Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-06-24
June %, 1851.
FoR THE CsLuNBus DENocRAT.
DIALOGUE BETWEEN A WING AND
DEMOCRAT.
Dust started on a journey.)

Banks have suspended specie payments, and resis-
tauee to the laws IS openly avowed in places.
U'hig. This is just what expected, and 60 my
self for an incorporating oppoSl'ien to tyranny:
such as the "Specie Circular" the "removal Of the
Depostes," the "deieat OF the United States Bank"
the "Veto of Mr.. Clay's Land Bill" and host OF
such acts as have dsgraced the late Administration.
Dem. Well, neighbor, for myself, thought the
Banks could hardly sustain themselves, in their wild |
schemes of discount; but did not believe it would I
happen quite so soon. As TO the of your OPP
position, they are too numerous TO answer now |
but would, as we ride along, just mention my |
views as to of them TO wit: The specie order"
Wing. Upon that subject, my mind is made up, |
but would like to ask you few questions.
Dem. Well, neghbor, proceed.
Wing. Do you not think that Gen. Jacksons
experiment" has failed, and his "better currency"
is now a batch of "Rags? Why, here we have to
cross the river, which puts into Alabama, and this
ten dollar note of the Planters Bank Of Mississippi
will not pay our fare to night
Dem. As to what is called the experiment" |
believe many are in error. i'll nm rightly informed,
(and have tried TO understand it,) the General new
.er intended that our entire medium of value should
be in coin. Such an idea would be absurd, if APP
piled to our extended country Mr.. Benton went
as far as the larthest towards metallic currency,
and he once said she was for the French currency"
no Bank note under 500 Francs, near 500; sand
my efforts have been directed to produce that ef-
lect." As to the "better currency" you speak of,
hardly believe any man well informed, would
Enlarged the late administration with its adoption,
when the law requires that the Hostages" Gus
toms, and LANDS" should be paid for in specie"
Wing. But do you not believe that this same
"Circular" has broken our Banks, and caused all
the distress we wltnesi'
Dem. do not,
Whig. Well, one thing is evident, the Banks have
suspended, confidence is gone, specie needed and
cannot be had, and what can be the cause of such
distress?
DEM believe that all this is the result of COM
binaon of causes, either of which could not alone
have produced it. We had been extravagant be-
| yond precedent Our imports had exceeded our er-
ports sixty millions OF dollars, which is balance, just
|
FORE Speculation had ragged to such an extent, and
labor and capital had been diverted that instead
-1h~--- A. ---r~-.~-- IS RranA Stuff To the West
Indies, by which, in part we had always paid our
balances to England, we had imported the same To
the amount ten millions. Millions were accun,-
ating to the credit of the government and the Ad-
mlnlstraton taking warning from the scenes of
1918, endeavored ''to orty the public deposites,
by requiring that the land should be paid for with
specie. This was an immediate check to the wild
Specuations then going on, and every praden. inst-
tuition began to take warning. Had things remain
ed here, we should no doubt have felt some distress
but when the "bil to distribute the surplus" was
passed, the Banks were drought right up"
Wing. How can this be for although the sur
plus was to be divided yet the whole amount would
remain IN the country before; how then can this
have produced any distress'
4 Dem. admit that the country atslarge would
not lose the money, but do you suppose that thirty
SIX millions of dollars can be banded from State ia
State without producing its efect' Let us take a
case. The State ofNew York had fifteen millions Of
depoSltes, and was only entitled to five millions CON
sequently her Banks have to dsbllrse ten millions
to do which, they were compelled to curtail tbei,
DISCOUNTS for you must remember that these Banks
invariably loaned out the government deposites
and so hard has.thsbi weighed upon themthat they
have paid from last January To the 25th of April
SIX millions one hundred and sixty-eght thousand
dollars to the States, claiming under its provisions
Add to this, the great fire, the immense losses on
cotton, Sc and only wonder that they stood 81
long. Now by the operation of ,his7aw. at least
thirty-Six millions has to be Withdrawn from circu.
lat'on, because no Bank owing dollar 10 tbc 90.
vernmcnt, could foresee TO what point thew womb
be required 10 remit, and consequently, as the de-
posite bants were compelled to curtal, the other
banks did so too, and we may reasonably conclnde
that this tremendous contraction OF Bank discounts
caused much OF the distress of which you complain
But surely you will not charge this act To the la,e
Admins tration; nor can imagine why such effort,
are made to induce an open resistance to the laws
when, as ! have tried to show that much of III,
distress has been brought about by your o,rn partv
! Wing Why charge the efforts to demand specie
Tor public dues upon nay party, when Gen. Jackson
was the first who starttdit
r Dem. The history Of our country teaches yo,
e better. Ours has always been considered hart
$ money government and Mr.. Webster himself (vb,
is no'' so much opposed toh) was the very man
: who in 1916, Penned and had passed the law reouir
ing specie, and under which the present Administers
ton finds itself compelled to act.
Wing. Well neighbor, we are in sight Of on,
place for the night, and tomorrow we can talk NOR,
about il.
New York. 0'A'''''''''
Influence of m ,r.t,,, C:J .Cn. ~