The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-08-22

"a M sssld 81 ! spsctal - - Is NV.
Ie37, wkiDe the Van BuTen psiIF M ~ S
10 both houses Of the LegislSsure.
The act relieving the banks from damages
on failure to pay their notes when due, pass.
ed at the session Of 1885, by votes Of two
thirds OF each house. Il was not party
vote-no act could have pissed the Legiala-
turo At THAI time, by 20 urge najorities,
without disclaining all party consllnyationAs
certainiy it could net have passed - = mes-
sure If the wings.
We will not enter into further details %
prove our innocence, against charge which
has SO little plausibility. We cannot be,
lieye that our enlightened people will lay
upon the minority, the responsibility of acts
which they had not the power to perform. ].
1f the banks are responsible to The law,
COURTS of justice are open to the complaints
of.lhe injured Ifnot, let those who granted
the charters, without securing the commune
~ against the abuses which we have wit
messed, bear the whole Indignation of the
public.
The accusation is made, in truth, to di-
vert from themselves the odium which natu-
rally falls on the authors Of these calapities.
The measures which produced them are too
recent, too notorious, and were too loudly
boasted Of by the democratic party, to have
been forgotten. The Bank Of the U. States
was struck down, and the use Of the peoples
money, for which it had paid hsary bonus,
was distributed as spoils to some favorite
State Banks. The power Of the National
Institution was broken--its re-uharter was
vetoed, and the State Banks, relieved Of the
wholesome control that renderedthem harm
less, Issued, by the express direction of the
Treasury Department, an amount of notes
beyond the security oftheir means. The
temptation for the creation Of other banks
produced its natural effects,-and before the
bubble burst, their number had nearly dou-
bIed, in a period-of three years. Then came
The Specie Circular, and the. ruin of those
banks that were within the reach Of the
Land Offices was complete.
With the expansion Of the currency, pro-
duced by the operations of the Government,
rose spirit Depreciation, restricted by no
considerations of prudence. But the sus-
pension Of the Banks was the signal fer all
to pause and examine their cond3iD0ss-
With a great foreign debt, no currency
could be kept among US that could beiused
abroad; and the prediction ola great leader
Of the Democratic party, that the measures
of the Government would cause gold to flow
up and down the Mississippi, was literally
verified. Itflowed from our ports to the up
per country, and toNew Orleans. Pressed
as the Banks were by these untoward Cir
they resorted to all measures
that their ingenuity could suggest, to save
from continued suspension !;
and the public received as money, their de-
preciated notes, because no other medium
Of trade could circulate here, under the
pressure o. our foreign debt. This, itseems
to US, is true and simple statement of the
causes which have produced the deprecia-
ton of our currency. In the confidence
that the verdict of our feilow-citizens will
confirm these views, we cteenuliy submit
them.
We may not omit to remark, before leav-
ing this part Of our subject, though at the
hazard Of being thought to descend from the
proper dignity of the occasion, the frequent
use Of party catch-words, employed by MIR.
Van Buren's friends, to prop the sinking
oftheir chief. These men claim
to be the true "Democratic Republican par
tyr and those who are sufficiently indepen-
dent to refuse passive submission to the
despotism of a faction, are termed "Federal-
ists." These party names are rarely men,
toned now, except to delude the ignorant.
But there was time when they meant some
the names ssRepublican" and
g Federalists," distinguished parties who diff
fered on great subjects of constitutional law
and foreign policy. At the memorable epoch
Of the declaration of war against Great
Britain, when our young country, without an
army or treasury, and with FIVE frigates
and few smaller vessels. for navy, was
driven by oppression to measures of strength
with power which claimed the empire of
the seas by right Of conquest which was
wealty enough to substitute Europe-upon
whose provinces the sun never sets--and
whose armies were destined to overthrow
the conqueror Of all Christendom, that his
armies could reach-the American people
were not united in their counsels. 5. At that
gloomy period Henry Clay was the cham
pion Of his country's honor, on the floor Of
Congress; while that party which was indi-
rectly aiding the cause ofthe common ene-
my, by seeking to embarrass the adminis-
lration Of MI. Madison, received the active
aid of Martin Van Buren,, in advancing the
election Of De Witt Clinton, the Presiaen-
hal candidate Of the Federal party. The
man who would CO operate with suctI aPa1@'
y, for such purpose, can scarce deserve
The name of patriot. He is indeed Ne