Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-11-16

f'-aI Pc t.l.ss.-4 E.---
The condition On ut..a l5-t..,-
deed Tie only sound reasoa lar ,-,-,l, ga g.
that cheaper and more ,lIfrI.r, - t5tl,
uniting funds ulY be pr#y5t,dff.5-..l res
yer admit e. 10 give aG. r-t.- lh-s
eoniounl Them Nrh individual ta.t,,.
trade Is 10 receive money in DEPOSIT, "a ,'i-s.
to those who are ia need. /. beIora. 800 4-.
Tie contrary 10 create a currspc, ~ -iNa.Asas
duty Is 10 preserve tust currency i, - ,-'A lF
ton As to meet the wants # the r,bl,, y, cohc.
eminent which CONS gold and sllve, 1' so'.
the high duty Of preserving it from tsi-, s'"l'ss
lel'ed or debas 81, and II il indeed eo--'s'
ruPt The current money, because II i 80. 7" Co.
INJURY upon the community TO gatly the 81
ol ln0Nid'ais' lIlends TO destroy h. ro,fiO''
between man and man, and has ever be,..- '1ee
cred high crime. Ia the false coin eOlS1
not that gold or silver may enter io ,,a ,''-,'sR
sihon that It has some value tina, i, NO"'Po
may not even Nuke more thsn 10 nor cs" S .sssf'
operation, he is still equally a flo. Y @e
should we say Of the government vbrb "IA
ING entrusted by the eommuui,y ui,h n. 4''s' oe'
alive OF furnishing tia currency, could d.t 'uog
" entertain The proposition 20 deb.so Il
le' the only mischief would be dofyppd,5. 'y az
community of certain portion Of vain, u Jog
alIng that general dislrust and conr,sio We
ness that necessarily follow the discover 'u'''
disease or rottenness in the BODY moline %i
then very singular that tie whole wo,ld sbon,S,
so sensitive about the purry and true we,gS, !,
CONS while It leaves that which actualv g
luies a lar greater pat Of the currency MINI
the restraints either Of morals or law NJ.
indeed penalty against yagabond, Who c,..
bank notes, but what check is there unor i,
banks themselyes9 The public have L,ouos,
them into existence, under the single conJi,on #
furnishing currency which shall be at all ln,,
equal to gold and silver ard yet so loosely ba,Ma
condition been expressed and so lameIy enforced
that the greater part Of men have forgotten ina, !,
exists. The banks claim the right of denrer,,
alIng thelr own currency as often us il suits ,h.,
interest or convenience. They may SUSPEND
cash payments on the merest grounds Of exosd.
ency--he commonest Of which is, that If bev
did not suspend il is probable that payment womb
be demanded They may thus in a DAY DESTROY
the value of their paper for remittance. and
limit lis circulation TO their own debtors and thei,
nelghbolhood. In day they may SOW consle,.
nation and distrust though the community and ey.
crcIse the most disastrous influence upon the val.
ue OF all property and the life of trade, and men
VIII admit IN their justification that they found The
convenience OF the hour subservcd hy il. The
banks are even allowed to say that they have lhe
same night TO exact payment in specie from their
debtors that the community have to demand it
rom them! Are the community entrustedwi,h.
me privilege of manufacturing money Has he
merchant or the mechanic, or the planter under
taken the task Of Keeping up sound cuuencyl
Does 1t depend upon their paying or reIusing,o
pay specie whether the circulating medium shall
be good or badl It's the privilege of the banks
to gather the geld and silver into then vaults and
put IN It's place their own paper. The individual
VINO refuses 10 pay his debts in coin only Injuries
bis creditors; the banks who so refuse, depreci.
ale The currency and inllict an injury on every
man who uses money. Nolonly So they DESTROY
the public credit, and, by undermining that con.
hdence on which commerce rests, may exercise
most peinIcIOus influence over the wealth and
prosperity Of a State, Ii the narrow maxims of
momentary oxpediency are to be tie lule Of nc
ton for the banks, then must their scope and
power be narrowed. If they will act without re.
ference TO the lasting good and safety Of The
State, then must the public and its great interests
DC delivered out Of their keeping. If they will
not recognize as sacred the obligation So TO con.
duct their operations that they can keep their pa.
pei at par with gold and silver. then assuredly be.
lore many years, will the whole people come to
the conclusion that paper money s a miserable
failure, the order will go forth to sweep the false
trash from the face of the land. The cry that
there IS not specie enough to transact the bust
ness OF the world will be met with that contempt
It merits, when it is discovered that the more pa.
per we have the worse we ore Off the poorer, The
weaker, the less stable.