. infeaded to confer, such --dangerouspower'; .porxioesa fdr cohstpction of thatipror?nt-t?arrant-thVji4Xrn'eierciin- g

:Tba banks which hcratof ire advar? 'cad ca coCaJgensrally ; tiy to justify theirCourse by pleading necessity, in order thatt.h3y might "replenish thejr vaults wiitUpe- -cia; jztzt cf-- thm Jtre. now-lT- il thatthe , system is wrong ip..cipla, and arep; to abandon Ht. "With a capital of, . --:J,ujjinQ Mississippi Union : Bank, .

-- "r)0-1'0 ' could monopolize thevrhole cotton erop of the state, and everyarUcleoprod -- 2o and merchandize, depop-u.it- e

car tov?ns, prostrate our merchants,awJt!rush car planters, -; j'7 . ;: --"Hiw s;-c-m ofadvancinwill absorb the "V

cvailable means of the institaUon, andthrow . the discounts of the batik into ihvliands oflhe large coUon. planlers and tho --

speculators, and deprive those of loans who --

do-JioL iboouc'o cotton; nar will those whoget advar "s on cotton be uliimately bene-fitedj.to- rv

1 .experience proves. that theProfits of lch speculations seldom reachihcpo'c.f.ata of the producer. :VAb --aenment of the charter of the Plan- -tars1 Uank is required. : A single individ-ual holding tbe proxies of the non-res'de- nt

btockholders, annually : elects a majority ofthe directors, and exercises a controllinginfluence over its affairs. The state ownsthe larger portion of the stock, and in strictjustice, is eatiiled to a majority of the rs.:

The report of the auditor of nub--lie accounts proves lhat grparabuses liaveprevailed in the .manajreunieiit of, that in--stitution, and that every impediment waswirown- iu iiia way, in order to deprive himof an opportunity of ascertaining and re--porting the true situation of the bank.This course has never been pursued in another state where the oeoole hadted portion of the capital. The legislasure of Viiginia, two years ago callod for,and obtained from all the backs in whichthe owned stock, a fult statement cf thenames, residence and occupation of all thedebtors of those insu'tutions'and their sever--ui Iiabilmes. The right of the state to de-mand the information, was . not esriously

were furnished as soon aai they could bCobtained. 1 am not aware that , tliia1ms bee oT questioned in any date of thiaST : : ' '....

union except inis. l call your attsatioato the 23J; 24th 25th and SCLh sact cfthe act io e8taU.is'b;:.ihe.;i'ant$rs. P - cfthe stata'oC: MississiLllsc-- s ccatbaahave been utterly disrejardad. ; It t:zJi ntly

intended that cas fcal?cf .tha c-- :ul

ofthe bank should be dictritutsdtt-C- ovarious senatorial ifiisuitt Jjha-i- a '

n3ca zzzzznxy . Ti a crfcl rgea coatecip.'id tha cirtrf. ! ta

:zzpith ;t&3 FravHcci It

CacrcacfttDt-- 4,Crrcr:::lf:::;i::

h

'j

j

lb'r vi r. 1::.

. ,'... t

tr-- -r j:tut c!l t Jb-- -3 vr 6kcz-yt- z t::r pcv-r.- rr

U':;:r7l TS?:S. --rcrdr ;V.;-h?- 4

rC'tUzy"ydr -- 'tlha rf rv-!- ?I "ia rri U ic : fuUfr'rnnfla-- j .1 .zmU thebitimata farpcss; cf tucir crcatic.i I cmr.c crjxrrr i ry t; i 1 cr j tonc-tl-v

- r.yy i"-:- s: m nzaay rspeciatv?yu rp Jy zC:ii1 fa?ili;V.5rfex--hiccpcrstic-- I;

aabB"th3 jhdastirjpcscrjl carry. onhiiJriacs3jVtvi edvasof?t!;a- - p.intic3terest by farni?h!gT rncar.3 to brini nl xrrea- -ter qvantity:on;r.d ictal:ivaticak''by;thaanticipation of o repa of tha producers.They,' abo,.nryd-X'fVan- d profitable: inivestment for t'li cr y cf the capitaSist, andif prudently an-- - . are . hiahl v useful tothe coinnlunitj Iv-patin- however, ;be-denie- d

that .Konitd csyciations of( wealth arcanii-repub!is- an iat!s8irtendency and whenperverted, tol the purposes' of .speculation,have d. jithsring ir.fl"ce,both on tlo ph ot-i- ng

nnd jcotrr severaLor onrbanks are H charters exempt "fromtaxation ktfhrr-r- e J!'T?diapno quarter01 puc percc anu tncy jattjien o ..thelegUlatHre i'.l rfht Vfiatfnga way thsjrcharters or,tayirjthc.'r) except trtidepin tliejract'f tr9orp"ticn.V;ro arr'yeatj ust ccnchisicb? 07 these .Vre'st tons,, i t is',perhaps nec: f; b'ngUre into tl.c extentof ouryn jjovvers atid Iioy: fa n the existinginstitutions' are placed bevrnd our control.The cbjCcVpnd jend of VJl-govefni- is tojnuuioie uju uappHies3 anu profjierity ot ipec'oimnunit bywhich'itMs established-ran- d

tt.cao nev r be -- presumed that it ever iatejid-edjt- o

diminish ppwefs of acchmpfihihg tliecntl ffr vVhich it vn$"rcBieu?JEhrcry;ttcttf a" public iuhcli friary is merely an exerciseof delegated "pfiwer.entrusted'tolijm by, thepeole for specific purpse. ' The limits ofpoiver delegated "to 'the'' Legislature arcs to::tesought, not only in the.Con3tjtution, but, nthe nature and ends'of the power ; itself andthe objects of government and civil society.The acts of the Legislature are '

the" acts ofrhejeople, only while within UheVpowcrconferred upon; them. ; It "is indispensablethai each Legislature should" assemble viththe'sahie sovereign powers" that ye re heldby their predecessora any of the acts 'dTsa-- i

bling them from the : future exefcTseof tlieirirusi, iur lue puuuu gou, are .yoitt oeiorin substance a poytsnant to desert their paramount duty to theCpeople. The power oftaxation is essential to the 'constitution "andw el f beingof soc ie ty and nece si

.ly

.req

.u i r6s..1. -- i .1. l. I '1 ir.l'i"'.-- ' ' - -

umi me ngui Mioiiiu remain unimpiared. 'V Itis cntruatJtothe Legislature to be exercis-ed, not bartered away.--- h is inherent andinalienablca nd heednoti beT reser y ed ex

als or francnises .to corpora tionsl;-- ' Itis treylerthelessHrue, that vhpnia cofrj6ratioh' baWa suflicieht bonus to (be State for .the 'francbtse granted; ia . consideratir.'.i of hein cxkejnpt frprrf taii-,;.;;,2- Ht caniiot b jusUtaken away" without a.retnr;bf3'"W.iu?,nor can taxes rbej:rcqi'iired.wrtIout 7 a Viola-tion ofthe Public faith. Tjie: payment ofabonus to. the State isa liquidtition of 'a vdebtin. advance, which would jbin taxes. -- - None 'of our hnnks fiavepaid'abonus . to the Statejtheir charters. We'regranted solely, on., consideratiopsof publicpolicy nd eonvenlencee, and posses- - none,of the ingredients of contracts, The prin-ciple' which ' prohibits, the resumption ofone's own grant, does not apply toL the exer-cise of the eminent domain which' the Statepossesses in the property of.al! her citizens."The. whole of it maybe taken for public pur-poses, and it is net required that paymentshould be made in advance nor can it.beexacted unless the injury be direct. . Shouldthe lands, tectascts, or effeefs of a corpora-tion be taken fcr public purposes, the coasti-tutio- n

guarantees piyraen!' but when the9

injury is consequential, no claim can be pre--lerrea against tne siaie ror aamages. ihorepeaL of a charter, does cot deprive thecompany oftheir banking houses, their coin,or their notes and tJlls rtaking away Mtprivileges is damage without injury. It is

settled principle that a State law may beretrospective in its character and divestvested rishts. ytlfjot violate tho constitution of tbe Unttid Lates or cf this State,unless it al80 jmp:r9 the obligation of acontract The charter of a bank is not inits character a contraet, where no ' bonus ispaid. None of our banks except thoe re-quired to ' build railroads have any burthenirr.po:sd upon them, nor can the investmentcf moaey by capitalists in our banks be esteemed hazardous and thus entitle the steckholders to a continuation of their privileges.They were established, alobe, to advancethe interests and proraoto ihejwelfarc of thepeople of the State,' and those that , haveabused, their privilege and are dctriaataito the public good should co loiter existno direct injury v.ould result by the repealcf lbs chirtcn?, cithst to tha etockbilirrs,dzlutd, C: cr-i!- r3 cf tl tiI: proviiica,cc-- IJ LofLJa- fir nzl' j up thsir cDirs

--tiraa ivca t ccllcct taa amounts' "dua

"--'finish the Penitentiary provide tool k . v..convicts, materials too keep thera$r,.. ',yemployedfand pay for the SuperiStr LvtWith a sound currency the pricekrlV ;i.and materials will be greatly dirnlnW.. J.V"

In pursuance of the authority Afti inthe Exccuiive, by Law, I transferred to .Mississippi Union Bank twonty-fiv- e tKriusand one hundred and six dollars andtwo cents of the notes, 'payable in oneVr.ar.taken in payment of Lots sold in the city ofJackson in November 1 838 ; is herewithi e ncit proceeds ot said notes arnoufilteg

to the s im of twenty-thre- e thousand fourhundred and seventy-ihre- e dollars and eighr,teen cents has been paid over to the TroaVnrer. The account of sales of Lots sold ori21st and 22nd of November, 183S, is herc- -w i:n transmitted. It will show that thevbrought a fair price, and that the sale couldnot have taken place at a more fa vera hieperiod. The lien reserved on them altogeth-er with the personal security, will ensure thepayment ot the purchase money.

x oe vapnoi, alt bough not finished, is sofar advnee t as to afford accoinmodatioo othe Legislature and the various public olFi- -CCrS. The . bllildinir ha nrnirroscoil vr.ruslowly the past year, and hk is believed thatthe expenditures have been Unusually extravagant. A'rifTid scrutinv into all th mn.tracts and accounts of the Officers, chargedwith the erection of the State House andPenitentiary, is necessary. It will enableyou to ascertain what further Legislationmay be required, in order to ensure thespeedy completion of thg Public Building,

'on reasonable terms. s:fThe Resolution .in relation to the ReVe-nu- e

of this State, approved May 10th 1837will engage your early attention-th- e reas-ons for its passage have in a great , measureceased, ifnd the paper of those banks-tha-

t

have failed to resume cannot, any longeY, betauen witn 'safety. Should the resolutionronttnue in force, the paper ot . worthlessnanus, alone will be paid into the Treasury,by the Tax collectors, and it cannot be usedin paymentof the charges on the Treasury,I suggest the propriety of authorizing the in-

stitution of suits on all the notes in . theTreasury, on Banks which do not redeemtheir issues in specie. If the salaries of thepublic officers are considered to be too high,they should be reduced, but it is gross injus-tice to pay the creditors of the State in fundsso much depreciated as the notes of severalof our incomorafed Tt;in!ra v :

The State debt now amounts to the sumof 382,335 30, deposited by the GeneralGovernment, and which is liable, at anytime, to be recalled two millions of dollarsin six per cent, bonds,' sold by the State topay for stock to that amount in the Planters' Bank, and five millions nf dollra ;

five per cent, bonds, sold to take stock tothat amount in the Mississippi Union Bank,amounting in all to the sum of seven million three hundred and eighty-tw- o thousandth ree hundred and thirty-fiv- e dollars andinirty cents and the annual interest onthat sum (most of it payable in .Europe)amounts to sum of three hundred and seven-ty thousand dollars. To preserve the honor ol the State unsullied, and her credit unimpaired, it is of the last importance thatthe interest should be punctually paid, at theplaces designated, and ample funds providedfor the redemption of ,the principal A t isusually much easier to borrow and spendmoney than to provide the means of pay-ment. " r '; y w

My recorded votes on the Journals of theSenate, as well as my speeches, during thecanvass preceding my election to the officeI now occupy, show tbatjl never was in favorof pledging the faith of the Sta.e for Banking purposes, but, inasmuch as the questionhad been long before the people and hadtwice received their sanction, I signed thecharter of the Mississippi Union Bank, having no constutionai scruples.

Soon after the managers were elected . Iwas called on to pay two and a halfper cent.on the StateV subscription of five million ofdolhrr in cash, This I declined doing-th- ecorrespondence herewith ; transmited willshow wy reasons fiyjuing tbvt course. ,

, On the day "the books were opened atJ ackson 1 subscribed for fifty thousand sharesof aock in the bank, and executed bondsfor five million of dollars, as soon as theywere prepared for my official signature ; anddelivered them to the managers cf the bank:The documents herewith submitted wiltplace you in possesion of the inttrucdocs oftbe Mississippi Union B ink, totha Cocnmissiouers appointed to negotiate the Iczdiand the terms ofthe sab. The" charter ofthe bank provide that the tends shall isctbe sold for Ir j tbin their par value... Theywere dated ca-- the ,fifih" ixth seventh,eighth, and pbthdays of June, A. D. 18C3,and payabla ta twelve an twenty yearsfrom from fifth day of February, ltiC8, andsaid to. NicJu;JSiddla:...iliti OQ

eighteeoth day of August, 183w, for fivecittion of dolhrs, lawful money of tbo Uni-

ted Cltes, payebb ia five clk-ah::-- 3of cna mHlica cf -.- '.173 csc--S ca tho C-- ;:

day IhfzrzhzT czs v'uAt

tr v

T v

eft'- i

sive. - -- ' Her'-- 1

ir--ieHlir-r ' f cc' "

. ianv sc : i cf "

could rot'afely I yve? ter. v

c'Gha tiered a DiiipinieV cn ."thinT ' ;

that net clearly oxprr"7ci3 H f :t acts cf I

incorporationan can ex: 'r.jS'iar poweW a Ion e, ia the ma riac r rr-i:K-': t." Anka m mgu 11 y ppekra 1 es njain n v v r reriu re m,and in -- faYorjcf Uie publi50 Icacpoliesanexrluiive privijfes .i'.'zr J . ba putd .jwn an d all cpdirtV. r. r ed to thepri viTv-- V -- 7)y . " ; r. . ' ' ' i" iir char- -ters thy exercUa of I!. mt Mi'lsi'di, being m dero litica r,T: iz vu.;r.r j 1.13, can- -

not he jcxtcit of the net of tr.cojrcr-;- .. I f thev arepernsiffed to leavo their fc-;.- ic: a businessof hanking nttteht3'Zlrr. rpccula:fionlheir great capiiil, .wUlX.'lIa th'srn todrive itfdivtdval 'compelitLyfa t!amar- -

dace an3 every article of QerfffdfinfieCxitcnrc cfour government xztltj rf littlevalu'e;'if itsl5nctic3 ro IranJ-rre-

d to thehands cT. puvilc-j- d --cor pr rati- -, and allfuture TegisI.U&'es; prv3L.:J frcrn prcioctipg t!Te people agalnsi t!. 'jta cf a sys-te- ni

which U impver shi:: (ha a'.V wlii:we sedulously raard Ih'e ligl.tVof : private Aproperly, we shiKJ never !;ret that thecbrnmuqity jiave also ir.r.rfjiU that the

j .welfare cf us all depcadca. tlj-- ir 'inaintc--

nance.4.; Thtf regulation o'f 'clujcurreacv- isone of tha highestftributci, of sovereigntyarid isannevcr ' be planed - bey nd legisla-tive controL' The greaierf eyiljof theSinlf-in- g

system consists in Ihe contliual expan-sion and contractions of bank issues,' lor theprice of property is thifs made liable .to fluc-tuation?, and every 'thins" rendered unstable.: lfi prosperous titx:esr bunks are indu- - .

of makingiarge dryidends to thciiockbclder9 .money -- becomes pfer.ty,tbe price:of

lated, but in ihe end a revulsion take splace, Vi

pApefty declines in value, bank acefcdrap-dat;t?ns

can no longer be obtifid, t;.J tl --

ciutry;lVra tjiBar-eriairikb- - cvjli..li.dent to a deranged cur:a2y."(The feanof experience toacli v. i jo - ri irgainst tbarecjuri"oCthe' evP?vh:t''ri5 hire.' ca- -durodTor the; lasUy Yf tx.v, ; 1 zLCL-tt.-1.:?

a rre'oeral - hakin'r' .rrlimiting nyjt- - prpviSK -- ..1.

:

!V -- :; l'm.un.t of dtvidenJ J.rr: rhcatioa cf monthly repc ; 'T'.T'ii:--- 1

of,each Mnvenfietl: ' :;-t-i;ir .1

sia!t prcaehfeV, prohib'- - r.'fr'--- -'

t',r ifi -qv 'jr fjrcv"j

ofanyt6ther baqh.- -

req u 1 red tif p;ay out 1 ti ts yniv: -- , t tof thatbankpaejfequir nje-- V ,;.seUleinents slould bd,mad! by'iU f ' :

having accounts with.eaelrptrr.-.- N .

; aTho value of bank paper beiij'' - iW. . .An ..4 a nrinvnVI inilirlf ' rtii 1 Amu nf

the ,issue of post notes should be'forbidir.and nt m .re than three dollars iu-pap- eri

sued for each dollar of speqie in'tha vaulii;and when . that , proportion iV destroyed, nomore ; issues nade until It isr restored r Itmight be wcll,'also, to make the refusal ofn bank to pay any of its; nbtcf or ;depostteson demand, an absolute .Jbrfeture of char-ter, and require immediate proceedings tobe instituted to stop the further opera lionsof. the bank. Other provisions will, nodotibt, suggest themselves, toypur consider-ation, calculated to secure to our constitu-ents the invaluable advantages of a soundand" stable curticy, and to guarantee toevery portion of tha state, and each individ-ual thereof, equalv facilities !in obtainingloans and discounts. ' p -

ram(well aware that the right of the le-

gislature to alier,, amend o(, repeal bankcharters, is denied by roan eminent ju-rists. In several of. the ; states the right isexpressly reserved in their acla of incorpo-ration., -

.

The state of Kentucky, mny years a-g- o,

repealed the charters of all her banking institutions. I am not advwed that tiieconstitutionality of the act wis ever calledin question, either in the state courts, or pitliose ofthe United States, f

Should you differ with me! in relation tothe constitutional right of the legislature torepeal onr. oanK .cnarteir, tpoiner coursecould bo adopted, which would answer thesame purpose; and not be ctpaxiousLto con-sttttftraa- al

.objections, fhd evidcace reported by tbe Cani.. .

Cc:r:;..!

:oaers,.

con--ctusiveiy proves tnai neariv an taa bankia tb3 rtata have forfeited Cjr charters bcSr:r:--3 their privilc-c- r, C:r.3:.-rjtaca-a

rly r::!irthsir exzrz-- z rS ::;r:., Caa:t bof. Ihcsi L--

Ya izzzzi :r czzzzzt cf

r-c- " trr.r.t cecsV--r- tb cf iha

O: zrr.iwzza " ;--:7 tha thedi

-- r sd'"-- . v hivj borweJ...:.3Clr-- j 1.r t,;..;. Cc"t;y--

"r- -' - 'If f'-j- f - '-- -- ULI

i

( 1

1

V ? Xrt, retained fit a period of. Crr l--

7p trei;C5sI twenty rzzzlzl Ct Ca rc:.: ;:!:r. cr,cf !:zra cf L ,ccJ,itatx!:D : VrSacd thiy-t:hvcr- ;J ca tS Crt lays cf Jsq-cir- y,

I!:-- 4 . :y eH7d v ia tha ycir ca izzzt, ca ts nciL:;r-- U -i-:zz2 thstrcitiars1'.."' - - cf cay caa cca. ers H-tar-

acre prccrty t .