Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-04-04
From he Woodrtlle RepuQican.
C. J. SEARLEs, Sec'y.


MISSISSIPPI HER PEcUNIARY EMBAR-
RAssMENTs We make an extract be-
low, from an article from the PhiIadel-
phia L. S. Gazette, which speaks much
truth in regard to the present distress
of this state, but il does not speak the
lchole truth
The primary cause Of her difficulties,
is, the Administration having first forced
into market too great quantity of Pub
lie Lands for the benefit of r. j. Walker,
Amos Kendall and others, and which
was not demanded by the necessities of
ennis grants - it went further, when it
found there was not money enough to
purchase these lands, then unnecessari-
ly hurried into market, it seized upon
the surplus reyenue-placed it in certain
favorite banks, (known at the time to
have extended their circulation beyond
the legitimate rules of banking,) and
commanded them still further to issue
their shinplasters for the accommoda-
ton of these SPECTATORS and their adj
herents. The public lands thus being in
their hands, il gave them credit to run
still further in debt after the manner the
Gazette has here described. But this
=
stage in the game set on foot by the anti
credit party now in power. The Wings,
however, good easy souls, are made the
scape goats to bear all these sins. Is
this fair, that the party out Of power
should be made responsible for the acts
of omission or commission, it matters
not which. Of the party in power.
"The cause OF her difficulties original
ed not in banks, bat in a reckless specu-
lation in slaves. In 1888, from Septem-
Der to December, there were several
slaves carried to and sold in
that State. The success with which the
traders met, induced a number Of keen,
men to embark in that IN
feeling traffic the succeedin. fall In
the fall of 1884, the trade was trippIed |
The traders sold out at fine profits, for |
bills on New Orleans at four months |
cash in hand. The trade had now been |
profitable for two years.
The spectators from Kentucky, Vir- |
ginia, Tennessee, North Carolina and |
South Carolina, Georgia, Missouri and |
directed their attention to it, !
10 the neglect of other important enter
prises. In the fall of 1885, slaves in
great multitudes were driven to the State, |
luadrupling any previous year. The |
forced the traders to give |
from twelve to fourteen months time, adj
ding ten per cent, interest; bat the pri-
;es advanced from 500, to $1,000, and
ii the close of the sales to 81 200, ave-
rage. So soon as the planter learned, he
could purchase on time; by bills on New
Orleans, the advanced price ceased to be
IN objection, and he bought literally
Fhe traders now soon sold all they had,
home with the accepted bills,
:ashed them in bank and not only en-
parked III it again more largely them
selves, but induced their friends and ac
Iuaintances also to engagawn It. Every
:orner of the slave-holding States was
low ransacked, and every dwelling Vi
ited by the traders. Prices advanced
till higher. The fall of 1886, is a time
0 be long remembered. All the public
highways to Mississippi has became lined
yea literally crowded with slaves {
When they arrived. the immense num-
,er Swelling the rise of 40,00) made
he heart of every trader ache. They
ETCHED their tents upon the brow ofeve- S
y hill, surrounding each town and viii
age in the State, awaiting the call of
None come. The winter
+ 1887 approached, and but few, very i,
ew, sales were yet effected. At last .
hey advertised they would give one and
wo years time, by bills on New Orleans,
dding ten per cent interest, discount.
The terms were accepted by the plan /,
srs, and many were induced to purchase
second and even third supply at from
2 TO $1,000 each Ali the slaves we're
Don sold. But by this time the mer-
hants began 10 give way. Nearly all
he bills made by planters in the fall of :
835 and IN the spring of 1886, at from
yelve to fifteen months time. were pro-
ssted for non-acceptance. The negro I
peculators became alarmed. They
tent to work in February and March, q
nd in three months time had secured +
leir debts by deeds in trust and mortga- F
es upon nearly the whole property of e
he State. In three years the slave pop 7
lation of Mississippi increased from b
5000 to 100000 slaves, at an average Q
ost OF al least 1000 each. making the
ebt for slaves alone 10 three years 500 n
00,O00! g