Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-03-28

- 5000 Nr#. ..ets., ,Hr.r ws- ..I.e lH--
-rr. DISTRESS. r-. f-..,r v.r bad 4'..aa, 5..a.
81 themselves s' .#=H.s-asHs ,ne,a.4tI.a-.
lHrralre us amount of specie gy eNrars-
H.n o. Ea-a4e, became immediately ue leading.
policy u. tae Bank - els Uafel safe. IH,
"-' t1e oa.y process as 0hllb 8, could a. uu,g
slasFf'e rs paris purposes by creating another
pane, ard bang both private and public interest
into Jeopardy. Iae Jas; %. 10, suspruanE Tie
diN alter ,ae election 10 penGs,,,a8.e, speak,
volumes ou THIS subject It's socrr, measures
were % successful. iali NC md one of the Pod
li".nha newspapers, an after the >u>nea,. ua
IN October, asserting. 90 Justification 81 tb, meas
ere, laat raFs loan laa mlUaas ri dollars had
been exported between tae frs, OF August aud
October Hte more tblp two months. The
Whole amoan, Of specie shipped by the Bank lH-
ung the Nsar-lor u sent nearly three million,
after rs susPeason-ia.l hus short Of wsut,
millions
The measures by ub.sh this immense sum of
treasure was procured, tueyilall, Produced great
dl,Iusl and measues. throughout the monetary
operations OF the Union. lis post notes were Of.
Tered 20 the capitalists Ja our commercial cities,
Who usually keep large deposits ca the banks, a.
such tempting rates ia1, % vas able 90 draw from
the greatest potion OF these resources, and u0.
ways IA specie. during several months the sale
oil exchange on England and France ua, nearly
monupoIzed by the Bank On London d sold
bills at from one and bali TO Two per cent
bgo" the actual par and immediately drew from
the local banks the sum for which the bulls were
sold ga specie, suffering los, upon Iho operation
mcludug freight insurance, ETC. 81 NOT less than
iom three TO four per cent upon many millions
of dollars, Ih, loss was however, regarded as
"A tuhr, compared with he great object 10 view
to destroy commercial confidence, and involve
the county 10 universal distress.
The design arod "a It, most important FoIHt.
The banks of New York and he Eastern States,
with lew exceptions, remained sDrad.s>t 90 lhelr
integrity 10 He public interests But the MUM
Gus consequences to the productive industry Of
the country are mcacuIabe. bucl reference
20 a single ten VIII serve to indicate ID, extent.
Philadelphia has for many years been the
great emporium ior distributing the manufactures
OF the Eastetu State, throughout thu West and
Southwest, It The time OF lAe late suspension,
an immense sum was due, and becoming daily
payable, on account e these u>iaHmruts-
The amount may be larly estimated lu largely e.
coed ten millions at dollars. Not dollar OF TIN,
vast amount could be realized by the manu0actur.
ers for the payment of their debts and the wage,
due their operatives but at the absolute ss OF lhr
difference between Philadelphia bank paper and
specie, which was for some weeks tghDteu per
cent. and Is now uc les, than half lhil discount.
In most cases tins difference more than absorbed
the whole profits OF their capital and .k,l .--
When the other debts due lrom Philadelphia and
the south, winch followed 1t, example, are taken
INTO view, the losses rpmlhs source alone may
be easily conceived. No commercial opera
tons could safely sustain them, OF ought to be
compelled to sustain them. J moie lla.rant Out
rage upon every principle OF honor and conf.
deuce was never committed IN "a civilized comuu.
NIFTY, II the laws cannot be made to protect mcr.
camille Transaction, from the recurrence Of such
violations Of Justice and good faith then eualtous
Will be a muCkcty.
Any man who reads the Constitution Of lhe
United Suites cannot fail to be satisfied that # N.
tended to guard against lhls ygry euI. ltpropro.
ses 10 secure to commerce the only universal.
currency gold and silver The powers grau.
ted H. Congress are sufficient to enforce th.s IN
tenuun. The evils which have been visited upon
commerce and productive Ha8s'ryt and hive pro.
dueed ther present depression, may DO olrclua.
y cured 10y inserting INTO the bankrupt la" pro.
VISION HAT G"y person, corporation, or dssotta'
hoH q persons who shat issue, Poy out or
enth notes J'aS' d,Gjts o.. obligations c'di HE
des's"' mat tey sbai circulate instead Oh or
as a substitute Jog, money and shat r,tme to
PAY and redeem the same on demand, shall BE-
deemed and adjudgsd buhJupt and become ha-
bic 10 the operation Of The iac hke other com
puhOIy Janhupb.
Unless banks are made subject to the bankrupt
laws, as they are IN England, do not understand
no" a "un'Iorm IA" OF Daok'uplcN"mch alone IS
contemporary 'he Constitution can De framed
II surely could not be called a UNIFORM 70" winch
compelled asingIe individual to surrender ms prop,
eriy IA UaYneut O ms lawful debts, while a pX-