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


sion OF 1887, when a partial one, occurring "''h'
m thirty months of the former, produced new
scriot. cmbarrassmeqts, though il had no pnIlia-
ton in such circumstances as we're alleged IN JUS
filtration of that which had previously taken
place. There was nothing in the condition Of The
county to cndanser wei managed banHing ln'
stitution; commerce WIS dcrangcl by no torp'S"
war; every branch nl mannn ctGrn9 lhUustry
wns crowned wilh rich rewards; ana tie more
lhuu usual abundance OF ourhaVCs a,ter supply
Ing orr domestic wants. hal lie I or granares
and stoc houses Glled with surplus for cNroth-
ton 1t is in the milst of this, iIat an irederm.
able and d, precated paper currency is cntaIled
upon the rcop'e by large portion of the banks.
They are not driven TO it BY the exhibition OF
loss Of public confidence, or Of a Sudden pressure
nom their dcpo>itors OF note holders, bit they
excuse themselves by alleging HAT the current OF
business, and exchange with foreign countries,
which draws the precious metal from their vaults,
would require, in order TO meet it, n lager cur
'ailment Of their loans to a comparatively small
portion OF the Community, than ii VIII be conYe-
nient Tor them to bear, or perhaps safe for tAe
banks TO exact. The plea has cca ed to be one
ofnecesstv ConvcEicnce and policy are now
deemed sutiicost TO warrant these institutions in
disregarding their solemn obligations. Such cor.
hhI' - NV HItlViy dli VI uy 10 lHulflNu'l'i'
ors, but it is a wrong to the Whole community.
| from whose lhcrality they hold most valuable
| privileges rights they violate, whose bu.
sincss they dcyangr, and the value Of whose pIo.
! perry they render unstable and insccmc. It must
be evident thst this new ground for Eaok suspan-
sion, in reference TO which ttcir actions Is not
only disconnected With, but wholly independent
! OF, that Of the public, gives Character to their
/ suspensions more alarming han any Viii h they
exhibited tp',rr, and grcaly increases the I'M
! propHttY Of relying on the ta.es IN the transac.
! tons of The government.
! a lar4o aud highly rcsrsc' a5lc portion Of our
| banking Institutions are. il affords me uuh iguCd
! plei ure to state, CNcm, ted from all blame Oh
! account Of tbs second delinqnpucv They have,
! 10 thrT grca. credit not oaly continued to mret
! ,hcir pugjtacuCnts. b 4 have even rcpudiatcd tho
| grounds Of susptnsion nov re+orcd 10. Il is only
! by sue, c'unc tlatttecolGdtncc AMI good viii
! Of the cnmmunitp can be Preserved, and. IN tie
sequel the lest Interests Of the institutions item
| selves promoted.
Now dangers to the Lauls a,e also daily dis
! closed from he cz'ctlien Of chat system or eX-
tn1aqart clcdt Of which they aie the piilms.-
| Formerly our lor,ipn commerce was p,incipnlly
! founded on an OK hlngo Of comno iilies, incnd
! ing The prrcou. metals. and leaving in its trans
actions bnt lttle G,rr'gn d, bt. Snch is NOT new
tlecayp. Aided nv t6r (lciIitits afforded hy Il e
| banks. mere cred has bprome too cotnuoly the
! hali, Of tradc MANY of the tanks thomeelyeo.
not copl,nt with larrrly Stimulating tlis system
anorr Others. have u.nrnel fine business. while
! they i'm par Tie stoh;ty. Of The mercantile com.
| m,ln-,y. thew have tccame borrowers instead of
! tenders. they csto,l,sA ihoir agencies ab,oad .
the, deal lorrely IN stock ard mrrchan ize: they
ircouare the issue Of state securities until TIE
forpinp maxi, is rlnttnd win ihem. and neati..
fed with tl.c lroitina,e use Of t.eir own canital
and the eve .cise oC t,ci, lnvGl privilccrs. thew
raise. BY LARGE loans. additional means for cyery
variety Of snecula'ion I'ie disasters ait.udaI,
on hi deviation from the E,rmrr course Of I'm
.iness in this country, are now shared alike bv
banks ana individuals. TO an extent Of which
there is perhaps no previous oxanipc in the an
nails of cur country. %o lnp,osn wi,lipgncss Of
lie f,r,ign LEI d, r. and n Sufficient export of ON
rroluclians 70 ncet INV rece.sar, ra,tial nav.
ments, leave the 1ev, Of CREDIT unli .tntbcd. al
nrnpars 10 he r,osne,o,e. hpt 90 soon nc il !.
A checked by any hr.int,on ,h,o,d. y, nv an ina.
hility to make paynrnl trre j., COR pro .uc,ious
thc =, ia OF thc svste4, l,s,lnscd Tho n,nri
currency which r,.c,ht s,-yc ,r ,,orrn eos
,s ,sar,ss 10 NM no rl,(t a,o IN r,.ro,c CO.,
and silver are thrrclo,e Jr,,-n. +, r,rh5noc in,
,Lcir no;es. from thc borls 10 lconun the,
sunuly ofccin. these .us,;,n,iops ara al ligcd Z,
call uDon their own f,hto,e. ,y,o rav diem nrn
ciD,Hy in thoi, own o,os ,9t,;ch nrc no naval
;Ele 10 then, rs ILrv mo T., th merchant. 10 ,,cc
In lc,,.,n} ,i'ta,,,I. nfLoE"',l.,b,.a
fo,c, in snch cmsrgeaoie.. or ncce,sily, exceed
IN, 5n,,anI ,n.l rS,,o, !, o,,,.;I
mn,t oCnnir or,i' 1n,r,,,
- .,,N
rgrda,' i n,1st :a,,',. ";'.'' .',> L,r ,H
,,n,-$, ~ a. .a',i ~ ~ -
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Nv" :" 49,, ',',I,,S I'"''"nly % '.'oi Di''