Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-12-21

State, nj lalS time, Is not worth IN gold and silver
more than 60 cents on the dollar Suppose.
then, the nominal value Of property sinks. ~ real
value wall be as great as the property will be
worth Just as much TO the holders. 4 negro and
an acre of land viii make iust as many pounds of
cotton Il they are not at more than two thirds OF
their present nominal value, add the cotton pro.
duced viii sell for precisely as much IN the Liver
pool MARKET because It Is not affected by our "a.
per pnces. Specie prices then decrease
the cost of production, and therefore, are an i'm
mense advantage, as they do not lower the mar
ket prices Of the commodity produced.
Ii IS all idle 10 say, that we cannot have a sui
icienl amount of good currency IN TIN, State
We always have, and always mus, rely upon our
cotton for currency as every other country must
rely upon its products. Even the banks support
no currency but in consequence Of our cotton
purchased directly, or its proceeds, controlled BY
a purchase Of the bills Of exchange They swim
die the public by issueng post notes, worth little
mole than half their nominal value, and exchang-
my them with the planters for cotton, as euuiya.
lent to gold and silver for the planter never gets
more for his cotton in this sort of trash, than be
could sell oi in specie IN hand, and his returns
are usually one thIrd less planter who has
bale of cotton, can always command from forty
to fifty dollars IN specie, whish is worth from six.
~ to eighty dollars in the best post no,es-0ne
fourth of the amount oil the annual product Of this
State, would furnish very large circulating me.
dunn. -Four millions Of good currency is as
much as the business Of this State can circulate
and the specie value Of all of our paper trash, is
not, ut this moment two thirds Of that amount |
AID after all, property is always measured by The |
gold and SILVER standard, because il the currency |
is deprecated, it is made up in the additional
price asked aud received. 1t is the laborer, the |
honest; and confiding, who suffers the loss, the |
planter aud the mechanic.
Were all bank paper destroyed in this State TO-
morrow, we would have plentiful gold and sill
yer currency in ninety days. Specie Is mere
commodlty--t will 20 where ii is in demand as
much az groceries or ready made clothing. II
will not, however, circulate with currency of
less value, because then the demand Is destroyed,
for the reason that the valuable is suppanted by
the cheap Suppose paper was prohibited lmme
dialely. does any man OF common sense and in.
formation doubt, that specie would flow at once in
It's place, because demand would bring II here
and our cotton would purchase it. The present
state of things is all artificial, produced by a sys-
TEN Of corrupt and unwise legislation. An I'M
mediate return TO a metallic currency, would he
attended with inconvenience at this time, and
therefore we do not advocate it,
B. Again. II is urged by the bank advocates
that a return 10 a sound convertible paper cuuen-
cy, would distress those who owe the banks, be-
cause the latter would then have TO coerce pay
ment of their debtors Grant that this were the
fact, is 1t right that the whole business, every in
tercst and class Of the community, s TO be taxed
10 the amount Of twenty five per cent or more
upon the product Of their labor to sustain the
reckless spectators and imprudent debtors, who
do not constitute one fifth of that community !,
for the whole debtor C ass docs not exceed hal
proportion We ask, should this be the measure
of legislation is this the sort Of equality and
Justice which government should mete out to its
citiZensl Are the speculatcrs and banks 10 be ;
supported in their folly and crime, by taxing the
labor Of tho country 10 one fourth Of It's amount,
by means Of Deprecated cuuencyl The idea,
and those who urge it, should be rejected with /
contempt.
1t is certainly most extraordinary iallacy, that
an abuse is never to be corrected, because the re-
medy is attended with some evils A fractured I
limb cannot be ampuated without pain and sul
fering yet, it is necessary TO preserve the other
members and the whole body. Grand theft and I
murder cnnAo be punished without great evils,
yet, they are necessary to protect The community
from still greater caamitles. The great interests /
and the safety OF society must be cared Tor, al. {
though individuals suffer.
The great evil to be incurred, 10 the return TO =
specie payments. was the argument in this coun- /
try in 1914, and in England, when her banks sus. (
pended for 20 years, yet the calamity Of contlnu-
ing the rags, was held TO be still greater. Be- I
cause we do wrong this year, must We continue
wrong doing to all eternity
The truth is, the longer we continue this STATE !
Of things, the more difficult and disastrous will /
be the return to sound currency, because, the \
greater will be the number of contracts entered /
into upon the present basis of things. and the
more powerful the interests auayed against re.
turn TO a sound currency. /
We, however, denythe assertion that the debtors
Of the banks will be prejudced by proceedings a.
ganst these corporations. In the first place, their
debts are nearly all arranged transferred or IN suit
Whatever coercion would be necessary on the =
part Of he banks, to wind up their affairs, would ;
have to take place. whether their charters we've
repealed or not In any event, the debts must be :
collected if the parties are able TO pay and in
point Of fact, if bank attempts TO continue, she
will be compelled to collect much faster, IN order
to restore her credit, than her necessities would
call for, we're her existence at an end, and she
quietly permitted 10 60 Into liquidation, 10 use
bank phrase ard quietly collect and pay her
debts A bank thus situated, could give much
more indulgence than one struggling TO sustain .
credit and circulation and, in the present con- J
dltion Of he county, it would be for the interest
Of the banks to give this indulgence, IN order to
save their debts. Again, as soon as the fate OF Y
the banks Is known, their paper will lose all fc-
tious credit, thrown about by legislative enact
ments, and sink at once to its true specie "Vaue.
Il Il IL