Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-05-18
POST NOTES.


There IS letter in town from New York sia.
tag that the late issue Of Union post notes was
NJ discount Of IS per cent We have eonvets.
cd with an inirlligen, gentleman, direct from Go.
lanbus, who is Ia receipt of letters from New
York and Baltimore, containing The Intelligence
thai these notes were at the above discount IN
New York, and at 30 per cent in Baltimore.
We confess that NO anticipated this res.,li. and
predicted il long before The issas vas made.
Nothing was more absurd than to slppose. ,ba,
thls paper would DO taken up By capitalists and
held az an investment. Such paper addresses Il.
sell 10 The views Of no class of men. The bu.
sinoss man and merchant must have pane, which
they can make available at once. Business men
must have active funds. They aro no, money
Lenders, but require active funds TO use in their
current business.
Large capitalists, who are seeking investments
Coz The employment, Of money, wait securities
which have series Of years TO run. Capitalists
do mol wish for twelve months paper, because
they do not want the trouble and risk OF making
70 investment every twelve months. Such men,
therefore, haze no Partially Cor posi- notes, This
flrt Of paper addresses itself 10 tho favor Of no
one. The business man cannot sso Il wilhou,
great loss, and tho laboring man cannot Be india.
ccd 10 receive that which viii defraud him Of
nearly half his earnings. Il
10 whala dcpIurabc condition M, gaio i
now reduced After heing cursed with wotlh.
less. Iedeeriabc bank currency, for three or lour
years, tho people chartered great Slnte ins,iu.
lion, with capital OF fifteen millions and d half.
and pledged tho faith Cf the State for The purpose
Of reforming tho currency and producing sound
circulating medium. To accomplish this grand
desidcraium most Of the best lands IN The State
were moFigagcd, and the property Of all tho Gill
zcns ~ the State fcndoled liable 10 be taxed
Now witness tho result The bank has not been
4, existence year before lis paper III a, dis.
count Of twenty hive per cent by tho msman.
agencuf, ignorance, aud folly Of tho directory.
such l. the heggnry condition 10. which tho IT,
mon Bank Is already reduced. Was II Tor ,his
TINT the people cDnlrlbuiod,o raiso Is and half
millions Of dollars Have they consented 10
load themselves with this enormous debt ,hat ,hey
mighlb DO plundered and robbed Of ono fourth of
all the produce Of their labor BY sustaining dis
count Of their money At this rate Such i The
result, and such the public benefit Of the Union
Bank, ilsP osi noaaa nj dis count 81 twelve
PoF cent. IN this very town. They cannot be ex.
changed iof the specie paying notes OF olAer
banks al less rate than II per cent They ure
moi at par even with the notes of tho Real Estate
Bank ci Kinds county. So poor is the condition
OF this youthful monster.
There are no people on earth that can endure
discount q II per cent. on their money. We
care uot how rich tho sol OF how valuable the
product, there is no country that can sustain that
loss % lis labor aud product Hopeless bank
rupicy awaits tho community where such STATE
OF things exists.
Tho banks have brought upon this state The
whole Of lis EMBELLISHMENTS; tits BY their rcck.
less loans aud expansions Of The credit sya,en,,
and thereby tho discount which their money has
borne. They afo the authors Of tho insolvency,
and tho decentralization which now peryudos lhe
county.
There was 40 necessity Of an issue ol post
notes blythe ONION Bank. This institution. oughl
not 10 have issued dollar until The general u.
sumption ofspecie payments. Ii she had brought
the specie hero as a basis OF her ISSUES, she
could have kept on continually circulation 81
four " FIRE millions But instead of this, she i.
sued post notes mud redeemed with exchange.
When balances ure so largely against US *
change is an Article of demaGd. aud viii BE- assId
uously sought lor The Union Bank has been
furnishing exchange not only tot this State, bul
for Alabama, Louisiana and Tennessee. lei
funds have, therefore, been continually drnined.
But had The bank paid It's notes in specie, !, would
not have been carried oul Of the state 10 tho same
degree, because The transportation would have
heenioo expensive. This has been illustrated
by the notes tho bank has issued on demand bul
few Of them have returned 4 bank IN The
southwest which rsdecms in specie. can keep oul
'hrea times " much ejaculation as bank which
rcdeems in exchange. All experience proves
This fact. The Union Bank. with specie paying
branches, could hive kept uui as much circuIa.
tion as This State would have seqai,ed bu 10.
stead Of this, We have but The mother bank, witt
Rs post notes At discount of rs per cent!
.hississippian,