The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-08-30

ence over the whole land Credit, the
child Of confidence and the nurse of enter
Prise, has shared the fate of its parent. The
currents of business have been rudely dr.
yerted, and now creep laziIy along through
choked and tortious channels.
During the existence of United States
Bank, the mixed currency of paper and pre-.
cious metals performed to admiration all its
appropriate functions. Atepresent it is to.
tally inadequate to the ful6llment of its du.
| ty as a medium of domestic commerce, OF
for the transaction of the most ordinary af-
fairs Of business.
When Gen. Jackson determined upon the
Restriction of that Bank, he did not, MOI
did his partisans, then deny that it afforded
sound circulating medium, and conssitu-
ted cheap and efficient channel through
which to conduct the exchanges of the coun-
try. He promised, however, that all these
functions could be as we'll fulfilled by the
State Banks, which he said were entirely
adequate to that purposes. He proposed
to dispense with this great wheel, on the
express ground that it added neither power
nor certainty to the machine-that the sys-
TEN was perfect without it. Experience
has exposed what reason strove in vain to
do, the utter fallacy of General Jackson's
view on this subject. 1t was always strenu-
ously opposed by the wings, and is at length
entirely abandoned by the other party. The
wings predicted, that in the absence of a
National Bank, each State would endeavor
through its own interpretations to seize the
largest control of the currency; that thus a
great number of weak and jealous systems
would be thrown in rude collision; and the
common good of the people entirely lost
sight of, in the clashing interests of thou
sand institutions, mutually hostile to each
other, incapable of aggregate action, and in
dividually incompetent for any but local
purposes.
Our predictions have been verified to the
letter. So far the State Bank system has
proved failure.
All now admit its total incompetency, UNI
der its present organization and mode of
operation for furnishing a sound and uni
form currency, or for carrying on the ex-
changes of the country.
But its original advocates as a national
system, instead of honestly acknowledging
their error, and returning with US 10 that ex-
.cellent path, from whence in an evil hour
they strayed, with their Characteristic mo-
desty deny that they ever advocated the
system, and NOT only regulate their own
PATERNITY, but boldly lay their illegitimate
offspring at the door Of the wings.
In other countries ministers are response
bic for measures, and upon their success
depends the stability of the administration
Here, it seems those out of power are held
amenable for the malpractices and failures
of those who WELD it.; and we are charged
not only with their unwise acts, but with
their worn out and discarded 6pirions. At
all events, both parties acknowledge the in.
efficiency of the present system, and the
necessity of change. The party in power,
clearly indicates its intention to wage war
of determination against its old allies, the
State banks, and aims at the establishment
upon their ruins of the sub-treasury system.
In our own State this is openly avowed.-
Taking advantage of the we'll founded in
dignation of the people against the system,
which they themselves fostered into exist
ence and which is now pressing like an in
cubus upon the State, the friends of the adj
have long since commenced a
fierce crusade against all sorts of banking,
state, or national. All bank paper currency
is repudiated by them, and banks no matter
how honestly conducted, denounced in the |
most uumeasureo terms, not only as anti
but also, in the language of one
Of their distinguished leaders, as aiming, |
8 fatal blow at private morality and at pub
lie virtue, and as consequence, destructive
Of all pure and sincere religion"
On the other hand, the wings are DESTROYS
Of reforming not of destroying the paper
money system. They believe the plan of T
IN exclusive gold and silver currency, not
only absurd, but in this country impractical
de-. They advocate mixed currency Of
:Oin and bank paper convertible into coin
it the will of the holder. They believe the
PRESENT state bank system incapable of pro-
lucing such result; but in conjunction
With United States Bank, they know IFS
,ntire competency for the purpose.
The wings are therefore in favor of es-
National Bank, independent of
Executive influence, but under strict ac-
ountability TO the representatives Of the
,eople. They are in favor of such an in
llluLI0Hg SillpAY DOCduSO LlCy oCC AO
node of attaining their object, which is
ound and uniform currency.
The sub-treasury scheme which is set up
$ the antagonist of United States Bank,
oes not even propose to produce such
esult, but modestly assumes its sole func-
ion to be, the collection and disbursement !
f the public revenues. If this be the ex. |
snt of the measure, its adoption by no !
leans dispenses with the necessity Of a :
Iational Bank, for the collection and dis
ufsement Of the revenues, would constitute |
Ut small portion Of the functions Of such
D institution. If on the other hand, It is |
as it doubtless is, that the sub. !
'easury, shall furnish paper currency, in
be shape Of its drafts and checks, then it {
I'LL constitute, to all intents and purposes !
Government Bank, under the control Of I