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


PHILIP DIXON.
4 p.xys AND THE VAN BUEEN PARITY
HING has been more common than for
!. Van Buren, party to denounce the
gbirs as Rag Barons, aristocrats' mon
rs,s and scofIers at the rights and
,.,ests Of the people. Nothing was
-, undeseryed than such charges,
"a ,ba lash could not have been better
,,olied If they had laid on their own
.ta,,ldars. instead of the Wings There
~, sinoIe State in the Union whose
banking capital has not been increased
,.i,bip the last six years and in none
moro w. believe, than Mississippi, where
until the last year, the democratic party
have held the reigns of power and gui-
Iej the car Of Government; and this
sane party that have such holy horror
Of banks and banking, have used their
pouer to builJ up bank upon bank, in
ar State, until our paper circulation is
as different in value, as Joseph's gar
ment was various in colors. Mississippi
sever would have been so cursed with
I'D banks had the party really acted up
the principles they pretended to advo-
ate. But they protested one thing and
3one another, their cry was down with
Rg Baroas, the Aristocrats and Bank
res, and at the same time a charter was
.eIng granted, that some few of their
tsnocratic friends might get possession
q 1t and food the country with ire
eemable paper. The banks in this
S1ie, that the people have been mostly
zured by, are those conducted by the
nembers Of this same Rag Baron, aris-
ocratic, bank hating party.
There Is scarcely a bank in the State,
hat has been under the management of
some OF the members Of this party, whose
paper is now worth half the amount it
calls for. That great monster of cor
rnPtioH, the Brandon Bank, had and has
a member Of the bank-haring party at
Is head, and into which on account of
tie democracy of its friends, the depo-
s'es would have been placed, but for
vsntoi financial ability of its President,
vho permitted some of the notes, of the
aak to reach Philadelphia and New
ICrk, before he had prepared funds to
meet them with on their arrival. That
ank, the Madison County Bank" and
he ~MadisoRriUe and Pearl Rirer Turn
Pike CO.. have been the bane of the peo-
PIE in middle Mississippi, while not few
anks ofthe same character, have sprung
INTO existence in the northern part of the
State.
These two last institutions sprung up
amid the pressure of the times, with the
ostensible object of supplying measure
by the wants of the people, and furnish
ing the county with change. They had
no capital, but that made no difference
Tor IN this age, every man has become
we'll versed in the science of financier
ing, and there are few but what think
they can establish bank without CAPT
iai' and carry 1t on without capital, and
accomplish every thing else without CAPT
tai; this was the case with these institu
lions.
The Bank of Madison County, wa:
managed with some little caution at frs
50 as to give its paper some credit; it
small bills circulated about home, anC
is large ones were sent TO a distance
% Be distributed. just so soon as it haC
established credit sufficient to permit, it
notes to circulate, it broke, and thus end
Cd the bank of madison Countv,'' a
jacksonville. The Jacksonville anC
fearl River Turnpike Co." followed
pretty much the same policy, the small
Slis OF the bank were circulated a
nome, the bank kept its gold and silve
~ 'ieh view, TO inspire confidence ant
give y credit. But the game they play
- was soon discovered-the manager
'He oahk had despatched their agent
'i'h saddle bags full of the notes Of tina
@nk OF the denomination of los, 20
and.
ne money was received In pay
'a'ids' Ia that republic, and the recei,
- " The money fastened to Madison
10 get II converted into curren
'-''is' but the object of the bank was az
'Oonpilshed and it failed. We under
aug mat the owners of the paper hav
-'''ened back TO Texas swearing ver
s-Ahee, limb and rope. to the perps
s''oFs Of the fraud, if they can cate
hem.