Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-09
l7s,6G7

ofage who cannot read and
write s,35s
4" Horses and mules, lO9,227
Neat Cattle, 6l3,l57
Swine, l,00l,67
Sheep l2S,37f
Bales Of cotton crop OF 1889, SIS, 56N
Bushels of corn, l3,l6l,337
" wheat, l96,262
Oats, $685.
The cotton crop of 1889 was certainly
not as large as stated mistakes have no
doubt occurred in several counties, in con.
sequence Of the assistant Marshals having
returned the number Of pounds Of seed cot,
ton, instead of ginned cotton. The act OF
Congress required return of the number
of pounds Of cotton ga,hered-I have esi-
mated the bale at four hundred pounds.
Ii is truly gratifying to witness the
great increase in the population and wealth
ofthe State.-Our agricultural sources are
amply sufficient to restore speedily the
credit Of the State-unwise legislation
alone can continue the existing disorders.
We produce annually cotton equal in
value to one.lhird Of The whole crop Of the
Union; and it Yields an amount equal TO
one. seventh Of all the exports ofthe United
States, Of domestic growth. The immense
increase in the growth Of corn, oats, wheat
and rye. and the large amount Of horses,
cattle and swine raised by our Planters,
have already made Us Independent ofoiher
States for the necessares of life.
The banking system Of this State de.
mands your consideration. During the
period of our revolutionary struggles, the
Congress Of the confederation, and the
several States, issued immense amounts OF
paper money to carry on the war. Before
lis close, this money had deprecated 50
much as to become useless as currency,
and WORTHLESS rs an article Of merchandise.
Much oil 1t has never been redeemed and
the holders of that portion paid, received
but small fraction Of their dues The
deranged state ofthe finances Of The coun.
try, the low state Of public credit and the
total insulficiency of the articles of the
Confederation to command respect abroad
or security at home, induced the States to
assemble in convention, and to adopt a
constitution for the u. States of America.
That sacred instrument provides, that no
State shall coin money emit bills of credit,
or make any thing but gold and silver a
tender IN payment Of debts. All the
States Of this Union have departed from
their appropriate spheres, by chartering
banks with authority TO issue bills to cir,
| nInt a ma IF ho hux
borrowed immense sums Of money for pur-
poses of internal Improvement, and 10
establish banks. The constilutionality Of
these measures may we'll be questioned.
The history of their operations, for the
last five years, demonstrates their ruinous
tendencies. They have all dsregardeG
the restraints ofthe law, defed Legislative
control, and failed to furnish a stable,
sound convertible currency. consider
the whole system vicious. II can never
be so regulated, as 10 become useful to
any community. Banks OF issue, place il
in the power of few men TO altar the
standard of value, unsettle the price Of
property, and to produce alternate expan-
sions IN business, and revulsions in COM
mercc. Incorporated banks, Of discount
and deposit, confer special privileges on
the lew TO the detriment of the many, and
enable those who control them to monop-
Ollie every article Of produce they desire,
to the great injury Of both the producer
and the consumer. In prosperous times
they discount freely, and thus stimulate
speculation, extravaganza and idIeness.
When revnlsion takes place, they are
unable 10 help the needy, and add to the
pressure by heavy calls on their debtors TO
sustain their waning credit. The immense
losses sustained by their stockholders,
will cause coPital hereafter to seek safer