Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08
THE BANKS.

The astonishing fact which leaked out
during the session of the Bank Conven-
ton in New York, that the Southern
Banks have in deposit in that city, cat
least three millions of dollars has arous-
ed just Indignation against them, in the
minds of our merchants and tradesmen.
If this is a fact, and we presume it is
the merchant, the farmer and the mechan-
ic herehave been daily paying into the
Golfers of the Banks all the profits of their
business, their farms and their labor
How is it The merchant must meet his
indebtedness at the north or give up his
business for the want of supplies. He
sells bis deprecated Bank paper and takes
a check OF New York at just such price
the Bank chooses to charge him with, and
in five times out Of six, is even refused a
check at any price. Exchange on the
North is at least thirty per cent. at this
moment, and Mississippi money can be
bought in the city of New York at fifty
per cent. discount. Banks have no
souls" and rather than assist the commu-
nifty, they prefer their money to remain
below par that they may buy it up with the
immense deposits they have in the north.
ern cities. It is more profitable to them,
than discounting notes to relieve the ne
cessities of the people or to draw on their
deposits to accommodate the merchants:
and it is thus they are spcking the life.
blood of the community. We are pleas
ed o'fnd thatthe Mississippian has taken
up the subject of Banks and their abuses
and that it bestows just censure upon the
Legislatures that have saddled our State
with sucha food of ''m0nied naonopoies y
and that it calls on all the members of the
present Legislature, who are Bank Direc.
tors to "reslgn one station for the other. .
This is truly Democratic and right:
and as three Of the Representatives Of
LoWndes county are Bank Directors,
they should Immediately choose whichsta.
ton they viii hold, and resign the other.
Even if they seenothing wrong in holding
the two offices, the Democratic doctrine
Of Instruction should have weight suffi.
Gent to induce them at all events, to aban-
don their posts in the Legislature: for
Lowndes county surely has told them in a
voice not to be misunderstood, that thew
cannot truly repl esent her. But we are
wandering from our subject. Our Bank.
ing system is a bad one, and the sooner
the evils under which we labor in conse.
quence, is corrected, the better for the p p.'
pie and for the credit of the State. ss We
cannot see, howeFers how we can restore
.currency while the general government
IS at war with the credit system. we can
not regulate our exchanges alone, and
unless some understanding can be had by
the State Banks throughout the Uniotl,
We are unable 70 devise any remedy but
Tie establishment Of National Bank. &
such an institution could be established
leYen as a matter &C eapedieacg, lawith
proper checks and balances, IL icoulda do
more IN one year to restore TO the country
. sound currency than State LeoisIatnres
Il As.f ss8@ 80
could "a fiifys Re article from the Mis-
sisslppian VII b found an able one,sand
although We differ whit Il some IsspeelsI
I we commend g % the ai 6ntiyeI srussI 81
/ our readers. sss 58 4 e
aa THE BANKS aa.
coarse 0f ne banks iia ssa,e
calling forth public il sation Ifonl gy-
cry quartet, 81 q rom hose presses which
have iesoIoIe been their warns IS.
Gates intend d keep cool ol
sent. Having adn0nished the colilS.v Sf
The approach 0f this state of things near
kWo yeas ago, Il IS not NOW our biil boss IS
rush IMP uey into Gle 6eslnll IS
tali0n. WeaIe lot 81 iis i2ss +.
at this state Of things. We ra;eed -,