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


not this sa.e Of things degrade the morals Of so
ceiy by exciting the worst passions IN the breasts
Of man Has no, the facility Of obtaining money
from banks been the means otbegsanng thousands
who would otherwise have been wealthy and use
ful members Of society And has not the loss
accustomed by the depreciation OF bank notes tall I
en- upon the productive classes aud not on The |
bankers Of the State These are facts that cannot
be denied for they are within the knowledge OF
every citizen that has resided IN the State tor the
last six years.
deoreciaied currency is one Of the greatest
evils that can be inflicted on any people. topper
ates with peculiar hardship on the Planters Of the
cotton growing States. The Puce OF the great
staple which sproduced by their capital and "a
dus,ry is fixed by the foreign demand and supply
and is of course measured by the specie standard
of Europe. Every article they have TO purchase,
which goes into the cost OF the production OF cot
ton, has to be paid for at the deprecated papcr
money price, while they are Obliged - sell Their
products by the specie standard oi the country To
which il is shipped Thus The depreciation OF the
currency and the consequent high Puces that pa
per money induces Is TO the cotton planter an IRE
ueyable loss. The interests OF the whole nanun'
but particularly the cotton growing states require
nay impenousy demand IA sound circulating me-
dun. Past experience proves that banks nave
ever been the means IN this country OF driving
specie from the ordinary channels OF circulation
by the issuance of small notes Nothing IN poht-
cal economy is better established than that sre-
cie currency and paper currency will never CIR
culaie together; so satisfied have they become m
France of this fact that one hundred dollars is the
smallest bank note allowed to be ISSUED. Eng
land is following her example and has raised her
smallest denomination OF bank notes from I'VE TO
twenty-five dollars, and she is stu gradually
ascending the scale to the pom, fixed by France
Such thing as bank note is never seen IN the
f ordinary channels Of trade in France and rarely
, in England. Mr.. Jefferson's views on thus sub
ieCt are so clear and lorcbe rs TO cary convlc-
+ ton to every mind. We submit the following
, extract from his letter Of oath OF June, 1873, to
f John W. Eppes, on the subject under considera-
ton
awe are an agricultural nation. Such an Que
employs ITS sparlngs in the purchase or improve
E ment Of land or stocks. The leudabIe mons y
among them is chiefly that Of orphans and wards
in the hands Of executors and guardians, and that
, which the farmer lays by I'LL he has enough for
3 the purchase in view. In such nation there is
r.. carry them through the expense Of "A war; and
; that will always be sufficient, and IN the power Of
an honest government, punclual IN tie rreserva
A ton of its faith, The fund mean, is the mass
n of circulating coin. Every one knows, that, al
though not literally, II is nearly true, that every
paper dollar emitted banlshes a silver one from
d the CIRCULATION A nation, therefore, making lis
purchases and payments with bills fitted for CIR
a. e 1I
cuation l his is equivalent to borrowing that
. sum, and yet the vendor receiving payment IN a
medium as eilecual coin for his purchases OF
payments, has no clam to interest. Aud so the
nation may continue 10 issue It's bills iaI as It's
i wants require, and the limits Of the circulation vii
: admit. Those limits are understood to extend
II with us, at present. TO two hundred millions o.
1t dollars, greater sum than would be necessary
# for any war But this, the only resource whlcl
II the government could command with certainty
IS the States have unfortunately fooled away, nay
Il corruptly alienaled TO swindIers and shavers I'M
II der the cover Of private banks Say, too, as al
If additional evil that the dlsposabIe funds of indi
vIduals to this great amount, have thus been with
u drawn from improvement and useful enterprise
y and employed IN the useless, usnrlous, and demon
n aIlzlng practices Of bank directors and their ac
IS complIces,"
/. 1t is conceded by political economists that iht
l. true value OF permanent property depends on tn,
n annual interest which that property yields Thu
" value OF unproducuye property, therefore, canno
ct be correctly ascertained. 1t is conceded also
= hat the value of property is influenced to prea
l. extent by the quantity Of the circulating medium
e in country, as when that medium is abundan
81 the rate oil interest becomes low, and when It i
scarce the converse of the proposition follows 0
ut course. lfthls circulating medium has an intrn
l. sic value, the price Of property SO regulated, i
or stable; but If that medium is not what it profess g
n to be on its face, then the value Of property
c. fictitious and is subject to continual nuctuation
H. III price. The best interests Of every communlt
N therefore demand that its currency should be ken
a. sound, as by this means the price Of propen
1s would never huctuaie much above or below i,
al real value. Should the proposition be directI
y made that our Legislature be empowered to fl
ht the value, by law, Of all property real and person
e, al, IT would be spurned by the people as an inya
N SION of their rights and Ilberies yet we find tina
C. our Legislators have actually done this ndirectI
he which they dare not avow openly. They hay
ne created host Of "mOaey changers" under III
ne protection of bank charters, and have granite
ne them the Especial priraege" of expanding a
); pleasure the circulating medium of The State {
~ three times the actual money in their possession
or thereby empowering them 10 regulate the value Z
OF all property as their cupdity might Direct Tha
n they have this power and have exercised il too,
ey proved by the nominal value Of property in thi
US State having kept pace with the quantity Of note
n thrown INTO circulation by the banks. Ifone elias
of Of men were allowed the privilege 10 shorten 0
IN engthen the yardstick increase or diminish tn
e. bushel measure add to or take from the standat
m weights Of the country as they thought proper
ks the community would see at once the adyanag
these men would have over the mass Of the people