The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-09-20

/ specie, just 60 long no local bank can an.
tain and keep out specie paying circul,.
ton, that will g the channels Of wholesom.
trade. Because the holders Of such pane,
being in want Of exchange or something tb,,
can be transmitted, they will exchange /,
at the counters where Il was issued for
specie, unless something that can be easier
transmitted is offered. We have not a sound
currency because we are in debt and haV,
no exchange facilities.
Judirious or unwise Legislation, and other
local causes, no doubt increase or diminish
the difficulties attendant upon the local cur
rency Of the South and West in some de.
gree, and in our State particularly, the in.
cessant assaults Of party press. But look
over the whole Of this vast country, and
you will see the effect in the precise ratio Of
the cause, as we have stated it. And look a:
the other portions Of the United States, those
States which are not in debt or but slightly
so, and the local banks can and do without
exception, though it is with great difficulty,
sustain specie paying circulation. They
get along with difficulty, it is true, and ex-
change, generally both ways, is up at about
the cost OF transmitting specie.
In opposition TO this reasoning, it is stat
ed, that the ''bad management of the banks"
is the sole cause of the disorders in local
currency now cf days. To satisfy perfectly
and conclusively any reasonable man of the
20 lsitr, of THE y,oo;tinn mo eb;rI, :, - n.
cient to allude to the well known fact, that
in all those parts Of the Union which are in
debt, the disorder is greatest, and still great
est where the matured debt is largest. And
the difficulty diminishes gradually, and re-
gularly, as we pass into those States, which
are more and still more free from foreign
debt. If that argument is good, in more
than half the Union there is not a single
bank well managed; and in about the other
half every one is well managed, except here
and there one in Dhich some local disorder
is seen, which is occasionally always the
case. And it is still more remarkable that
the line between the banks which are badly
and those well managed, precisely divides
TIE 6GCtlOuS VI luS COuuIIy WHICH are III anu
out of debt, which is ewing out Of their res
pective borders.
We do not pretend that all banks are well
managed, very far from it. On the contrary,
we believe, that the breaking up of domestic
exchanges and the anihilation of a uniform
currency, gives all local banks 100 much of
that kind Of power which banks ought not
to possess. In most instances, without an
established standard of paper currency and
exchange, banks can extend their issues too
far, and in many other ways, leave the legiti-
mate and usual paths Of correct banking for
the iuctuatine bat often promising business
Of broc and shaving. And it is be-
cans unusual temptation is held out to
fhen lhs atssnce Of a National Bank,
and because lea always have in greater
IS less Yielded to monied temptation,
IS vel because of the tested inability Of
state bank u furnish currency and ex.
changes. that the wing party is and have
ever been opposed to me system Of state
banking. No party except the Van Buren,
party, were ever in favor of state banking.