Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-06-24
.OUR RULERs.s

The wings yochefously charge the universal
pecuniary embarrassment which has prevailed for
considerable perod--the general destruction Of
confidence, and the final overthrow Of the legal
standard ofvalue in the ordinary transactions Of
life, with all is disastrous consequences upon sub.
sishg contTacts--upon the measures Of "Our
Rulers"
When restricted to its true import, we are not
Inclined TO dispute the correctness Of this charge
made BY the wings against their rulers. No can.
did person who has witnessed the management of
The banks, the exchanges, and tho foreign and
domestic commerce OF the country: for three
years past. oil OF which are under the general and
practical control Of VINO Rulers, can ente:-
tain the slightest doubt but il has been the meas
ures Of these rulers that have brought these i'm
poftant concerns into their present amentabc
condition. While the constituted authorities Of
the General Government, in their restricted
sphere Of action, having no direct power over any
OF these subjects, have used every precauton 10
protect the pubic finances from the riinous con.
sequences OF the speculations Of tho wing rulers,
they have been exposed 10 continual clamor for
the adoption of these prudential steps.
The political administration have constantly re-
commended the reduction Of the revenue 10 the
wants ofthe Government, upon principles Of sirc,
economy. They have eyinced an unwearied
anxiety 70 avoid taking from. the pockets Of the
people, by taxation, an amount greater thanswas
necessary TO defray the current expenditure But
the Vino Rulers have as constantly resisted
this policy. The party Of lnonopolists andstheu
organs, In and out Of Congress, determined upor
raising surplus revenue for the purpose Of feed
ing the fame of speculaiion, which has deyoure,
the energy and enterprise OF the nation. Tn,
slight attempt made by Geneal Jackson--whicl
was all the laws enabled his prudent foresight l.
adopt for the checking Of its mge---ihe reqnirin,
all purchases Of public lands TO be made witt
specie, exposed that patriotic veteran to unbound
ed abuse from all the wing organs in the country
The great wing measure Of requiring the mel
chants To whom the banks had loaned the i'm
snense amount Of the surplus revenue, To Tepa
the whole sum within a short period, IN order Tia
hmight be deposited with the States---a mcasur
OF which the consequences were doubtless fore
seen by its projectors--was The final coup
grace to the imitation Of mercantile credit. Th
wing oracles, by q universal concert, had indui
triously inculcated opinions, that, by first diyi,
lng this surplus among the banks, and then anon
the States-both processes TO be effected with
the space Of about year--the pecuniary pre-
sure arising from the gigantic speculations base
upon Preposterous expectations of continually il
creasing prices, would be perfectly allevated !
Looking back upon those opinions which wei
so generally adopted and expressed by the VIII
rulers, and believed by many honest and we
meaning men at that time, how extravaganl III,
seem!
Whether the scheme Of the VINO RULERS W
be fully carried out. by the permanent adopt,
BY Al the banks Of system Of increased issu
Ofiredeemable paper, by which existing contrac
are to be sponged oil, BY payment in a curren
possessing value entirely dependent upon d
discretion Of those who coin it, without legal liz
tor restriction, remains 10 be seen. We find
the Wing organs in the commercial cities clam
Fous for further extension Of bank credits, an
as necessary consequence, further depreci
ton Of the circulating medium. After wha, h
happened. will further ExPERimENTs--that Is h
fayonte word--an uncomfortable paper cunen
experiment upon public creduliiy--be made u
on the actual property and produce of millions
treemen for the benefit of few hundred spec
iatQrs Let the proceedings of the WIG r
LEHSbe narrowly watched BY every Americ
cw5en VINO prizes honesty aAd good faith, pub
and private, and would choose rather to s
steady industry secured in its hard earnings, III
the gambling fraternity enabled 10 riot in the spo
OF successful frauds pFacticed upon the curTenC
The following extract from the editorial