Southern telegraph., 1837-08-22

scabO ird, and, with few exceptions all per-
fectIy COOL in the interior Of the c)sn'ry,
whore there is much wealth Of solid chlr-
acterto support them, and nothing is wanting
10 bring them into credit an us 5fulness bnt
the balance wheels of national hank.
take the occasion to inqlrlc Of some Of the
gentlemen who appear 10 be under the i'm
preston that bank notes are not m)nev, or
of any value, whe.hor they wolll MT like
10 get hold Of put Of this redundant
circulation 50 mach complained Of; or, If
they do not, whether they VIII be kind
enou gh to direct where s1me wealthy men.
that c1ul name, can p5tlin some of it 10
exchange or on loan, for productive real
estate or other unquestlonlbe securities.
The fact is that have ncYor lnDWn pc
Rod within the last thirty years when il
was 50 difficult fnr men possessing ample
means in property 10 borrow money!
mean bank nptcs-ether such as are de
nonipatcd current or uncurrent, and state
the fact without the fear Of contradiction,
that, d ring the last thiriy,yelrs, it would
have Deeu elscr mt any time within that
period to have borrowed one HIM Irod thou
san dp,lrs thin il would be now, upon
cqu1l see Irritt, t. h1rrow ten thousand.
Banks, like individuals, are liable to in
sllsency from losses an encouragement,
but if the dob's due TO bank arc good, the
want of specie does not constitute lnsolyen
cy Bnh npes will now pirchlse at the
sane prices, and in Iced nc lower rates, the
same conmolties lhatthey would c)mm1nd
before The suspension, and if they are SAT
fercd quietly to mlnlge their alflris for the
lcneft of thoir sto:khold4r s, The public will
not be injured, as it is MT likely that they
vii! ruin themselves by mixing bans upon
insult lent security. The directors viii
also san fin Ihat he diminished business
OF the country will not increase the de-
mend FIR discounts. If they should, how
ever be c,mpelled by pubic clamor, or i'm
pfu lcnt legislation, to consider every kind
uf property US valuclcss except gold &silycr,
an to ptoteed 10 call in their debts TO meet
NEE, their ca'Ilatian and deposics in spe-
Gle, aud wini uP their concerns, they will,
10y slch Il coarse, necessarily become lnsol-
vent, AMI prJdl e Il general state OF bank
rIp'cy In the country.
The hes; estlmltc that can form Of the
United ) atcs d ies not exceed ninety mil
lions Of doll lrs. Taking the condition Of
the banks in Bjltmore as a correct data
for such an cs:inlc, AMI surprising the
whpl am,lnf of'h3 ac,u1l capital Of all the
banks in the UaileI Safes to be fur hun
droi mlIi,ns of d)lrs, the total amount Of
circulation VIII no; exceed u millions
Tho pitllplilin IT the banks in Brl.hnore
is something mpre tam nine millions OF dol
lars. and thcir circulation on the Bob of
l1s: mon !, WIS only one million seven hun
bred thptsanl dollars, being less thln nine
teen per cent. Of their capitals. The total
inplnt of the value of property, real aud
pcts lnal, in The United States, of which this
paper is the reprcs ,ntitive, it woIld be DIFF
c rlt for any MA to cslimlie. The Gener-
al Government has remtining upwards Of
two hInl'cd millions acres of public lands,
surveyed AM uus lrynyoi, which are worth
more lh'n twice the amount of all the
bpnks is uas, and tho value of which will
be greatly augmented by the daily increase
ofpnp1Ilion At home, AMI of immigration
from all parts ofthc world.
1t is of vital Importance 10 the trade and
prosperity of the cities of New York, phila-
delphia ani Beltimare. lh,t the exchanges
between them and the Southern and West
Cru Safes sholll be reg hated and greatly
red &c I'd viii the last possible delly.--
The people of The South and West cannot
consent TO cont nc their former extensive
business and Intercourse with US, under the
present sys,em, which subjects them to
Tux of ten per cent. or more fr for OK
change in addition TO the cost Of tranSporta-
ton Of goods. They will fad the means TO
import directly from Europe, unless we
can make it their interest to continue to
trade with us up c1lnl terms.
Or commerce is in a complete state o!
PROSTITUTION, enterprise annhilate1, and
credit aim IS broken up. Whit then is best
crlc dated to manl oar condition? Com
mon sense furnishes the answer to every
candid cn1lirin5 mini:-RETRAcE YOUR
sTEps--Go BACK TO THE BEATEN TRACK and
commence A NEW UNDER THE BRILLIANT
LIGHT OF EXPERIENCES.
A revcrned scoundrol, named John II.
Elmiston, principnl of female institu-
tutc at Paris, Tenn, hls been detected in