Richmond Enquirer

(From the Mississippi Free Trader)

THE TRUE STATE OF THE CASE.—The New Orleans Louisianian of the 31st ult., thus traces the disasters of Mississippi to the true source—the wretchedness of our banking system. The truth of the following article, which we extract from that paper, is equal to the ability with which it is written:

Mississippi.—The banking system has reduced Mississippi to the lowest depth of misery and degradation. If left alone, free and untrammelled by privileged corporations, Mississippi would have been at this moment the richest and most flourishing State in the South, from the products of her soil alone. If the industry of her citizens had been permitted its unshackled exercise, they would now be in the enjoyment of all the benefits and advantages to be derived from high prices from their grand staple, and they would draw more wealth from their soil than the mines of Mexico ever yielded—

Instead of this condition of things, we find confusion and uproar reigning triumphant in many counties—judges, sheriffs, and jurors unwilling or afraid to execute the laws—and little security for person or property. In some counties, sheriffs, clerks, and other judicial officers resigned their places; in others, the courthouses are destroyed. The conduct of the banks has effected a disorganization of society. In this state of things, some are pressing the Governor to call an extra meeting of the Legislature, to pass stay laws to stave off judgments and executions, but Gov. McNutt wisely refuses to comply, aware that nothing good can be expected from the deliberations of a body of men who are chargeable in a great measure with all the mischiefs under which the State is groaning. No relief can be expected from the Legislature till after the next election, when it is to be hoped a new set of men will succeed to those who have betrayed the people to the banks.

The Union Bank was chartered with the view of curing the disorders of the currency. The State lent it her credit to an incredible amount, for the purpose of purchasing specie to be brought into the State, a short-sighted measure, which has loaded the State with an immense debt, increased the disorders of the currency, and absolutely ruined the public finances. If this Bank had not been created, and if the other moneyed institutions had been compelled to meet their obligations or liquidate, the unassisted industry and energy of the farmers and planters would long since have extricated them from their embarrassments, and they would now enjoy in undisturbed tranquillity the revenues of their plantations.