Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-09-05

Mammoth Institution


Mammoth Institution
tai of $50,000,O00; wo,
control the currency, bun
late by its expansions
prices both Of labor and pr,
while conner ny would
meshes, and SO II would pro
time, dangerous TO the governm
the liberties 81 DC people. Butt
perlence Of the past 'dght to quiet
apprehensions Of this sort, YET ven
them reasonable, would ask a not
dangers more impending undi the
system? The state banks nov presen
spectacle of a large number of pc ndet
! dent chiefs, waging war upon each a. T.
stronger overcome ,h weaker, and ho confess.
sscs On until one one ~,ser ami more j, .sor-
ful than the rest, reduces all 10 subsection, and
rules over them with despotic sway. The state
banks even now are weary of the ruinous
strife, and anxious to place themselves under
the protection Of some institution sufficiently
powerful to sustain them. Many have already
sworn allegiance TO the great Bank of Penn
sylvania. Others are ready to follow the ex-
ample; but the greater portion are axiously
awaiting the final determination Of the people,
whether they shall submit to the control of
a national or mere state institution Around
the former they would all rally, and acting
with confidence and concert, the immediate re-
suit would be, sound and uniform currency,
and restored and healthy credit Ii is wor-
thy Of observation, that some Of the very states,
which object to the cHartering by Congress, Of
a National Bank, lest it should prove too pow
erful for the country, very modesty propose
to charter similar institutions at home for the
purpose Of atfordng a currency, not only tor
themselves, but for their neighbors. This has
been already accomplished by Pennsylvania
Her mammoth Institution is in full operation,
beyond our reach or control, and yet, with all
the capacity for evil that could be attributed 10
National Bank by its most bitter opponent
Its issues at this very moment, command pre-
MUM in this State, over god and silver. Our
Exchanges, such as they are, are principally
under its control. What could prevent this in
slitutlon, with her immense credit and capital
from saturating the whole country, if she pleas,
ed, with her issues? she could emit her hun.
Idreds Of millions and il would all be grasped
at; she could then contract this unnatural ex
pansion, call in the paper, and according to the
argument Of those opFdsed to National Bank
purchase OF half price from bankrupt com
Imunty the property Of the country. If sucl
la power must exist, let it be under the contro
f and supervision Of the whole people, and not o
a single state But this is the beginning only
Other states emulous ofthis power, are Prepar'
ing to struggle for participation. Look at the
great South Carolina Rail load Bank, already
chartered IN several states, and determined no
rDl nd ranuIatinn nF the
currency ofthe South.
Look at the idea, long since thrown out, and
now ripe for action, of a fifty million Bank IN
the city of New York. Is not the currency Of
Mississippi already at tbs mercy of other states?
Shall we continue to gtoan under this degra-
ding vassalage? Which will Mississippi pre-
fer? as the regulator Of her currency and ex-
changes bank chartered by a single state, in
the construction and limitations of which, she
has no voice, and in the supervision and con-
troll of which she has no power, or one char
tered by Congress, in every provision OF which
her voice will be heard, in every Limitation lief
suggestions considered, and over the conduct
and operations Of which, she will in common
with the other states, exercise a continual su-
pervsion and control? The question now sub
mitted to the people is whether the currency of
the country shall be restored and regulated
through the action of the representatives OF all
the states or by the legislation and monied
power of single state? | regret that the
limits of this communication, will not permit
me to enter more at large upon this view of
the financial question; trust however, have
thrown out sufficient hints on the subject to at
tract attention, and 10 constitute starting point
for reflection But have already exceeded
the boundaries had prescribed. lfthe people
shall see fit, through their representatives, to-
elevate me to the high and arduous station TO-.
wards which J our kind parlialties have point;
ed, can only say that for the fidelity Of my
future service, offer them the guaranty OF
the past. To my fellow citizens Of Madison
whom you represent, as we'll as to the Wings
of other sections of the State who have honor
ed me with their unexpected and unsought con-
fdence, allow me to express my most sincere
and grateful acknowledgements. That may
ever prove worthy Of their good opinion is my
highest desire; that may be able, in even the
smallest degree to advance our common prln-
ciples, is my sole ambition. To yourselves,
gentlemen, permit me to present my thanks,
together wi tn my best wishes for your indiyld-
ual prosperity
Very respectfully,
Your obd't servant,
s. S. PRENTlSS.
TO Messrs.
I. J. CArcHINGs,