Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-10-21

yiduas
Estate no, these views with any intention Of bring
ny down u,IJm GA banking institution have 40
unAind leelng towards them whatever DO not
hod them responsible for the present STATE Of things.
II has grown ZAP gradually, wtboat either the banks
OF tc community pegcetvinE the consequences
| winch have followed tie cunneetun between them.
MY object IS % state facts as they exist, that she
| truth uly be seen IN tme by AL THUS as aye OF,
| investigation. The public ual IS broadly awake
upon tins all important subject. 1t affects the inter-
est and condition oilhr whole community, and wlIl
| be investigated 10 the bottom. Nothing wu be eft
uneXpored and i Is for the interest el both the
banks and the community, that the evils incident to
| the connection should t. fully understood m time,
and the connection gradually terminated, before
| such commissions shall follow as - sweep away the
whole system, with Us advantage rs well as dsad-
vantagcS
| But Is not only between citizen ar citizen that
the connection is untair aud unequal Il as much
81 between one portion OF the country aai ano;hFc
The connection of the Government VITA Tho banks,
whether Il be with 4 combination OF ie Banks or
with National us;,tatou, win rraes rily ccntral-
lze the action OF the system al the V.d rs rent Ct
collection aud disbursement, and at W,Ca thc moth
CT bank, or tho head OF the league If State banks,
must he located. From that point the whole system,
through the connection with the Government will
and abroad, and also with IT, the commerce foreign
and domestic, including all our exports aud imports.
Aller what has been sand, these points wl ulre
but little illustration. singe one viii be sufficient,
and will take 1t, in the former instance, that Of
an individual.
Suppose, then, the Government, at the commence
mcnt Of It's operation, had selected an individual
merchant at any one point Of the Cuion, say at
New York and had connected Itself with him as Il
he's with the banks by giving HIM the use OF the
public funds from the ;lme of their collection until
Their disbursement, and OF receiving and paying n
way, IN all its transactions, nothing but las promises
ny notes, except gold and silver. l,it not mamitS,
that a decisive control would be gwen to The port
where he resided over all the others that his pfums-
sorry notes would circulate rapidly through all the
ramitcauons OF commerce; that they would regulate
exchanges; that they would be tie medium Of pay
ing duty bonds and that trey would attract the I'M
ports and exports OF the country to the port where
such extraordinary facilities were Afforded II such
would clearly lie the elects IN the case supposed, II
is equally clear that the concentration Of the curren-
cy at the same point through the connection OF the
Government with the banks, would have equal itnut
greater effects; aud that, whether one general bank
should be used as an AGENT or league Of hahbs
| which should have their centre there.
To the other ports Of the country the trlfing adj
yantagcs which a branch or deposilc bank would
| give, in The safe keeping Of the public revenue
would be as nothing compared with the losses eatis-
ed TO their commerce by ccntral1ng the momcd ac-
| ton ol the country ut remote point Other gentle
| men can speak for their own section, can speak
| with confidence, OF that which have the honor IN
part 10 represent. The entire staple States, feel
deep CONVECTION banks and all, would, IN the end
be great gamers by the diaseyerancc, whatever
might be the Temporary Inconvenience II there be
any other reaction N which the effects VIII bc dt-
iereni, it would be but to coulrm the views which
have presented.
As connected with this, there is point well
deserving consideration. The union between
RaRl6t Gfi9f5apPeptdsp2 net 229Iy Ama!1 ae4tee
| tho banking ystom which have already 'IIustra-
tod, bat is also one ofthc principal causes OF that
powerful and almost irresistible tendency to The
increase OF banks, which even It's friends see and
deplore ! dwelt on ibis point Oh o:mer occo-
sion, ION Mr.. Websler's motion TO renew the
Bank charter in 1889 and vii not repeat what
| then said But in addition 70 the causes then
enumerated there are many othersyefy powerful
and among others the one under consideration.
| They may be summed up IN one general cause
| fAe have made banking too profitable, far, very
AZ too profitable; and | may add influential.
! One ofhc most ample sources Of this profit
and influence may be traced, as have shown, to
the connection with the Goyernmeni and IS Of
course, among the prominent cahses Of the strong
and inccssant tendency oftbe system 70 increase,
| which even lis friends see must finally oyerwhelm
either the banks or the institutions Of the country
| With view to check lis growth they have pro
posed to limit he number Of banks and The a.
mount Of banking cppItal by an amendment Of the
| Constitution; but is obvious that tho effect Of
such an amendments If 1t were practicable, would
but increase the profits and influence Of bank
capita and that finally, il would Justly produce
such indignation on the part Of The rest OF the
community against such unequal advantages. that
4 in the end after long and violent struggle the
! overthrow Of the entire system would follow.
To obyato this difficulty, II has been proposed
| to add limitation upon the amount Of Their bust
ness the effects would be, the accommodation Of
fayorites TO the exclusion Of the rest Of the com
munily which would be no less fatal to the system.
| There can be in fact but one sale and consistent
remedw the rendering bankug, as a business
| less profitable aud inGuCnllal and the first and,
| decisive step towards this, is Observance be-
tween the Banks and the Governments TO this
may be added, some ciIectual limitation on the
denomination flho notes 10 be issued, winch
would operate IN a similar manner.
pass over other and important objections to
the connection; the coruptug Influence and the
spirit of speculation which It spreads far and wide
over the land Who has not seen and deplorct
the vast and corrupling influence brought to bear
upon the Legislatures 70 obtain charters and the
means necessary to participate in the profits Of
the Institutions. THIS gives control TO The TO-
yernment, which grants such iayors, If most ox-
tensiyc and pencious character, all Of which
must continue to spread and increase, if the con
ueclon should continue until the whole ,ommu-
nifty must become one contaminated and corrupt
ed mass.
There is another and final reason, which
will assign against the reunion with the banks
| w hug rnnchnd a new era with renard 10 these