Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-01-16

10 The population and wealth oi ihr SI'c--uur
agricultural resources are amply sufficient in restore
speedily The credit Dflhc Suic-uuwi>e legislation
alone can cnuun Je the EXISTING dSoric5>, We
prnjuce auuua,s co,ou equal N value 20 one1hrl
81 lhe Whole cnp uI the Union aui Il Yields dn
amount equal to uur-s'Srnth Of all the cNpnus OF
the OureJ Safes. %. dlmeSJic growth. The I'M
m,u>c increase 10 tbe growth OF corn, oats. wheat
and rye aad the ar,e amount al hurscs, cauc and
swine raised by our Planters, have already made u
Independent OF ulacr States Tor the uecVs>au,s ni
HE.
/ The banking system OF This State demands your
consideration During tine p r.od al olr rryo.uuan'
any struggles, the CougrvS, oi the Confederation
and the several States, issued immense amounts
ol paper money 10 carry on the w1r Before
lts close, this moaey had deple eiJted 50 much a.
10 become useless as a currency, aud worthless
as an aucle of utrohtud2e. Muca OF Il has
never BEEN redeemed and tue holders oil Hlat por-
tiou paII, received but a small fraction oil Their
dues. The deranged stale OF the finances OF
the county, the low state OF public credit, and the
total inSuthceucy o he articles ol the Confederation
/ to command respect abroad ur security al hume, m
dHced The States to assemble IN convention, aud 10
adopt constitution l1r the UnHed States ui Anne
nca. Idat sacred instrument provides, that 10
Stale shall con money, tmt bal, Of credit, az make
any thing but gold aHJ SlyeTa tender IA payment
/ OF debts. All the States OF The Union have ueplrl-
ed from Them appropriate spheres, by cHar,enug
banks with authority u issue bt3s 10 circulate a.
money aud many ol Them have borrowed immense
sums OF money lot purposes OF Internal uprp vulcut
aud 10 establish banks. The cOnNutuuuuuuy ut
these mca>a eS may wei be questioned. The ms,
tory OF nelr operations, lor tue last five wears de.
/ muuSlItgS their ruuJuus tendencies. They have
| all dISeSarJed he rtrtIatulS at the law dehtj lie
gS.a'Hc control aud faded 10 furnish stable sound
convertible currency. | consider the whuC system
VICIOUS. 1t can never be 81 regualtdaS to become
useful to any community. Banks OF issue place It
IN the power Of few mrn to a,ler the standard OF
value, unstlte the puce OF property,and to produce
alternate EXPANSIONS IN business aud reNusuus ia
commerce. Incorporated banks, ui discount and
deposit confer special privileges the few 20 the de
utnent OF the many and tuabe those who control
them 20 mOn"pnlze every article oil produce they de-
eo the great IN ury u both the producer and the
consumer lnprosperous tunes they discount freely,
aud nus stimulate speculation, extravaganza aud
Idleucss When Revision takes plRcr,thty are
unable 10 help tho needy aud add to he pressure
by heavy calls on Their debtors 10 sustain their
waning credit The immense losses sus,a ned
by their stockholders, viii cause capital hereafter
10 seek safer and more profitable Investments,
and bank stocks nilI not lur many years be IN
m,,ch demand Dn,ng m, La, ,o,., yo,r. II,
the banks IN this State have been unable To fur.
rlsh exchange equal to the value OF the cotton
crop OF a single year. The present situation Of
our banks, places 1t beyond their power to fun
nIsh sound currency, or TO AID the indebted por
uon oil the community by further loans. Justice
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