The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-08-23
Colonel Benl5n,. Letter 60 the springfield
COMMITTEES.
ovR REaARKs ooNcLuDRD.l

$50 @1AatS Hd1by was tully aware o. tl0
deeply-rooted Partially felt throughout the
whole Union for the banking system as ii
hae previously existed, and more especially
Tor the United States Bank. Il 1.-THE party)
was fully aware, that upon the whole. the
nation was not prepared for any change Of
measures which would result in placing its
treasury in the exclusive custody of the ex-
ecutive department, free from such check
us the National Eank, by it's constitution,
coulds and in its operation had evinced every
disposition, to exercise. These were diff
culsies which only the most prudent manages
ment could overcome. Gen. Jackson, ac-
cordingly, said that the United States Bank
was monopoly, redolent of benefit to the
few aristocratic rich, and of oppression to
the many democratic poor. To this asser-
ton weight was, in some measure, given
by his then omnipotent popularity. Thus,
and by other charges against the National
Bank, also, measurably sustained by his great
influence, things were so managed, that the
deposires were removed, without thereby
causing that out-burst of indignation on
the part of offended freedom, which truth,
justice, law and common sense even, one
would suppose, ought certainly to have oc-
casioned. Such indignation was also not
only kept down, but even applause to con-
siderable extent was made to reVerberate
throughout the land, by speedily depOsiting
the public funds in the greatest possible
number Of State Banks, in the manner we
have before mentioned. By these two last
named measures, the executive party sue
ceeded in gratifying all feeling Of ignorant
and abused democracy, and whatever REM
nant Of patriotic ''espri de cOrps' there might
have existed at the time among the citizens
of each State respectively, and in avoiding
any improper or imprudent conflict with the
existing partiality for the banking system.
Thus, spirit of justice and of thorough re-
gard for the interests of the poor was appar-
emily evinced; and many were thus made
to believe, that Gen. Jackson did but destroy
the banks, within which large body Of
water had rolled on in a state of injurious
confinement, and so not only alter, to ma
tional advantage, the course of the stream
itself, but render irrigation from it far more
extensive and beneficial. 1t was foreseen
that by this and some other means resorted
to, the spirit of emigration, ever 50, and even
now, too strong, perhaps. in our country
would be gratifed,-the haunts of the red
men would be most readily and speedily a.
bandoned by them-and, where the wild
forest waved in it's natural solitude and
sublimity, the plastic genius of civilization,
assisted with, and urged on by the power
fully impelling and never tireing spirit of ac=
quisitiveness, would be induced to roam, and
assisted IN roaming in the pienitide Of free
dom. Thus all the measures of the execus
tive and his partfzans were tinged with the
hues of patriotism and wisdom, exerted sole=
iy and successfully for the advancement Of
national happiness and glory.
The probability-nay, the certainty-that
men would borrow as much money as they
could, and over-speculate, was relied on;
and this reliance was not misplaced. So
soon as the deposites were distributed, the
5tate Banks, all of them of course, discount
ed most freely. The credit system and high
prices. and that state of things, generally,
which we have already attempted to deli
neate, flashed into full existence. Thesprings
having been touched; the whole system of
government Or the executive measures rea-
lized the most sanguine hopes and expecta-
tions Of theminds that had desired it: Every
storm IS succeeded by calm, in the moral
as well as pllysical portion of creation; and
in the moral world every state of artificial
or unnatural excitement results in a condi-
ton Of s langCur, which Is not repOse." It
must, then, have been 1oreseen, by the
blinking portion Of he executive party, that
the natural and ineviisb le result of the sys-
tenn would be general I'D excessive depres-
sion and embarrassment in monetary matters,
which in due time, would lie eminently cal
culated to create general aversion to the
credit system at large, but more particularly
under all circumstances t.. that portion of it
denominated the g BANKING system" In
the mean time, no other means of manage
ing the finances of the nation, than that Of
resorting TO National Bank like the former,
or Of placing them within the exclusive dis
cretion, control and custody Of the executive
department, 81 such bank as the executive
might devise, was suggested to the people
Of the United States. The hue and cry
against he old United States Bank was, as
& slill e, for it seems to be feared as well,
ind ct this time more, In death than in life)
kept up With unabated energy BY the execu-
tive party.
In this condition Of affairs, Gen. Jackson
and his partizans, became too impatient to
think Of uniting for the natural result to
.shid.- tl,air 4iraa ), l.hn nrohah:litr indeed