Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-08-05

lnen leo MS luliONGIS over 10 NHtl- OdSNSNh ~
mass, as his last refuge from scoTn, contempt and
lgnominy."
first became an editor in 1915, aud among
my first essays, were spirited attacks on the bank
Of Kentucky, not because cher bank paper was
equal to gold and silver" as Mr.. Nicklilie now
asserts, but because, having suspended specie
payments during the war, and her notes being al
a heavy discount, she was not, IN my opinion,
doing all in her power TO resume payment. When
she resumed, my opposition TO her ceased ana
my partner in business, William Gerard, Esq. was
for some years a Director ofthat Bank. HWas
The Bank of the United STATES, and not the Re7
lief Party which DESTROYED the Bank OF kentucky
| by forcing her to a second suspendlng OF specs
payments. The branches of the former Bank OF
Kentucky we've instructed to collect the specie o
the west and remit it to the east, as means IN
saving from rum the principal Bank, then reeUngI
to its fall from the effects Of gross mismanage- s
mcnt. The notes of the Bank ut Kentucky were
collected by the branches and sent back upon her r
so rapidly tina, after manlully struggling Tor i
few months, and even bringing from the East
several hundred thousand dollars of spec.e at
great expense, she was compelled 70 succumb 10 &
her memorable foe and close her doors. From
this blow she never recovered. Yet Mr.. Weeks
life, who knows ell this, and who has himself
always denounced the Bank Of Kentucky as an j
unconstitutional bank, now auds that institution
and charges lis ruin upon me!
"The first act of his party" says Mr.. Wick
life, "was in lSl7-lS, to destroy the Bank OF
Kentucky and to grant charters TO forty odd
spurious banks" &c. Instead of beng support
= ed, "these forty odd spurious banks" werens
strongly condemned by me as they ever were by
Mr. Wicklille 1t was project suddenly stori'''
in the Legislature and carried through. "ot oy
corruption, but by assiduous manage~Gn' ana uie
decisive prospect that these barlsa wouu enhance
the value Of property and "suslalh muusuy
i wherever they should be located HOW lar ms
project was Intended to destroy the Bank OF Ken
= lucky may be inferred from the fact that the notes
!, Of that bank were made equivalent TO specie as a
II capital for these new banks, which were author
= ised to commence operations as soon as certain
portion of their capital should be paid III NOTES Of
" the Bank Of Kentucky or specie The people
of the States, however, who thought their interests
ought to have been more consulted in so lmpor-
tant a matter, rose up against this monstrous
y abuse of legislative power, and returned 10 the
:, legislature an overwhelming majority Of members
II pledged to abolish the whole Legitimate brood of
; s'spurious banks" Here Mr. Wicklitle and N.Y.
8 sell differed lie believed that the people had
: no remedy, tina! they had nothing to do but 10
submit to system which had been imposed upon
! them without their consent, and contrary to their
- will, however fatal might be its effects; aud he
y now denounces the abrogaton of these spurious
- banks" as breach Of faith and the constitution
= On the contrary, believed that the remedy re
~ NAMED in the hanls ofthc people, that their Leg
!" slature could net, whether their motives were
u founded il error or corruption, place the dearest
interests OF the people, the value of their property
y, their civil relations and their political rights, at
:" the mercy forty-two petty corporations, whose
'' sole motive was the interest Of the stock holders,
!" and whose sole object was speculation and gam.
= therefore considered the act Of the Legislature
!" which swept them all out Of existence, consti-
u tutionaI display Of popular poweJ as just as il
- was signal.
"His next prescription for relief against his
10 own acts of evils brought upon the country, says
% Mr.. Wickllfie, 'was property and repevln laws
. The character OF this assertion may be known by
vi reference to the editorial columns Of the Frank
fort Argus during the period when the cry Of re-
De lief was resounding through Kentucky They
nd will be found filed with essays against boil
he .'pIoperiy and rcplevin laws" with statistics t
in show that such laws would in the end be more
lal ruEots to the debtor than to the creditor ant
C. were in every way repugnant TO the best inter
n ests of the people. While this man and his as
ey socates were either swelling the cry Of relief, 0
he standing with their arms folded, afraid to breas
al the approaching storm, resolutely and almos
ID, alone, cohbaued the popular dclusion, and u
nd the hazard the Office held at the hands Of tn
in Legislature, exerted myself to prevent resort t
nd cxpedients which believed would bat prolon
Ks, and aggrayate the embanassments and disres
INT under which the State was groaning. No ma
- knows all this better than Mr.. Wickific
M But he contiuues-"And this falling, also, b
nd prescribed the plan for the explosion Of melalli
he currency, and the substitution in its place Of pa
a per through the CommonweaIhs Bank" ..
the metallic currency" was exploded before 18th
lief Commonwealth Bank" was thought Of and tn
ry, notes of the Bank Of Kentucky were at dlscour
cal of about fifteen percent This project, like thu
- of the "frly odd spurious banks" was startc
md suddenly in the Legislature after the failure Of a
I'M attempt to pass "property and roplevin laws" 0
md means of relief Its paternity has always bee
ascribed to gentleman who has been for man
on, wears political coadl tutor of Mr.. WIckie. &c
ted tain it is. that so far from originating ii or ben
vas consulted, came oui IN oPposiiiO" to IL IN tn
lla. face Of the Legislature, upon whose votes d
in pended for continuance in effice,-but in vail
His The act passed by decided majority, and r.
or pleyn law Of two years, in creditors refuse
and 10 receive its paper, was afterwards passed
,re- give it the desired effect.
lIlc From these facts you will perceive that lnse'
pc Of being the author Of the Kenturky relief mea
His ures. as Mr.. WiekifIc now asserts, was The
Il L.. a..an.,nnI no Innnr 10 ihere irns merit