The Daily Dispatch: December 31, 1861., [Electronic resource]

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The New banking law of Mississippi.

--The Legislature of Mississippi have passed a banking law based on subscription of cotton — rated at $25 per bale. Stock notes to be given and secured by a pledge of cotton, which is to be sold after the blockade is removed, to pay said stock notes. The Vicksburg Whig gives the following more particular features of this law:

‘ The bill authorizes, under its provisions, several banks to be established--one at Jackson and one at Vicksburg, with a capital of one million each; and one at Yazoo City, Natchez, Columbus, Holly Springs, and Brookhaven, of five hundred thousand dollars each. The banks to go into operation when one hundred thousand of stock is subscribed and secured, and to have the privilege of issuing notes of 1's, 2's, 3's, 5's, 10's, 20's, 50's, and 100 dollars, and to be redeemed in Confederate Treasury notes, until twelve months after peace is declared, or ninety days after the New Orleans and Mobile banks resume, and then to redeem their notes in specie.

’ The Senate added an amendment, that these banks shall take at par, in payment of all debts due them, the State Treasury notes heretofore issued, or may hereafter be issued. No stockholder to be entitled to any loan on mere pledge of his stock, but to give additional security, and the amount of loans to any individual or person to be limited.