Lexington union. (Lexington, Miss.) 1838-18??, 1839-04-13
DISTRESS.

DISTRESS.
Much property is in the hands Of the
Sherifls il several counties, advertised ior
sale. Negro property brings fair price
at public sale, but lands, ia severai III
stances, have been sold for greatly less
than their real value. 1t results partly
from the great quantity of land in market.
For several years past all the surplus cap
ital of the State has been invested IN lands,
and many planters and merchants have
gone in debt to purchase Wild lands.
These lands are now forced into market to
pay the original purchase money, aud The
consequence is, that the market IS COM
pletely gluted. The time has come, when
this property cannot longer remain idle,
but must be made available even at s't-
cri6ce. Were not the market thus glutted,
improved lands would bring their genuine
value, although they might fall short OF the
credit prices for which they were origin
ally sold.
So far as our information extends, there
10 no disposition in any portion OF the
State to resist the regular execution OF the
laws. There is very little of the mob law
spirit in Mississippi. much as has been
said about US abroad in relation to that
subject. The people seem to be convinced
that there has arrived crisis in our affairs
when property to certain extent must
change hands, and that the sooner the
change takes place the better for all con-
cerned. Such is the correct view OF the
subject. TO attempt resistance would
be useless, it could result in no beneficial
effect; would destroy the reputation Of
those involved in it as well as the charac-
ter of the State. When the laws OF a
country cannot be executed, the credit,
public faith, and honor Of that country are
gone, and with them commercial pros
perity. However unfortunate the present
state Of things may be, it becomes every
good citizen not only to submit to the laws
without opposition, but to lend his influence
to prevent the course of public justice from
being thwarted. An honest man is quite
las essential to States as to individuals.
The banks have brought this ruin upon
the country. They stimulated over-actlon
by their reckless issues Of irredeemable
paper money; they produced by free dis
counts this spirit Of overtrading, this dis
tended credit, and these high andinordinate
prices. 1t is said by some that, as the
banks have gotten US into this difficulty,
we must use them to get us out. We DO
not believe this can be done. There are
many who are only temporarily embar-
raised that loan could relieve; but the
majority of the spectators must and will
be obliged to give up the property which
they have purchased on credit at extrava'
giant prices. There is no other alternative.
To 60 to banks for loans will only be &C
,cumulating the debt in the shape of interest
and other charges. 1t will work no liqui-
"dation.
Banks, which in these times, undertake
TO make their loans upon the basis of relief,
will find it ruinous business. Loans
made to men deeply involved, are seldom
well secured, and the bank which does
this business must expect to suffer severe
losses, if not bankruptcy.
We contend that mer who conduct their
business prudently ,are much more entitled
TO loans and bank accommodations than
those who are reduced 10 distress and in
solvcncy by imprudence, extravaganza and
bad management.--M ississippian.