Columbus Democrat., 1838-08-25


"a! Imagination haCheJ oar, ard which M j1ab,
be thinks would cure al the evils Of our Banking
system, as il by magic lie evidently feels sore
at ihe idea Of my probing his theory until ev-
posed us ro,onuess, and rs be thiahs il Is ddc 20
his dignity to say something IN defence ot tbs
precious baadIag Of hts, he uys to "olaw of
BY an attempt at VII, and by the recital of . stale
anecdote, for the purpose of avcrtiug sclruny
from his mode OF reasoning cad also ihC unfair
manner IN which he quotes garblcd pats OF my
remarks. Ills aneedoie however has The same
fault Of his theory, neither beng applicable 10
the point IN controversy, bat this Is always tbe
case with minds o narrow oalber when prompt.
cd by vanity to make their debut m public print,
they borrow some ideas from others, which when
they string together into a theory, they look
around Tor objects to apply Them to.-Now this Is
evidently the case with f.. +. G. who would
make the financial condition ct the county,
mould itself to his theory (which would be mat
ter of lmposs0Ii,y at any pe'i1d' and not hi,
theory to the probable condition to which tire cur
rcncy of the southern Siaes might or could ever
be reduced; this IS a woluI mistake or a prGch-
cal man to make, and one too which am surprs-
ed that the saGacily ersa of T.. L. G.. could not
perceive. The same Is applicable to the quota
ton which induces his anccdle, be is surprised
to think that the mode of reasoning and the re-
suits from it, could ever change with the cog0lN
/ am perfectly aware that there are m,ny facts
that some persons .nafl.cuhrN T. + c. would
be surprisrd az. for tharc are many That never en-
tered ,heir pcrictan,gms. or Gh3t could pa, If
lhey would, for want Of c,nlcfty TO cou,rehend
iheml Now d,d tbe t1c, over ouce occur IN ,be
sagacioHo Doiit,aI ,eoqgpjyi how udrul3Ys No
rendered himself when he m,4o that erf,,n
! sbould like IN tnov-h how b- rop'1 aeel, the
same theory and find the sano ,csun.. by ,,x on.
nNcation 10 tbe financial condition or tho ne,pie
of the southern St,tcs. and also 10 that al Inc
nonulo,jon of on Island m SANS, ,c,,,,, cr., oc
tive earth bayino ma ,o,ercs, vilh civilized est,,
They mus, be at least dcmj.barbarous and can.
5, auenty could know HuIc or nothing of oar cy.
,o,le,l credit systcm which is alone the result of
c;y;I,,,,.,n. and consequent extended views and
kno,,laJ,,o ~ ,,ankind. Again: atho' our tho.
ory or Ro,,Lln,, Government, Is based On true
n,cr,;,os nrI ,ln, r,,,,s worked well in prac
ice IN tbis country. | o,l w.u1 the same theory
if adooted nv bc b,rb,rops n. .~dtS of Russia
produce il practice the same resultsy Certainly
not. for thew wauld want iu,,lIoence which 'he
vital prioc'pe of oar Ip,tlutions--hcucc + =
may learn that lille reflection i u very oocos.
sarv Ingredient in the r,,nposi,i6n or M css,,.,
G.oI s,no,,h,, ,a1,t,,,5 =, rCr.a
bo ,a,.,,,,, ,,., II, ''
uninton,n.. bo Is,,ns ','s :, ',',oo,' ''s p''''
- .o,,o,L,n,, =, ,,, ,,,., - 49, 49, ~ "
remote decena,n, of = s,ro or ,,,o n,, q,
sme him with cor,l c,paar / ,.,,,ll r,.i,.....,,,
tho condiments ware :, no r,r l,,,,, ,,,,.I
have for ,rn,b If d5 60 ,n,s, yro,I. fJ',I.
which woud ho ~ onco Jo,aa,ai
could orer ,,is,,ko = II G c,r r,,,,'or H., H..
and if thev we're to ;,d,,, by hi, go, ,,,i;,.
cal economv and hIs ,e;o;nln. - ,,, ,,..,.,
,hey wonld not oycn tbini, ho ,a, t.'
,nv or tloyo s,oo ;,d,;I,a,. ,';, ''''''
m3ao co hy b,S,r han ,o ~ G ~ - SOU ''y
WV '''''''" . ''r'
w." ~ p'''l '''o D'''e'ot.o !, ;, ~ - ou' views
J.,: ~ -" H '0'o''" e0"''i',
s,lnno re"naJod ',, ~, Iiu o ~ Cry "'po
would be put in circulation by the Banks Of the
southern States if they acted in unison, without
any reference 10 L, ou,lry ar our ,n,erco,.-,
with the northern States a,J ,.;,b c;,,I,.,ol ~,
tons and very craveIy fvss,ho ,er,o,,,,,t ,,.,,,
for cotton at fen cents and roo,,I,,os, AHA L,,
which he finds out exactly the n5ice Of proney,y
in proportion as he npr.o s,r,r. or bo R,nl,s
were tichteued or expanded and I.les u;s.;ss;o.
pl for example, As rolows-Wbcnt tbe crcpla,an
of the State !. tom ,p,lliors cor.,in l,,J, and 40,
groes could be porcbascd for SioOoo vb,c,
would Weld annually cigbt ,bonsand dola,s loay'
inc profit after dedpcilng interest and ,y,enccs
of So ,000--,he cjrcplo,o, i increased f,o,n tcn
to twenty millions, and me- snmo n,oncrtv ,ybcb
before cost SIC. 600 will now brinr sso.6oo tbo
product being stiu tho same aGor iodpc,ing IN.
terest and expences. il shows n loss of Sl0l0 !
The circulation !. thcn reduced c,or, ,raa,,. :,
five millions Of dollars. when the same proner,v
could be purchased for s20OO0. and az the nro.
duet is still $1,000. after deduclipg iocrest and
exnencc. there would bc NAT, ,roG, or Gyo