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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 '