Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1839-02-27
AMERICAN MERCANTILE INTEG.
RITY

Kitty.
We published yesterday, among the
items of European intelligence, one which
stated the fact that out of bills to the a.
mount of two millions of pounds sterling,
which had been sent to this country by
the Bank of England for collection, all had
been paid except four hundred pounds,
and that of this comparative trife. por-
ton had been secured and the balance
would be even truly paid.
What commentary do we here find on
the vile aspersions cast upon the Ameri@
can character, at the time Of the great
panic. by the London Times and other
British prints in the same interest? Ex-
perience shows, that out of evil good fire.
quently arises--and never has there been
more striking illustration of the truth of
/ the observation, than in the case under
consideration. The commercial disasters
that like a iarnado swept over the trading
community at the period named, threats
ened TO PROSTATE irreyocably not only the
credit of America, but that of the whole
world. Houses which had stood proudly
pre-eminent for the prompt discharge of
their liabilities, found themselves obliged
to yield to the overwhelming ruin, and,
it was feared, that many years would be
required to reinstate matters in the condi,
ton in which they had been found at the
commencement of the storm. Ii was even
supposed, that in our own country, not
withstanding the vast recuperative powers
which 1t was known to possess, our mer-
camille men would require a long lapse of
years for the restoration of their credit,
and would be obliged TO await the produce
ton of several successive crops of our
great staples, before they would be enas
bled to cancel the vast amount of indebt-
edness with which they stood charged
How nobly and satisfactorily has the fall
lacy of such opinions been demonstrated.
Within short space Of time, not only
have our merchants shown their willing
ness but also their ability to meet their
liabilities, and out Of ten millions Of dolls
lars held by a single institution we find all
but two thousand dollars of this vast a.
mount paid in two years. Nor were these
demands for payment made with any pars
ticuar regard to indulgencies, as NIGH
have been expected. They were presents
ed as if under ordinary circumstances, SC
far as we are informed, and were satisfied
at maturity. Nor is this all. Circum
stances had rendered a suspension of spe
Gle payments by the banks indispensable
on the part of these institutions. No soon,
er did The first impressions of this mea
sure, so much deprecated, pass away, thar
steps were taken to secure resum ptior
of payments in coin, and before the expi
ration of two years we fad that objec
effected.
To attain this desirable end, it becam,
proper to curtail as much as possible al
', paper issues, and consequently TO dimin
ish the facilities which, in a different state
Of things, would have been fully extend
ed to the trading community. Notwith
standing all the odium heaped upon bank
and the distrust in them, created by th'
: Misrepresentation of their opponents, WI
have seen them, as we before remarked
resuming specie payments, and al length
T almost as if by magic, ready to pay thei
8 liabilities, if required, in coin. To wha
I is this wonderful, and honorable as it
, wonderful, effort on the part of our pee
: pie to be attributed? To the deep sense G
: moral obligation implanted in the bosom
I of our countrymen, not to suffer them
selves to be dispirited and cast down--t
! the untiring enterprise and unfiinchin
] energy of our people, which no disaster
/ could overcome-to the moral courag
$ which induced those who were indebted
: 10 cancel old liabilities before they shoul
] incur new ones--and, above all, to tn
4 productiyeness of our soil, which cast u
e from lis prolific bosomthe means whereof
: the ability has been furnished to do wha
i as honest, upright men, our merchants fe
+ themselves bound to effect.
7 Will the presses of Europe, that cate
5 for ignorant prejudlces, now venture !
+ Term our people sss1indlers," or will the
g not feel ashamed Of the contemplate wal
e of knowledge, that could induce them
il attempt to affix stigma to the name
Z L ~ I'll TT.