William A.Lake Planters Bank of Mississippi Resignation letter to Gov. McNutt

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Scarce Stampless Cover/Letter from W.H.Lake ( William A.Lake) as acting director of the Planters Bank of Mississippi to Governor McNutt ( Alexander Gallatin McNutt ) as acting director. Signed and dated Feburary 3rd 1838. Judge William Lake served in the United States Congress (1855-1856) and in the Mississippi House of Representatives (1859-1861). In 1861, while campaigning for the Confederate Congress, Judge Lake and his opponent, Colonel Henry Chambers, swapped slurs about each other. On October 15, Lake challenged Chambers to a duel which he unfortunately lost. You Never Know… When Judge Lake was killed during the duel, Captain Thomas Leathers was his “Second”. Leathers was the captain and owner of the famed Natchez paddle wheeler and piloted the vessel during the famous race on the Mississippi River against the Robert E. Lee. Captain Leathers held Lake in his lap as he died from the gun shot. In 1896, 35 years later, Captain Leathers (80 years old) was run over by a hit-and-run bicyclist in New Orleans. His head hit the pavement and a young man, who witnessed the incident, held Leathers in his lap as he died. It was later determined that the young man who held the captain was the grandson of Judge Lake. At the time of the accident the grandson had no idea of the connection between the captain and his grandfather. The rise of cotton production and cotton profits around Natchez in the late eighteenth and early nineteenth centuries resulted in substantial accumulations of cash receipts and expenditures. Demand quickly arose for banking services more local than those available in New Orleans. In response, Mississippi’s territorial legislature chartered the Bank of Mississippi in Natchez in 1809, several years before Mississippi became a state. In 1830 the state legislature chartered a second bank, the Planter’s Bank, to serve as the state’s fiscal agent. This action violated the legislature’s pledge not to charter another bank while the charter of the Bank of Mississippi was in effect, and that bank went out of business in 1832. The Planter’s Bank also had several branches, a phenomenon that did not reappear in the United States until the late twentieth century. The state’s third bank, the Agricultural Bank, was chartered in 1833. When the Bank of the United States, the country’s first central bank, considered locating a branch in Mississippi, Gov. Gerard Brandon opposed the idea, instead urging the chartering of state banks. Nevertheless, the Bank of the United States opened a Natchez branch that provided local planters and merchants with a substantial volume of currency. Pres. Andrew Jackson opposed the Bank of the United States, and its charter expired in 1836, leaving the nation without a central bank until the founding of the Federal Reserve System in 1913. Mississippi thus had just two banks, the Planter’s and the Agricultural, which were inadequate to finance the cotton crop, much less anything else. Reversing its heretofore rather conservative practices, the state began chartering banks in large numbers. During the 1830s, speculation in land, slaves, and railroads flourished in Mississippi, although the volume of currency and bank capital did not expand nearly as quickly. In 1836 Jackson issued the “specie circular,” announcing that the federal government would accept only specie (gold or silver coin) in the purchases of public lands. This order hastened the Panic of 1837. To meet the increased demands for specie, the Mississippi legislature chartered the Union Bank, with state-issued bonds providing the capital, a move that violated Mississippi’s constitution. Bad management and reckless lending practices drove the Union Bank (and the state’s other financial institutions) toward insolvency. Gov. Alexander G. McNutt urged that the state repudiate the bond issue behind the Union Bank in 1840; his successor, Gov. Tilghman Tucker, was elected in 1841 on a platform that urged repudiation, and the legislature complied the following year. The Union Bank collapsed, as did most banking in Mississippi. The state’s credit suffered both nationally and internationally. Although a few private banks survived, cotton factors and brokers undertook most banking. 8 x 10 inches William A.Lake Planters Bank of Mississippi Resignation letter to Gov. McNutt Click images to enlarge Description Scarce Stampless Cover/Letter from W.H.Lake ( William A.Lake) as acting director of the Planters Bank of Mississippi to Governor McNutt ( Alexander Gallatin McNutt ) as acting director. Signed and dated Feburary 3rd 1838. Judge William Lake served in the United States Congress (1855-1856) and in the Mississippi House of Representatives (1859-1861). In 1861, while campaigning for the Confederate Congress, Judge Lake and his opponent, Colonel Henry Chambers, swapped slurs about each other. On October 15, Lake challenged Chambers to a duel which he unfortunately lost. You Never Know… When Judge Lake was killed during the duel, Captain Thomas Leathers was his “Second”. Leathers was the captain and owner of the famed Natchez paddle wheeler and piloted the vessel during the famous race on the Mississippi River against the Robert E. Lee. Captain Leathers held Lake in his lap as he died from the gun shot. In 1896, 35 years later, Captain Leathers (80 years old) was run over by a hit-and-run bicyclist in New Orleans. His head hit the pavement and a young man, who witnessed the incident, held Leathers in his lap as he died. It was later determined that the young man who held the captain was the grandson of Judge Lake. At the time of the accident the grandson had no idea of the connection between the captain and his grandfather. The rise of cotton production and cotton profits around Natchez in the late eighteenth and early nineteenth centuries resulted in substantial accumulations of cash receipts and expenditures. Demand quickly arose for banking services more local than those available in New Orleans. In response, Mississippi’s territorial legislature chartered the Bank of Mississippi in Natchez in 1809, several years before Mississippi became a state. In 1830 the state legislature chartered a second bank, the Planter’s Bank, to serve as the state’s fiscal agent. This action violated the legislature’s pledge not to charter another bank while the charter of the Bank of Mississippi was in effect, and that bank went out of business in 1832. The Planter’s Bank also had several branches, a phenomenon that did not reappear in the United States until the late twentieth century. The state’s third bank, the Agricultural Bank, was chartered in 1833. When the Bank of the United States, the country’s first central bank, considered locating a branch in Mississippi, Gov. Gerard Brandon opposed the idea, instead urging the chartering of state banks. Nevertheless, the Bank of the United States opened a Natchez branch that provided local planters and merchants with a substantial volume of currency. Pres. Andrew Jackson opposed the Bank of the United States, and its charter expired in 1836, leaving the nation without a central bank until the founding of the Federal Reserve System in 1913. Mississippi thus had just two banks, the Planter’s and the Agricultural, which were inadequate to finance the cotton crop, much less anything else. Reversing its heretofore rather conservative practices, the state began chartering banks in large numbers. During the 1830s, speculation in land, slaves, and railroads flourished in Mississippi, although the volume of currency and bank capital did not expand nearly as quickly. In 1836 Jackson issued the “specie circular,” announcing that the federal government would accept only specie (gold or silver coin) in the purchases of public lands. This order hastened the Panic of 1837. To meet the increased demands for specie, the Mississippi legislature chartered the Union Bank, with state-issued bonds providing the capital, a move that violated Mississippi’s constitution. Bad management and reckless lending practices drove the Union Bank (and the state’s other financial institutions) toward insolvency. Gov. Alexander G. McNutt urged that the state repudiate the bond issue behind the Union Bank in 1840; his successor, Gov. Tilghman Tucker, was elected in 1841 on a platform that urged repudiation, and the legislature complied the following year. The Union Bank collapsed, as did most banking in Mississippi. The state’s credit suffered both nationally and internationally. Although a few private banks survived, cotton factors and brokers undertook most banking. 8 x 10 inches Get images that make Supersized seem small.Showcase your items with Auctiva’s Listing Templates! THE simple solution for eBay sellers. Track Page Views WithAuctiva’s Counter

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