Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-01-06
DANGERS OF EXCESSIVE BANKING TO
THE SOUTH

Walker, delisered IN the Senate of the Uaasa
States daring tie SPECIAL session.
"The creation of this great bank power. to be-
come the ally Of the British bank and bankers, Is
indeed 4 question not ogly afeeHAg the forms Of
onr government here, but question whether these
States shall be rscoIonised-whether the Enalisb
bank, andlts American allies, shaH regulate ali our
commerce, and the price of oil our products II IS
now boldly that England should have vast
circulation IN gold aud silver, bur that we should
have very little silver and no gold, and substitute
bank paper, controlled by the power which realms
the metals. That money should be debased in
valae here, 10 enable England to contrib our busi-
ness and circuation-'1lat England may sch her
imports here at our paper prices, whilst She gives
Tor our exports the diminished price arising from
a metallic or chiefly metallic currency. No nation
could long stand the operation OF such a system:
hut the exporting States, The price Of whose stape
depends chieilKuppn the English market, and NOT
the amount OF American paper money, would soon
he reduced to absolute bankruptcy. With the ex-
panSon OF The paper money here, every article the
planter desires 10 purchase would be enhanced in
price, whilst his cotton, regulated Nv the English
market, and currency would remain nearly stationa-
ry ill soon tie expcuse OF raising ceton would be
so greatly increased, whilst the price OF the article
remained nearly the same, that little or no profit
weuld be derived from The culture. II is not the
nominal paper prices of property here that give
real prosperity to the planter but the nett profit up
on the staple lie raises il calculating which The ex-
penses Of raising the article arising t ON the ex-
pansion of American paper money, is precisely so
far a elimination ofbis profits Upon The exporting
States, then, is thrown nearly the whole burden of
this system. They participate in all the evils of an
explosion, and during the expanding process, whilst
they give more for every article connected with
conducting plantaion, 'der great @@''eene expert
ences nocorresponden RISE Beng g1yeF.S1@ ~ the
less inflated European money market. To illus
trate thls position, suppose, from the absence Of
bank paper, the expense in Egypt, the East lndies
or Brazil, Of raising cotton, including The interest on
capital, was one cent per h., whilst here from the
paper expansion, it was six cents per pound how
long could wes,Riihsland the competidon--lhe COT
ton Of all other countries bringing in Europe the
same price as our own Is it not evident, that a
few years more of expansion OF the American pa
per system would reduce the exporting States to
absolute bankruptcy, and the whole country TO The
most ablect dependence on the money power oil
England her imports here, by the false
standard OF our paper money, and purchasing low
all our exports at the price regulated by her less
inflated currency? In this way, England would
vastly retard actual Increase Of national wealth.
by selling her Imports to us at our paper prices or
metallic currency. Is 1t not seen, in this exchange
Of imports for experts we get, for the same money
fewer Imports and England more exports, by the
precise ratio in which imports are raised in price
here by our paper money, and exports depressed
| by being measured by a currency more nearly me-
| tallc, and thus the whole nation slstains great
| loss
ST would be most curious and instructive to com
pare tables from 1900 10 the present period, repre-
senting the price current Of cotton, OF domestic
produce consumed wholly in the United States, anS
The amount of paper circulation These tables
have neither had the time or opportunity to pre-
! pare ; but this much must be known to every Sen
ator, that the paper money! before an exposi y
rose in amount domestic produce rose alsa, willis
cotton at the same period repeatedly icl-beinf
! regulated bv the European money market 0nt
fact alone viii be conclusive evidence Of the n~nci
pie, that whistfrom 1915 to 1926 the prices of ou
cotton, including Sea Island, averaged eirhteel
cents per pound from the latter period to 1885, in
elusive, the average price was less than twelve cent
per pound whilst from 1916 to 1895, our paper cir
! CITATION has nearly doubled. Tie price OF cot
ton, then, instead Of augmenting with the increas
Of our papermouey, has actually greatly fallen un
der the operation. The expanded paper none,
\ system operates as a perpetual tax upon the plan
ter, and nothing is more clearly demonstrabc thai
cotton plantation including the property iisel
rose the same proportions for the next, it ha
done Tor the last three years, whilst cotton remain
ed stationary, we should be compelled to abandon
the business as altogether improbable"
IsHot the ship itself wonder! That labri
SO gigantic as first rate ship of traffic or of wal
framed OF ponderous timber, compactcd with bolt
and bars oil still more ponderous iron,' holding in IT
bosom masses Of merchandise, under whose pom
derous weight strong cars have grnaned, ana pay
4 ed streets trembled, or hearing on her deck hosts
4 armed men, with the thunderng armament oil
/, nahon--that fabric thus framed and freightet
should float in a fluid into which il man fall b
| sinks and is lost, is in itself a wonder. But tia
such fabric should traverse oceans, struggling o
| amid the STRIFE Of seas and stornls--thatt shoul
: hold on its way like "a thing Of Ie, nay, thin
Of intellect, being enduedwith courage and SAINT
lated BY a high purpose, traveller that has sec
the end Of lis voyage from the beginning, that go
9 forth upon il without fear, and completes it W
tIe feeling Of triumph, iS 1t seems 10 .ac gre
"A ter wonder still Letne ask you % stand, as W
perhaps have stood, upon the deck Of such ship
in the dead waste and middle Of thenight
I now in ,Iie strong light OF the moon as it loo
z down upon you between the swelling salss or no
y the deep shadow which the sails throw over 70
Hear the majestic thing that bears you breasi.E
and breaking lhrOugs ;..iewayes that ossqose thei
;, selves to her march! She is moving alone on I
y topofthe world, through the dread solitude q I,
. sea. Nothing is heard, save, perhaps, the lalil
5, back OF d wave, that has been showing rs Wh
as cfest to The moon, Or, as your ship poughing
IN way, tile rushing Of the water along The slides.
70 Yet She seems IS care for all that she coBtapsa
ID watch, while they sIeepas sweetiy " her boso
tie al IN their beds at home: and though she sees