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

the agitations that prevail.
The present is felt to be a crisis in
the monetary affairs of the country more
widespread and distressing than any
that has preceded it. 1t is certainly
painful to witness the prevalence of this
dSfFEe6f 50 88nd rB ae 1 P6f766 81 OUR CON-
mercial and operative classes. There is
resentment felt Encouraged by such an
emergency against the banks. They
are supposed 10 have the power TO re-
lieve, and to refuse wontonIy to exercise
| IT, If this were so, there would, indeed,
be cause for the excitement that prevails
against them. But is this so? In my
opinion, il is not. | base this opinion
upon the following reasons:
LIST. Its hostile to the interests of the
banks. They live by the custom they
| receive, as do the merchants or the ira
ders. In proportion as this custom is
cramped or limited, so are their gains
lessened. But,
Cd, Ii endangers their stability. The
very cry that is raised against them is OF
Il nature that an expenditure of millions
would be cheap sacrifice to quiet.
Sd. 1t cannot be supposed, with reason,
ina. the banks (Which is but another
name for those who conduct their opera
tions) could be insensible to the present
prevailing distress, and, having the pow
er to mitigate or relieve il, refuse 10 do
so. Why should ono set Of citizens. be-
cause they are officers of the banks,
wantonIy tread down and cause the ruin
Of others! Or. if this demoniac feeling
did pervade them, their own security
would override it, since, just as their
dealers are unsuccessful or become Grip
Piled. so, in that same proportion, do the
banks suffer.
The foregoing reasons may suffice TO
Justify the opinion that there are no un-
kind feelings entertained by the banks
towards their dealers, nor any indisPosi-
lion, with The ability to afford relief, to
extend it.
Upon the a,her hand, the dealers Of
the banks ow- il to thsir welfare not to
become enemies of the banks, or, by de-
of their course oil policy,
weaken them in public confidence
since this course of proceeding serves
only 10 retard the period when the banks,
having fortified themselves against the
iOaDiG storm ludt - nsdtliiS -t'Poai st'~th1
he one from Europe aud the other from
home, shall be able 10 extend the reiiet
which IS 50 much needed.
A few words on The causes OF the pres
mt unprecedented condition Of the mon
starry system. shall not go into detail
/ seek brevity,) bat only point to the
norc powerful and direct agencies that
nave so derangcd things.
FIRST. rs to Europe. will not stop to |
show the intimate relation that exists be- |
wecn this country and England, TO 60
10 further. Mercury IS not more sus-
.eptible of the variations OF heat aud
.oIdthan is the connection, under all lis
rariei aspects Of trade and commerce.,
hat exists between this country and Eng I
and. Then what is il that has, With the
heaviest power. fallen upon the nloneta-
y system Of England? | answer, the
ecent suspension, may say desfructioa,
t the opium trade with China. This
rade. may be estimated at fifty millions
OpHim can no longer be en-
loved as the instrument Of commerce
With that widely extended empire. And /
hose distant and drugged people will be
,orne out by the civilized world in put
ing d stop TO the Introduction anlong
hem Of these vast masses of this poison
'os drug. Well, then, The trade hstiisf- I