The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-11-29


most unlimited extent, and, If successful,
parAyze the State Governments by the de-
slruction os State institutions. But the
whole system is impracticabls, and Il Is time
that the country should know that such is
The opinion eff the whole Senate, with the
single exception Of tine Senator from Mis-
souri, himself Sir, that Senator may rally
three or four votes against the bill Of the
committee, but it will be from objections TO
the details of the measure, and not because
they adopt the opinions Of the Senator from
Missouri this subject If the Constitution
! is repealed by the reception Of bank notes
in revenue payments, why did the Senator
/ from Missouri never come 10 the rescue till
the 10Th of June, 1886, and why did he then
permit the session to pass BY without any
vote upon the measure, and why has he not
reintroduced it at this session. The fact is
aud the country should know it, that the
Senator from Missouri can get no vote for
this bill of his, except his own. Now, at
this moment, he may bring it forward, or at
any period of the session; we are anxious he
should do SO; and all we ask is a vote by
ayes and noes, to show the American poo
pie that the Senator from Missouri stands
alone on this subject. Now the measure of
| the Senator from Missouri is not only i'm
practicable, but defeats the great object of
suppressiRg the small note currency, and en-
larging the circulation of gold and silver
The Federal Government, aided by its reVe
nue., by the repositories ofits money, and by
State legislation, might gradually suppress
all bank nots under twenty dollars, and gold
and silver would then necessarily fill the va
cuum, and constitute the common currency
of the country in the ordinary transactions
between the dealer and consumer. This
would disarm the State banks of nearly all
power to do evil, arrest excessive issues OF
bank paper, substitute gold and silver for all
that great portion of the circulation Of banks
which consists of notes under twenty dollars.
render and preserve the banks sonnd and
solvent, our currency stable, and put an end
Ito all apprehension Of that explosion of the
paper system with which many believe we
are now threatened. This was pratical re-
form of the currency, and one which (Mr.
w. saidl he was deeply solicitous to see et-
fected; but it can only be effected by the
cooperation with Congrss of the State Leg
islatures. The reform, too, must be by
gradual and successive steps. Therefore
the bill only proposed the refusal Of the five
dollar notes after the 30th December, 1889,
and the refusal of the ten dollar notes after
the 3Oth December, lS4l, periods when
Conress will be in session. and if the States
will not then cooperate with usin this re-
form, we must, as the representatives of their
wishes, repeal or modify the measure.
But will the measure of the Senator from
Missouri effect any useful purpose? 1t
holds out to the State banks no Inducements
to suppress their small note currency |: is
declaration of war by this Government "a
gainst the people of the States, and the
banks of the States. 1t demands that, out
ola gold and silver currency in circulation,
of twenty-eght millions, as estimated by the
Secretary of the Treasury we should pay
in this currency a revenue Of forty.seven
millions, according TO the receipts of this
year. It demands, then, an impossibility,
unless an explosion of the state banks is
created bV draining them of their specie. 1t
demands that this gold and silver be, at all
the various points of collection or payment,
at all times, in sufficient quantities to make
these revenue payments and disbursements
also. It would withdraw gold and silver
| from general circulation. and Conhne its use
almost wholly to revenue payments and dis
bursements. 1t is, finally, an effort on the
part of this government, to render all the
notes of all the state banks uncurrent within
the limits of the states, and is equivalent to
| a demand made by Congress upon the state
banks to surrender their charters, or upon
the state legislatures to repeal them and
Mr.. w. said be had never been authorized
BY the State of Mississippi to demand, in
their name, a repeal or overthrow of any of
their state institutions. To the extent that
he was now willing to 90, Mr.. w. said he
had never been authorized by the state of
Mississippi to demand, in their name, re-
peal or overthrow ofaIy of their state insti-
| tutions. To the extent that he was now
willing to 90, Mr.. W., said he had distinctly
expressed himself in an address preceding
his election, in favor of the abandonment of
the small note cuTency-in favor of receiv-
ing the notes for larger amounts" of the
solvent banks" for all dues to the National
Government''-in favor of the enlargement
of the circulation of gold and silver, and
against an exclusively metallic currency"
MIR. w. said, having been elected with the
open avowal of these doctrines, he hoped
he stood not only upon the basis of his own
previously expressed views, but also upon
those of his constituents, in supporting the
present bill, and opposing that of the Ssna-
tor from Missouri.
1t remains now to be shown (said Mr.. W.
that this bill is in perfect accordance with
the policy and recommendation of the Pre-
sident, and is similar to other measures
which have received his sanction. In the
message of December, 1884, the President
declared as follows
tThe State Banks are found fully ade-
lquate to the performance of all services
which were required Of the Bank of the
United States, quite as promptly, and with
the same cheapness.
! g The attention of Congress is earnestly