It had at the time of
obtaining its charter paid an extravagant bonus to the State, upon
condition no other bank should be chartered for the period granted to
this. It was a monopoly, and was charged with great partiality in its
management. Its accommodations were for the few, and these only granted
for the purpose of enhancing the already bloated wealth of the
stockholders, directors, and their special pets. This exclusive
aristocracy was odious to the fierce democratic feelings of the masses.
They counted their wealth by millions; their homes were palaces; their
pleasure-grounds Edens; and all this was the fruit of an odious and
oppressive monopoly. This fallacious and most ridiculous idea fastened
itself upon the minds of the masses, and was fostered and encouraged by
many who knew better, but who were willing to pander to the popular
taste for popular preferment. R.J. Walker seized hold upon this
popular whim, and leading the multitude, succeeded in procuring
charters for several other banks, in defiance of the vested rights of
the Bank of Mississippi.
Stephen Duncan was the president of the bank, and, under his advice,
the directors surrendered the charter, and wound up the business of the
bank.
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