Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-04-21

uoi ihe g 9ycmmcni Or selfish cads, More AZ
faci1as injustice was never done % ara honest
mas than ihn bank aaJ iis advocates inflicted on
Grnera Jackson. lie has bad be- redress. Ths
unjust and icons duiioaal sentence passed on
bon by bank directed Senate, has been expuug-
ed and slIgma,izud as lt deserved by n Scnale
representing just people. Bot lbe waulon mis-
chef done 10 innocent citizens, ond 10 the conn-
iY at large, ~ that relentless and unnecessary
war Of the bank and is myrmdons on the Ad-
niiaisllalion, has never been rcdressed. For
crimes less aggravated, and INJURIES less severe,
upon individuals and the public, many man has
been led 10 the seafold Yet, the real authors Of
his panic aud mischief hold up their heads ~ the
midst ofsociely, and confidently aspire to its high
est honorsl
No intelligent and honest man will now say
that the gradual transfer Of The public deposiies
from the Bank Of tho United States to the State
banks, would have produced any material sensa-
ton IN commercial affairs, much less general
panic, but FOE the needless curailmcuts made by
the bank and the clamar oltls parllsaus. IL was
ihs bank aud not The Naturalization, which pro-
duced all o. the calamity, real or mag mary, by
which the country was set IA an upronr. but
when ihe baak loundhersolf defeated ~ her grand
object, her policy was instantly changed. Size
opened tho lool-gHes Of bank accommodation.
aud ii eight manihs Inundated the country with
about twenty millions Of dollars, Notwithstanding
Outraged by her example, and strengthened ny
the public deposles, a. well rs by the specie
which the panic curiailments had forced INTO Tie
cou..fy, sent out their oyorllowlng tributary
streams. --The fachy with which bank accom-
modallons could be acquired, encouraged men 10
become spetulaiors. Merchandise, produce, e.
y and siagc lots, new towns and public lands
every thing That could be bought md sold, were
brough, into the gigantic whirlpool. Men enough
we're moi elt at The plough TO mise bread for me
colnity-all we're accommodating fortunes by buy
ing aud selling. From extraordinary lmpnti1-
lions aud excessive sales olpubc lands the pub
lie revenue began 10 accumulate beyond Tho wants
of the government. The surplus being deposited
in banks, became Immediately the basis Of new
batk issues, adding to the means Of speculation,
and agglnvang the prevailing evils.
Gen. jackson saw the banks, led on by the
Bank of the United States, carecrlng onward to
and considered whether il was IN his
power to arrest Them. The only mode by which
he could reach them, waste reject their notes N
payment ri the public dues, and thus diminish
their power 10 extend their issues still further, q
the ruin Of many honest men, with jeopardy 10
themselves and mischief 10 the country. In this
and patriotic object originated the
much abused Specie Circular. No measure
could he more just or more appropriate 70 The
state If tho country yet none was ever more
abused II checked tho issues OF banks and con-
sequenty lcssencd the means Depreciation, and
arrested tho unnatural advance Of prices, or rather
tho depreciaiion off currency. = Hence, il was
denounced by the swarms Of spectators which
buzzcd il every body's ears throughout tho coun-
iry, aud was alleged 10 be the causc OF number
less evils which il only could not pfcyept II the
banks, admoniShoi NJ hs measure, had given at.-
tenlinn IA tlelr own cona", wv 49, ~ W.
country, and forthwith adopted system 81 MOD
crate curlailmcn'. the catastrophe oi suspension
have might been avoided. But, tho checked m
ten career, they did not recede. For months
they appeafed to stand SUI, waiting Tor events.
In the mean time, tho excessive imPortaltohs q
and the inhaS n brend stulis ifom
abroad, produced demand for specie FOR oXpor-
talinu. This was UNNECESSARILY aggravated BY ihe
violent and unius;idatle course Of The hank o.
Enghud, which suddenly destroyed Anol'can.
credit il that island, with tho nvowed object o.
lmcinr back the specie which bad been forced
on, of England by the panic cunllments and re.
dncing The price Of cotton, The reaction o. which y
now again sending the specie Of England to eve
~ commercial nation oftho globe. After short
Struggle, the New ork banks gave way and sus.
pended the payment Of Specie As fast as the
news spread, the other banks followed their exam
pie, and ia ten days there was scarcely specie
paving bank in the Union.
Ii il anw the lhomo Of every Federal orator
and Federal press, TINT this result has been
brought about by General Jackson and MIR. Van
Buren,.
Did Gen. Jackson compel the Bank Of the
United States to make the panic curamcnts
No: they were made BY Mr. Bdde, without ne.
oessity, 10 control the action Of Congress through
the salerngs Of the country.
Dld Gen. jackson compel the State banks e
curtail 1T the same time and thereby increase tht
public,disress No: those banks were iofeet
10 cusai by the Bank Of the U. States
Did Gel. Jackson compel the Bank Of the
United States TO extend her loans about twenty
millions OF dollars as soon as the pane was over
ard thereby open the lao1gates paper issues
No this Step was taken BY Mr.. Bldlle withon
pretenco Of compulsion OF counsel Of the Admin
islraiinn
Did Gen. jackson compel on advise the Stat
banks Il lol5w this pomcious and fatal exam
plcl No; he ADVISED against i: and whe
counsel Was found 10 be q no avail made an e
fort 10 arrest The impending rum by the Speet
Circular
Did Con jackson sei on foot the ten thousan
wild and reckless spoculadous which peryadcdt n
unon2 NJ: they were generated by the sud
don and extrayagani bank issues after the clos
ofihe pane in which the Bank Of the Unite
States led the way The voice Of that honest an
fearless Chef Magistrate was always heard I
gainSt them.
Il / & a, Az -,