The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-08-09

Z go tnat Dilling ano cooin0 On The mart III the
government towards the Slate Banks. which
sushaIed them into compl;knes Of y.ceiv.
/, ling the dsposits--faial complained tbev
have learned since 70 ,6eifso dc AMI,
designs that were even then mediht,d
against their safety and welfare; but 90 en-.
ire was their confidence il the government.
and the high functiOnariss thereof. tbat
against all wisdom and policy, they bIindlv
Obeyed the mandate Of the Secretary Of The
Treasury TO discount and extend their &C
commOdationS in proportion to the amount
of deposits received by each bank.
The deposits were received, and the
banks con6ding in the stability Of the mea-
sures Of government, and not dreaming that
the connection with them was merely de-
signed as an experiment fated soon 70 give
way 70 Others, commenced business on them
as directed; well what we're the consequent
cesG They were these, land ruinous have
they been to every department Of busincss)
when by this tempting bait the old existing
banks were secured and business commenc-
ed on the deposits, new banks rose up like
mushrooms, hoping to partake Of the govern
ment favors, and 10 share in the great pro-
fits which were to be realized in The bank
Il ing trade, induced By that most extraoTdi-
nary order emanating from the Secretary Of
the Treasury.
The bait took generally-Our country vas
flooded with banks and bank paper, (the Sa-
lutaFy restraints Of the great "ReguIator''
being remoVed) the flexible charter Of Gre
dit was stretched 70 It's utmost limit, and
overtrading followed 10 ruinOus extent as
consequence, thousands had been led on
by this unnatural and forced state Of things
to abandon their regular and safe course Of
business, and TO pursue With high hopes the
fascinating employment Of trading on Dor
roUed capital; it was then time for such 10
breGk-afairS had now reached that point,
at which the lovers Of a metallic currency
wished them, and with their cards ready for
the deep and dark play of the conspiracy,
already stocked, and without warming ora
single symptom to denote the coming storm,
the American world was amazed By the APP
peaance of new and startling experiment
the specie circular.
The appearance Of this famous circular
found the banks as was to be expected,
greatly extended in their business, and no
other design can be conceived to have exc
listed on the part of the oflce1s Of govern
ment, than that Of inducing the banks to ex-
tend their business 10 an extremely hazard
Gus point, and then BY creating through lhe
agency of the specie circular universal
demand for specie, compel rigid cOutTac-
ton Of their circulation, thereby TO render
them obnoxious to the people, for the pur-
pose of paving the way for the ready adOp-
ton Of that great desideratum Of the demo
cratic party-a Sub Treasury System o.
more properly Treasury Bank.
The suspension Ofspecie payments By tie
State Banks, followed as an inevitable con-
sequence of the sudden and arbitTsr nss-
sure, and then immense circulat D. became
as suddenly deprecated, whicbmisioilnho
liz is for to suppose would neV have blisl-
len them, but for their conn xion viii
false and treacherous govemm they hive
been since constantly engage iu exeTling
all their energies TO rega'n the haven Of
safety from which they weie 50 artfullg de-
coyed, they have partial succeeded. and
it is believed VII entirely succeed, iferbi-
trary power not again disturb the even
tenor Of their cSaI And now Will IN
these glaring facts s. ing them in The fce,
and conscious Of ig political iniquitas,
the authors of all calamities daily as.
noy us, with their eled lamentations over
the Consequent 50 their own corrupt meas
sures, multiplicity b banks and deprecis-
ted currency, f iorsooth they had no
hand in bringing hese evil upon us; butt
has been remarkable complaints ana
attacks made constantly By al lie afelaa|cd
presses attached to the Interests of the as
minant party, are not % much directed
against the rotten mushIen institutions
which sprung into sxists as cnhts-
quence Of the disoEganising g. revolution
airy experiments of the goyslpment -
against the Old solfons banks. ~, ,i-
evil designs are now directed agaih-. o.o
institutions, that have every prospect Of
continuing ID heir solvent condition; ana
il would no doubt b q cOnsummation az
vOutly . Be wished By them, that The old
solvent banks Of this state and elsewhere
could 81 made . fall, that upon their ruins
Nigh, b reared without opposition ileir