The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1840-03-13
EDITORIAL CORRESPONDENCE.
Extract of a letter to the Editor, dated
"PH1LADELPH1A, Feb. q, 1910

PHILADELPHIA, req. q, lo4O.
"By the transient ship Tarolinta, we have dates
to the 4th January from Liverpool. Cotton had
advanced one-eighth of penny since our last ad-
vices on account of the small stock on hand.
Money matters had become easier. and the Liver
pool Banks had announced their intention to loan
upon good security, at five per cent interest per
annum. This announcement so enivened busi-
ness generally that the manufacturers had come
menced their full hours Of work. The demand
tor goods increased and cotton was in more brisk
demand. Grain had declined and the duty upon
wheat and -four advanced.
IS As yet there has been no action Of the lepis-
lature of this State compelling the banks to re.
sumo specie payments. II is now thought that
the first day OF July will be the day fixed upon,
Virginia and Maryland having set that day by enc
actment. The banks of this city have sent the
Secretary OF State full statement of their condi.
ton, and appointed a committee to wait upon the
Governor to inform him, and through him the lee
gslature, that it will be entirely impracticabe for
them to resume before the first day of February,
l84l. Should the Legislature hasten the resumps
ton too soon, the banks have unanimously resolv4
ed to appoint commissioners to take charge Of
their affairs by assignment, and wind up.
"The Manhattan Bank of New York has got in
trouble, and is well nigh the verge Of insolvency,
on account ut secret loans by the cashier upon a
pledge OF stocks to favorite relatives. She is the
Federal Government loco foco Bank. You will
recOllect she was the first bank to propose a des4
truction of the United States Bank, and on ac-
count OF her friendship for General Jackson when
the government deposites were removed from the
United States Bank, she became one Of the most
bolseTous and furious of the Government Pets,
and promised to aid in giving us better currency
for all time to come, (or her charter is perpetuaD
IT the people would only destroy the monster.
They have done so, and now the democratic le.
gislatures throughout the Union are perplexed and
amazed, astonshed and grieved to think that the
State Banks, which are of their own making, CAM
not tremendously unite in giving us better and
more uniform currency. Short sighted political
knaves and demagogues pretend vet not to sec
the cause, but the day of humbugery is over, is
past, and the eyes OF the producing interests are
now about being opened, and they will flock to the
standard of Harrison in such crowds and dense
masses, will make the present rulers change
their policy or sink with their political knaveTy
into gnOminy and shame--the scorn and -derision
of every patriot.
''With blushing shame record it, but who
does not know that the present Governor of Mis-
sissiPPi rode into power, alone, by his vndictivs
and malicious abuses heaped upon a National
Bank, advocating in every address the policy Of
establishing a mamoth State Institution, and
tauntngy asked the wings, 'swhy such bank az
the present Union Bank, could not regulate the
exchanges and establish as uniform currency
for Mississippi, backed by our cotton crops, as a
National Bank !' The people placing confidence
in what he said elected him Governor. The bank
was chartered, and in order that it might the more
speedily commence operations, the Legislature in
~ gave MIN the power OF appointing
the directors. So anxious were the party 10 Get
hef under Roadway, Commissioners were soon APP
pointed to sell the Bonds of the State Five mill
lions were sold. The bank managed and con-
troled by set Of sterling locofocos, Immediately
commenced loaning ten months post notes, and Of
course her issues suddenly deprecated. Instead
of regulating the currency she has not been able
to keep her own paper at par with other banks in
the state. What then becomes Of all the boast
lngs OF the party! Why in order to blind the peo-
pie and hide their own disgrace, they suddenly,
as II by concert of action, denounce all banks end
threaten determination 10 the whole. But after
destroying them, what do they then propose doing
for the State? They think Louisiana and the ad-
joining States can and will furnish a better cur
rency. But mind you, all their schemes offnaDce
and currency regulating are now at an end. The
best bank on the globe destroyed, the state banks
Frustrated, agricultural products depressed, and
the country groaning under the oppression of a
mighty debt, sweeping as if by a bosom Of des-
truction the enterPrising merchant and industri-
GUS planter.
Z" ! shall write you weekly for the future"
Yours truly.