Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-02-02
r,crIIENcY - MNI-rr-

IS. ~. ,l. is-.s. as SIT forth u the Blak Com
an ~. -s-lrt have been received by the r5hecl-
..- n his community. That i should 10
--.,l b wondered az, unfolding as t dos,
~ .5--a1u1a auI rJi,cnness unparalleled ai
- i5---caI history OF tiIS oT any oifer coi-Ify.
- 5gsston must irr.s'siaOiy force lis2I IN aA
- a., when Is The enI Oi juis STAKE u itiuvs
g. tlI.,ea ou.v knows-l0r Who can c1ul,
.y Irrrc Of certainty on what financial
~ NAV rmanate from so grGre and profound
..st.-,,,-f hoiy of men as compose a majority
-. Mississippi Legislature The Sugggs-
e--,'l, in your message relative 10 Tie course
~ eli 10 b. pursued BY the legislature towards
,, institutions of our State that have tran
.ale3 the limits OF their charters, has met with
= harry concurrence OF the honest Of all parties,
~ much good to the condition. Of our currency, II
as anticipated would result from Tie deliberations
-, bosy on a subject OF such vital importance
:, ne peope at large; but sir, how delusiye were
~ b1nss of those who INDUCED IN such vain
-, might be well said Of then, they reckon
"a n,tbout their hast-they knew not the materials
- which the ma ority oil tina; body Is composed
Tba recent develOpcmcntS, as To the course about
I'M, nprsted towards the Banks, Is perfectly as
,oaninr:--l0r those who run may read, that Bank
:,9yspes ppponleraleS whenever any measure is
bronrht forward touching, even m the most remote
legree The interests Of these Sou!-ess Institutions
What is In, first step taken TO rivet on the people
of Mississippi the curse oil an unsoand currency'
The suppression OF information as to tie condition
~ ,ha Ranks as reported by the commissioners the
servants of the people, appointed and paid for the
rynreSs purpose OF procuring this iniormllio for
tbGm Could il be rigd observance of that econ
opo,py which not only characteristics our legislators
Int The whole Southern people, which forbid a
greater number than 200 copies to be distributed
throughout the state supply not sufficient for
even the population OF one Of its villages This
simple fact, OF itself, speaks volumes That inf0r-
nation which has cost the people some ten thou
sand dollars TO obtain, their trHSty and economical
representatives did not deem prudent to expcnd an
i additional fee hundred on, for the purpose of dis
semnang amongst their constituents the facts
thus collected for their benefit Poor people, how
much they must feel indebted TO their dear faithful
representatives. would ask the gentlemen who
voted for the f,ro hundred copies only, if the thou
sand and one rumoTS in circulation about the condi-
ton Of the Banks, as well as the manner in which
dey had complied with the acquisitions of their char
iers did not demand publicity of the facts; So, that
they were true. the people might obtain an ex-
peSlon Of gentlemens views on this subject who
might present themselves as candidates for the Lee
glslature at the general election next fall; or III
they were false, that, in Justice TO the Banks, the
public mind should he dsabuscd, and that conf
dence might be again restored. But that deeds of
darkness shun the light, was never more fully cx-
empllted than in this instance The gentlemen
must certainly have forgotten, that they who aid
and abet IN the commission Of crime by connvancc
or Otherwise, whether 1t is on a large or a small
scale IS equally culpable in the eyes Of the law. as
well as by every sense of moral obligation, as he
who does the act The people may well look with
apprehension 70 the corruptiny influence of the
stream Of legislation which must flow from the
present polluted source.
Time is fast disclosing The strength Of lie orcu-
meht, that advocates Of the Union Bank pressed on
the people in layor OF its establishment " that il was
absolutely necessary 10 control the issues othe other
institutions, and to preserve a sound and uniform
currency in the State" and "that it could not avoid
doing 50, as the Commissioners and the President
and Directors dare not transcend, if they felt dis
posed the limits prescribed for them BIZ The law
granting its charter and pedging the faith of the
State for the redemption Of the bonds on which the
Bank is based" Have the sape predictions of these
gentlemen been verified Could they have been
sincere in making thcm' If they were, we must
give them much credlt~ior penetration and fore
thought What have the commissioners appointed
to sell the bonds of the Union Bank, done They
have clsregardcd the express provision of the law
which says, these bonds shall not be sold for less
than their par value in good and lawful money of
the United States" They have done so by selling
them for the simple notes of Nicholas Biddc Of PHI
1adelphIa, dated on the 18th day of August last,
and payable in five equal instslments in Mississippi
and louisiana money, on the first days of Novem-
Oct and January last and on the first DAYS of March
May and July, 1889. Does not the following pre-
sent bright specimen of financial capacity in the
gehlemen who were appointed to sell the bonds Of
o en olac, which exports produce 10 the amount Of
ni'een millions OF dollars per annum Whilst they
~e'e COOKING Tor customers, they met with an indi-
'uual u fhadelpha who is reputed to be wealthy,
auu Sold these bonds, bearing an interest of five
Ft cent per annum, TO him, (N1r Biddle) for his
@es winch, 1t will DC remembered, were not sion
N N.Y. ms olhcla capacity as President Of the quasi
twn cl Dahk, but as private cltizen) payable in
,wa, WY Nv SIX, eight and ten months, from some
io,sro. udyS Per the date of the purchase without
TL;s .I alu Payable in deprecated currency =
ro.I a'y man OF sense not apprised of the facts
"oud suppose to be Gncv sketch. bpt be NAV resi
thor uid' u iS not more strange than true i il
49, ask, any wonder that the credit of our State
tbe nsO Wv an ebb, when agents appointed under
H.. DIVISIONS OF law, in which the limits are dis
J",' prescribed for them in the DISCHARGE of their
nas, snow plainly by their acts that they maid no
scs Whatever to that lar, by doing that which IS
,ad,ny forbidden in II What course have the d.
,n,;ea' pursued since they have commenced the
om bv s',at nave devolsed upon them; They set
after post-noes payable some eight months
~ ~ SSa'e' which, the moment thew were issued
%e'e from two to four per cent below the value Of
own $50 81 hon-specle paying Banks of even our
discornstaei They confined, for some time. their
n9 OunS, 70 those alone who had executions hang
those eeln giving the preference in all cases 70
the evIr Inv are most involved; thereby encouraging
the moro and proaigate to the prejudice Of
fed w,,b j. INDUSTRIOUS and prudent. But not salts
thew ule Ordinary sphere of banking operations,
hay0 d., entered upon the commercial arena, and
mo RAM ~ me merchants and petty cotton steal
,bev I'm rem the market Of oar great staple, SO
, my now lord it with considerable swarcer 6ay.
usslsaO competitors to contend with But sir, it is
vnlsss 0 70 multiply instances in which this Bank has
ao, a. ios sarter; these men who control it care
of H. g Tor any of its provisions, save the faith
lainO. oa'e il was.ths alone they looked for in OBJ