Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-03-10

sion notes Of our local banks to the amount Of
one million two hundred and twenty-five thousand
two hundred and thirty-fiye dollars and, Of that
sum, the notes of six banks There are sixteen in
ALI amount to one million seyenty-eight thou
sand dollars Thus, having only a nominal cir
culatoh of its own. SIX Of the banks of the city Of
New Orleans lie at its mercy, and may be closed
whenever Nicholas BlddIe shall issue his fiat to
that effect
Bat here the unuated will naturally de-
mand, how and by what means has the Merchants
Bank rendered the other banks indebted TO il 10
the amount Of one hundred aud seyenly-hye times
its own circulatonl No one will believe that II
has been done by giving ihcm gold and silver in
exchange for their notes, for they havebut little
of those articles in their vaults and, on the 9th
er hand, the Merchants Bank has shipped large
sums, in specie, to Philadelphia since 1t commen-
ced operations last winter. How, then, Is the
mystery to be explained The Merchants Bank
has circulated some millions Of the notes tresur
reclion noles) of the old Bank Of the United
States, which il procured from the present Bank
Of the United States for that purpose and It is
indebted 10 the last named institution TO the
amount Of nearly SEV En- MILLIONS fdollars.
Here, then, is a bank, chartered by The State
| of Louisiana for the benefit of her citizens, under
the absolute control of corporation that has no
interest, no sympathy in common with our fellow
citizens, a corporation, on the contrary, which Is
governed by motives and feelings aniagonsllcal
| to ours, and on tho occurrence Of events which
the sensitive seem TO apprehenl with some anx-
ieiy, may bend the destiny Of Louisiana to the will
| Of our enemies"
TO this alarming exhibit. let me add an ex-
tract from the Boston Sentinel, paper devoted
to the bank and 10 Mr. Clay.
." Mn. BIDDLE.--Mr. Bddle, of Philadelphia,
is unquestonably one Of the ablcst financiers OF
the age. lilo is smooth, liberal, generous scien-
tifc, courteous, firm, and exceedingly plausible.
lie is, moreover assisted with the counsels Of
four individuals, Of great practical knowledge in
business, who do nothing from sunrise TO sunset
but think, and think, and think for him. This
corps ofthinkers, in addition to his own capacity,
makes him match for all the other moneyed
and political interests Of the country. lie is also
supported, ut every point, by all the banks in
Philadelphia. Their policy is union--not dis
traction, as in other city or cities. Taken,
then, in connection with the SIX or seven banks,
scattered throughout the country, in New Or
leans, Mobile, Na,chez, and Cincinnati, TO which
he sold his bianches, and which act in concert
with him, and the great Jaudon London agency,
Mr.. Biddle wiolds,as distinct power, a capital Of
| SlO0,000,000 specie basis of l2,000,000, and
paper circulation Of $20,000,000, embracing
his notes both in Europe and America; thus ma
king an aggregate Of $4,000 900 al the nod Of
ono man, and that man with head as cool as \;
is long. With this immense Capital, welded as
| -..a al al NJ hal
aud confidently declares, that no resumption Of
specie payments can take p ace in This country
tn nec National Bank be established by Con-
| gress."
Not content with the enormous power here ex-
hibitod Mr. Biddle has established his son as a
mei viuut III rh,s.r~-i. SD ;e said IN have made
large advances to several banks in the south, up.
on coAdion that they make conscn'ne"'s &c 1T
am no iaalist. Who can believe that such
n combination OF circumstance, all tending to tho
same end, the concentration Of wealth and pow
er IN The hands OF one man aud his few associ-
atcs, has been the result Of accident Was lac
cidcnt that put SEVEN MILLIONS Of dol
lars OF the notes Of the old Bank Of the United
States into circulation, through the Merchants
Bank OF New Orleans, thus enabling the Bank
| Of PENNSYLVANIA 10 compel the other banks Of
that city to suspend specie payments, and pre-.
veLt them from sustaining the business and com
merce Of the counlryl Does not this show de.
lberate purpose. which, taken in connexon with
the other circumstances identifying MIR. Bddle
and the Bank of England, propes that the two
institutions have common interest, are govern.
ed by a common impulse, and tina, they have en-
tered into conspiracy to coSrce the Governments
Of the two countries to legalize their monopoly :
What stronger argument could The Bank Of Eng
land urge for the renewal Gifts charter, than fact
tina. experience had demonstrated the necessity of
u controlling institution in this countryl And
how are VIC dependant on such hankI The
price Of our staple is influenced by the supply Of
money in the foreign market, and not by the Is
sue Of Mr. BIdjle's paper We have ascertain
ed that our cotton IS the basis of his credit, and
it is because would husband our other resour-
ces, and build up our own independent State M
s,liutlons, that am opposed TO this dangerous
combination of federalism, avarice, ianatlcism,
and ambition, now embodied under the standard
Of Henry CLAY.
On one side, fellow citizens, you have MIR.
Clay opposed TO slavery, upon the ground that ii
is the greatest evil that atllcts our country cry
ter backed by ihe combined influence of national
colonization, iahalcsm, federalism, and the bank,
affirming the power of Congress to abolish slave
~ in the Territories, and in this District, and TO
apply your money to indemnify the owners. See
has iate resolutions. On the other, you have a
pledge that the unbought democracy Of the north
will, il you are true toyourseves, rally with you
IN defence of our dearest interests. See III,
late democratic rote IN both Houses of Con.
gress. VIII you at such a moment, and under
such circumstances, unto yourselves with that
party which has ever been opposed to you in
principle and INTEREST," VIII you surrender your