Southern Argus., 1839-04-16
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ToR TREAsURER,
SILAS BROWN.
4 Isl. TIE United States Bank did not
prevent the commission Of excuses BY the
State Banks Il rather stimulated them
10 excessive issues. In 1885 the Bank,
but few months before the expiration Of
its charter, increased its circulation within
d very short space, some fourteen MIL
lions. This unprecedented expansion
gave the first impulse TO the spirit q. spe-
culation and oyertrading in 1885 and 36,
which has been the RUN of thousands, and
indeed IS the primary cause of all our en-
baTrassments.
The above is from the Columbus Demo-
crat, and what surprizes US most, is that the
editors of that print have soon forgotten one
of their great objections to United States
Bank, viz: that it !" kept doecn The Slate
Banks, and held them all in its grasp. The
United States Bank never stimulated the
State Banks to excessive issues, for it never
was its interest to over issue, or to allow them
to do So With regard to the increased circu-
.lation Of the Bank Of asome fourteen mil.
Hons," we can only say that that amount
would allow in eachOf the States in the Union
an increased circulation Of little over $780,
900, an amount which would be hardly felt by
them, and surely could not form basis for ex-
tensive speculationa The true secret of the
matter. as we stated in our article Of Tues
day last, that one Of the causes of our peeu-
mary distress is, the destruction of the Uni
ted States Bank, an institution which con.
trolled the States Banks and prevented the
commission Of excesses by them" And now
for the proof that the United States Bank
did control State Banks and prevent their In
crease. No sooner had the veto been placed
on the bill fe-chartering the bank, the State
Legislatures. throughout the Union, commenc-
ed the manufacture Of banks, and State inst-
tutions have gradually increased in number
since In 1880 there were 500 State Banks,
with capitalof $lll,l9226S
In 1887 there were 623 banks
with capitalof S37a42l, 1863
Increase Of banks, 494!
Increase Of banking capitalin
seven years from the period
of the veto to 1887. $267.22s,9OO
an increase Of cir
culation of 1854, ,457, 800 y
Can any rejecting mind remain unconvinced
as to the cause Of our redundant and bloated
circulation; OF, that if a National Institution
had been chartered, these 494 State banks
would not have been chartered! 1t is surpri-
zing to usthat an editor can sit down and en-
deavor toconvince any man of sense that an
increase Of fourteen miRiOu of circulation in
tuDeufg- sir States could have any effect on the
currency Of the country; and It is still more
surprizing. that there are so many who can be
gulled by such statements. Why does not the
editor tell The whole truth, and say that the
jackson Van Buren Legislatures chartered in
seven years 494 banks. and increased the cir
culation Of the country to the amount of fUe
hundred and thirty. four million, four hundred
and itty-seuen thousand, eight hundred dollars,
and that to number of these new banks the
public deposits were given with recommen.
datiOh from Gen. Jackson through the Secre.
tary of the Treasury, to loan them freeIv to tn,
people! Why does he not then tell the peo.
pie thatthis enormous increase Of circulation
which was fostered and sustainedb by the Jack
son Van Buren Administration. for the nur
pose of filing thegap'' which was made b,
the destruction of the United States Bank
made bank rags" as abundant as /" the au
tumnal leaves" and that the people were mad
dene6, and borrowed, bought public lands
which were thrown into market at price
"cheap as dirt and at last, when the bnbbl
was full the SPECIE CIRCULAR was issued b
Gen Jackson, which burst 1.-THE banks sut
pended the payment Of specie throughout tn
Union ;--became preseedin their own affair.
and intum pressed those who owed them :
and that the dreadful tornado which was start
4 ed by wicked and corrupt administrator
(which is rapidly approaching,w Il soon bur
with relentless violence upon the people, an
destroy their prosperity and their happines
perhaps forever! This would not be an owe
: drawn picture for an editor to paint, and even
the easelwas awkward to him, the lines an
shades are 50 strong and dark the task wou
I be an easy one.
Would that every voter would ponder ov
these things, and fol themselves trace our iaif
I cultiesto their true fountain head, viz: /
commencement Of the Jackson administrati
J. and trace the stream to the present time, q
It not pin their belief to the sleeves of edito
u who receive benefits from the corrupt goyeI
q ment they support a new light would bn
Is upon their benighted visions, and what th
b now !. see through agtass darkly' they wol
q then see face to face, and become who
convinced Of their previous errors.
s REMOVALS FROM orFIcE.-Ihe remol
6 from Office Of those postmasters who hs
:, been suspected of not giving to the admin
tratiOn that jealous support which IS demai
s. ca by Van Buren, has been matter Of {,
sideration for some time. ii the Holly Sprir
II Republican fierce and sometimes witty j,
u ioco paper, as early IS the first Of Decent
al We observe that the editor had been 81