Proposed system of Banking in Mississippi.
We give below, copied from the Southern Republican,
a synopsis of a bank bill now before the Mississippi Legislature:
The bank is to be called the Planters' Bank of Mississippi
, and composed of planters and others, who shall subscribe from one hundred to one thousand bales of cotton.
Capital one hundred and fifty thousand bales of cotton, valued at five millions of dollars; every one hundred bales to represent four thousand dollars in stock, and for each one hundred bales the subscribers shall bind themselves to pay into the bank in gold
, as soon as the blockade is raised and a market can be found.
The payment to be secured, until made, by mortgage or deed of trust on real estate
and negroes at half their supposed value.
Certificates of stock issued in sums of four thousand dollars.
All certificates of stock sold or transferred, to be registered at the bank with the names of the parties.
The board of directors to be composed of stockholders, elected annually, and each 4,000 in stock to count one vote.
The attorney of the bank to be elected by the board, and give bond in the sum of $80,000, for the faithful performance of his duties.
All transactions of the board of directors to be recorded and signed by the President
, and accessible at all times to the stockholders, and creditors to the bank.
The 9th article is important, and prohibits the bank from dealing in exchange, or purchasing note, drafts, or other evidences of debts, except such notes as she may discount.
For loans eight per cent. interest will be charged.
No securities taken for loan except mortgages for deeds of trust on real estate
or sold at not more than half their value, and the bank is also prohibited from buying its stock.
An annual statement is to be made and published.
The bank to have eighteen months after the war closes to commence specie payment, and the charter to run twenty years from the date of specie payment; it also provides for renewal.