The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-09-06

the delusion created BY the existence Of the
Bank Of the United States. So if we look
at the condition Of the Bank Of the State Of
Mississippi, on the lst Of January, 1880, its
specie was ST., 665, its circulation $780,
100, and its deposites $547, 756, its circu-
lation being to its specie as seven to one,
and its circulation and deposites fourteen to
one of its specie, thus exhibiting under the
regulating power Of National Bank, a
much worse condition than that of the
Planters Bank on the 9th April. 1887"
Now, can any thing be more grossly de-
ceptive and palpably absurd than to attempt
to test the condition of bank, by showing
its liabilities on one side, and it's specie on
hand, on the other! An intelligent boy do
zen years old, must at once see the gross
absurdity of such test. As we'll might you
test the solvency of planter in the same
way, or the condition of merchant by sta
ting his liabilities on one side and some one
article of merchandise on the other. Ac-
cording to this rule man who happens to-
day to have one hundred dollars in specie,
is twenty times better conditioned than he
was last week when he had but five dollars,
and the same liabilities; not word is said of
all the other immediate resources of the
banks, whether large or small. Why Mr.
Walker, you furnish the best evidence OF
YOUR own recklessness and insincerity that
could possibly be wished for by the veriest
enemy you have.
H. HnlI ufP 10
that s'the power of the banks" if they are
not put down, will ''sink the country into
despotism." Well, which is the most dan
gerous, such bank note circulation as we
have had, or paper circulation for the
whole country, under the control Of the of
ficers of government, whose aim it will of
course be, to perpetuate their own power!
But it is all stuff. Every man knows that
banks, state or national, can be kept under
the same restrictions, control and subuga-
ton that any other corporations or individu-
ais can be. If they are not all so controlled
it is no argument at all, for they ought to be.
They have not an inch of power or an ounce
of authority but what is voluntarily granted
to them by the legislature. If they ought
not to exercise this, that or the other power
does not give it to them. Mr.. Walker says
great deal about "a governmental banks"
Who ever heard of government of banks,
or knew of one? As verify and as consis-
tartly might he preach against govern
ment oflegerdemain. In what part of our
former history does he discover any tenden-
cy towards ga government of banks?" Look
at our past history, passing over the last few
years, and we see no other 'sbank govern
ment,' or "bank influence" than the sound
est, best and most uniform currency, the
safest, cheapest and easiest system ofdomes-
tic exchange, and the most prosperous state
of commerce, agriculture and industry, that
any country ever enjoyed in the world
And we see all these destroyed by the very
things which Mr.. Walker proposes to con-
tinue and increase.
Of a United States Bank this great fnan-
cier says: sTalk not of the power and So
vereignty of the states, or of the people,
when such a corporation shall have been
poration'' and were WIDELY without expe-
rience upon the subject. Why Mr.. Walker,
we have not only ''tatked'' of the sovereign
ty of the states and people, but we have en-
joyed both, for fifty years, and the benefits
Of "such a corporation" at the same time.
1t is an up hill business to heOrise against
experience.
We give another extract from this docu-
ment: s'The four hundred millions of capi-
tai, invested in bank stock, would, in the
absence of banks, seek investment in COM
merce, agriculture or manufactures, or great
works of internal improvement, and thus
give employment to labor and increase the
products and prosperity Of the country,
whereas it now draws its dividends from la
bour, and adds nothinr, but subtracts much
from the national wealth and industry. p
Now, this is munyestEy aOiLfaI attempt to
deceive that portion of our people who know
and think but little about banking. What
is ''capital invested in bank stock?'' Is not
one hundred dollars invested in banking in
creased to two or three hundred dollars Of
circulation, all of which is loaned to the con-
ductors of commerce, agriculture and indus
try! Why every body knows that the money
Of banks, unless suffered to lie idle and un-
productive, by its owners, which we believe
is seldom the case, must be invested in some
productive business, for which purpose it is
borrowed by the conductors of those branch.
es ofindustry. How is bank capital render
ed profitable to its owners but by investmen
in productive industry? But the grave Sena
tor says Sin the absence of banks' it sOouIc
be thus invested. Why this is too consu
mately ridiculous and absurd to attempt t,
palm upon decent community. It is
gross insult to the common sense of the PEG