Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-10-03
TIE CURRENCY.

The wrctched condition of our currency, Cel
low. citizens, should command your most serI.
Gus consideration. The solemn lessons of
history are taught in vain, unless we ADM, thai,
banks have ever proved the scourge and bane of
our Republic. The PROSTATE condition of our
cities, the depressed state Of trade, the homeless
embarrassment IN which many of the commercial
aud specializing classes are now involved, can MI
be traced directly OF indirectly, TO the operation Of
banks.
Among European nations, where Our system Of
banking has not been introduced, such pecunnry
distress ns now surrounds us, attend alone mon
the rasages Of war. No Foreign enemy nvades
our 81 ores, no civil commotlon dstuibs our ma.
tioual peace, nil our possessions aud means of in.
dusry remain undstulbrd; the seasons have been
genlal lald yields It's accustomed product labor
is recompensod with ITS usual reward, aud vet
distress and ruin pervade certain classes of soci,.
~ That this is the effect Of an inflated depreci.
attd currency, all viii admit and that such is The
inevitable fruits ol our banking system, we trus,
TO demonstrate beyond the shadow OF doubt.
The history Of banks Of "cucualon, dlscoun,
and Deposit throughout the would, is one of nj.
telnate expansions and coutracions. No mn,,s,
under what government the experiment has been
tried, whether under monarchy or a repu,,,c
whether connected with or independent Of Govern.
menl, The result of the system has always been
The same, for with laws US fixed AS those of m.
Iurc, ii reyolves N the same cucle. So onp n.
die piper issues of banks are based upon acma
money gold OF silver coin---So long will the,
continue at par but whenever This is lost sir6I
/ Of, and their circulation is based on ciedu alone
OF on mixture Of coin aud credit u denreriatior
! ol thejt issues ensues SO soon as the true charnc
/ ter of ihe bank becomes dlyulged. One oC m,
/ greatest dangers OF the system arises FINN IN,
i fact that all banks appear to work well during IN,
process OF expansion, or while confidence in m,
ability of banks to redeem their issues exist.
/ but the moment this confidence is shaken. the,
are compelled to suspend specie payments q
commence a risld system Of contraction, either q
which aIterna'Yesls productive OF the most ruin
Gus consequences TO the labonng classes, as the,
are the first, as well as the last, to feel the injurious
/ effects OF contraction OF the currency, suspen
I slon OF specie payments; OF The total failure o
/ banks. The evils which flow from this system
are dtiiused through all the amtcatlons of socie
! ~ while the benefits arising thereirom are con
4 hued to the stockholders and officers of bank
and their immediate friends
/ In no State has the penicious effects of bank
| ing been mole thor ughly illustrated than in Mis-
! slssippi. Within 4 few years, banks have beel
chartered to the enormous amount Of sixty mil
hons Of dollars aud had itaat been for tho euer
getlc measures Of our Executive 10 ares, the eyl
It would have progressed Ia a still more alaunin
extent Let us examine the effects produced b
tins bank charletlrg mania. Did it not engende
aud feed spirit of reckless speculation that pei
vaded all cLlsses Of society," Did It no, nominal
y enhance all kinds Of property to more tina
twice It's real value Did il not seduce men irot