Lexington union. (Lexington, Miss.) 1838-18??, 1840-01-24

OF the credit system. The same laws OF
trade, which give to the banks in our
principle cities power over the whole
banking system Of the United States,
subject to the former, in their turn to the
money power in Great Britain. IL is not
denied that the suspension Of The New
York banks in 1887, which was followed
in qnick succession throughout tho Uuion,
was produced by an application Of that
power; and it is now alcdscd, IN cx,enua-
ton Of the present condition OF so large
portion Of our banks, that their cmburrass.
menls have arisen from the same cause.
From this influence they cannot now
entirely escape, for it has its origin 10 the
credit currencies of the two countries; il
is strengthened by the cufren, Of trade
and exchange, which enters in London,
and is rendered almost irresistible hv the
large debts contracted there by our mcr-
chants, our banks, aud our States. II is
| thus that an introduction Of new bank
into the most distant Of our villages, pla.
ces The business OF that village within the
!
/ II is thus that every rev debt which we
contract in that coun,ry, seriously affects
our own currency, and extends over the
pursuits OF our ciilz' rs lis powerful iuilu.
ence.-Wc canuot escape from thus by
making new banks, great or small, State
or National The same chains which
hind those now existing 70 the ccotrc Of
this system Of paper credit, must equally
(rt!er every similar Institution we create.
II is only by the extenti to which this sys-
tenn has been published Of late that we
have been made fully aware Of its irresist.
IDLE tendency 10 subject our own hanks
ard currency TO vast controlling power
in f1rcighn land; and i, adds new ar
gumenl to those which illustrate their
precnrious situation. Endangered in the
first place by their own mismanaoement,
and again by the conduct Of every insli
tuition which connect them with the centre
of trade in our own conntry, they nrc yet
sui iccted, beyond all this, to the eff ct OF
whatever measures policy, necessity or
caprice NAV induce those who control the
credits of England to resort 10. mean
not to comment uron these measures pre-
sent or past, and much less to discourage
tho prosecution of fair commercial dealing
/ between the two countries, based on re-
ciprora! cncfls; but it having now been
made manifest that the power Of lnillctlng
Tvs, and similar injuries, is by the re-
= l., r al ~
trade, equally capable of extending their
consequences through all the ramiicatons
Of our banking system, and by that means
indirectly obtaining, particularly when
our banks are used rs repositories OF the
public monpva. a dangerous political in
fiucnce in the United States, have deem
cd it my duty TO hrirg the su' i"ct t. your
notice nnd asl, for it your serious cchsId.
Grafton.
Is an argument required beyond the
exposition OF these facts, 10 show the ion
propfi.,y Of using our banking institutions
os repositories Of The public money
Can we venture not only 10 encounter the
r risk Of their individual and mutual mis-
Infringement, but, at the same time, to
place orr foreign and domestic policy en-.
lirely under the control Of foreign mon.
eyed interest? To d. 50 Is to impair the
Independence Of our Government, MS the
present credit system has already impair
, ed the Independence Of our haaks. Il IL
2 10 submit all its important operations,
a whether of peace or war, to he controlled
or hwartcd at FIRST by our own banks, and
(. then by Il power abroad greater than
It themselves. l cannot bring myself TO
d depict the humiliation to which this Gov
{ ernment and people might he sooner or
. later reduced; if the means for defending
their rights are to be made dependent
t upon upon those who may have-the most
S powerful of motives TO impair them.
Nor is il only in reference to the effect
$ Of this state OF things onthe independence
n Of our Government or of our banks, that
u the subject presents itself for considcra-
= iou; it is to be viewed also ia its rcla-
/; lions to the general trade of our country
;. The time is not long past when def.
e cheney Of foreign crops vas thought ia
e afford Il profitable market for the surplus
OF our industry; but now we await with
a feveiish anxiety the news Of the Engllsh
D. harvest, not so much from motives of CON
!, mendable sympathy, but fearful lest its
!, anticipated failure should narrow the field
" Of credit there. Does not this speak vol
h umes 10 the patriot? Can system be
r benefcient, wise, or Just, which create.
in
Of %'N"'N' ""H'N' III iutSits'S uepenucHt Oh