The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-01-24

could notproduce.
Il can scarcely be doubted that the recen
suspension OF the United States Bank o
Pennsylvania-of which the effects are fel
not in that State alone, but over halt the
Union-had its origin in course of bust
ness commenced while it was national ms
Ititution; and there is no good reason fo
supposing that the same consequences woulC
not have followed, had it still derived its
power from the general Government. 1t is
in vain, when the influence and the impul-
ses are the same, 10 look for difference in
conductor results. BY such creations, we
do therefore but increase the mass Of paper
credit and paper currency, without checking
their attendant evils and fluctuations.
The extent of power and efficiency of or
ganzation which we give, SO far from being
beneficial, are in practice positively inju-
rious. They strengthen the chain of de-
pendence throughout the Union, subject all
parts certainly to more common disaster,
and bind every bank more efectually, in the
first instance, TO those of our commercial
cities, and in the end to foreign power. In a
word cannot but believe that, with the I'M
derstandinpf the operations of the bank
ing syst hich experience has produced,
public y atitnent is not less opposed TO the
creations Of National Bank for purposes
connoced with currency and commerce,
than for those connected with the fiscal ope-
rations of the Government.
Yet the commerce and currency Of the
country are suffering evils from the opera
ton of the state banks which cannot and
ought not to be overlooked BY their means
we have been flooded with a deprecated
paper, which it was evidently the design Of
the trainers of the Constitution to prevent,
when they required Congress 10 ''coin mo-
ney and regulate the value of foreign coins,"
and when they forbade the States "to coin
money, emit bills of credit, make any thing
but gold and silver tender in payment of
debts" or ''pass any law lmpairing the obi
CATION of contracts. If they did not guard
more explicitly against the present state of
things, it was because they could not have
anticipated that the few banks then existing
were to swell to an extent which would
expel TO SO great degree the gold and sill
yer, for which they had provided, from the
channels Of circulation, and fill them with
a currency that defeats the objects they had
in view.
The remedy for this must chiefly rest with
the states from whose legislation it has
sprung. No good that might accrue in par
ticular case from the exercise of powers, not
obviously conferred on the General Govern
ment, would authorize its interference, or
justify course that might in tae slightest
degree increase at the expense of the States,
The power of the Federal authorities-nor
do doubt that the States will apply the re-
medy. Within the last few years, events
have appealed TO them too strongly TO be
disregarded. They have seen that the Cons
ttutiOn, though theoretically adhered to, is
subyerted in practice; that while on the sta
tute books there is no legal tender but gold
and silver, no law imparing the obligations
OF contracts, yet that in point of fact, the
privileges conferred on banking corporations
have made their notes the currency of the
country that the obligations imposed by these
notes are violated under the impulses of in
teTest or convenience, and that the number
and power Of the persons connected with
these corporations, or placed under their in
fIuence, give them a fearful weight when
their interest is in opposition to the spirit of
the Constitution and laws. To the people
it is immaterial whether these results are
produced by open violations of the latter, or
by the workings of system of which the
result is the same. An infexble execution
even of the existing statutes of most of the
States, would redress many evils now en-
dured ;swould eifectually show the banks the
dangers of mismanagement, which impunity
encourages them to repeat; and would teach
all corporations the useful lesson that they
are the subjects of the law and the servants
of the people. What is still wanting to eff
feet these objects must be sought in addi-
tioDal legislation; or, if that be inadequate
in such further constitutional grants or res
trictons as may bring US back into the path
from which we have so widely wandered.
In the mean time, it is the duty of the
General Government TO cooperate with the
States, by wise exercise of its constitu-
tiOnaI powers and the enforcement of It's
existing laws. The extent 10 which it may
do so by further enactments, have already
adverted 10, and the wisdom of Congress
may yet enlarge. But, above all, it is in
cumbent upon us TO hold erect the princi-
pies of morality and law, constantly execu.
ting our own contracts in accordance with !
the provisions of the Constitution, and thus
serving as rallying point by which our
whole country may be brought back TO that
safe and honored standard.
Our people will not long be insensible to
the extent Of the burdens entailed upon them
by the false system that has been operating
On their sanguine, energetic and industrious
character; nor to the means necessary to
extricate them from these embarrassments.
The weights which pressed upon large por-
ion Of the people and the State, is an enor-
nous debt, foreign and domestic. The for
'ign debt Of our States, corporations and
men Of business can scarcely be less than
wo hundred millions of dollars, requiring
more than ten millions of dollars, year to.
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