Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1839-01-01
From the Grenadian,
MODERN BANKING.

UnCIl VIC SCC OuiSNA'@S
rnilliarized with the immense difference
the value of non>specie paying bank pa
per-sensibly feel its influence on our
own pecuniary concerns, and witness the
extraordinary zeal and assiduity with
which upstart bankers contend there is no
GOOD cause for it---when we hear their
souI.stirring appeals to local prejudiccs,
and reliance placed upon the ingenuity
and management of a single prince of
demaqoguery' TO sustain institutions that
are tottering at the approach OF scrutiny
~-and, above all, when we see the pros
perity and peace of a whole community
whitening and blasting from this cause
alone-we cannot, we will not, as the con-
ductor of public press, hold our peace
on this all absorbing subject. These are
times when honest men are called upon
to study their rights and Interests. as well
as firmly maintain theme eve have de-
.iberatcIy ncrved cur good right arm tor
a contest of principle against power, in
which we will contend for that only which
our head and heart apprOve-''unplaced,
unpensioned, we will be no mans slave;n
and although our remarks may be con-
.trued to bear personally upon some Of
our fellow citizens we intend not to wound
the feelings of any. Our great aim will
be TO redress the grievances of the much
injured, frugal, Industrious and unembars
rassed portion Of the community, by exx
posing to their view as clear light as
possible, the wrongs they have tamely
Submitted 10, because they knew not their
extent. In times of universal pecuniqry
embarrassment, like the present, it is hard
enough that the honest yeomanry Of the
country should be compelled 10 share in
the general distress, in the creating of
which thew exerted little or no influence,
much less to be made the almost exclusive
sufferers by the wild Vaccinations Of these
modern bankers. A system bv which a
set offavorites are fnanciered out Of debt;
loosely and wildly contracted, without re-
gard to whom it may be injurious, cannot,
nor will not. when fairly understood, re-
ceive the dispassionate appreciation Of this
community The bank can lose nothing
by a depreciation in the value of its paper,
because il will not issue until it is we'll
secured against loss, in the receipt of geea
paper bearing interest. The borrower
can lose nothing by its depreciation, ber
cause they can always, even IN law, pay
the bank back its own paper, however
much deprecated. Where, then, does
the loss fall, when we sec money in circuS
Iation not worth one half its nominal val
uef The loss falls upon the producer, the
worker Of the ground, who never borrow
cd of a bank in his life--it is he who suf-
ferers by this ruinous depreciation. We
will illustrate; that the reader my the
better understand us.
The modern banker takes possession Of
The charter of the bank. Git does not matter
whether legally or Illegally, as, in either
instance, he contends the money is good,
because other banks have been tolerated
without charters adopts bills TO il (already
procured at his private expense; and floods
the country with money, taking care, in
the distributions, that those who can do
the bank the most good are first accom-
nfedated; popularity and influence with
the people constitute high claims to tavors
iteism. Money aids and strengthens alike
the weak and the powerful; and some want
it to help their popularity; but most of the
applicants want it for a higher and holler
purpose-to pay executions to the man
who, though he may not be in debt here,
is most probably elsewhere; and whether
it suit him or not, he is compelled TO take
the currency manufactured for the special
purpose.
The paper of an institution, with no
prejudces against it, placed in the hands
of the influential, with gag awprivileges,
will soon become popular, and, through
the influence ola few retained newspapers,
1t passes rapidly ito the hands of the com
mon people throughout the whole country.
1t goes to the common people, (all that re-
mains among u.s. because they have the
! substantials of life to sell--yes, they re-
ceive it, "after being duly endowed with
popularity" for tie products of their hard
labor aud close attention the whole year.
1 For little willie, it seems 10 be destined
TO DO great good, answering all the purx
Ases of trade; but just so soon as it a.
Ssmes the interest of the borrower tfN
the money should be deprecated, SEEM
lngiy at his bidding, Che gave it currency,
and she who gives can take,'') it becomes
valueless upon the hands of the hard earn
er, who has laid it up to buy groceries and
other necessaries for his family. With il he
endeavors 10 supply himself with sugar
and coffee, with bagging and rope, clothing
for himself, wife, children, and negroes
He is told by the merchant, "Sir, your
money may be very good, the bank very
solvent, the bankers honest, the cashier IS,
We know, shonest and capable but we
can't use the money, not one cent of it,
for any Of tho purposes for which your
paper money was intended-we prefer to