Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-05-02
From the Globe.
MORE DEFAULTERS.

We give below letter received tIom friend
on visit to Richmond, touching the half million
ba"t da(aIcaton at Richmond
RiCHMoND, VIRGINIA, AmH o, 1910
DEAR SIR arrived here last night at mid.
night, and this morning found the city in state Of
great excitement arising out Of bank fraud
When will the facilities afforded by these lns,tu-
tons for corruption, and corruption introduced by
these facilities, cease Daily experience CON
firms the feelings Of my life, that these institutions
are radically defective in form and substance, and
the present example is confirmatory Of this opin.
ion in The highest degree. A few years since,
Benjamin w. Greene Of this place commenced
without any capital except his assurance he grad
ually extended his operations from dray or car,
to his droves Of mules and horses in a shor,
time. he purchased real estatO--a farm at Sl4,-
900, another at $4,000 another at SIS, 900, then
coal pit at $4,000; he mas thirip houses on
hands, and employed FIVE hundred men and at
the last election, had twenty hacks and one hun.
bred horses at the service Of the Wing voters, to
visit the different precincts, to fix bis friends in
power. The wonder was, whence this immense
food Of unusual good fortune could come. Spec
uation succeeded speculation, and Ben. Greene
was the life and soul Of nearly all business What
ever he touched seem to turn to gold-or, a, least
our present representative of gold dear, delightful
paper money. Houses sprung up by enchant-
ment; The laborer found employment, and who
will say that all this is not good. But the unmir-
ed erii has to follow. A few days since, VIM. b.
Dabney, the Wing teller Of the bank, disappeared
and on examination. now shows large defalca.
ton to the bank, some say of half n million, ror-
ton Of which he has pockeed, and large quaint.
~ went TO Greene nor is this all individuals
are ruined, who have been drawn into the whrl-
pool of their wild speculations II is this, which
is striking down the confidence Of the CONNER
cia world, and blottng oui the credit system, the
illegltimate credit system Of bank monopoles.--
This is not the first disaster which has befaIIcn
this place in these matters. A short time since,
Pizaro Edmands, president of savings insti.
tulion here, issued his shinplasier currency in vi
oIaion of our laws, sweled with pory sail, and
dictated political manfestoes for the Wings; was
one Of their committee men was active IN put
ting down General Haine 10 put up Bolts, who
has srtlaguisked himself so glorously during the
present session. These men, Edmunds and
Greene, were Aliases Of the Wing cause in the
city and county. Fit agents OF a fit party Blu,
individuals are not alone responsible for the vice
and misery Occasioned BY their misconduct. The
temptation was before them and around them, in
the inherent vices and want Of sufFicien. safe.
guards of all banks themselves. And these are
the institutions to supply our currency, and keep
our public treasure these are the institutions
which, by expanding to day, increase the nominal
prices Of labor, and contracting 10 morrow, under
the pressure Of times or the frauds or mismanape.
ment or peculation, not only reduce the wages Of
labor, but probably throw hundreds upon the com
munily withou. employment to point The argument
and swell the importance amongst Wing politi.
clans Of the dishonest and nslaTious argument and
misrepresentation of John Davis Of Massachu.
sets. The banking systam must be radically re.
formed or expunged, or disaster will succeed dis.
aster, TO END IN CONFUSION and subsequent pros.
traOn, from which there will be no recovery, ex.
cePt by years OF suffering and misery. The pre-.
sent state Of the Ohio banks and its creditots-of
VirginIa--of the whole Union-read Us hs I'M.
pressre lesson Viii the people learn