State rights and democratic union. (Yazoo City, Miss.) 1839-18??, 1839-11-06

gagged, could afford for any length Of time
profit equivalent to this enormous interest.
The funds ofth bank being invested ~ the
We have alluded to, the grossest
ldeluslons were practised for the purpose OF
Inducing people to believe that the bank was
receiving fiom 10 10 90 per cent for their
money so invested ID America. It answered
the purpose for the time, for, among other,
two causes:
First. The apeculations did not succeed,
and the boasted interest could no longer be
paid.
Second. The interest Of money rose 10
this country, through the operations OF the
Bank Of England, equal indeed to that allow
led BY the Bank Of the United States; and the
men who had previously been so eager to
procure American post notes, were nov as
eager to get quit of them, and invest their
floating wealth in British securities, conse-
quoutly the post notes could not be renewed;
they became drug in the market and the
Bank of the United States was at once
plunged into q state Of serious embarrass.
ment.
We saw what was coming from the first,
and all our opinions were fully confirmed
when we learned some short time ago that the
BGs,k of the United States, being driven out
u the British market, was endeavoring to
raise loan OF So, 100000 in Holland. The
cautious Dutchmen were not to be so easily
gulled as were the Pocket Book fraternity in
London. They 'tsmoked" the nature of the
proposition and the cause Of it at once; and
they came to the conclusion that it would not
be quite safe for them to do in Amsterdam
what could not be done on the other side Of
the German Ocean.
The result Of this is, that the drafts of the
Bank Of the Uated States upon their old and
eminent and wealthy agents, "HOttengeur q
Co.," of Paris, have been refused acceptance,
or IN other words dishonored' The bills pre-.
sented on Friday and Saturday last are all in
this position, aud the CONSERVATION produced
in Paris and Havre, is as great IS if another
revolution had led to shelter" than the
''best Of republics"
One thing now is certain, the Bank Of the
United States in its character and credit here,
/ 10 forever blasted. 1t can now no longer hold
up its head as one Of the first monied estab
Ishments in the world. Whatever may be
doue for il by its friends at home, it cannot
again issue its paper IN the European mar.
kets. Even an immediate payment Of the
drafts in question, would not restore it to its
former position. 1t is a tainted thing and
like an unhappy dog suspected Of hydroPho.
bia, il will be hunted to death.
Nor can We, or any man who wishes to see
commerce confined 10 lis legitimate bounda
ries. feel sorry at the disaster. It is a just
punishment for assailing the interests Of pri.
vate merchants, by means Of an oVerwhelm.
ing but false credit, backed by fearful and
unprecedented monopoly. Had the Bank of
the United States confined itself to the prop.
Ter business of banklnR-had it traded with
lbs capital in a Legitimate way, giving such
facilities to the mercantile community as it
tcoud afford, on as easy TENS as possible, and
without eSposing its own property or that Of
its friends to any serious loss, It would have
been at this moment in a condition to relieve,
instead of pressing like dead weight upon
the money market. But instead Of pursuing
the we'll defined calling of ban ers, the man.
ayers of the American Bank became specu.
lators in the Cotton Trade; purchased an in
lterest in almost every cotton bale which came
to England, and founded on their speculations
a monied agency in London, which could not
be recognized, which had NO stability. no
credit behind itself, nothing but name, and
that of man utterly unknown, and who,
Though in Lombardy to-day, might be in
l"Nova Zembla, or God knows where" TO.
morrow. Nor can We sympathiss with the
holders of the post notes. They sEatched al
then for lie sake of their high sounding and
lcaptivati interest; at time too, when it
was of th Utmost consequence that as little
money az .sslble should be sent out Of the
country. hese notes though ncminaIy the
issges ofth ,ank whose name they bore, did
not at the ne they were issued, represent
any tangible property. Had the capital of
the bank not been-exhausted, there would
have been no occasion for issuing them ct
lall.
They therefore only represented the money
previously lent BY the bank to the various
Joint stock companies of the United States en-.
gagged in wild and extrayagant and un2rofita.
BILE speculations, and which money we sus.
lpeet will never again return to the Golfers of
1.-THE United States Bank. It is gone, il is
sunk in the earth, it has changed hands-and
althoughit may become available TO other
persons hereafter it cannot easily be charmed
back into the pockets of the British holders
of the post notes.
Lei us hope, however, that this event. iun-
Ipottant in some respects though il be, will
do good in teaching example. It will, we
TRUST, teach the infatuated people of this
country the insecurity Of all foreign institu.
tons, and the Tottenness of the banking sys.
tenn in the United States; and fit do this and
. \ -l.H