Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-01-23


articles of consumption.
The annual exports of Mississippi art
equal to one-sixth ofthOse Ofthe whole
Union; and at the present low prices
amount to at least fifteen millions O
doilars-a sum amply sufficient to af
ford to the people credit for all the
money they require--bring exchange
in our favor, and make other State:
dependant on us, instead of continuing
dependant on them.
by building up and fostering home
markets, we will be enabled to enact
and enforce laws protecting the plant,
ing interest against the enormous char.
ges, frauds and lmpositions under which
they have heretofore suffered in the
sale OF their cOtton-evlls which have
long weighed heavily on the productive
labor of the country, and paralized the
industry and enterprise ofOur planters.
Measures are now in progress well
calculated to afford us the incalculable
benz fit of a home market, which if sus-
tanned by wise and suitable enactments
will soon free us from vassalage. and
enable us to extinguish the debt which
hangs like an incubus on the country.
Our wealth consists in the exuber-
ancc of our soil, in the value of our
great staple, the product of (which is an
nually increasing; and in the industry
and enterprise Of our people. These
resources are ample and will soon af.
ford relief; unwise legislation alone
can arrest our onward march. Wis
dom requires of us to submit to trans
lent evils rather than by the adoption
of temporary exPedients, hazard the
future welfare and credit of the State.
Blessed with productive soil, ge-
NAL CLINE, and most valuable staple,
we yet find the State involved in gen.
eral distress, with currency deprecia-
ted at home and uncurrent abroad
These disasters have been brought up
on us by the enormous increase Of
banking capltal-over issues of paper
and visionary schemes
OF speculation, and reckless extrava-
gance. A great increase of the circu-
Iating medium cheapens the value of
nominally the price of
every species ofproperty-cause ma
ny to abandon their usual occupations
and industrious habits, enter the arena
of speculation, and at last, involve
and their sureties in hope
less bankruptcy.
The price of our only export, cotton,
IS entirely dependant on the demand
and currency abroad, and does not rise
and fall IN proportion to other articles.
Debts incurred when money is plenty,
and prices high, generally remain to
pc paid nut ofthe produce ofthe soil at
Ow prices.
The banking SYSTEMS so interviewer
with our habits, business and contracts,
hat it has, perhaps, become a necessa-
ry evil, and cannot readily be eradica-
ted, without involving the whole State
in utter ruin. An imperious regard for
the welfare Of the people, requires that
our whole banking system should be
reformed and regulated by
Legislative provisions; so as effectual-
" to prevent a recurrence of disasters
similar to those which now Cypress the
This can only be effected by
The enactment of a general law regu-
Iating all our Banks, and making it
their interest to resume specie payments
at an early day. Exchange on Europe
has already fallen SO low as to cause
he demand for specie for expectation
10 cease. Nothing but the will and
on the part of the banks is now
wanting to enable all that are solvent
10 redeem their issues, and afford TO the
people a currency equivalent to gold
and silver. All the banks in this state
nave forfeited their charters, by failing
10 redeem their notes, and numerous
other violations Of their franchises
The present is an suspicious period for
placing them under salutary ContrOul.
Banks have no more rig Int to close
heir doors and refuse to redeem their
notes in speSie, than Individuals
Their acts bear directly on the BUSH
ness of the country, and the value of
Droperts. A prudent regard for the
best interests Of society, requires that
all ofthem should be compelled to act
ACKNOWLEDGEMENTS subject to most
rigid examination, and at all times kept
under the control of the legislature
Nor should it be forgotten, that the re-
guIAtion of the currency is a sovereign
power Of high and delicate nature,
and ought not, and cannot, consistent
" with our republican institutions, ne