The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-08-16

South and south.West vas valued Is 81
Fl Dorado, ana the government lands there
exposed % entry and sale. we're cheap and
abundant. Under these circumstances the
deposite banks were urged to discount freelyi
and discount freely they did, for their profits
were thus rendered immense. The waters
Iof avarice and speculation were moved il
the bosoms Of men. Credit expanded ans
became inflated to degree almost beyond
belief. So little is man even yet enlighted,
that the thirst of acquisitiveness can seldom
be quenched. The banks of deposite ana
the other pre-existing banks were not at
sufficient. So banks innumerable were CALI
ed for and created, not only in the south and
west, butinevery other portion Of the Union!
Thus the credit system, through the agency
of the government, was free, Astounding,
and penetrating like the atmosphere, and
inspiring, fascinating and glorious apparent
ly, as the ''sunshine of the air." pervaded
all men, all things, every nook and corner
OF our land. All persons, whether natural
or artificial, of course were borrowers-al
were lenders. Every thing was venal. The
fact that the supply was not equal to the
demand, was equally pervading with the
credit system itself. AS for gold and silver,
they were regarded as mere dress. They were
almost lookedupon as too weighty an incum-
brance to be carried about the person. The Vis
inertia (philosophically translated--the ma
tural degree of Incidence incident to our pc
culiar southern climate and constitution,
even seemed to abhor the precious metals.
Indeed one might have supposed them
most painfully dazzling to the eye, should
they have CHANGED to reflect the meridian
light of the 6 Sunny South" In truth the
banking and credit systems, superior even
to Aladdin's Lamp, brought as if by magic
wealth to us with least conceivable exer-
ton on the part of each person. They
were almost regarded as sort of monetary
labor-saving machine. Bank notes, having
engraved on them with the most finished
skill of the artist, his most exquisitely beau
tiful conception,
aFleating like light clouds 'twixt our gaze and
heaven,"
absorbed all the admiration of the soul Bank
paper, and credit on the representative of
specie, at large, having thus been substitu-
ted for specie itself, the consequence was,
that gold and silver, possessing an intrinsic
value, and being genuinely marketable COM
modities, fed from the country, and sought
purchasers where the demand for them was
greatest, and the price of them, consequent
ly was highest.
The credit system, at the time of Genearl
Jackson's coming into power, flourished in
that healthiness, so indicative of national
prosperity, and naturally incident to itself,
as the necessary offspring Of enlightened
convenience and confidence. But having
been thus abused and perverted, and render
ed morbid and excessive in its action, hav-
ing been thus made to wear its false instead
of it's true entertainments, by the Jackson
party, for the purpose of producing, in the
minds of men, blind prejudice against it,
ing System, even at the sacrifice of their in
terest and happiness; it could but have re-
suited, as it actually did, from the whole
state ofthings, that the prices Of labor, pro-
duce and property grew to an enormous
magnitude. Prices indeed, seemed almost
to lave increased in geometricaI ratio, upon
comparing their increase with that of the
credit system.
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