Southern Argus., 1838-05-15

his first operation. say 81 %, If something
more than IL per Cents which added 10 the
premium received for the exchange III the first
instance, makes the small item Of 81 Der cent.
besides the interest charged, and taken off
when the money was first advanced to the
planter, which being calculated at 8 per cent.
per annum for 8 months, win make IN the
whole 43 per cent for that length Of time,
and trouble, equal to about 81 per cent. for the
term of one year.
It is now worthy of remark that after this
wonderful and pretty operation is made, the
same Mississippi money is again advanced to
the planter on his next crop of cotton, to be
carried through the like process, and with these
facts staring him in the face, he is compelled to
receive It; for it is the only way the Banks win
loan, and he must have money; they win nei-
ther discount him note, bill of exchange, nor
any thing else, unless he win pledge his crop of
cotton, which as it affords Immediately, though
partial relief he is inducedtodo.
And now to the consequences entailed of
this cool-blooded, heartless, cut-throat system
OF shaving system worthy only of the day,
and the administration under which it existed,
and by the NAL practice and fel purpose, of
which it was alone introduced As Missis-
slpi is altogether cotton growing State, and
has no manufactures, her citizens are com
PEELED to trade to all the other States and to
Foreign Ports for all the supplies they con-
sume;-to Ohio, Kentucky and Tennessee
Tor flour, corn. bacon, pork, bagging, rope,
horses and mules; to Mobile, New Orleans,
and Charleston for sugar, coffee, rnolasses, and
other supplies; to New York, Philadelphia
and Baltimore, and through them with other
places for dry goods, clothing and all the vari-
alC I1yr11 nj IL r
North Carolina and Virginia for negroes, large
numbers of whom have been and still continue
| to be brought to the Southwest for sale. In
consequence of which, as the Bank paper Of
no State In the Union would form a circulating
medium for the whole country, large amount
OF exchange is required to paw for all these va
rious supplies, which being withheld by the
! Banks, forces the Bank paper of the State into
unnatural channels which finally has to be
| sold III distant markets for whatever price the
numerous horde of money brokers and Bank
| agents may choose to fix upon it. In the
meantime, however, the people must have the
usual supplies of the luxuries and necessares
of life, which has to be paid for with thede-
! preciated Bank currency. And it is all the
same whether they purchase of Merchant AZ
home or abroad, the same rate of exchange has
to be taken into the account, and the copsu-
mer has to pay that much more than he other
wise would. If the FIRST purchase was made
with funds at par value, which as has already
been sho"nin proceeding part of this article
Will make difference of more than fifty pen
cent. VIII the people longer submit to this
Win they not either make the present Banks
the legitimate offspring of General Jackson, sci
their eXchangeat home att fair rate, or cause
Congress to establish National Bank! Mis-
sissippi more than any other State in the Unior
would be benefited by such an Institution
, And, / ask, can it be possible that her high
minded and chiyalrous sons, viii longer suffe
themselves to be stripped of every earthly
thing by the cupidity and avarice of the "Shy
locks" of the day! w.