Lexington union. (Lexington, Miss.) 1838-18??, 1839-04-13
For the Lexington Union.
MANY WINGS.
THE POLICY.

Of the paper money mills in this country,
to prove by their own misconduct, the ne
cessity Of United States Bank. Instead
Of conducting these institutions on honor
able and commercial principles their man.
ayers are striving by their own lnfamy to /
prove to the world that they require re.
gulator and MASTER
I The State banks in Mississippi have
every facility of showing that federal
bank is unnecessary for any purpose, pro-
vided they would deal honorable and act
for the public good instead ola few dire
ctors and bank parishes. The great sta
pie of this country, always equivalent to
gold and silver, the proceeds of which the
banks ever control, would enable them to
support the broadcast credit and specie basis
of any banks in the Union, provided these
institutions were conducted with ordinary
skill, forecast and honesty. If the banks
would act honorably there never need be a
bank note in the State, not readily CONVEX
tible into specie. When bank notes are
not redeemed in the cotton.growing Stats,
the public may know it is because the
banks have acted for themselves and their
parasites, and not from honorable motives
or on correct financial principles. There
is no escape from this conclusion.
The banks in this country are now
busily engaged in drawing specie out Of
circulation and bringing about an e.rclu'
size paper money circulation. The whlg
party in this State have such holy horror
of gold and silver, ,hatthey are determined
Ito substitute an exclusive paper money cur
rency, with no other basis than stationary
and the papery mills. This the banks are
efIecting by issuing nothing but post notes
Every body knows that the issuance OF
} post notes is nothirg more nor less than a
virtual suspension Of specie payments, for
| it is an acknowledgement to the world on
The part of the banks, that they are insol-
vent and unable to pay specie for their
ISSUES. "A bank that issues post notes is
as much disgraced among commercial men
as if il had actually suspended for want OF
means. Both reasons are understood to
be the same.
Now, when the banks are resolved to
issue, and it is seen that this money will
depreciate, the pensioned bank organs be-
gin to cry out tits all owing to Jackson
jackson did it all by putting down the
United States Bank; if that institution had
continued, people would have behaved
honestly, and the banks would have full
filled their obligations. 1t must be appa-
rent TO all, that the banks are frying to
prove their unworthness of confidence and
public trust; in this they have succeeded
admirably, but they will fail in forcing up
on tine country the necessity Of National
Bank. They are furnishing an argu-
ment against the whole banking system.
Their policy is blind one. They had
better stop the slang oftheir hireling press,
for these tools only emblazon the infamy
oftheii masters, but furnish no argument.
There is another class of men in this
State who are vociferously opposed Il
Jackson. 1t is the class Of reckless spec
ulators who, without capital, purchased
larger amounts of property on credit prom
ising to pay four times as much as il i
worth. They have in the mean time live
extravagantly, and are now putting U
the cry of distress and abusing Jackson
jackson, they say, made fools Of them
made them speculate-made them extra'
aeant; and now must pay their debts, a
. old curmudgeon! This is the sum an
substance ofthe argument ofthelr bar-roor
grog shop orators, and the incessant cry {
their miserable subsidized presses. Jack
son did not interfere to prevent them fror
gong into debt, g. having gotten into diff
, culties jackson will not pay their debts
/, and is therefore great rascal, and as M
/, Van Buren, had great influence with Ger
jackson and did not see fit to exercise
in the promises, he is a scamp too, ar
9 what is still worse, a Undertook scamp
|. Such is fair SPECIMEN Of the whig log
: Of the day.
It would be time to despair Of the repu
= lie If the people did not see through ar
1t despise this contemplate wing Sian
10 They are well aware that the prese
a state of things is not only not attributab
ito the administration, butthat the past al
e present administrations adopted evel
81 measure in their power to avert it, oil
oflthat if these measures had been carried o
70 1.-The storm would have eenaverted entire
= The people see that the present conditic
of the country is fairly attributable TO II
- reckless course Of the banks, state and fe
Dc eral. They have been led on in their W,
upon commerce and credit by Mr.. Biddl
and if they are not restrained by Sta
Legislation, it is because the halls of Ii
n State Legislatures have been filled by ban
=. directors, who have had no object hpt ,