Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-12-24
From the Nes0- York Courier and Enquirer.
BANKING ABUSES IN MISSISSIPPI.

1
From the NesO- York Courier AID Enquirer.
BANKING ABUSES IN MISSISSIPPI.
The Evening Post cannot express its
exultations at the results of the late elec-
ton in Mississippi. The feelings of that
patriotic and democratic journal,-the es-
pecial organ ofthe largest Liberty men, the
friend Of banking, and the advocate of free
banks,-are particularly gratifed by the
glorious democratic triumph in Mississip.
pi. and all because it viii be the death of
the Loco Foco banking system of that
commonwealth. " No state,p says the
Evening Post, has been more deeply in
volved in the consequences of what may
be called the American banking system,
" the maturity and perfection of credit as
"n has been termed, than Mississippi
"Ihe banks of that state have emula:ed
John Laws bank in the magnitude and
extravaganza of their transactions.-
Mississippi speculation has eren out
/" stripped Nc'c York speculation. IL has
hardly fallen short Of the memorable mad.
, |" ness OF the South Sea bubble"
Under what kind of legisIation7have
) these abuses been practiseda Was it Wing
or Tory? True enough it is that the bank.
ing system of that State has probably been
/ as bad as il could be, but 10 whom were
the people of Mississippi indebted for it I
r And then the Speculation" in Mississippi,
E It las outstripPed the Speculation II,
New York. And who have been the spec.
ulators ? Let the records of the Land of.
/ flces tell. Consult the long list of public
: lplunderers and defalcators. Read over
r the catalogue of stockholders in the A.
/ n'erican Land Company. GwINN, the
parson, BoYD, HARRIS IL Co., can enligh.
> ten us on this subject. The friends of Mr..
, Secretary WOODBURY., whom he threatened
) so long with report of their delinquencies
E to the President, can furnish US some in
formation. Take the stand, Mr.. Attorney
: General Butler-what do you know about
Mississippi speculation Pray, don't stand
. twirling your thumbs. and looking demure
). and innocent, but hold up your head, and
speak out like man. Did you ecer hear
v lofbuying cotton lands on speculation"
!. in the State of Mississippi Were you
ever associated with other government of.
n ficers in buying up these lands And
|, Mr.. AMOS kendall, were you or were
you not paid by certain joint stock COM
pany certain sum of money, for the BEN
eft of your influence with General JACK
SON, that the proper lands in Mississippi
!" might be put into the market at the proper
N time? Was not your American Land
Company made up chiefly of Government
officers? Were not your funds furnished
ID chiefly by the Pet Banks And was not
" MISSISSIPPI one ofthe principal theatres Of
your Speculation ~
ID If there were ever State thoroughly
abandoned to the tender mercies of Loco
r. Focoisnl, that State has been Mississipni.
In With the exception of very short period
it has been in the exclusive possession OF
the TORIES for several years. Theirwhole
Id Banking system has grown up under To
KY legislation, both in the State and gene.
lat raj governments. The specula;ions il
no lands and negroes, of which the State ha:
%. been the victim, have been patronized ant
carried on by the TORIES. And vet in the
face of all these facts, the New York Eve
ming Post has the impudence TO say tina
We ''the party which has triumphed in the re-
/ SS.Ab NiSNAiOu 4ulSSiSSlI3Dl= Is Tie U0TI
"a of yeto4 the party zcafch IS run con
l," Uinced Of the mischief of the present bank
% ting system and The injustice of the hlcs Il
wv icIich Il oices ITS eristcnce, and b. iDlicl
lat sit has been pampered to It's present orcr
or /" ShId0wing and pernicions grosctH. IL
~ this party MIR. McNutt, the Governor o
to +" the State, belongs. He viii now have
= the assistance of democratic Legislature
"fuly prepared, as we hope to carry int
a effect The doctrine which denies specia
lat privileges and special indulgences 10 as
.rs sociaticns of bankers and Spectators.
les The Party of Reforml'' We shout,
hg suppose that the " reforms" of Genera
JACKSON would deter any friend of the AID
/ ninistratiUn from The use Of word tina
S 40 calls up SO many associations of publ
n, ne plumber, official dedication, daring frau
". and shameless falsehood. The impudenc
er- ofthe Posi- id claiming this hostility to III
me abuses of banking" as merit ofthe II
liii RES of Mississippi, where they have bee
themselves the authors of these abuses.
'ae no less striking than its hypocrisy when
~ pretends 10 expect a reform of !" unlu
cS' laws" from the very party and very me
se a by whom those unjust laws were passed
! 'n ., But the Banking system has been pan
80 pered." Yes, and by the " reform party
ON at time when it was Democratic
ow- pamper the Banking system! Now, 70
!, sooth, blood-letting and starvation are Il
au- order of the day; and 1t is of course 10
orn now quite as Democratic 10 let blood an
On starve, asst was FORMERLY to pursue CO
) on trary regimen.
The Post viii be peculiarly unfortuna
Mr.. fit look for reform of banking and spe
ami ulative abuses by Loco Foco Iegislafio
the Fit viii but cast its eyes about, and n
" sit dreaming, specializing and theorisi
he. from January to December, it will lea
his that cur most disastrous financial and co
d 10 mercial embarrassments have occur
use. under Loco Foco administrations. T
nell banks of the Loco Foco States arc now
}, to state Of suspension. The banks of I
principal WHfH States continue to D
do z specie. The Post may extract some D
that losophy from the consideration of this C.
they dition of things: Il may learn TO II,
the Vine bank legislation with more tend
sler. ness, and must be convinced that lie
.inly Foco Legislation is not altogether a cert
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