The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-09-13
SENATOR WALKERS LETTER,

but all must dread, will be at hand.
SENATOR WALKERS LETTER,
CONCLUDED.
| The senatoria letter writer says:-''NoE
should il be forgotten that the cost Of making
our roads and canals, and Of removing the
distractions from our navigable streams, il
perhaps quadrupIed by the paper system
All! Is it possible! Then we presume the
price Of labor is increased. For we presume
those things consist principally of labor. Il
this so, Mr.. Walkere Eut we do not exactly
see how it is that 1.-THE paper system at one
and the came moment, 40 astonishingly ''di
nsinishes" and increases" the price of labor.
Mr.. " sIker is not good humbugger by an
means: At every turn of his harangeer he
runs foul of his previous arguments, con-
tradicting half dozen times in a column
what he said in the paragraph before.
Speaking of the interest paid by borrow
ers of money to banks, the Mississippi hnm-
bugger says:-'And this vast and annually
augmenting sum, is collected not by labor o.
industry, but by the non. producers from the
producers. 1t is a tribute exhausting the
fountains Of general prosperity, extorted by
the few from the toll Of the laboring mill
lions" For the thousands and thousands
of this country who owe comfortable COM
potency to the an OF few thousand doh
lars few years ago, and their own subse-
quent industry; and also to the millions OF
laborers. who are empl yed by individuals,
Companies, Rail Road and other Corpora
tons, whose enterprises are based upon
loans from banks, this humbug Will have but
little weight.
Mr.. Walker occupies newspaper column
or so, in an attempt to show that banking
will, if suffered to continue, raise up an
''aristOcracy" in the county, that will be
anti-republican and dangerous TO liberty.
This is shallow empty bug-bear, without
experience or good philosophy to rest upon,
as we will show in a very few minutes.
lie bases this whole supposition upon TIE
assumed fact that banking is much more pro-
JStGbte than agriculture, commerce, or the
like. and therefore The owners of bank stock
will in time anass all the wealth ofethe coun-
try. And he says, as the fortunes of the
few are augmer ted, must the many be lnf-
poverished."
II it were true that banking is more pro-
itable than other kinds of business, how
comes it that the pursners of all kinds Of in
dustry borrow of banks? Now, it is obvious
that if mechanic borrows one thousand dol
lars of bank, he can make a more profta-
bic use Of it than the dividend it would al
ford the owner. Lanking must of natural
necessity, yield less profit than the busi-
ness pursued by Ill or any of those who wish
to borrow money Of banks; else why will
they borrow and pay the INTEREST," Hence
we see that bank stock is almost entirely
owned, that which is owned by individuals
in this country, by those who are so situated
that they cannot or who do not choose to
pulsue mere profitable business which re-
quires personal attention, agriculture. COM
merce, navigation, mechanism, or the like.
A very large portion of the bank stock which
is owned in the United States, is owned by
widows, orphans or minors, or such persons
as cannot use their money to greater profit,
and want a sure and safe investment for
their friends. Mr.. Walkers whole theory
then, that banking is more profitable Than
industrious pursuits. and therefore bankers
will after while own all the wealth, is torn
utterly to pieces, as he very well knew i:
would be, the first time it was taken hold of.
tanking must Of necessity, we repeat, yield
less profit than the business Of persons
who borrow from them. This is obvious to
every one the moment i, is looked at.
Eut thai one man cannot GET rich withou.
another getting poor. in lhe same proper
ton, is a new idea, and will do very we'll to
be laughed at.
Senator Walker states what he very well
knew. and what every man knows. 10 be
utterly untrue, when he wrote as follows:
''The amount Of American bank stock is
now estimated at about four hundred mil
lions OF dollars. II we estimate the other
property Of bank stock holders at an average
of four times the amount Of their stock land
i Is much greater in this state) the total
amount Of wealth Of all the bank stockhold-
ers Of the banks Of the Union. would be two
thousand millions Of dollars" Mr.. Walker,
again, for about the fortieth time ii this lei.
ter, wilfulIy attempts 10 deceive, for he
knows that not one-third of.the bank stock
Of the Union i owned BY individual stock
holders. i is foreign capital loaned to on,
institutions ~ capitalists Of Europe. when
the use Of money i less valuable than here.