Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-19
BANKS.
P. B. BARKER.

in reprehending them, it is well that we
should occasionally take retrospective
view and enquire "hoso came these things
sO7" Human cupidity win sieze hold Of
every thing which will in the least, tend
to crafty it in its desires-and, when once
''the scaU Of partition is thrown down,
all flock to satisfy themselves with the
forbidden fruit" Thus it was when the
the great balance rheeZ of currency was
destroyed. Hundreds, nay, thousands,
opposed the re-charter of q National Bank,
for the very purpose of specializing upon
their needy neighbors, for they saw clear
ly the results which would flow from its
prostration. Consequently, our Legisla-
lures, deeply imbued with the mania of
speculation, chartered bank after bank,
until the country is now banked almost TO
death, and the people, the suffering and
abused people are gasping, and struggling,
and fighting with windmills, without once
looking to the real cause of all their dis
tresses and difficulties. That they are
right in calling upon the banks, to be in
formed how they have used the "talents
committed TO their care" is beyond dispute,
and it is our sincere wish that the people
will demand of the Legislature a repeal
of the charters of all those banks who
have done wrong. But the primary
wrong is in government-the administra-
tons of Andrew Jackson and Martin
Van administrations, however
popular they may have been, have heap
ed upon this country more wrong, more
outrage and more distress than any other
constitutional government that we ever
read of. The cure 70. the evils we la
Dor under, is this: A CHANGE OF
RULERS, thus securing a change of po-
Icy and return to the 'tgood old paths. +"
In connection with our remarks, we pub
lish letter, written by a gentleman of
Charleston, in 1890, to Mr.. McDUFFIE,
then Chairman of the Committee Of Ways
and Means, in which the very things trans
piring before us at this time, was, in that
lie tier, plophesied almost to the very let.
ter.
Extract of letter from an intelligent mer-
chant in Charleston, Is. c. to the Chair
man of the Committee of Ways and Means
Illustrating the exchange operations of the
Bank of the United States.
"This effect of diminishing the vast DIFF
ference of exchange between the various
points of the country, was evidently pro.
duced by the bank. The advantages pro.
duced by this institution, in the intercourse
between the Western and Atlantic States
can be duly appreciated only by one who
sees passing before him, the actual opera
ton of the system ofexchange it has Great
ed. For example: Lexington, in Kentucky
annually accumulates large surplus o
funds to her credit in Charleston, derived
from the sale Of horses. hogs, and othel
I live stock, driven to that as well as to 9th
, er southern markets by her citizens
Philadelphia is indebted to Charleston fol
exchange RENTED, dividends on bank
stock, &c. and Lexington is indebted t.
Philadelph for merchandise. Withou
the transportation of a single piece Of coin
Lexington draws on Charleston, and re-
mlts the check to Philadelphia, in pavmen
: of her debt there; which operation adj
0 justs the balance between the three point:
OF the trl-ang le almost without expense Of
trouble. Could such facilities be obtain.
: ed from any other than an institution hav.
It ing branches in different parts of the u.
7 mon, acting as co-partners in one con.
d Germ! Local banks, whatever. might b,
r their willingness, could not accommodate
t IN the same manner, and to like extent
''The discounting of bills on the low
terms established by the branch bank 4
this place, is a great benefit to the aeri
e cultural interests, particularly in enhanc.
q ing the price ofcotton and rice: and wers
q the bank to stop its operations. there It M
g saying how far these staples would be de
q pressed. The private dealers IN EXCHANGE
( would take the placeof the bank Il m
a business, and their profits on bills wor,lf
e be taken out Of the pockets Of The Giant.
2 ers, as the merchants would always reDu
: late the price they would give for an 40,
grlcultural production, by the high 81 loSs
. rate at which they could negotiate theil
y bills. On account of its Connection viii
I all parts Of the Union, the bank afg;ar5.
I TINS important advantage to the public. i
9 = aiWays.a purchaser and always q seIIe,
= q exchange at fixed and low rates ~
e thus prevents extortion By private .feal
e ers. - ..s'.ss e'''a'
Before this bank went into oparst;an
exchange was from eight to ten 6eI cent
!. either for Or against Charleston. which =.
9 9 loss to tie planter IS that sn,T,,.s s. 8
the produce Of Georgia ana South 80
Ina, and, indeed. you n,iplht 50. sli IS,
pIoeuce Of the Southern ana es,sr.
S States.
f the Bank 81 tie United s usr
) royed. the local banks would sDsi
'ssue hen paper e q excessive amour.