Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-06-02
IT, renkss The Banks!!


il IS high time 81 N who feel en- interest in he pub
bc welfare to arouse themselves aud ny 10 stop ri
growing evil 0fils class profess to be one, IN
the object = tbs, a. well as former communication
which appeared ia yunr last number, IS TO Show q
tar as my humble capacity viii allow, the cause off
aid sOggesi, low remedies may be applied, which
i cannot make al lhe circulating medium We nos
have eventually good, il what least tend IN due sea
son 20 separate the wheat from the chaf. In DOM
this, 1t viii be necessary for NE TO take retrospect
tive view Of thc condition in which our own currency
was at the time the general suspension Of specie pay
mcnis took place. the causes Of which presume ar'
so generally understood that think il unnecessary
To dwell upon II; and as ny Vows on the subec
win be coalineI 10 he condition in which the cur.
reney Of our own state then was, AMI n0w is, /
would he equally useless as Improbable 10 doso.
Much To the credit 81 many. If not oil tie bank
Of our state, they were not among the first 70 STOP
payment; and when they did, twas acknowledged
ny al that il was highly cxpcdien for them to DO go
ms well from It's being an act an self defence against
the banks of our sister states who bad preceded
them ia ths step as Of enity towards their debtors,
for should they continue TO weather the storm under
such circumstances they must hazard the best into
rests not only Of the stockholders but also that Of the
community at large. AT the same time that they
were pleased under the crcumsianeesthai the banks
did suspend, il was not supposed by The community
That they would continue TO do 50 longer than It was
matter Of cxpedicncy; but thai they would feel It
-. with this
object in view, and avoid at the same time as much
as possible (no, losing sight ofa rcsampton) TO OPP
Pose or harrass unnecessarily their former customers
That this was osiensiby the object of our banks al
least, for several months after the general catasro-
pho took place, is known 10 all, but that this policy
was unfortunately changed last ial, by following in
the footsteps Of chartered monopoly in the central
part of our state of which il is said Old Nick is the
prime mover but Of this fact, oimyseli, have no
knowledge, nor do ! know how i is the opinion how
ever is PREVALENT whether the communiiyguess from
the dark lights and skadoaes thrown around all its
financial operations, OF whether any one brought The
news direct from ShfltoH the Capitol Of the torer
regions, am yet 10 learn BE this as Il may, any
crcdi, that can op he attached 10 The idea Of adj
vancing on cotton for the purpose Of getting con-
trol If il, is due 10 that institution.
When the proposition was first made by our
banks 10 their customers and Others IL was looked
on even by the most sober and rejecting portion oil
The community as prudent step for the interest |
OF the banks and their CUSTOMERS; believing that Il |
would not only better enable the individual thus pro-
curing funds 10 pay his debts, but would put the |
banks IN better condition 10 maintain the credit OF
their notes abroad; Tit would then have taken more
than philosopher 10 convince such men, that in !
both instuncest would have a contrary effect But
our experience in this has taught US onco again. that
i Is dangerous to allow men, whether collectively
Or Individually, when dressed in little brief au-
horry to transcend the limits marked out for them
BY the tatcs for when they take one step beyond
The bounds, and not rcpulsed nj the onset there
Is no saying 10 what cxtravugani lengths they will
run That WHICH they first do in, clandesiine
Manner they will soon do openly, and boast Of Their
lrmcrity. As an instance OF this, when the banks
FIRST commenced The commission aud brokerage bu-
siness, they did not stick out new sign Of any /
kind--not evcn a striped poc--but to all appear
lnces went on as usual; but now, since some Of the
directors Of certain liffa<epnaer that browscs
land voraciously too) toss - The river, and that
soon expects locomotive tail to grow 10 il, have
ound Il fat businesi they do not hesitate 10 say U
openly, they ask the community no fayors, and they y
need not look for any from Mtas--thcy now have O
hc advantage and intend 10 keep il Is il not too 4
bad that they must add insult 10 inpry'
But to the subject Al the time the general sus-
pension Of specie payments took place. the circulas
ion Of the chartered banks Of the State accord
% their own accounts, was IN proportion OF thirty
i've dollars of paper IN circulation to ono dollar in
specie IN their vaults, taking the average Of all the
institutions. Although this was the case, taking
them collectively, there were some few exceptions
TO this rule and Of these few, our city could boast
of two Of them The people, through their repre-
at the meeting Of our Legislature last
winter, were willing To rink at this disproporton
between their circulation and the basis Of IL bcey-
ing from the general character that bank directors
had previously sustained, that sense OF moral ho-
resty which they were supposed to possess, would |
Of itself be sufficient incentive for them 10 make |
at an early day TO redeem their broken |
promises. The immense increase of their circuia- |
ton since them as viii be found to exist, wcharge
public opinion relative 10 these gentlemen, wih, u
we may Judge from their acts, which Is the true test
OF the belief and intentions Of men, consider the
chartered rights vested in their hands superior 10
the power that gave them, and that the day oljudg
meni woua be much TOO soon for them 10 resume
specie payments.
do these gentlemen ever ASK themselves the ques-
ton who gave these exclusive. privileges to- the few,
10 the injufyof the many For the purpose OF ava
king their stlnlbtriRg coHSticnees wll answer il
for ihcm The PEOPLE DID IT THROUGH
THEIR REPRESENTATIVES, For what pur-
poses were they granted That they might furnish
The state with sound currency, and thereby give
vitality to agriculture and commerce and enable o H.
beral system Of internal imprisonment, once dream
cd Of to be carried into effect III these gentlemen
ask the question, hew and when, and in what way
their banks aot The peoPle) have transcribed their
powers, or have travelled oW Of their legitimate bu-
sneSs, will answer them by a statement Of facts,
which, il they have any regard for truth they can
no, deny. YOugot possession, and TO some extent
By false preiences othc last cotton crop ofths state:
BY this means, you were put in possession oi fifteen
millions Of foreign and domestic exchange, which
you used for the base purpose either directly or inai-
rectly, Of shaving your own paper; and while this
operation was going on, that delusive hopes were
held out 10 the note holders in Mississippi, thai by
and W their demands for exchange would be com
pied with, is unfortunately TOO well known 70 mary