Columbus Democrat., 1838-02-17

,reme to aue:npt new to bring down the eireuia-
ton so that the amount OF specie shall be It's pro-
per basis. On the conlrary.'he present citcula' |
uon should be kept afoat, aud such measures 'a-
ken. IS would compel the banks within gwen
period to increase their specie suihcIenly TO iorm
proper basis for their circulation. The effect
would be, 10 MAINTAIN property ut nearly It's pres
ent prices, prevent fluctuations IN The currency
and give every honest debtor, as hesrly as posi-
BILE, tho same facilities to meet hts obligations
that existed al the time Of contracting.
Sd. The probable lspgh o( i'ms required for
ike liquidation Of ovr debt. 10 arrive at any
concusioR upon this point. Ne must ascertain a.
nearly Us possible the aggregate debt OF the State
aud the means for its payment. The amount ot
foreign debt it is impossible to airIve at with any
degree Of certainty. The cotton crops OF the
| State constitute The means lor its liquidation. The
crop OF Mississippi, including that portion oil 'hs
crop ol Luulslaaa ~Ach Is available ~ the pay
meut of Mississippi debts. (being owned by rest
dents ef NlsSIssppi,l cannolbe less than 3oS'ooo
bales, which st the average pr'ce OF vio per bate
make, Alb,750UuU. The nett proceeds, uier
the payment Of plantation expenses, etc, Will not
more Than pay our foreign debt II from any
cause, the average ptice of ouI staple should laIl
below AIS per bale there would be dehch to
provide for oul Of the crop Of '3S. There exists
\ large surplus bank debt, over aud above The ie-
climate line Of discounts upon the amount OF
banking capital paid In that will require a, least
the nett proceeds oi the crop Of Ss to lIqu'date.
Then the proceeds ofwo crops will be required
10 discharge onr foreign and surplus bank debt.
4ih. The ability Of he banks 10 resume al any
giren period. The cotton crop of 1897 will be
required 10 pay our foreign debt The crop OF
'3S will discharge the surplus bank debt. Nhelh'
er the payment be made in cotton to the banks
or otherwise still the banks will have the ability
10 increase the amount OF specie IN their vaults So
us safely 10 resume specie payments.
view of the situation Of the banks is evidence
sufIicien, that they are unable TO resume now
The first of July or August in any year is Ih,
most proper period 10 fix upon tor resumption
The reason is obvious we annually consume o
the products Of the wes the value Of $3.5U0DO'
in pork, corn, hou, bacon, beans, bagglag, rope
horses and mules, shile the whole amount OF on
exports in exchange is less than S5I0,CtO, an
the immense balance must be paid IN specie 9
:, its equivalent, checks on the north. This trad'
in which there is so little reciprocity, ceases abot
!, the lst nr July, hence that is the most proper pc
: Rod 10 fix upon for resumption OF specie pa,
!, menis.
large proportion Of the assets Of the bnnl
> falls due by tho frs, Of July next, but the amou
- that will be paid, will fall short Of the increase
- circulation by the adyanccmcn,s on cotton iher
!. fore, the banks will no, be in better condItiC
=, Tor resumption than now. An attempt 10 resun
" Az early as January, 1890, would certainly cfc
the prices, not only Of the crop Of '3s, but al
!. that portion Of the present crop that remains u
sold when the measure ofresumlng shall be
I 0J solved upon. 1t is equally certain, that depl
-, citation of four staple At homo, will be followed
~ a still greater depreciation in Europe. il is u
:, deniabY true that the bank Of England can,
; refusing facilities to those connected with Am,
"a lcan trade, exercise powerful influence over
70 American exports and that she will do so,
he save her precious coins, we cannot doubt.
i Another consequence Of resumption so on
as January would be the reduction Of the agg
nate bank circulation three millions the balan
p, against us in the western trade, the effect
w. which would be fell by the whole community,
,,ar the prices of produce and labor. Debts viii
sa were contracted when the circulating media
r. was redundant and prices high, could not be p
,h. with greatly reduced circulation aud con
=. quent reduction IN prices.
@ By fixing on July or August, 80, for a
he sumption Of specie payments. the period be
~ distant and their beng a certainty Of our realiz
Wv, fair prlce for this aud the greater part oi
o -" next crop, we could gradually import specie vi
w WV out ehecting the price Of our own staple.
wolld lbus enabe all our citizens to pay Il
49,; ;.,D debts more speed, and more certainly.
H.. knp tha III If
'u'' c,ops of '37 and '3S but portion Of the creI
nm mn, '39 10 operate upon before there could be
"r' general run upon them for specie. 1t would
oc extremely mpolitlc to force resumption al
,bo. earlier period than July ov August '39. but
a,o banks can at ina, period resume with perfect 8
n. ~ TO the community.
,ho 5fh. The iimifaiions and r@lrictons nsee
~, ru 10 insure a gradual return 10 a currency
shall be convertible INTO gold or siIrer, ruth
b,cb per safeguards Jor The ptople hereafter.
nm would be impohilc To reduce the circulation Of
,,s banks a, the present tune, as would be 0nei
bln, upon the people and disturb the relations "
'ns; now exist between debtor and creditor. The
MA ice, ihen should be, TO inc ease gradually the
non c,e until It shall form proper and legitimate
nnvI SIS ior the present circulation aad the avelae
s,eo mount Of deposits. That our banks tequi
ence larger proportion Of specie to their circulation
d, sosits, than the banks OF many other state
,r,.. owing TO the peculiar attitude which Nissis
w Of occupies ihe ""o' "'''',' "a"0 %
, ;ro loss--an annual drain of specie, which can
ss;, ba prevented by our planters growing all |
,onlo products which We now import from The
!, =, This trade will appear more sirikingy dIsat
u,tcd tarcous to US, when contrasted with the we
n t., trade which Louisiana drives. The impor
omr that State from the west for consumption, an
m :, 10 much less than the yauc Of the products
~ = -. own soil, is evident that Mississippi, by car
i - ON trade in which there is no reciprocil
- couoelled TO supply the whole vest with 81