Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-10-28


prescribed by our National rulers, and
should be regarded in the same light as
the opponents Of the Administration of
Messrs Monroe and j. @. Adams;
neither being accountable when the
reins Of government and the moulding
OF measures were not in the hands of
their political friends. 1t is worthy of
especial remark that in New Jersey,
from 1880 to 1897, the Wings were
in power but one year, viz, the Legis-
lature which was elected in 1882 and
held its principal session in January
and February of1333. No Bank was
chartered by this Wing Legislature !:
The whole number of banks being S,
and the increased capital amounting TO
S5,42S, 900, were authorized by jack
son and Van Buren, Legislatures.
The third table. No. III, is a con-
densation of the statistics furnished by
the first two, exhibiting in addition the
precise number Of banks chartered and
capital authorized by each of the polit-
ical parties through the Legislatures
in which they espectively had the
ascendancy.
1t thus appears that by the Jackson
and V. b, party 224 banks were char
tered, with an authorised capital OF
| $205,650,615, while their opponents
created 1874 banks, with a capital OF
only S62,478, 285. or less than one
third. The banks of the latter being
institutions Of moderate capital, de-
signed for local convenience where the
veto of the United States Bank had
deprived the people of the facilities for
their commercial operations, which
they had previously enjoyed.
In consequence of this inordinate
increase tof banking capital, together
with the strong injunctions ofthe late
President and his Sec. Of the Trea-
sury to the Banks to be liberal in their
discounts, the ratio of their paper cir
culation TO their specie, which bad
previously been about three to ore,
was so enlarged, as to be in the pro-
portion Of more than 6 TO l, until
finally their issues became to great for
redemption.
Speculation, by reason Of the increas-
ed facilities for borrowing money and
the unnatural and deIusive value given
TO property by an inflated paper cir
culation ; the suspension ofthe Banks
and the arrangement Of the currency
with tie destruction of the credit sys-
TEN, have been the inevitable conse-
quences Of the experiments Of the pre-
sent and late administrations. Hav-
ing originated the modern Banking
system, with all It's disastrous inhuen.
ces they now with a ruthless and de-
structive spirit, unnatural because di-
recied against their own offspring,
endeavor TO undermine the whole basi;
upon which sound Banks and credi
are founded, by abstracting, through
the operations Of the Sub-Treasury
scheme, all the specie from the institu
tons of the people, and placing il il
the vaults of the National Treasury
thereby securing hard money for tn
! Government and ofice-holders, AM
irredecmable paper or rags for I'll
people
The Wings, on the contrary, al
though strongly condemning the de
parture from the good cd Fashioned
system ofFinance, which existed prio
to the present and late Administration
and especially deprecating the vas
multiplication of Banks and Bank cap
ital, through the course of policy of tn
party IN power, nevertheless regar'
: the Banks as institutions authorized b
! law. And as many innocent md un
: protected individuals have made in
: vestments in them, and as they hav
become incorporated, TO considerabl
extent, with the business and interest
, Of the people, it becomes their duty, d
= it will be their pleasure, 10 restore tn
E currency, and 10 regulate the Bankin
= system, as they were in those good oil
n times when rulers Of their choice wer
: in power. Infusiug mild and patel
# nal spirit in their measures and adoI
i ting that noble conservative sentimen
g "Preserve and regulate. but not d.
# stroy."
J, READER, LIS TIN 70 2 Il.
E2=ANlH AR@R AEa ~ A =,