Piney Woods planter., 1839-05-18
VOL. 2. NO. 1s.

branches and circulation, every part
of the Union. We authorize and en-
power this institution TO create Ecti-
! tious equivalent for specie, and with
this equivalent, to command even our
own trade and that of the Union
With nearly one hundred millions Of
an annual crop Of cotton, the real re-
preventative ofspccie, and which ought
to command at least our own foreign
trade, if not that of the Union, we Of
the south surrender all this mighty pow
er into the hands Of northern capital.
lists, by creating there vast paper
mint, coming neither gold nor silver,
nor raising products, but issuing as
money fictitious representative Of
specie, and thus controlling the trade
and commerce of the country. With
out bank, with no export command
ing specie, and with no equivalent in
the shape of bank paper, how could the
north command, control and monopo-
lize tho foreign trade Of the country,
or how could they come into competi-
tion for this trad with region raising
an export equivalent in Europe every
year to nearly one hundred millions Of
specie. We are rivals with the north
for the foreign trade Of the country; ii
is prize Of incalculable value-it is
an object Of fair and just rivalry--no
honorable effort should be spared to
effect this great object--yet we are
asked to abandon II, and transfer to
the north all the foreign trade Of the
country and even for our own supplies,
by creating there national currency,
which commands and controls even our
own exports, and all the trade tltatfs
based upon then1. With no other
currency in this Union than specie,
our exports must command the imports
and foreign trade ofthe Union, and it
must also command at specie prices,
all that we purchase from the northern
and western States. Yet all this We
are asked to surrender. We IRE ask
cd to sacrifice the interests Of those
who raise the products Of the soil, for
the benefit of paper manufacturers
who raise and produce nothing, except
a fictitious currency, in which millions
of that which circulates as money, is
struck off in an hour fre.n the hank,
plate with the usual ornamental dc
vice or engraving. This is certainly
much cheaper method Of money max
ing than by digging it out ofthe soil by
the products oflabor; but it is not only
destructive Of the true interests Of the
conimiifity, but anti-republican in all
its tendencies, and demoralizing ia all
its influences. My views have always
been hostile to an expanded currency.
| was opposed to the creation gilmore
than one bank in this state. In a
printed pamphlet, now before me, dat
cd July 9th, 1881, and then published
over my signature, contended against
the policy Of ever creating more than
one bank in this State. ] declared in
that phmphlet that ''one State Bank
only, in each Of the States, with auxi-
liary branches, would alone prevent
the evil ola deprecated currency aris-
ing from the multiplication Of the
banks of the States; and in maintain
ing the power of the State to establish
one such institution, and one only, |
asked in that pamphlet the following
questions: "And is this State stripped
ofthe power to guard the community
against these evils? Can it not create
an institution so we'll calculated to
maintain the rights and sovereignty of
the States, and to advance its interests?
Was the Legislature forbidden 70 pro-
tit by the sad lessons Of experience. in
other States, and compelled to stand
by as passive spectators Of the result,
by which the States, from year to
year, would be cursed with innstn,erabh
banks, deprecated currency and d bunk
rtpt people?" is now eight years
since this opinion was promulgated,
and | was then i'll small minority up-
on this question, but have not these
views been sanctioned by experience?
Would it not have been well for as now.
if we had never. embarked uponsthc
vast ocean Of paper credit, if we had
created but one bank only, and have
we not, by adopting a contrary course,
been "cursed with innumerable banks,
a deprecated currency, aHda bank
rupt peoplep' No, we are not bank
rupt, if we wlIl rely, not upon banks.
but upon our own energy, iEGfdstfs..
and economy; but any other
State than Mississippi, any State not
blessed with her wonderful fertile soil