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


increased, aud u spn, Of speculation ,sss a, ,,,.
produced, which earned eottUn up 70 IS Gem.
pound, end that too foF he POo7eSt Greg ever -.
from The United esslcs. SUi it was eY.tco, a.
The whole vsH fiction and again the vault, n
The Bank paid for the indiscFeiion. Size was N.
duced to within sfeW heors Of Gailsrs, and Il.
'Stock companies" sent BY the beard. Bu, a.
she alone snfierl Let the harArupts &C 1875 IA
the Unite States answer.
Recovering from the stock, we find he san.
policy pursued in the last few years, and nc doub,
TO her country with the same sud disasters. Tls
''open credits adopted by her ard soule ION,
stock companies" had induced in a great deere.
our excess Of imports, and as TO this, she WI,
compelled to an inertOss Of issues; ste soon vS-
relied the remark Of her able statesman Mr.. Hus.
kisson, that sovereign" ard "One pound
note" would never circulate together. Her god
was exported, and she will again find ,hstt csa
only be recovered through the rnn Of thousands
and the almost starvation of her labourng popu.
iaiion. But her contraction has begun! Yes,
snd what has become Of the agricultural Bank
OF Ireland" and Of many respectable "privae
Banksl" Swallowed up in the whirlpool of cen.
traction, whose motion has Just commenced,
and which unless suspended by Parliament, must
bring around the scenes of former years.
Could VIC be idle SPECTATORS of her msiortunes,
We might enquire the cause, and thus 10 cur
country prevent tie catastrophe but from the
first organization Of Bank until now We Nave
been her coyis,s, and the i'll effects ofher poll.
cy have always reached us here. She has loaned
hermerchants tha: they might loan u.s. she has
induced our "Bank stock" as an article of remit.
lance for manufactures, and VIC arc now suffering
the denoaement of her inprudence.
Could the United States Bank have prevented
this, why did she not do il in 1919, and in 1926;
and if its destruction has been the cause; why
are we not alone the sufferers But has not our
lie islation increased The evil among ourselves
1t certainly has. AL the "Circulars' ever issued
could not for one moment have so plunged us IN
to ruin, but for the "Deposite' or "DeStrbuton
Bill' Of the last session Of Congress.
The same course pursued towards the United
States Bank in 1884, and efiec,ing only one
fourth part as much Of public Deposites caused
terror aud dismay through all tie commercial
cities OF the Union; distress committees from all
quarters awaited upon the President, and the
writer who was in New Oreons remembers the
scenes Of ruin and bankruptcy which spread over
that place.
But what are the facts in our case now lnsti-
gated by the credits Of Great Britain, we have
gone OH for years from one excess to another Of
banking and speculation until we had forgotten 10
"sor ssed' or "gathsr the harrtst"-irstead oi
supplying foreign nations with bread suif' We bad
10 depend upon the half starved population OF
Europe fer our supplemented OF applying Cur
capital, real or fictitious, to the ordinary lansnc-
| tons OF commerce and agriculture, We find
tteeaty, four millions locked, up in wild lands,
| hundreds Of millions in Autographed cities and
rail road projects connecting places where tic
tootsep Of civilization had no, yet appeared, or
passenger or pound ofircieht had tccrytt lseu
seen.
But for the oyerbanking of England, such an
| ovcrtradng and oyclLaLking would never have
occurred here. This caused our surplus The
substitution Bill" succeeded, and 20 this We mag
mainly ascrihc the ''ils we bear" But says enc
1.-The surplus had occurred and it ought 10 be dis
;ributcd." 1 his grant, but wht before was any
! government agent ever called Oh SO suddenly to
disbursc such an enormous amount. "How," i,
may be asked, "could this have been preyentedn
answer by the plan proposed and rejected, viz
etha, Congress should issue to the States her
Treasury notes redcemablc in one, two and Tires
years, and lot the banks holding her deposies re.
deem these as they fell due" BY this plan, I'll,
States would at once have enjoyed Ike full hene
fit Of the fund; and the Banks by agrodral re
duction have been easily prepared but nc--b!
this operation, il would have been discovered tha
even the "Pets" could manage Ne GCyerrmcn
fund, and the Inst necessity for National Bail
would have been taken away.
Having extended this farther than intended
will close, and will hereafter discuss the "icm
cdy.' JEFFERSON.