Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1839-10-26

the money market, the crowd Of borrow
ers that storm the doors cf The bankers
and capitalists for leans? Not, as hereto
Fore, individual traders and Gihglo specula-
tors merely, but communities and corpora
tons Merchants are elbowed out Of the
path by these mighty solicitors States
are IN the market with their projects Of
internal improvement, offering their stocks
and bonds, and asking for moneY--yast
chartered associations are in the market
looking for loans. Repealed from the nloa-
ely market Of Europe, where they have
already taken up all the capitalists who
arc willing to invest in such manner,
they have made an onset in ours--an ar
my OF giant invaders, dispose sing the
ancient and moro feeble inhabitants.-
what chance has an individual Of obtain
ing his accustomed accommodations, when
ne makes his request in competition with
a state? The credit of the state is bet
ter than any private credit, and will be
preferred by capitalists-the State will
get the money and the individual will be
rejected.
All remember the complaints which
were made when the inmates Of the pris
on at Sing Sing were set to quarrying
marble, and thus came into competition
with the stone cutters. The complaints
were deemed of so grave nature that
the legislature interposed to remove the
cause. But what is such a competition,
the mere act of single state with two Or
three hundred workmen in single quar-
ry, compared with that oyerpowerng com
petition, which crowd OF states, fostering
multitude Of projects, vast almost with
out limit, maintain against the mercan-
tile community? Private undertakings
must give way, must cease, when the
states are pushing forward their enterpri
SEES with SO much ardor-lhe are neither
pecunary means nor human strength suf-
ficient to carry themall into effect There
will be little borrowing for individuals
while there ia SO much borrowing for
States.
But it is not merely the State Govern
ments and the companies chartered for
particular enterprises which beseige the
market for loats, the banks themselves
have become borrowers. The issue ofpost
notes is to all intents and purposes IA Dor.
rowing. 1t puts the banks which emit
them IN possession of present funds to
to be repaid at future day, and il absorbs
the wealth which might otherwise be en-
ployed in loans to Individuals. Our bank
ing system has been perverted into Dor
rowing system. While we thought in our
simplicity that we had created corpora
lions for making loans, we find we have
created them Tor taking loans, that we
nave invested them with prerogatiyes
which they can only use to borrow with
more facility. No wonder there is scar
lily of money when the ordinary foun-
ANS Of credit reverse their Office, and
.bsorb It from the community. What
would be the consequence if the springs
II the earth, instead Of flowing as now
With water, should suck back the rivers
nd brooks into the ground? 1t would re-
Iulre little sagacity to infer scarcity of
gater.
The commissions which now agitate the
honey market, are, we ferventIy hope,
he expiring throes of the credit system.
he pressure of 1887, violent as it was,
I'd not stop the movement of that system.
has gone on ever since like locomo-
i've machine with mad engineer, over
ocks and precipices. The present dsor-
or of its enginery announces that its ca
Ger must soon be at an end States,
anks and individuals are dashed viaent-
! against each other, and the Trailer are
ashed in pieces. The confusion viii
robably be followed by period Of aulIcn
uiet.