Columbus Democrat., 1839-07-27

/ ng tiom the psrier std hsavpr tribute, in the
shape Ct augmented prices ior pruynons AMI 1l the
eXpcnscs Of the phRlaiatuu H this state with her
most fertile so ard rich staple now the most en-
bauasSed Of aA the States OF the UhDon, most truly
may Nc poat Io the banks as the great Cause Of all
| ou' esamhes. Nora Il IA the Southwest only
that are exhibited the ruinous and d,moTahZmg e
iects ci the banking system no. these fatal conse-
quences have bcen eO-exlenSiye with the existence
OF the system Lcok at the rum consequent upon
| the fraudulent failures Of banks in Baltimore, in
| Philadelphia, in New York. and Boston; look Al
the Wild cat banks Of Michigan, IS that Infamous
system has been justly designstrd and fraud and
corruption viii be found every where accompanying
the system. Nor do these demora,1iug nGuences
disappear IN the career Of the Bank OF the United
States. No, the history ol the first three years o that
institution, Is a history Of acknowledged fraud. pc
eulaah, and stock lobbing abhouCut 10 every Just
and honorable preeepL When Mr. Chevts be-
came president OF this bank he reported these ener
mites 10 the nation, aud that "on the lljh Apr, 4.
1919 the bank had in It's vaults but S7i ,5s2 Of spe
cle, and owed to the city banks balance of $780,
lIs, aud us circulation was still six milhuns,' and
the papers OF the northern aud middle States Of that
period drew picture of a distress mere intense aud
universal than that which now pcryadcs Misissip-
/ p. Look at the history Of expansions and cuftail-
menis ~ tins bank, expanding " more than ten
| millions IN the course ol 4 lew months, aud by ia
/ Official reports contracting "wlIhn period of
| eight months eight millions of dollars aud upwards,
thus converting all business into perpetual lottery,
dependent upon the secret and constant changes Of
! The policy OF the Bank of the United States Did
not Ihls very bank suspend in 1881. aud with
open declaration OF hs perfect ability 10 meet then
al ITS engagements, did IT not set is creditors tide
nance lot more than year, and violate is solcmu
promises to redeem its notes at all times upon dc
mand IN specie u wealthy Individual would
/ dare thus minnie uitans IN huuis IA frl4ee
the payment Of his just debts, would he no; be
| deemed pre-emncnt IN nsmy; and have we a.
ready reached that point IN The downward demof-
aHing tendency ut tbc banking system, when
distinction N morals is attempted 10 be maintained
between The obligations of bank and of an Hdi-
Vdua to perform his promises TO the utmost Of his
ability Aud yet, such demoriking apologies
these must be made ior the wee is inherent IN the
system, which permits and encourages the making
aud circulation Of promises false and deceptive, and
nst M dcusvc before Bs after Suspension, for there
never Is any tlung but appearance Of an ability
by bank 10 redeem at all times il presented oil its
notes IN epccc, ior II never hIs specie equal 10 ts
iSSucs, and the Suspension ls but the bruo Of an Ia
| bhty which in fact always existed. IN Truth the
| condition Of the banks though apparently batter TN
der the DOMINION of The Bank OF the United States
u m fact r0rse than ~ the ah-ence ol such an nst-
luton. Thus, If we hook nj the returns Of tie Plan
icrs Bank of this State il will be i,puni IN better
condition within week preceding rs suspension
Than at any preceding perlod, under lhc regulating
| power Of National Bank Thus on the
| sixth Of November, 1883, s circulation
~ ,i31S7s, lis dcpoHtcs SilS,7j9, and its
specie SllS,l32; and on the 9TH April,
1897, It's specie was Si0l,526, its cnculntiod
Sl6S3, ,S97, its deposilcs $3i5,3 ,362, and It's de-
postes in the name Of tho Treasurer Of the Uni.
ted States 81 l,035,50i. Thus IN 1893, its cir.
cuIoiIon compared 10 its specie exceeded twelve
TO one, and its circulation and deposites combn-
cd exceeded its specie about sixteen TO one.
Now IN 1897, its circulation exceeded its specie
less than four to ono, and its circulation aud all
It's various dcposltes combined, exceeded its spo.
cc but six TO one. In every respect, then lts
condition was better in 1897 than in s33, except
tho delusion created by the existence Of The BanI,
of the Unilod States SO FIVE look nj the con
dl'Ion Of the Bank Of the State Of Mississippi,
on the Isl Jan. 1880 It's specie was S77,667 It's
circulation $54O,l00, and lis dcposilos S547,756,
ITS circulation being 10 its specie MS seven to one,
and ITS circulation and deposits fourteen 10 one Of
iis specie, thus exhibiting under tho regulating
power Of national bank, much worse condition
than that Of the Planters Bank on the 27ih April,
1897. Yet 10 have doubted the ability Of ihc
State Bank Of AIissississlppl IN 1880 to redeem
been considered hide less than hgh treason such
IS The Phaulasmagonc power Of tie national ban,
10 drlve the specie for time out oi the banks and
out ol the county, and yet preserve an appear
anee oI deceptive prosperity ull conyulsIon
comes and the deluson yanshcs. In act the
mos, finished jugger that ever deceived an ad-
mIrng audience, never performed bis part with
! hall the ndroness, as that which has distinguish
| Il 81. n. IL O.. 4.
lToarances for realities. And the Same remark
IL thus tuo as TO the banks Of Mississippi, is true
universally as regards the influence Of the nation
al bank N maintaining for a hms a large paper
circulation, with but very little specie the specie
m the State banks, IN the absence OF national
bank, even at the period Of ihc,r failure during
the terrible disasters Of the war, beng nearly as
four 10 one Thus the only effect Of United
States Bank IS 10 expcl specie from tho banks
and from the country during its existence and 10
blow Tor time thC bubble ola deIusye pIosper-
y, tll, from augmented prices, oycr.ifadng and
overmporatlon bring on a demand for specie
from abrosd and down comes the inflated sys-
tcm, involving IN It's fall the ruin Of the whole
country To ieorcn2e the system under the
regulation Of national bank, is 10 bring on an.
other short period Of delusive prosperity, soon TO
be followed by terrible disasters, To refuse 10
create national bank, is 10 compel the gradual
winding up Of the whole system, Or at least the
reduction Of it's circulation 10 an extremely Iimi-
ted ancunt, md thus avoid the recurrence OF tu-
tre universal suspensions and conynIslons.
70 Be concluded il ON nfrt
John j. .McReo, Esq.--Amidst all the de-.
L e
| Bank, we are proud to the name Of our re-
| nnncInl E.lln,u clttznn LIZ.