The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-11-08
From the New York wing.
WHAT ARE WE COMING Tor

WHAT ARE WE COMING TOT
This is the cry Of multitudes IN our CT
ties, and few will deny the fact that our
condition IS deplorable. AL are interested
toknow the cause Of distress, and to apply
4 remedy. Many charge 1t to the Govern
menl, some to speculation, and others to-
the Banks, and especially the United States
Bank, Of Pennsylvania. But to give each
is due share Of censure, should be our OBJ
iect, and this without,any yindictiveness Of
feeling. Our purpose should only be TO
understand what we have to do, in order to
put all right again.
None can deny but we have rich conn
try; IS estimated at $4,000, 100000, and
possesses all the elements Of property. Our
whole debt abroad does not probably exceed
100000, 900; and this, with the capital
We possess, and the facilities we can create
~ well organized system, might be ample
to carry on every we'll projected enterprise
Of our people Every man of reflection
must know, that we have too many Banks,
aud that there has been an excess of issues,
which induced wild and reckless specnla-
ton; but let us 60 back in our recollection
TO the year 1890. AT that period, business
was pursued in its legitimate channels, and
prosperously, with steady handsome
contractions and expansions were Of course
unavoidable ia banking operations, and oc-
casional bankruptcies inseparable from a
profession, always hazardous, could not but
occur; but we had convenient and safe
currency, and money could with facility be
placed in any part Of the Union, at not ex-
ceeding one per cent. Tor exchange. We
then bad United States Bank. The his
tory of the warfare upon that institution,
and upon the Cunency-the enormous in
crease of banking capital Immediately fol-
lowing the overthrow of the United States
Bank the panic, and suspension-we need
not here repeat-it is familiar to every one.
After much suffering the banks resumed
specie payments, and additional banks have
been created; but jealous Of each other and
acting without concert, they can do little
benefit themselves or the community. Con-
fidence and credit are so destroyed, and
such panic has been induced in regard to
specie, that if we have S30,000,090 ia the
country, as some even now believe, as the
banks are not largely supplied and the cir
lcnlatien is very moderate, we must suppose
! it has been boarded, and Of course no long
er useful to any one, nor will it be till ne
cessity or restored confidence draw it from
| its hiding places Notwithstanding the loud
lobiections Of many TO our credit and bank
ing system, and especially to United States
Bank, Is t not evident that this country has
improved in commerce, manufactures and
agricnlfure with wonderful rapidity; and
With facility 70 keep "a, OO0. 900 people en-
ployed in such country a. This, NAV moi
resources Of wealth be continually deve-
Hoped and almost without limit. aud Will moi
population and capital be drawn from every
portion Of the world as we advance2 IL ex-
pcrience is in favor of United States Bank
why shall sub Trcasurism of so doubtful
expediency be subsiituted2
If the people place confidence Ia our ru-
Hers, may no other rulers place confidence
lin themg Il an increased amountof specie
would Be useful to our country for circula-
ton, and as a basis for bank issues, IS It moi
wise to adopt a system that viii make less
quantity the most aYailableefo those ends
And if so. it is wise to have Il placed in old
stockings, cellers, or SUBJ Treasures as de-
4 positoriesa IF we could have large Gen.
/ trail Bank with Branches, the United States,
each individual State and the people hold
ing each their proportionate interest, and
The specie all brought out for the use 81
i this Institution and the State banks, as well
as for circulation, might we moi soon have 1
sound and uniform currency9 And the Go
Evernment and people all acting ia concern
for the public good, without reference e
4 party, should we not soon see prosperity il
every department Of business9 Would no
individuals, ashley acquired property, have
a share in the stocks and management o.
these Institutional Under the present stats
Iof things the middling interests and The
poor, are sacrificed and the rich, are dali
!, becoming richer Then every man Of char
lacteT and industry would have an 0pp0rtu
n nifty To compete for due share 81 wealtl
and influence. Most of those who, IN thi
country, are now rich, have risen from povef
I, tg undera CREDrT SHsTEaT. Let ii Be des
J. troyed aad they will hold the PRopEarr
and We, Who are poor, will probably eve
remain 81 n.
Ssspension agaia Pan Bnren demacra
{ cg "a The shaa Republican wAig Drinci
pIes Iriampb We embrace the eav
]. lest opportunity 3 lay before orr readers
the important though melancholy intslli
geDce Of 4 second suspension 81 che hank
ING institutions of our country brouoht sbor
81 the currency tinkaFs of TIE oopennan.
/ The Banks Of MARYLAND, Pennsylvania. Ne,
York. Kentucky, tennessee, South aF6l
!. I4S4 and eoforaf 4fI,ar cl.4~.- 49,