The Arkansas advocate., 1836-08-12

home Bank ceases to exist Hereafter they wish to borrow money wherewth their pittanee ef and they must obtain 1t of private shaVers and usufefs at of interest which will eat up the prfncipaior they must exchange their paper money for gold and s discount, while brokers and christian Jews grow fat on the spells.
 In the third place, the measure is calculated still fur- thef to depreciate paper money At the very moment when the State Banks to receive the public money on deposte and the States respectively to become answera be for it-at the moment when Bank money is about to be better and safer than everthis comes me crankng n to nure the credit of the Banks and letter and cramp their operations When the Depostes were removed from the Bank of the United States forcing that institution reduce her issues and lessen her circu laon, the effects widely felt in general distress and scarcity of money. To remedy this, the public de- postes placed i'll irresponsible Pet Banks. These Banks made enormous issues upon dc cto government credit, thus supplying the vacuum caused by the with drawa of United States Bank paper, and giving tenn porary relief The remedy calculated after time, to make the evil greater. 1t like drinking great draughts Of cold water momentary relief to burn ing fever 1t might then hase been toeseen that vast specuatons, consequent upon by rresponsl be Banks and increase in the price of land caused by the abundance of money would ensueand hen was the proper time apply, the remedy but the prevents tive. It argues little wisdom rulers to be forced to apply the actual cautey where gentle measures taken in due would have prevented the gangrene.- Why did they not adopt such measure as the present. when they first deposited the public money in the local Banks Were they utterly stupid not to foresee
 
 adopt the miserable temporary expedien of removing grievance by substituting another and greater, be in its turn removed by greater still. We must con- ess the latter probable The whole policy of our government it may be called the Bentonian policy has atterly been succession of shifting expedienGs and perments, each calculated to temporary pur posethe bungng projects ot shortsIghted politicians The measure adopted must have two effects. 1t direct blow at the credit of the western Banks and tends diminish the circulation of their paper by proper restriction, but by making 1t uncurrent It must III high degree eramp any Bank hereafter estab lshed in Arkansas. Our Constitution provides that the Banks to be established here shall loan their money i'll the several Counties n the ratio of population. What use will the people of the North and West of this State have for Bank money! It will not serve them where With to enter ther and and beyond that they have little use for 1t. What will be the credit of Bank in Arkan sas it's money not being receivable in the Land Offices!
 In the fourth place, if cotton continues bear high price, keeping land consequently hgh speculation n land must continue The holders of Bank paper issued by the Western and Southern Banks will Of demand spe cie for their notes The Banks heretofore the fvorers of land specuators will become their victims. Runs up them must commence specie payments be suspended and general follow, succeeded by the dsas trous consequences. The who bear rule at Wash ngton perhaps not unwilling to see 1t happen-be- cause the public money is by the Opposite b to go to the States and Dc fingered no longer by Whney & Co and because Benton has propheced that the Banks would all break if the Deposte Bill passe and that there would be surplus revenue by January next--whch prophe- cies this new measure IS directly calculated to fulfill.
  nation, remains to be seen.,
 Finally fthe land spectators themselves had appoint ed Kendall and Moore, two of their fraternity, frame
 most directly calculated to add to their area dy oyergrown power and swell their already overgrown wealth. the result of their deliberations would have a peared in something like the present Circular. ith the value of their present possessions greatly ncreased with every advantage the poor in the struggle presently to commence, for gold and sverwith the ia cty for further specuation which will be superadded their vacations of exchangebrokers, shavers, and oaners to the poor the defenceess settler will be, ill their hands, like insect in the grasp of giant
 We continue glance at the subjects which will under the consideration of the Legislature. In January next, we shall receive $204 900 of public ney, and five per the of sales of public lands, amounting in all perhaps S220 000, to be disposed of under the direction of the Legislature What disposition shall be made of this money! Should 1t not be expended some great State work of internal improvement, calculated to return sufficient inter- est and to benefit the whole State! railroad compa- ny should immediately be incorporated, authorised to construct rail-road from this place to Helena The State should subscribe $200 000 to the stock of the panyand the two banks to be established should be quired by their charters to take stock the of S500,000. The remainder will then be taken by our own citizens, and by capitalists in other States This must he the first step in work of internal improve ment It will at once open country to emigration, and n five years State will treble its population. Connected then should be, by railroad communi. cation, with the seaboardlonng branch of the Nash Vllle ana NeW ofleans railroad, emigration would flow into every part of the State with rapidty equal led-every of that great tide bearing with it it's wealth, industry, intelligence, and enterprise. The cond step will then be taken. railroad will be constructed from the Missouri river to Red riveropen- ing channel for the productions of the northern coun- tlesand making large part of Missouri tributary to the prosperity of this State Contemplate the changes which few brief years will work in the aspect of Ark ansas Two grand rall-roadsone extending north and south from the Missouri the Louisiana ine-one east and vest from the western boundary the Mississippi -inersectng at Little Rock and sending branches into every county in the State Then will be fully developed the immense of Arkunsas he incxhausribe mines of iron and fin will nour tbo,r roboS to