Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser., June 12, 1841, Image 1

About Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842

Image provided by: Mississippi Department of Archives and History

                
- -.. .. - 1 - - - J M
AND CARROLL, GHOCTAW A COUNTIES ADVERTISER.
it
i
.. ' . - nr C.iirrollton Car-
tUdtSouthcrn rioneer
(BT G. W. H. BROWN.)
WTHDERxhe above title of the "Southern Pio
WJ JtIk " we propose to .publish in the town of
(Srrolkon.'a new Weekly Paper, devoted to Politics.
US Slate Md .National.- Agriculture, Re current
news of the day, and the advancement of the great
ause of Education. This paper will be devoted to
what its cot ductor believes to be the best interests of
the State and county. It will advocate the great Whig
cause which you have recently seen so signally trium
phant. Believing, that the principles put torth by the
rreat Whig party as the tenets of its political creed,
are the only true ones on which this Government was
nzinally founded, and on which it should be admin
istered, this paper will lend to those principles, when
erer and wherever espoused, its h amble but cordial
support. . ,
No man or set of men, will he by us unscrupulously
sustained at the expense of principle, "Principles
sot men," is our mottoby this rule shall we be gov
erned, and in subjecting all to this test, we shall as we
find them, judge with impartiality, admonish with
oandor, and reprehend with justice. As humble Pio
aeers in the great cause of political truth, we shall
ever point to the cardinal virtues of a representative
Government. But, the interests of our State, and
more particularly of our county, shall receive at our
kinds a constant and i an earnest advocacy. While
our sister counties have been the object of Legislative
action, and Executive patronage, the county of Carroll
has remained comparatively unknown and unappre
ciated. It shall therefore be our pride, as well as our
duty, to develope its vast resources and point out its
numerous adv antages. The cause of education, the
oau.se of enlightened and progressive civilization, the
only true bulwark of a nation's freedom, shall receive
that attention its importance demands. In fine, as
humble Pioneers in the great crusade against igno
rance and error, we shall shoulder our mattock and
shovel, and taking our place in the great march of
modern improvement, our course snail ever ne as i.uar
raionsaid to Stanlv, 4 ONWARD."
TERMS. The "Pioneer" will be published every
Saturday morning at five dollaes in advance, or
IX dollars at the expiration 01 six iuonuis, or six
collars FtFTY at the end of the year.
PAPER WILL BE DISCONTINUED
UNTIL ALL ARREARAGES ARE PAID.
ADVERTISEMENTS inserted at the rate of One
Doll a l and Fiftv Cents per square (ten lines) for
th first, and One Dollar for each subsequent in
sertion. The number of insertions must be marked
epon the ms. or it will be published until ordered
ut, and charged accordingly.
. Articles of a personal nature, whenever admitted
will be charged at double the above rates. Political
circulars or public addresses, for the benefi of indi
' vidua 1 or companies, charged as advertisements.
Announcing candidates for office $10 each.
Yearly Advertising.- -For forty lines, or less,
renewable at pleasure, each week. Sk65.
ftr-Bills for advertising are due when the work is
ione, and MUST be paid whenever called for.
JOB PRINTING.
er-In connection with the Pioneer Office, is a large
..nrfment nf npw and fashionable Fancy Type,
which enables us to execute all orders for Job Print
ing in fine style. We solicit patronage m this line,
at prices the same as other well regulated offices jn
Mississippi. Orders from Attorneys, Clerks, Sheriffs,
fcc., promptly attended to.
ALL JOB WORK CASH.
Letters or Communications to the publisher must
fee post-paid, or they will not be taken out.
Republican i hi? Ticket.
For Governor,
DAVID O. SHATTIJCK, of Carroll.
For Congress,
ADAM L BINGAM AN,of Adams,
WILLI AM R. HARLEY, of Marshall.
For Secretary of State.
LEWIS G. G A LLO W AY, of Holmes.
For Auditor of Public Accounts,
JAMES J. ALLEN, of Hinds,
For State Treasurer,
WILLIAM G. CRAWLEY, of Perry.
For Attorney General,
ROBERT HUGHES, of Hinds.
3 3 3 3
FROM THE JACKSON 'TRUE ISSUE.
THE STATE BONDS No. I.
By the contrivance of a few wrong-minded
and misguided politicians, the payment or
non-payment of the State Bonds is made the
topic of general discussion and common con
versation. and great exertions are made and
av
making by certain little would-be great men
by feeding and inflaming the worst passions
and propensities of the human mindj and there
by to get the unwary without a proper knowl
edge of the subject, to commit themselves on
that side of the question which will favor their
plans of self-promotion and political aggran
dizement. Certain broken-down politicians
and would be politicians who have no hopes of
gaining the confidence or even notice of the
too generous and confiding people by their
own merits are getting up public meetings in
various quarters and haranguing the people
most lustily that public faith, public confi
dence and public honor, and State or Nation,
al honesty are mere pretty camts that sound
well in a speech and look well on paper, but
are Utopian, having no real existence and of
no use in the common occurrences and tran
sactions of xeal in life. They are crying out
most lamentably to the people to support the
constitution of their State by refusing to pay
either the principal or interest on the bonds
given by the State for money borrowed and
actually received on the credit and fuith of
the State for the use of the Planter's and Un
ion Banks of the State of Mississippi urging
as sufficient reason for such refusal, that 1st:
The Union Bank was not created and estab
lished in strict accordance with the require
ments and restrictions of the constitution in
the following particulars: 1st They say that
the whole act was not published to the people,
but only a portion of it 2nd. That the char
ter was hot passed by two consecutive Legis
latures 3rd, That the supplemental or amen
datory bill, as some style it, was not acted up
on and passed by two different Legislatures
after the requisite publication 4th,That there
were many important portions of the supple
mental act wholly different from the original
chaTter 5th, The loan of the money was not
effected in pursuance of the charter, but upon
terms very different and therefore without au
thority 6th, That the Bonds are yet in the
hands of N.Biddle (a bank knave) or the U.S.
Bank of Pennsylvania, (a swindling machine)
and other like sage, legal, and moral reasons
for no two of them agree upon the grounds of
opposition to the payment of the Bonds of the
Union Bank: and as to the debt created for
the Planter's Bank, no reason is assigned by
any one of these mighty men of Gath, why
that debt should not be paid; but somehow or
other these political jugglers blend the two
cases together and hope to make 'the public
believe them by the a nount and quantity o
abuse, slang, and rubbish thrown upon the
Union Bank and its incompetent Directory,
to smother the Planters Bank also.
We purpose, in a series of short numbers,
calmly and dispassionately, to investigate, as
plainly and as fairly as we can, the various
reasons and grounds of objection Jo Jhelpay
ment of the bonds, and to show that there is
nothing sound in them. That they want the
foundation of Law, Equity and Reason to sup
port them; and we will demonstrate to every
intelligent mind, as we believe, that, in the
first place, we, the people of Mississippi, are
legally, equitably and morally bound to pay
every dollar of the bonds remaining to be paid
after the assets of the bnks are exhausted
upon them. But secondly, to show that the
discussion of this subject is premature, as no
one can know the extent of the ability of the
people, until the true amount of the banks can
be ascertained which can be made available to
the satisfaction of the bonds, and that some
time is requisite for the attainment of that ob
ject; and that it is unwise to afflict ourselves
with remotely anticipated evils; "for distance
lends enchantment to the view." How many
of the busy wranglers upon that subject of to
day, will be alive when the time will arrive
for the payment of the bonds? A1 wise men
will say, "Sufficient for the day is the evil
thereof." When we know the extent of our
liabilities, it will be time enough to provide,
by the best way, the means to discharge the
debt improvidently brought upon us by unwise
legislation. And in the third place to show to
the thinking, reflecting public, that the whole
of this mighty uproar, is gotten upas another
of the political humbugs with which Mississip
pi, for several years past, has been cursed, to
foist unworthy men into power another open
shed under which the discontented and disaf
fected of all political parties may run and
range themselves in a political storm, and
thereby derange the right order of things for
it is not the good and wise of either of the
great parties of the State, that have engaged
in the hue and cry against paying the bonds,
but a pack of small beagles, that have been on
ly permitted to open the trail -in the wake of
superior minds. They , now think they have
been in leading strings long enough, that they
will slip the leash and roam the political forest
at will. It will be admitted that there are
now a good number of good and honest men
who are opposed to the payment of the bonds,
but they are misinformed upon; the subject
and at the same time, we contend, that when
they shall understand the truth in relation to
the subject as it is, will be ashamed that they
ever entertained for a moment, such unwor
thy sentiments, v.
We will close this number with the 9th sec.
of the 7th article of the Constitution of the
State of Mississippi. The section is in these
CARROLLTON, MISSISSIPPI, SATURDAY
words: "No law shall ever be passed to raise
a loan of money upon the credit of the State,
or to pledge.the faith of the State for the pay
ment or redemption of any loan or debt, un
less such law be proposed in the Senate or
House of. Representatives, and be agreed to
by a majority of the members of each House,
and entered on their journals, with the yeas
and nays taken thereon, and be referred to the
next ensuing legislature, and published for
three months previous to the next regular
election, in three newtpapers of this State
and unless ji majority of each branch of the
legislature so elected, after such publication,
shall agree to and pass such law, and in such
case, the yeas a id nays shall be taken and en
tered on the journals of each house Provide I,
that nothing in this section shall be so constru
ed as to prevent the legislature from negotia
ting a future loan of one and a half millions
of dollars, and vesting the same in stock re
served to the State by the charter of the Plan
ter's Bank of the State of Mississippi."
The Planter's Bank is especially provided
for by this section of the Constitution and
nothing more at present should be said about
it.
The charter of the Union Bank was regu
larly introduced into the Legislature, and was
passed by a majority of the members of both
branches of the same, by ayes and noes, and
they with the bill, were spread upon the jour
nals ot each House. This charter was passed
by the Legislature in strict pursuance of the
constitution, wherj governor Mciutt was
President of the Senate, and received the ap
proval pf Governor Lynch, as far as the same
could then be given, on the 2lst January, 1837.
The whole act incorporating the subscribers to
the Union Bank of Mississippi, word for word
letter for letter, was published in every news
paper of any note or circulation in the State,
and the merits and demerits of the whole sub
ject generally and in detail, were discussed by
all the people, once and again, for several
months before the November election of 1837.
No subject ever received so much attention
and universal approbation Jn. this State, and
was so well understood as did and has the
charter of the Union Bank, and the policy of
establishing such an institution. It was look
ed upon by an overwhelming majfirity of the
Legislature as a subject of such popularity as
to warrant them in sending the charter in pam
phlet form, at a heavy expense, to every one
of..their influential constituents. All read it,
'some understood it, and most all the people in
Mississippi were decidedly in favor of it. At
the November election in 1837, but very few
of the cand dates were opposed to the details
much less the principles and policy of the mea
sures; and those that were opposed to it upon
any ground, were so extremely modest, as to
say, "as all the people wanted it, they would
feel themselves bound to support it, if elec
ted." The members elected at this election came
fresh from the people better informed as to
their will and desire in relation to the Union
Bank, than upon any other subject ever before
that time investigated in the State, and took
their seats in the regular session of the Legis
lature the 1st Monday of January, 1838. A.
G. McNutt was now the Governor elect.
The act of the preceding Legislature incorpo
rating the subscribers to the Mississippi Union
Bank in accordance with the requirements of
the constitution, was again . read the whole
47 sections aeibatim tt literatim et punctuattm
as passed and approved at the previous session
and published to the people, referred to the
Legislature of lb38, and which act, without
addition, interlineation or erasure, was passed
by a very large majority of both branches of
the Legislature by ayes and nays, and all again
placed upon the journals, was signed by A
L. Bingaman, President of the Senate, and
John W. King, Speaker of the House of Rep
resentatives, and. approved by Governor Mc
Nutt the 5th February, 1833. This all being
done, the "act incorporating the subscribers
to the Mississippi Union Bank," was the law
of the State for every thing thus far was
done precisely as required by the section of
the constitution above quoted: and therefore
no one can be found so stupid, or (if intelligent)
lost to a sense of shame, as to assert that any
constitutional objection can be urged against
the Union Bank charter thus far, and we will
show in the subsequent investigation of this
subject that no available constitutional objec
tion to any other portion of the laws govern
ing the institution can be raised until after the
loan was consummated.
j "Man, know thyself-i.il wisdora centers there."
JUNE 12, 1841.
LETTER FROM EX-PRESIPENT MON
ROE.
New ork, Jan. 20, 1831.
Dear Sir:. The confidence I have in vour
rectitude and patuiotism will induce me to
give an explicit answer to the general inter-
lugaiuiies contained m your letter ot the 7th,
though I fear that my continued weak state of
health will make it less satislactorv than it
otherwise might be, especially as I have none
of the official documents with me which are
calculated to illustrate the subject.
i- L f ..
auu usk me wnai is my opinion 01 tne ei
feet which the United States Bank has on the
national currency, and as to the policy of re
newing its charter? what the situation of the i
Government, without its aid, during the las I
wan wnat its general advantages in regula-
ting exchange, in facilitating remittances to
luuiviuuais, ana 11s general importance:
, When the old United States Bank was first
instituted, I was one of those who voted a-
gainst it in the Senate. I doubted the pow
er of the Government, under the Constitution,
to make such an establishment, and was fear
ful that the influence which it would give to
the Uovernment, over the moneyed concerns
of the Union, would have a very improper
effect on our f ree system. The bank was in
stituted soon after the Government was adopt-
J J 1 . 1 r . 1 1...
cu, u yenou wnen me question 01 ine relative
powers of . the two Governments excited
great feeling, and divided the Congress of the
Union into very jealous and violent parties.
1 was ot that party which construed the pow
ers of the national Government strictly, and ;
and prompted by a belief that such change
! .1... . . "
wouia give strengtn to me system, ana not
weaken or endanger it.
Between such a bank and any arrange
ment which the Government can make, the
alternative must be between a bank of the
Government itself, and under its exclusive
control; a reliance on its own resources and
surplus funds, deposited in a manner to pro
duce the best effect; and a dependence on the
banks of the several States. 1 have no hesita
tion in declaring it as my decided opinion,
that neither ot these could accomplish the
great objects contemplated, and that each of
them is liable, in other respects, to the most
serious objections. To a bank of the Govern
ment, this remark is applicable in both views,
and with peculiarJGurce iotheJatter.Jf , con
fined to the metropolis, it could not extend its
d scounts beyond a very limited circle, nor its
agency as a deposite for the revenue received
in the several States nor for remittances to
individuals; and for other objects it would be
equally limited. Such an institution requires
an active supervision by those for whose bene- j
jfi1 it is intended. The regular official duties
ui ui uie ueparimenis in me ixecuuve, ren-
dei it impossible for that branch to perform
. i . - ?.i . . . ...
that
service wunoui an mierierence wun
those duties to the injury of the public If
branches should be established, their position
might enable them to remedy some of the de
tects stated, but they would accumulate others
ol much greater force. The interference with
the constitutional and regular duties of the
Executive would, in the same degree, be in
creased. But that is comparatively a slight
evil. A bank thus instituted beine under the'
control of the Executive, bv the appointment !
of its directors, and, in all its operation, might
: . I n i . I
in ine nanus oi a oaa Aaminisirauon. oe
l i i. r i i - . i
wielded as an instrument to sap the founda
tion of the Government itself. Appeals would
bemide to the Government from every part
of the Union for its influence in obtaining
discounts, and thus a seduction might be prac
tised to a great extent tor the worst purposes.
The influence would be reciprocal. - Those
connected by such a tie with the Government
would be looked to for support at elections,
who would not fail to render it. Thus the
revenue of the nation, raised by taxes on the J
proper objects, to support their free Govern-
. : .. u . l j . . . : ... '
ment, might be : made an instrument to its
overthrow. .
The second alternative suggested, a reliance
on the surplus funds, for the accomplishment
of the objects contemplated, it must be obvious
must fail in every instance. ' The revenue of
a government is generally limited to certain
specified objects, according to an estimate for
each,' and to which it is appropriated. The
fund raised sometimes falls short of - the ob
ject; it seldom exceeds it in any considerable
amount. For the want of a surplus, it must
lie idle in the Treasury until appropriated,
and if appropriated as a provision lor an em
ergency for war, for example it must still
lie idle until that event occurs, or be loaned
out. It could not Lie idle; the whole nation
would revolt against it; and, if loaned out, it
might be impossible to obtain it when called
for. and might even be lost. - In this mode, the
regulation of the value of , the eurrency, of
exchange, ana oi rendering service Dy iann
itating remittances, would be-abortive. The
third alternative which has been suggested, a
reliance on the State banks, would be equally
unproductive. The government - would re
quire no aid except in time of war, when im
mense sums wonld be necessary, which could
be procured only by loans; and when - applica
lion should be made to them, there is good
cause to apprehend that each would endeavor
to obtain the best terms it could; There is no
particular bond between them and the nation
al government; and impelled by their inter-
wfiii ri 1 t r m rm r v-i a w 41 a. wham wrv v 1 rm ns? i 1 11 1 1 . 1 1 -"m tun r -' w. -i
So far as any change has taken place in my I fluence are gamed, if not profit; It has the t
opinion, it has been the result of experience, 'means, and may be considered the. mon dow I
VOL. I. NO. 26.
ests and that of the stockholders, it is naturt
inai iney snouia pursue that course. Shoul
such an emergency arise as menaced the ovej
throw of the government; the interest thefeV
excited might be paramount,' and force th;
banks, under the direction of the stockholder
to unite in a common effort to save the couu
try. But the great object is to prevent such s
crisis, by a command of funds, which woult
enable the government to arrest it. In ever
other object the State bands would fail.
There being no standard to which all mus
adhere, no connection between those of th
different Slates, ad many of them with limt
ted funds and inembased cireumt;inr.th-i
1
! would neithejrregulate the value of coin, o
exchange, nor facilitate remiitnr
A nation.il tank occupies a different ground
ionnected with the government by its charte'
and its capital, which consists of stock ii
which the government participates in a cer'
lam ocgrec, mere is no instance in which, 01
principle, there can be a difference of interes
between them, and many powerful considera
tions by which the interest of the bank mus
stimulate it to support the credit of tho gov
eroment in any situation in which it may bi
placed. If the" credit of the stock should sink
the capital of the bank would deeli
degree; the effect of which would be left ii j;
all its operations. Its paper would depre r i
ciate,and a check be given to its circulation f;
if not an entire suspension. Standing at the
head of the moneyed operations of the gov j.
ernment.it is its intermediate aent in ma '!
king remittances to banks and individual: M
1 I- ... .1 T ... . V
throughout the Union, and likewise bet wee r
erful agent in raising and sustaining the cir
culating medium on a par with specie throuch
out the union, and ofelevating the State
1. .. ... ..V.
Dankstolhat standard, by subjecting them lc
the necessity of reaching and adhering to it
to sustain their credit, and even their exis
tence. Let the credit of the government
sink, and all these advantages are lost. The
bank, therefore, from a regard to interest, i
bound to susiain it. The directors, except
the few appointed by the government, are
elected by stockholders, and are amenable tc
them. It gives its support, therefore, to the'
government on principles of national policy
in the support of which it is interested, and '
would disdain becoming an instrument for any :
other purpose. ;. . - i f
The view above, presented is supported by. I
experience, and particularly by the: events of. ,
the late war. When the war commenced.1,
the government had not the funds which were
necessary to support it, and was, in conse
quence, forced to resort to loans, which were1
with diihculty obtained from any quarter even
in a limited Jegree.and on unfavorable terms
have not the official document before me,
and cannot state the sources from which anv;
loans were obtained, nor the conditions, with 1 1
the decline of the public' credit as the war, ;
advanced. I well remember, however, that f
when I was called by the President to the h
Department of War, on the 31st Aug. 1814,
the certificates of the Treasury were selling at
$S0 in the $100, by which $20 were lost. It S ,
was evident that if a reliance was placed on '
the sale of certificates only, a still further de-
cline would ensue, and that the worst conse- ,
auencesmiVht be annrehenHod. The-nnntrv
was invaded through the whole inland unti l
r . i :':
maritime iron tiers ana poweriui squadrons '
were at the mouth of every bay and river ;'
leading to our principal cities, which were
threatened with attack and ruin. The me-
tropolis of our Union had been forced, and its '
public buildings destroyed. Such was the; J
state of the country, and the funds, when I'-,1
entered the Department of War. Under such : ,
circumstances, an appeal was made to the i
patriotism ana interest ot me cities, and banks t
within then by the Department of War, with
the sanction of the President, for loans of
money necessary for i heir own defence, for
that of the maritime frontier and the Union.-f
. i. c . l . i . l it i
For the first loan that was obtained (one mil-'
lion of dollars from the city of New York,
which took place a few days after I entered ! ,
the department) no price was fixed. As the'
Treasury notes were selling for $S0 in tho
$100, that war claimed, but not acceded to,
It was left for subsequent adjustment, to be '
settled on fair principles. Several millions of
dollars were obtained from the District of T
Columbia, and principal cities throughout the 1
Union, and, according to my recollection, at !
par. This protes that, until the Union it ',
threatened with ruin, no loans can be odtain
ed in emergencies, without a national bank,
otherwise than at a great sacrifice. These 1
considerations led to a change in my opinion :
and induced ine to concur with the President
in the propriety of instituting such a bank
after the conclusion of the wtir in 1815. A:
to the constitutional objection, it formed nc
serious obstacle. In voting against it in tht
first instance, I was governed essentially b; ! i
policy. The construction I gave to the con
stitution 1 considered a strict one. In th
latter instance it was more liberal; but, accord r
ing to my judgment, justified by its powers j t
-The above sketch contains my sentiment
on the subject of your several interrogatories
which I communicate to you not for the publi !
view, but in a spirit ofrconfidence. Sine
my retirement, I have "sought , to avoid all pol
itical controversiss. Having concurred wit ;
the President , in the propriety of institutis
the latter bank, my opinion was net withheJ '