Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-08-20

.e~Siohiicut IKE the late Jntteu states
Bank, TO restore our circulating medium
10 It's purity-when such an institution
furnishes topic for party warfare against
US, we, the advocates Of such bank, are
charged with being the authors Of dis
ordered currencyl We rever had, and
never could have had, any purpose in wish
inc The rccharier Of the late Bank, except
10 prevent our disorders. And we can
not have any purpose, now, in wishing the
charter of another, except TO cure them.
That the great majority of US do entertain
such , wish IS notorious and a resolution
ofthe Convention that we represent, en-
phatcally declared il.
But were this not so, we could conf
IDENTIFY appeal to facts, now matters Orwell
known history, to disprove the accusation.
Ia the government under which we live,
laws are established by a majority Of votes.
And when. we pray, have the Wings been
majority either in Congress or the Mis-
sissippi Legislature Never, for ten years
past. The President and both Houses of
Congress, in all that time, have been again.
st us and it is now too universally admit
ted, that the action of the General Govern
ment, struck the fatafblow at our currency,
for the most reckless to hazard a contrary
opinion. The Van Buren, party is respons-
IDLE for that.
The case is not very different in the
government of the State. At the last
general election, IN November, 1887, the
Van Buren, party elected Governor, a
clear majority Of the Senate, and about an
equal number in the House of Represen-
tatives. Ii is true, that the complexion of
the last has undergone a change; but we
all know that this was effected in special
elections for the supply ofvacancies which
occurred in 1888. Until this change was
thus effected, the wings never were a ma
jorny in either House. And when, we
ask, were the Banks established, that are
so much complained of All Of them,
without exception, during the ascendancy
Of the Democratic party. The acts ofthe
two last sessions show-not a solitary bank
charter, except of the Union Bank; ofthls,
il must suffice TO say, that its establish
ment appeared to be desired by large
majority of the people. Its charter was
passed by the Legislature elected in 1885
body devoted TO the fortunes of Mr..
Van Buren,; and it was confirmed by the
succeeding Legislature, before the wings
had obtained a majority, even in the II.
of Representatives. OF the manner in
which that Bank has been managed, il is
no part Of our duty to speak. But wheth
er well or i'll, we disclaim equally the
praise or the censure; and the members,
true to the interests oftheir party, elected
a controlling majority Of the board, from
their democratic friends. For all the
managers have rightly done, let them or
their party have the credit-and if they |
have done aught that cannot be approved, |
let not the censure fall upon the wings.
But, it is urged, that the act aulhoriz-
ing the Banks 10 issue post notes was q |
wing measure. Again we appeal to his
tory. That act was passed at a special |
session in May, 1897, while the Van Buron
party was predominant in both Houses Of
the Legislature. The act relieving the
Banks from damages on failure to pay
their notes when due, passed at the session
of 1888, by votes Of two thirds Of each |
House. 1t was not party voie-no act
could have passed The Legislature at that |
time, by so large majorities, without dis.
claiming all party considerations; certainly |
1t could not have passed as a measure o.
the wings.
We will not enter into further details |
TO prove our innocence, against a charge |
which has so little plausibility. Wecan- |
not believe that our enlightened people |
will lay upon the minority, the RESPONSE
bility Of acts which they had not the pow
er to perform.
If the Banks are responsible, the law
courts of justice are open 10 the COM
plants of the injured. Ii not, let those
who granted the charters, without secur-
ing the community against the abuses
which we have witnessed, bear the whole
indignation of The public.
The accusation is made, in truth, to d.
vert from themselves the odium which rat
urally falls on the authors Of these calam-
tiles. The measures which produced
them are too recent, too notorious, and
were too loudly boasted by the Demo
cratic party, to have been forgotten. The
Bank Of the United States was struck
down, and the use Of the peoples money,
for which it had paid a heavy bonus, was
distributed as spoils TO some favorite State
Banks. The power of the National In
stitution was broken--its re-chartcr was
vetoed, and the State Banks, relieved OF
the wholesome control that rendered them
harmless, issued by the express direction
of the Treasury Department, an amount
Of notes beyond the security Of their
means. The temptation for the creation
Of other Banks produced its natural Of
fects,-and before the bubble burst, Their
number had nearly doubled 10 a period o
three years. Then came the Specie Cir.
cular, and the ruin of those Banks thai
were within the reach of the Land offices
were complete.
With the expansion Of the currency
produced by the operations Of the Gov
eminent arose a spirit Of speculation, re
stricted by no considerations Of prudence
But the suspension Of the banks was tht
signal for al to pause and examine thei
conditions. With great foreign debt, nC
currency could be kept among US tina
could be used abroad; and the prediction
Of great leader ofihe Democratic party
that the measures Of the Governmen
would cause gold to flow up and dowI
the Mississippi, was literally verified.