Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1838-12-04

mat lilSg may Ultimately save themselves
from failure, and perhaps by some uckv
turn of the die, make a fortune. It viii
do more to populate Texas with the hest
and most substantial portion of our citizens
than would the introduction of the tsnlne
laws" OF Connecticut within eur borders
There is another light IN which we desire
TO present this subject to our readers and
to which we invoke the attention ofour
banks, as we'll as the members of the Leois.
lature; we mean the effecI on the currency
and trade of the country, of the immense
issue of State bonds in the west and sontb-
west during the las 12 months. A laroe
portion of these bonds have been neootia-
ted OF the North and remain there as Bank
capital nHder the New York Banking law.
with specie basis of only 12 / 2 per cent!
These bonds 1t will be seen from the basis
ofthe Banking capital both here and If.
the North with the fimsy sub stratum Of Is
l,2 per cent specie, und the small amount
that may be sent from the North 10 enable
our new Banks to 60 into operation and
The old ones to resume specie paymeats.-
1t these money manufacturers 90 ssigor-
Ously TO work and issue TO the extent of
The old laws--which have not vet been
rescinded though the Banks have violated
their charters--what will be the conse
ounce? VIII they not reanimate the re.
MUS of speculation, flood our country with
foreign fabrics, bring on new era of qam.
alag, and finally lead to another disastrous
explosion? To prevent such u calamity
our legislators and bankers ought 10 look
ahead. Thanks will issue without solid
foundation, explosion is Just as certain as
the laws Of grayitation; and unless vetake
warning in titRe, Two years will scarcely
elaPsa before we shall witness another
busting OF Ban 5. Notwithstanding the
enormous amount of bonds that have lately
been negotiated at the North, there has
been but little real capital in the whole
Transactions. The Banks have managed
the negotiations as the commission mer,
chants and spectators did two wears ago
by Kites. Mr. Biddle or some othdf man
with fcticious credit to the North buys the
bonds of Mississippi, he pays perhaps one
tenth in specie and nine-ienths in credit
! lie commences bank ng on these bonds in
New York, or hypothecates or sells them in
/ England. He gives us a credit with his
Banks IN New Orleans and Natchez, and
Avs them in turn by cred: on his Banl,
perhaps in New York, which has for its
auadat.aa The very bonds which we sold
bir, with the addition Of 12 l 2 per cent
Bat what is tbs p ecise character Gf the
Cedit with which he is 10 pay our bonds
in Natchez? Ii will be found to amount 10
m.liag but Mississippi bank paper when
he bought up last summer with resurrec-
ion notes at discount of from 25 10 90
per cent. lie has also madeloans TO these
Baaks 10 enable them TO take up their is
Sue and commence paying specie Then
he can present their notes as payment for
the Union Bank bonds; and instead of
banking on a real specie basis, the Union
Bank will have for its foundation the notes
OfOur own Banks which our people sacri-
iced last year at a discount of e5 to 80 per
cert. The whole sunerstructure is raised
principally ON credit It's the old Kiting
system revived in different shape, and
\ unless few of our prudent and well con,
duc'ed banks take warning in time, The
whce will be swamped. Our honest legis-
lalos must look the subject fearlessly IN
the ice and ask themselves if the country
can sustain the enormous tax which this
overgfown credit system is drawing from its
abor Perhaps the best way to prevent
the evil effects of this system is for our
Legislature to Danish, prospectiveiy our
live and ten dollar notes and then to re-
qulre all our Banks TO have specie in their
vaults 10 bear certain proportion to their
liabilities. This will efectually prevent
overriding, and make our paper at par in
every part of the Union; while ii viii also
reduce all our expenses, by increasing the
value Of oar currency
TRICKS OF THE GREAT PHA2C BANK.
Netook occasion, in the Globe of Mon
Gay hight, to give the public brief expia-
nation ofthe facts having relation to The
letter Of Gen TowsoN, (Paymaster Cen.
eral published in the New York Courier
and Enquirer, The National Gazette, and
'he National Intelligencer, as conclusive
evidence that the Bank of the United
States had achieved a crownng victory
over the Government Similar notices of
lhls transaction appear to be going the
ROUNDS OF the Wing papers every where
mat ms Is only another instance of the
exercise OF the tactics of the Bank s master
ana tnanager-preeisely similar to numer-
Gus cases which have occurred since it has
entered lhe field of politics, and which have
Inn yHfxt "a Il