Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-05-26
The BANKS AID THE cCRPg[@-

vlie Tie il.est and lfces; investigator NJ :.
throw open our co,cmus 20 au who nav i We
discuss It. We wish the matter P-obed "a -
tom, and tie cause Of the ruinous Je,,s.;..' * q
Miss.sslpq. bank notes made pain IN Co.. ,-'a
Toappy tic proper remedy, It Is import,n, =
ly io knsw tie symptoms Of the disease .,'' ~
iects. bal its originals - &
oae Of the great misioriunes oftle time. -,
which has done, and viii, we fear eoptir,,. y =
more 10 prevent restoration of confdepc. -
long return to an equalization Of ezeb,sa.-,
tween lie different sections Of our eo,,n,-v
min.ing up Of politics, with financial g.
Mr.. BDd.e is the great leader in this no;,;..is
eierins, s lis object is toopan to bemspo1.... -A
In his letter 10 Mr.. Adams, he saws n. ~, 80
should remain exactly as they are prep,rns =, ,'44
sumo, bat not yet resuWng Tbe a.
cau Banks should do in short what tic -
Army did at New Orleans, stand fast bel.o5 a'1
cotton bales, until the enemy has left the c.,..-
No body can misunderstood this, it isa balm al,
ration Of war against tie present Adminix,,,s.s
Il saying, TO use the language of Mr.. Gfp,Iv :,
his admirable speech on the resurrection Do,..
that this great national calamity Of ss,ens;on.,
specie payments is to be continued until me n4o,
the United States shall be tortured into cbapro a.
the administrators OF the government; and the,
affections are to be continued and increased INN.
tensty, until as happened in ancient times they shall
he constrained to say, give US King to rule Ou,
u.s. that we may he like the other nations Of th
earth." that is give Us bank Of the United STATES
not TO regulate the currency only but to regaIatek
politics Of the country, and save the people the uw
bic and inconvenience of governing themselves Or
electing their own agents to manage their own pub
lie affairs
This attempt ofMr, Biddc and his partisas to
minge bank questions with the politics Of the cOan
try, and to proIong the resumption OF specie pay.
ments for the avowed purpose of driving the pres
administration from power, has done and is do
ing more 10 derange the currency and the cxchan
geS than all other causes combined, and we see nt
one Of the strongest arguments in favor Of the com
plete divorce Of bank and State as recommended BY
Mr.. Van Buren,. Their union is an unhov onc--as
injurious TO the rights and interests Of the people
the union Of church and Stale Is 10 he morals ofde
community and tie purity Of religion. But to nc.
| turn to the banks Of our own State.
re all that is said against the recent conduct Of
many Of them be true, they lave certainly acted
most treacherously towards the community, and been
guilty Of most nquitaus species Of shaving. ID.
stead Of confirming thensev 10 the legitimate Dur.
poses for which they were created, they have enter
cd the arena Of speculation, purchased up al the
cotton they could, shipped il to New Orleans, No
bile and New York, procured in return northern
funds and arc now using these funds in purchasing
up their own notes alta discount of twenty, thirty
and even fuyty per cent Such are the charges
against many OF our banks ana ic true, thew are Of
the most damnnr character. It is equivalent IN
moral tnrpitude to the conduetof an individual who
would give his note for one hundred dollars, an
then use means to dcpreciate lis own credit asb
lessen the value Of the note some thirty per cent,
and afterwards buy it through his agent for sixty Or
sevta'y dollars; in TACT, It's scarcely one remove
| from the crime OF highway robbery. All banks that
have acted y this way ought to be put down, their
charters revoked, and thcir corporate privileges re-
s,lnded. The currency Of the State WI ever b
lluctnating, and EXCHANGES against us, so bong as
tbs banks are permitted to &C, as they have done.
A complete and radical reform Of tie whole system
is necessary.
4 In the purchase Of cotton, and bccolning as it
were the commission merchants ofthe pantele, the
banks we believe, have all transcribed their cha =
tered powers, and have certainly overlooked Tic
purposes for which they were created. Upon tOS
subject we agree entirely and exactly with Cover
nor McNutt, in the following extract from hs me'
sage to the Legislature last winter, accompanying
the Bank Commissioners Report
"lf / ara correct in the principle that bank
charter is grant Of privileges which the corpora
ton cannot transcend, without mourning iore,
mre, il will be found proven, on an inspection o.
the report Of the Bank Commissioners, that al
the banks examined have exceeded their power
by engaging in the purchase and shipment Of COZ
ton. The Banks not examined have pursued Id
same course. In point Of fact The banks hav'
taken The place Of the Commission Merchants
time alone can determine whether this policy VIII
result in favor either Of the banks or the planters
Should cotton advance. few complaints will b
heard, but should il remain al its present pfleeo
recede in foreign markets the murmers Of 'ns
growers will be lncessant, and the whole system
soon explode. The only excuse on the part q
the banks for dealing in cotton is the tyTant's PeI
necessity. II is used TO justify every abuse Y
power and every assumption Of authority. Ivy
Legislature is the sole Judge Of the necessity
they deem il advisable they can sustain The c0a
duct OF the banks. As temporary expedea
1t may perhaps answer, but it would be Dangerous
to continue the power long in the hands oil CORY
ratons, Of controlling and selling the great s''P'
Of the country"
VIRGINIA ELEcrIoN.-We were rather ~
fast last week IN Welding up the old DomnloD