Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-12-01
For Tie Democrnt.
No. III.

| NO. ILL.,
now proceed TO consider the Circumstance.
under which the two national banks were estab
iIshed. When communities or Safes come into
existence, il may be safely said that there is q
part who are disposed to live honestly and hur
no body, (Which believe to be the sum and sub.
stance OF ieIlgon,) while the other seek to live
by The undue means which too often disgrace so.
cieiy. | venture the assertion, that there has moi
q STATE IN the Union come into existence since
the formation Of the constitution, but what was
more happy people the day of ia birth, than al
any subsequent period. III the municipal resuIa.
tons OF communities, the very first impression at.
tempted 70 be made Is the imposslbiIily Of exist.
ing without banks. And from whence does this
come Not from The honest ycomanry, the bone
and slnew Of The land but fom designing ,spccu
la'lng individuals, who live At their expense. The
nun OF this was never more correctly verified
than in the origin Of The two National Banks.
The old Bank of the United States Ind lis oren
by being made nh adjunct Of lIamiltons fund.
ing system II was concoccd not with the ap-
probation Of the people, but in direct opposition TO
their anilclpations.
twas the work Of a set Of spectators, nj lhe
head Of whom was the Secretary of the Treasu.
ry. shall hero give the history of this most
Outrageous Of all TRANSACTIONS in the language Of
Mr. Jefferson, " II is well however, that dur,no
tho war, the greatest difficulty We encountered
was the want OF money or the means 10 pay our
soldiers who fought, or our farmers, manuncm.
rers and merchants, who furnished the necessary
supplies Of food and clothing for them Afcr
the expcdient of paper money had exhausted il.
sell, certificates Of debt were given to the ind.
vlduai creditors, with assurance Of payment. so
soon rs inc United States should be able. But
1nc dlsTesses Of those people often forced them
70 part WIN these for half, the fifth, and even a
tenth OF their value and spectators had made
trade Of cozening them from their holders. by
inc most fraudulent practices, and persuasions
that they would never be mid. In The Nm .,
funding and paying these, Hamilton made no diff
ference between the original holders and the frau.
du'.nt purchasers of this paper, Great and just
repugnaaco arose at putting these two classes o.
creditors ON The same footing, and great exertion,
were made 10 pay The former the full value, an,
The latter, the price only which they bad paid
with interest But this woQld have prevented III,
game which was to be played, and for which III,
minds Of greedy members wcle already tutoret
aud prepared. When the trial Of strength, or
these several efforts, had Indicated the form il
which the bull would finally pass, that being
known within doors sooner than without, and es.
pecMly, unto those who were in distant parts Of
| TIE UnIon--t tho base scramble began. Couriers
and relay horses by land, and swift sailing pilo
boats by sea, were flying in all directions. Ac.
tive partners and agents were associated and en-
| ployed IN every State, town, and country neigh
oorhocd' and this paper was bough, up at five
| sihlngs, and even as low as two shlllinns in III,
pound before the holder knew that Congress ha,
already provided for its redemption ut par. I'm
mense sums were thus lilched from the poor an,
ignorant, and fortunes accumulated by those VII,
mad themselves been poor enough before. Me,
mus enriched by the dexterity OF a leader, woult
follow OF course the Chief who WAS leading then
10 lorune and become the Jealous instruments o
aI his enterprises After this disreputable seen,
WIS ovel the next step was a Bank, as ueccs
sary means 10 enable the Government TO nav N,
debt il had assumed. The pretext was Tia, with
out such an institution the Government could no
get along, and IN this way the members Of Con
gress from cuPldlty were brought TO support ii
This is one side OF the eicturc. Let Us nov
compare tho origin and history of the late Bank
WIN mat OF the past. After We had passet
through most perllous war with Great Britain
! NAsoNt NC Nid u Rhnk 4 n.na dnnn..A 80