Columbus Democrat., 1838-06-30
onrrnN srEcrLATION.

hY fhe faerc11pt ana TIE Naasi We gre tAtNtes-
tsa = poiiey which threatens seriously to Grip
Ne asa cut al their resources. The entire speech
"a ihe iecl i one ol ihe most admirable speci.
Asns Of sound and ssnslbe argument sc have
hFer read. aBd wc regret exceedingly that our
limits and ihs press Of siher important Mailer pre-
Glade iis pubfaon. After stating ilai iho sia
NJ specaieling ii eolson hes al she door Of The u.
States Bank, Ms. Buchanan continues as follows:
aIIeaYon knows The Legislature have been
xufIicieatly liberal n conierumg powers upon ihis
isslisusinn bot doubt whether single member
of flhal body would vote 10 create trading com
nsny, with es9aale ef $s5,0o0.000. 10 union
with banking lfivilcges. Lei Us pause and re-
ileet fos i moment Upon the nature aud conse-
qneaces Of these combined powers--A bank Of
discount aad circulation, with such nn enormous
capital, and a trading company unItedl J,y cx-
panding or contracting its discounts and clreUla-
lion. as ! bank. il can render money plenty or
money scafce.Ai s pleasure. II can thus raise
or depfess the prince of cotton, OF any other ar
ticie, and make the market 10 suit It's speculaling
purposes. The moi6 arrangement that exists m
the domestic exchanges Of lhc county, The lar
geF viii be iis profits The period oia suspcn'
sion ofspecic payments is The best harvest, du'
the inleres, Of ibis Bank, whatever may he us
Inclination, thai specie payments should contInus
suspended. and The domestic exchanges should
continue derabged as long as possible. The ru-
IN Of lhe country thus becomes its most abundant
soafce Of profit Accordingly what do We find
% have been iIs course Of policyl have heard
il described BY several gentlemen from The South
aud Southwest some Of whom are members OF
inls body. II has gone into that regIon Of ihc
Union with the resurrection notes Of the old Bank,
tAe reissue If which this bill proposes 10 prohibit:
10 some Siatcs il has exrhuugcd them. the one
half for the deprecated local currency and the
other half FOR specie. With this local currency il
has purchased cotton, and sent !, to England for
the purpose ofpaying its debts ihore, whilst with
the specie il has replcnshed ls vaults ai home.
In other States il has exchanged these dead ncies
Of The old Bank for the notes oi Tue local banks,
receiving large premium on the transaction, and
with tho latter has purchased cotton on spccula.
ton. A eneTulrcsumplion Of specie payments
has. then, first violated The chatter from Congress
BY reissulng the notes Of the old Bank, and then
violated the charter from Pcnnsslyann by specu-
lling in cotton. Daring the suspension ofspecic
payments, these notes have been the only uniycr.
sal paper circulation throughout jhr county; and
Inns, By rcissueng them, IL defiance ol the law, :
be present Bank has been enable 10 accumulate .
sxtrayagani profits.
"This chafgc against the Bank Of spoculaiing y
n cotton has never, 10 my knowledge, been con. =
radicted. we we heard il from the other side =
Il the Atlantic, as well as from the South und the II
southwest. The Wing press Of our country has y
nav. almost glotifed the bank for Y
oing into the cotton markpi, when ihAl atticle av
'as depressed nnd mixing large purchases and "
u friends III England have echoed these notes Of
rnise. iis example has produced II new cran
ankIng We find that tho Southern and South "
,ssIern banks have also become cotton mer' - 4
this great staple Of our co',nirs d &C. Ionger lon e
9 conducted by private merchants, but ybank- oo
ng corporations. pl
"Undcr this system, what will Be tho fate Of y
our private nerchansi This practice must be y 10
rested, or they must all bo ruined. THE one ~
: the other alternative ID Inevitable. What pgi. Pf'
lie individual can enter the cotton market in 'le
,inpe,ilion with the banks Of the counlryl In o'o
yidaal enterprise can accomplished nothing 10 ual
lch a struggle. II would be the spear hurled aa.
I The feeble hand Of The aged Priain, which
'nrco reached the buckel ofthe sou Of Achilles Wis
he Bank Of The United States, which, according y
the testimony Of its president might huse de- ,
roycd' by an oxefton Of IT'S power, almost Every )
NIX II The country, could, with much greater =. -
sc destroy any private merchants who might =
ne 70 interfere with its speculatiOus. Such W
'ntest would be tha. Of Hercules contending n ~
'insi an infant II can acquirea monopoly a. 81
lInsl individual merchants in any branch oi ner ~
"a y
seF having proslrued all competition, il can ". W.
en- regulate the price Of any article Of com us' ~
eree according tols pleasure. do not say q, q,
Al such is either its wish Or IFS intention; but w
eau thus 10 illustrate the vast aud dangerous !,
lwer which 4 may exercise as merchant. The 4"
ast India company nonopolzcd the trade Of ~ ~
s'n, but I possessed no banking powers. Ii -.
ould not, therefore, by curtailng or expanding -
. issues, making money scarce or make money nv
cnty Ut pleasure and thereby raise or depress Is
e price OF articles in which il traded. In his X
'spect its power as merchant was inferior 10 oe
lai now exercised BY the Bank Of the United "
taies. jus
How vain, hen, might almost yhow tidic. ="
lons. Il ~ for the people or the South "a nal,a oe
70 attempt TO establish merchants ia The South. ,1' !,
70 seapoFts Tor tho purpose Of conducting di. -
'e trade with Europe in cotton and other articles u"
Their production, ia opposition to the Bank Of ''
le United Siales and their own local banks -.
'his eiloGl must Iail, Or the banks must cease 10
9 merchants. m
en-
Senator Young, ii recent report TO the New ol
ort Senate has the following plhy sentence. 1t y
no; more severe than true.-- N
@Thc Jews Of old constructed golden cali as
n object Of worship, but modern ldoltary seems o'
lclned 10 substitute more economical material Ga
I'd 10 erect by law, bloaicd paper god, under ~
hose expanded nosttls the smoke Of incense cS
nd fumes Ndalatlon may ascend in perpctuity" =
4 man ef enlarged idcas.-" Mister. where's e