Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-05-18

STATE BANK SYsTEM-Whe, the Uni
ted States Bank, was in operation no |
people on earth, had better or sounder
currency than the citizens q the Uni
ted States. note of that b,nk would |
answer the purpose of the po.sessor, in
any part of the Union, in Eur,pe or the |
Indies, the same as the precious metals.
1t was current over the worlI. Facili- |
ties IN exchange could be had upon any
portion of the globe, at such low rate,
that no inconvenience was felt or expe-
rienced, IN Transporting funds from one
section of the country to The other.
Commerce prospered, and our country
was quiet and undisturbed, her citizens
pursuing the even tenor of their way,
prosecuting their business safely, and
cautiously, limiting it TO their means,
and not launching out on a wide sea oil
speculation, with only hope of amassing
great fortunes at a single venture, but
content to make but small gains and miss
great losses. During the existence of
the United States Bank some of the
States had no banks within their borders,
save the branches of that bank, and none
were more free from the evils of cor
rupt banks or the blighting influence of
overbanking- But when the war upon
that institution began and its extinction
was rendered certain, each State began
to look about to prepare and furnish its
citizens with banks and bank paper, as
matter of policy, to prevent them from
being flooded with paper from adjoining
States. This policy was absolutely ne
.cessary, and the Legislature of any
State, would have been recreant to its
duty, and the trust reposed in them, if
they had not pursued such course, as
the failure would have left its citizens
subject to all the evils of being flooded
with uncurrent and irredeemable trash
from adjoining States. Thus was the
incorporation of State Banks, forced up
on some of the States, upon the princi-
pie of 5elf-defence, and they evinced no
great unwilliagness of the undertaking,
for they were told-and probably be-
|lieved-that State Banks could and would
furnish and supply all the wants of the
people as we'll as the United States Bank.
The State Bank system was then the
hobby of the Administration, who were
noisy advocates, and fulsom eulogists of
its perfection, adoption and competency,
to discharge the obligations, and perform
the same service and duty to the coun
try, that the United States Bank had
done. For "a time they did supply the
necessities of the people in the way of
discounts-made upon the credit of the
public funds-and exchange, although
the latter was given at an advance of
three or four per cent. upon the old price.
The condition of things was not materi-
ally changed, to the minds of most per-
sons, and the country was apparently in
good condition up to the very day and
hour when the administration of Gen.
Jackson closed, on the 18th March, 1887.
1t was on that day that the old chieftain
had assembled around him at the capital,
| his menials, sycophants and fawnlng
parasites, to hear his parting words, and
receive his benedictions, ere he resigned
the sceptre of power and threw the
mantle of authority upon the shoulders
of his successor 1t is said to have been
brilliant day, plume; waving, and di-
monds glittering in thebright rays OF an
unclouded sun, and smiles were wreath
ed upon the ruby lipsof beauty, while
pride and Joy sparkleoin every eye;--
save one-and there I've speak upon the
authority of the Glde,) disappointed
ambition and blasted h,pes had fixed her
empire and raised ha throne-he did
not come to look upon The brilliant scene
his soul could not ,rook the sight
/ but in the dark recess of his abiding
place, his mind preyea upon itself, fren-
zied with the thought, that another
i should fill the chair he should himself
have occupied. Did such thoughts pass
i across the absentees mild? Was disap-
pointed ambition the subject OF his
thoughts? No. His soul scorned to
mipple with false show and hollow hy-
pocricy of the multitude, ''lmitatlng
pumpkins at fair, and grinaug their
best for gold ring" Hal to the
chief, rung in every ear. and the ola
veteran spoke: Il leave my country
prosperous and happy" Thesewere his
parting words; and ho'c untrue--for on
that very day, at that very our, the
cloud that had long been gatheing over
J the whole country, raised by us own
J wild Uiopian schemes, burst iPon the
heads of the community, that ad been
. and h1nV. and