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Entered according to Act of Congress, in the year 1847, by THOMAS PALMER, in the Clerk's Office of the District Court, for the Soutbern District of Mississippi.

PREFACE.

This book does not aspire :o the grade of a history, and is not therefore subject to criticism as such. It is comprised, as its title imports, of mere “Notes," and those, it is due to the wri. ier to say, were hastily thrown together to meet the weekly issues of "The Southron” newspaper, amid other employments and frequent interruptions which precluded a scientific arrangemeat of the subjects treated of, or even a very regular narration of events. It is believed, however, that facts are accurately sta. ted and references to the best authorities fully and correcily given.

Tbe principal sources of information as to the political history of the State are the published Laws and the Journals of the two branches of the Legislature. Very few persons have complete sets of these, and those who have, or have access to them, are aware that an immense mass of irrelevant matter must be wa. ded through in order to arrive at the more important facis. Several of the Journals contain upwards of a thousand, and one or two extend to about fifteen hundred pages, while most of them have no indexes. Most persons, therefore, who might de. sire to become acquainted with their contents bave not time or inclination for so laborious an investigation, and thus many things worthy of being beld in remembrance and kept before the people" are passing quietly into oblivion. It is hoped, there. fore, that the “Notes," especially in their present form (for which, by the way, those to whom they may be acceptable are indebted to the publisher alone) may be found useful, at least as a sort of Manual, or as a General Index to the official records of the political events of the period of which they treat.

As to the object of the publication of the following chapters, in their original form, a word or two may not be amiss here. The “character and credit" of Mississippi seemed to be at the lowest ebh, while it was believed that there was no substantial or sufficient reason why they should not stand as high as those of any State in the Union. It was therefore thought to be worth while to inquire diligently into the causes, with a view to eradicate them, should they be found to be eradicable; and though it was surmised that the malady had become too rife for the successful application of trifling remedies, and that the only hope of a radical cure lay in a complete change in the system, it is believed that the disease has been shown not to be despe rate, and the hope has been fondly indulged that its eradication might possibly be undertaken somewhat sooner than it would otherwisa hayo been done, if an exposition of the case should be made, so that the people at large, wbo alone can apply & corrective, might have a view of all the important facts, as it were, at a glance. That they will apply it, rooner or later, is regarded beyond a doubt.“

With whatsoever of severity measures may have been treated, no malignity of feeling towards men has been indulged in. In such a work, it is iin possible to avoid closely connecting the actors upon the political stage with the acts performed by them. li is true, also, that the public acts of men in public station are public property, and are legitimately subject to the severest ani, madversion ; but, in exercising this right, there is great daoger of trenching upon private character, and it is extremely difficult to observe so well defined a line of distinction between public or official and private character as to keep them entirely disuni. ied. This however has been sedulously attempted, and it is believed that no illegitimate or unnecessary reference to personal, reputation has been made, as it is very cerla in that no such thing was intended.

The writer has no interest in the experiment of publishing his hast y “ NOTES” in Book Form. He will be satisfied is the worthy and enterprising publisher is saved from lose, and the book shall prove to be of any service to the people of the State, in revealing to them either their own faults or those of their public servants, or in enabling them, with more facility, to correct what he conscientiously believes to be the enormous and still growing evils inflicted upon both State and People by the policy of the government for the last "Nixx YEARS." July, 1847

TABLE OF CONTENTS.

CHAPTER I. Introductory-Object and duty of Govern-

ments: p. 1 to 8.

CHAPTER II. A. D. 1838–The great Monetary Revul.

sion-its effects upon Mississippi-Mississippi behind

other States in the restoration of credit and confidence

-Effects of new "Remedies for the Times”-Message

of governor Lynch-extracts therefrom-Recommen-

dation of the federal government to the deposite baoks

10 grant "increased facilities" to the people--com-

mencement of the “Bank War” in Mississippi-Bank

Commissioners' Report-Opinion of the Joint Select

Committee on the bill to charter the Union Bank

Confusion in the Finances of the Siate and in the ac-

counts of the Auditor and Treasurer-Defalcation of

the Auditor (Mallory)- Irregularities in the Adjutant

General's Office-Pecuniary difficul:ies in relation 1

the public printing-Mississippi lunds at a disconni in

the North-Spirit of speculation--debt and distress of

the people-Passage of laws creating more banks by

the Legislature and Vetoes of the governor (McNun.)

-Vetu of the Real Estate Bank of Columbus, and ap-

proval of the Union Bank Charter--Advocacy by Sen-

ator (afterwards governor) Tucker, of the Real Estate

Bank of Columbus, and his protest against the Union

Bank-Singularly antipodal views and acts of Messrs.

McNail and Tucker: p. 8 to 20.

CHAPTER III. A. D. 1838—“The great batch of new

banks”—who responsible for their creation--First of

the series of acts to relieve Debtors at the expense of

Creditors-- Political character and history of gover-

nor McNutt-elected by a minority vote--bis influ-

ence and policy-Act to amend the laws respecting

suits against endorsers, &c., (commonly called “MC-

Nutt's Law')-character and effect of ihat Aci-sus-

lained, as constitutional, by the High Court-criticism

upon that decision-Effect of Stay and Relief laws-

Judicial and Natural views of such laws contrasted

-Effect of the ascendency of a debtor interest in a

Legislature: p. 20 to 35.

CHAPTER IV. Legislative Acts of 1838-Extensive in-

corporation of Towns, Churches, Insurance Coropan-
ies, and Railroads-banking privileges and authority
io contract loans and issue bonds and notes, and to deal
in exchange, allowed the latter-approval of Railroad
bills granting banking privileges by Mr. McNuit con-
Irasted with his veioes- Increase of Stock-morigage

10 64.

CHAPTER VI. Acts of 1838-Large appropriations for

public printing and extra allowance to officers of the

Legislature-expense of running the line between

Mississippi and Tennessee--appointment of U. S.

Sepator-Pray's code-proposed Geological survey

of the State rejected-Mineral treasures of the State--

The great "Remedy for the times," the Union Bank-

Vote on the second passage of the charter in 1838–

Reports of the Committees of the Senate and House

urging the measure, showing the pecuniary distress

of the people, and urging the passage of the “Sup-

plemental Bill”-Form of the bonds issued-Appro-

val of governor McNutt of both the original and sup-

plemental charters-Large vote for the supplemental
bill-Universal belief in its constitutionality-Issu-

ance of the bonds and the advent of Repudiation-

That doctrine tested by National Law and by moral

principle: p. 64 to 80."

Chapter VII. A.D. 1839—Governor's Message-Re-

sumption of specie payments-proof that resumption
was forced on too early to be permanent-Conduct of

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