Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-01-04

ii Inc Fosf Master had not that, ..he
ronid o6ligingly take paper, at go or 80
per cent discount; or if paid in specie
he Immediately sold his specie to the citi-
zens at 20 or 80 per cent premium TO
pay postage again, thus every individual
paid TO Government e6Fcers,-farored men
Just 90 per cent, 10 swell their purses.
and increase their importance and wealth
Letnot the Sentinel talk of rapacity at this
late day, for the people forsthree years
past have been as the dove in the talons
of The rayenous kite.
But let US view this transaction as we
think it should be, and sec, if we can,
wherein consists the great nefarie;asness
of the deed. We VII, vii first =. out with
the iacs .nat the Government deposites
were placed in the Bank, with instruc-
tons to discount on them, and thereby
prevent the pressure which was thought
would follow the withdrawal of the cap
ital of the old United States Bank. The
Bank in pursuance Of those instructions
did discount liberaziy--aye too literally
on the faith of the Government monies.
thus The mony of the government was
loaned TO lie people, and as soon as that
was accomplished, the government calls
on the Bank to return the funds placed in
her vaults. 1t must be evident TO every
an fkat hot i,.a.n--sbla 81
had, as the Government instructed, loan
ed it out to the people. The Bank is SUI
ed, Judgment recovered, and she transfers
her bills receivable, achich she obtained
for The Government funds TO the Gorern-
naent. This is, thus far, fair business
transaction. But let US see whether the
debtor of the Bank is in a worse condi-
ton after the transfer than before. We
contend he is not, unless il is more unfor-
nate to be indebted TO the General Gov
eminent than to Banks; for if the debtor
at the time Of notice Of transfer, holds
the notes of the Bank it is good offset
TO the amount possessed, and the Govern
ment will be compelled to receive those
notes in payment of the bills receivable
transfer red by the Bank. 1t is we'll
known principle of law in this State,
that the endorser Of a note takes it sub
iect to all legal offsets the drawer may
have against the payee up to the time
when notice Of the transfer is given
The only difference is that the drawer
of the note becomes debtor to the Gov
eminent instead of the Bank.
The person whose notes are transfer
red, owe the Bank, and it on account of
the rapacity of the Government is unable
longer to protect its debtors, to discharge |
its liabilities and protect itself, hands
over It's debtors to the ..rapacity Of the a.
gents Of the Federal Government"
Gen. Jackson said call who trade on
borrowed capital ought to break" and
as that saying is considered an axiom in
the loco foco creed, why do they cry
rowed capital''-and speculated in pub
lie lands, are called on pay their debts.
The great sin of this transaction consists
in the apprehension Of the loco foco's |
that this direct levy upon our citizens,
w ho will be made to feel the 1srapacity'' |
of Federal agents, will convert and turn
The minds of the people into the right
,t,.rel an. shew to them that awe have
4 currency for he people, and curren-
cy for the Government" or - ot:oA !
words, gold and selcer for the office hol-
holders, and rags for the people. In that
alone consists the righteousness of the
transaction. Let every man pay his
debts-let every bank pay its debts, and
we will have good currency. We are
not the advocates of any Bank, and ne
YER have BEEHIVE have denounces such
banks as we believe have acted unwise-
y, or dealt fraudulently, and we feel e.
4ually at liberty to denounce and con-
Tenn every man who will act dishonora-
bly,, and refuse to pay an honest debt, or
discharge an equitable liability. We
know that many banks in the State have
acted fraudulentiy, corruPtly and dishon
bat we hold that the man tcho has
borrowed only '.promises 10 pay from
Bank, and liquidated an honest and bona
fde debt, dollar for dollar, with those
promises tic pay" is morally and hon
sstIy bound to repay the bank, and he
" no would avoid the payment upon quib-
lie is guilty Of as great an act Of dishon-
,sty as the corporation or man who ut
ers false coin.
Union of the wings.