Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-05-25

'Nl'tN'tu.dtNc OF specie anu iu3S controlling The
/ trade aad commerce OF the country. Without a
/ oaua,wlih no export commanding spelJe,and with
I no equivalent 10 the shape OF bank paper, how
could the north command, control aad monopo.
1e the foreign trade OF the country, or how could
/ 'hey come iuJo competition Tor tins trade with a
/ 'okion raising an export equivalent "a Emuae
/ every year to nearly one huadlcd millions Of she
| ere. We are rivals with lhe north tor The foreign
uade Of the country; At Is pr.2c of ncalcula-
! Die ,aine--lt is an object Of far and lust rivalry
no honorable effort should De spared to effect
ih'S great oblcct-yet We are asked 10 abandon II.
ana transfer To the mouth al tbe foreign tiade OF
/ me country and even Tor our own supplies, by cte-
/ 'anS there national currency, which commands
/ ahJ controls even oar owu exports. aud all the
/ 'wde that is based upon lhcm NHh no other
/ currency m thus Union than specie, our exports
\ must command tho imports and lurcign trade of
! the mon, and II must also command al specie
/ prices, all that We purchase from the northern and
western States. Yet all tins We are ask TO surren.
| der We are asked to sacrifice the interests OF
those who false the products Of the so,l. II, ,bs
| bencht OF paper manufacturers who ralso and
/ produce nothing except fictitious currency IN
! which millions Of that which circulate, rs money
IS struck Oh IN an hour from the bank plate with
the usual ornamental device OF engraving This
/ - certainly a much cheaper method of money
making Than by digging It out Of the soil by the
| products OF labor; but Is not only destructive
/ OF the true interest, ct N, community, but anti
! republican in all Ms tendencies, and drmomIizng
IN all ITS mnuencleS, NV views have always been
hostile to an expanded currency. was oppnscd
10 the creation OF more than one bank in this
/ STATE IN printed pamphlet, now before me,
dated jay 9TH 1881, and then published over my
| signature, commended against the policy Of ever
| creating more than one bank IN the State dc.
claIed IN that pamphlet that /" one State Bank on
! y, IN each Of the States, with AUXILIARY btanchcs.
would alone prevent the evil of a deprecin,od
currency arising tom the multiplication of the
BANKS o. the oIates;' and maintaining the power
u Inc State to establish one such institution, and
one only, asked IN that pamphlet the following
| qsesllouS "And Is Ibis State s,rpped Of the
power to guard the community against these q.
'lls Can II not create an institution so Ncl rul.
| culaled to MAINTAIN the rights and say,leieuly Of
The States and 10 advance It's interests WnS
the legislature forbidden 10 profit by the sad Ic.
sons OF experience in other States, ana cuDncll-
ca TO stand by as passive spectators Of the results,
ny winch TIE State, lom year 10 year would bc
cursed WIN nhumerahlc banks, a depte,mled cur
't"oy ana bankrupt people ~ Ii is now elght
years Shce ms opinion was promulgated, and
was 'Heh ~ small minority upon this question,
| ou' nave MOI 'hcSe views been sanctote ed ly ex.
! petehce Would II not have been well for rs
ho"' II we mad nercr embarked upon the vast
| ocean OF paper credit II We had cfeatpd lint ono
bank only, and have we not, Ly adopting con.
taty course been "cursed with iunpmcrahlc
BANKS deprecated currency. and bonk,n,,
people NO, We are not bankupi, If wo v,ll
fcly' not upon banks, bu, upon our own encro,
INDUSTRY lin9aIiy and economy: but any Other
S"'e u''ii mississippi, any State moi blessed with
"ci WONDERFUL ieItIe sol and rjch staple, would
nave been rendered ucuicyubly bauhnpt +,
SUCH system. Ia looking around for the best
means Of restoring the prosperity Of the State.
and establishing It upon sound and pertua.
oont basis, the following suggestions appear 10
me worthy Of consideration! l-t To mrrcase
The nett profits Of cotton planting by discouae.
ing an expanded circulation. "a. 10 oppose the
creation OF any Bank Of tie United States. or
the creation Of any new banking institution Of n.
ny description. ID. 10 abolish after the lapse
OF unreasonable period, the circulation here of an
bank paper Of denomination Of note. less Than
twenty dollars. 4lh, To arrest Altogether after
the present year, all further issues OF post notes.
and TO have, after lbit period, no Other bauk ma.
per encuIalIon than Il limited one, at all lines
ie'Iy 'edcemabIe upon demard IN specie. OH,
/ o abolish ali banks that ancra reasonable Non.
o. "'iI not permanently redeem ali lhef notes al
all tunes upon demand N specie. 9Th TO IN. |
courage by all fair md constitutional means, tie
establishment Of direct trade from our own
ports win Europe ~ import, aud exports. 7lh |
0 cheaper the means Of transporting the crors
Of ouI planters to market and lhor return sun
Plies, By encouraging The construction Of our rail. |
roads, and the removal u distractions m al our
navaayle streams.
A to he Bank Of toe United States, my views
were fully explained IA opposition to any such
institution, ~ various pnnted addresses prcced. |
my my election to the Senate of tic United |
States. These views have since been more and
more confirmed W experience, and when, during /
me pane 81 1887, II was confidently predicted, |
that The saie, M November, would elect "A lqpiS.
aiure favorable 10 National Bank, ayowed IN |
roy speech 10 The Senate early IN the specia, ses
SION "a September 1897, and then printed. nav fix |
ed opposition to The creation Of any National
bahh, ana ny determination f. resign If instruct |
Cd to vote u favor Of establishing any such lns
Iulion. In the same manner. in 1884 aud 1873 |
preceding my election, avoaed nv advocacy Of |
the aboIishng all bafh note circulation Of less
denomination than twenty dollars, and the aug.
menlallon Of the circulation OF gold and SILVER, |
and have voted for the same principles, when. |
ever an opportunity occurred 10 the Senate Of the
Lnon' In supporting then, these views against
National Bank, and against an expanded cur.
fency, have only carried out the opn.ans ex.
pressed at the period Of my election, and have
violated no pledges, abandoned no principles, de-
ceiYed no individual, aud betrayed no party Aud
hnrn u. - !. !. -