Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-12-07

= - >eNstt-S Df1 ~ ii<cd81 Dt OPIUM VIII
: have 70 be surrendered. or Il must be
: lcarrled on arikh specie Every man knows
that II will not Be given up; then here 4
al once demand, annually, FOR fifty
/, millions Of dollars upon the Bank Of Eng.
land IN specie. In view Of this alarming
; change the Bank OF England has been
driven INTO higher rate or discount, and
. down 10 the issue OF two pound notes.
And, bat for he recent loan of the Bank
!, OF France. it is M 4opiaion that sus-
pension OF specie payments would have
been forced upon her before nov; and j;
- not certain that it viii be yet Well,
then, upon us mas recoiI been driven
from abroad We sec It's effects. Pack
let after packet. and steamship after
steamship, 90 freighted with the precious
metals TO GRITTY the Bank of England.
and to meet the balance Of trade which
Is against Us What, then, is the duty
loi our Banks2 The same, answer, that
Igoyerns men lndlvidualIy -seif -preserua-
ton. Ii, In this state of things. the
banks were TO discount for the relief OF
their dealers, who does not see that a
ldraIn. TO corresponding amount, would
be made upon their yauIts?-A drain
that must, If continued, result in their to-
tai overthrow. The question is, Is it
better, tour system being essentially n
/ u credit systen) that the banks should
stand or fall? lfthey can ride out this
storm. they will be able to extend relief
TO those who may be exposed 10 It's rava-
/ gcs, and, after the storm shall have gone
past, TO refii and restore them: but. IF the
| banks, yielding to the rerg natural clam
or Of their dealers, fail, then, both be-
ing down, neither can help the other; and
TINS involves total paralysis Ofthe en-
IRE energies Of the country for years to
come
| Second. Ii is not only the foreign eff
fects, or the effects, rather of the foreign
cause that have named, and others COM
bined with it, that operate with so much
| severity upon our banks, bat there is one
of domestic origin, which is scarcely less,
If at all so, in its severity. This is to
| be found in the total destruction of our FL
NANcIAL SYSTEM. We have now (s,nce
IN the wisdom of General Jackson, he
| thought proper TO break it into pieces)
scarcely the fragments of system left.
We have, it is true, hundreds Of addition
al banks; bat they, so far from strength
ening, have weakened the power Of re-
no outward pressure is felt, and no in
ward excltements pervade the country,
things 90 on tolerably well; but. the mo-
ment speeck of danger is perceived,
that moment does each bank set about
guarding its own safety-with no con-
cert with OF her banks, and as little conf
dence in those who are around and about
it. If there were sysiem-coHcert-
fdence, the European blow would be to
US only what breeze is 10 a well-found
and well-manned ship-a sail or two only
would be taken in, and a reef or so or
dered, for awhile; when without injury
TO any body, soon would the entire can
vasS be again spread, and the entire
crew be happy in the prosperous antici-
pations of the voyage. 1t is just, nay.
1t Is demCn9ed Of all who suffer, and of
all yR9 92 P ne R haf f5rGe 6 oaf coin
pact, weIl-ordered, and effective fiscal |
system, in which there was oll0ayS poJcer. |
because there was always UNION, not only |
IN all Of its parts, but in those who stood
out from it upon their own individual re-
sponsibilties. This country is now eat /
ing he bitter fruit which has sprung from I
smouldering ruins Of the late Bank of
the United States; and until Congress
shall re-establish Just such another cen |
trial and governing power for the regula- |
ton and control of the fiscal affairs of /
the country, this people will never be /
safe from the effects of such storms as /
have, since the late bank was broken
down, beaten upon them. NV word for /
it, our present distress cannot be mtiga-
ted, and for the reasons | have stated.
till the Bank Of England shall have ad-
Justed itself TO the new relations with
China; and until, in our country, the
People have sense enough TO see that
we can as well do without the sun 10
control and regulate the worlds of which
he is the centre, as they can do, in their
commercial operations, without a central
and regulating power for the security.
and order, and harmony, and govern
ment of our financial system.
Here are beautiful sentences from the
pen of Coleridge. Nothing can be more
experimenting more true.
CoMFoRr OF Call not that
man wretched who, whatever else he
suffers as TO pain inflicted, pleasure de-
MED, has child for whom he hopes and
on whom he doats. Poverty NAV grind
him 10 the dust, obscurity may cast its
darkest mantle over him. the song of the
gay may be far from his own dwelling,
his face may be unknown to his neigh
bors, aud his voice may be UNDECIDED by
those among whom he dwells - even
pain may rack his joints, and sleep may
lee from his pillow; but he has gem,
with which he would not part for wealth
iefying computation. for fame filing a
worlds ear, for the luxury Of the high
Isl health. or for the sweetest sleep that
ever sat upon a morial's eye.
MELANCHOLY AccIDENT.-We learn that
Mr. Thomas Forward, OF Hartford coun.
y. Maryland, was MORALLY wounded on {
Thursday morning last. at the residence 5
# Mr.. former, on Spesutia Island, by !
he accidental discharge of a loaded gun 9