Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-10-20

Wise 10 arbitrarily take he notes too. Of this
| Bank N payment Of the public dues al Of
which vas N the face Of the laN of I7s9. This
| Illegal connection between The Guyrrnmen, and
| Bank was solemIEed but little while after the
/ Bank vent mic operation, the bankers by ihis
connection thus illegally brought about. got taste
of the beneficial effects of The Government cred.
d, aud he use o. ITS moneys to speculate on /,
| enuChtd the institution, tor Il enabled II 10 keep
m oHculelh.n almost as much OF their notes al
they pleased, and consequently Il 90 increased iis
influence iha, II was never after. a hard matter,
ip continue tue sxisienca Of lie connection. I.
did continue o. long Is tie Bank continued 10 ex.
ls which VAS IS or 10 years after the connec-
ton And when ihis Bank expired by tho limits.
ton Of rs chatter, there VAS a scramble then, as
laletly Tor this rich boon, that is now and was
then, 50 fatal to q sound paper currency among
The State Banks. They succeeded come Of
them, Of course all could noi,) in obtaining tie
boon, that Was destined TO prove loo greala stin-
ulant, Tor the continuance OF the purity Of their
notes. Those lhs, obtained large deposIes, 10.
sued upon the faith OF them, end anticipated an
addHrnal supply Of deposilos from Government.
issued on he faith al What was expeced-and
those that had not as yet received any, dayly ex.
pecled to DO so as reward for their subscriber.
cy Co party, and therefore they all likewise issued.
and over issued banked aud over banked, and il
did sometimes so happen, tia, in the midst OF
hclr greatest expansions, Government would
suddenly call for ITS money. and thus by the aid
Of anlagonistcal bnuks, produce sudden de.
pteciattcn IN he notes Of the banks thus called
ON, untl mutual expansions, begat mutual dis.
trust among the banks, mud being uke small, and
none manmouh banks they possessed, and
exercised The ability, 10 tell The country, they alike
had all presumed to abuse their confidence, end
the hyors gwen them. Then as now a general
state Of suspension Of specie payments followed.
Aud have no doubt but this same Government
stimulus, produced the same deterioration Of The
notes II the United Suites Bank before. bu. il
wn, then impossible to detect H. IN tina, Bank.
ur want Of cDmpeliunn. Al the tune The hrsi
United States Bank wps thus favored b. tho CO.
,crumenl, lhefo was but three Slntc Banks 10
The Union, with n cnpn OF but little over two
millions, aud # they Ind possessed the means oil
knowing the condltlon Of The old Bank their
interest would hive taught hem TO be good Sc
ciet keepers If the United States Bank, OF their
dollars should pay Tor her presumption.
Wen, the memorable year OF 1916 arrived and
found TIN Is as they were IN 1850, IN Congress.
and rs II now is with repaid TO the currency
That Is, two remedies only were proposed, The
one 10 Great. new National Bank and legalIEe
the conncctlon with the GoySrnmrni, or coninuu
the illegal connection Glh league OF State 10.
.nunon, that hen EXISTED. This was the olier-
n,tn, el President Madison be did not pos
.rss the power To make, but to sanction laws aI'
tendy made, He did then as every republican
| should do now, If the snmc question was beioTs
he country. Ut ieas hi, course meets my unqUul.
fed appreciation. So much for the prccedeD. from
| HE MndlspnIAn soulco.
ITO be conc bd,d in cur nttt.)