Southern telegraph., 1837-10-17
TO TIE PEOPLE OF MISSISSIPPI /

han to the repeated expressions of public
sentiment from various quIriers, and am
influenced more by wish To da some ser
vice 10 my country, than TO crafty the sug-
geslnns of a personal ambition.
\ In times like these the Office of Governor
phf sovereign State, so far from being
sincerely nomiuai," is, in my opinion, OF "A
dignity and Importance inferior only to the
/ Chief Magislracy of the Union. The COM
| pica,cd duties which may deyolve on the
\ Executive as Commlnderin-chief of the
! Army and Navy Of the State; the known
influence of his counsels, if judiciouslyiem-
ployed, will exert on the delibcratlve branch
es of the Legislature; his power TO ill va
cancies in the Judiciary; 10 nominate d.
rectors on the part of the State to some OF
the monied institutions of the country; to
respite and pardon public offenders; his
duty in unfolding the majesty of the laws,
in encouraging virtue and suppressing vice
and immortality; and above al that watch
tul attitude he should maintain as TO en-
crOachments upon our free institutions from
whatever quarter they may come, give a
solemn responsibility TO the station which
may well challenge the highest efforts OF
patriotism and devotion to the public Welt
fare.
In conforming to approved republican
usage, by presenting candid exposition OF
my sentiments, the mode Of communication
will necessarily restrict me to brief con-
sideration of the topics which now attract,
and for some time to come, arc likely TO at
tract the largest share of public interest and
attention.
Among these, by far the most exciting
and vitality important are the present de-
ranged condition of the currency of the
country, and the accompanying and consc-
qucnt pccuniary embarrassment Of the peO-
pie. The hum ofan Industrious ana happy
prosperity, which had no parallel in the
history Of any age or country, has Just pass
ed away. With fresh and fertile sol en-
ploycd in The 'oluclon of the best stltlc
in the world, the planter was enjoying a
rich return FIR his labor, and promising to
! himself hong continuance of his blessings,
when suddenly a Hight comes upon the
land, AMI present dcsoIaton and fright
! iul future, which seem to have been the
work of the Genius Of Ruin, meet the eve
on every hand. We arc in debt; we have
but IitIc circulation, and that in deprcci-
atcd currency; we have loss of confidence;
suspended Banks; cotton down to half It's
former price, and land and negroes, and
every species Of property Deprecated in
similar proportions; every thing is dropping
"thc whole head is sick and the whole heart
IS ieini." To inquire into the various caus-
cs which have produced this diseased CON
iition of the body polite is perhaps idle and
except in so far as they may
DC calculated TO point out the proper remedy
or the malady.
Any one who will reflect upon the init
nate connection between the currency and
he various pursuits of life, must perceive
hat any arrangement to which it may be
extensively subjected, is adequate to the |
production of the evils of which we com
plain; because such arrangement imparts
of distrust, nlctuation and unccr- |
ta'nty to every engagement
1t Is within the memory of every man
that few years only have passed away,
since we had one OF the best currcncics in |
the world; specie rs a basis, AMI bank notes
equal to specie, of uniform value every |
where. Bat it was determined the United |
States Bank should not be rc-chirtcred;
State Banks were Immediately created eve
ry where to supply the deficiency IN the
circulation to be occasloned by its withdraw
al. These Banks having no check upon
their issues, expanded them to an enormous
amount; property of every description rose
in price, and in the rage for getting rich,
The ordinary dictates of prudence were, to
some extent, overlooked and disregarded |
Every thing seemed to flourish. In this |
condition of things the "specie circular"
was issued. The banks soon discovering
what was to be its operation, commenced |
cnrtaiIing and refused further accommoda- |
tons to their debtors; specie was drawn in !
large amounts for investments in lands. and |
taken from the country; public confidence
IN the ability OF the Banks to redeem their |
notes began to be impaired, and in a short
lime the specie that had been drawn for in
1estmcnt in lands, was drawn again
Or the safety Of the holders of bank notes,
md finally the banks, and individuals de-
pendent upon the banks, had to suspend,
md property, and labor, and production, all
vent down. think the Treasury Circular
'recipitated this unhappy state of things up.
IN US, but am Of the opinion it was, to
ome extent, unavoidable at some subse-
luent time, IN consequence of the destruc.
ion Of the United States Bank, the great
equator, which, by keeping the State in.
ititutions in check, preserved sound cur
ency.
IL this be true, it follows that the great
md only remedy for the disease is the es-
of National Bank; free from
he Objectionable features of the late u. S.
Bank, and free from Executive control and
o-eign influence. | have no space to 90
nto detail on this subject, but it appears 10
nc that the plan liable to fcwest ex-
options would be TO divide the stock equal |
y among the States, the people, and the ,
iencral Gnvcrnment-to locate the mother :
ank in the city of Washington, and +
4. 4 |