Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-06-19

greatest possible extent, ealaTEed eN'IaNASanliH
heir discounts. thus enabling all other EXISTING
banks "a q, tns same Large dividends we're
declared. Naaa. stimulating tne cupdty o. eaPt
l4A,!s, caused a rush 10 be Julte % tae hee.sla-
lures Isl saa respective States tar sundEt acts Of
incorporation; which, by many @, tho S. sun
der temporary n0aiuauon, we're readily AH'so'-
and thus the augmentation OF the efeuH"tg me +
dunn consisting SmHst eN ctusrSely ct phpar, pre- t
iuccd a most fatal Jelu.iou. An illustration, de-
uyed lym The land sales OF the period a..ndedsto, /
Wil serve best 10 shaw the effect oal,nded te, (
system. The average sales Of the public lands,
.ol period Of tea years puor 10 1884, had not
exceeded S2,gO0tO0 per unuum 10 1884. they
attained, ia round numbers, TO The amount Of
t SG,U0n,uou In the succeeding wear ct 1853,
| they reached Sl6,Ul0UU0, And N the YEAR 1886
/ they amounted TO the enormous sur OF S23u3t-
4 600. Thus crowdNg into The short space O.
three years, upwatds Of twenty three years pur'
/ chase of the public domain.
/ So apparent had become the necessity Of an
resting this course Of things, Dha, the Executive
department assumed the highly questionable pow
! ef gt discriminating u the funds to be used IN
/ payment by HE different classes al public debtors;
discrimination which was doubtless designed To
correct this most Iuucus STATE OF tHlHgs by the
cxactIon. Of specie IN all payments for the public
lands, but which could ant at once arrest the tide
which had so strongly set in. Hence the de-
mands Tor specie became unceasmg, and cores
pondug prostralon rapidly ensued under the ne
cessaros created with the banks to Curta their
discounts and thereby to reduce their circulation.
recur to these things with no disposition to
censute processing Administrations OF the GOV.
eminent but simply in eXemPlhcaton Of the truth
Of the position which | have assumed. II then,
any fiscal agent whlcl, may be created, shall be
placed, without due restrictions, either II the
hands OF the administrators OF the Government,
or those Of private individuals, the temptation TO
abuse will prove 10 be reslstIess. Objects OF POI
Incal agraudIzement may seduce the first, and
the promptngs Of boundess cupldity viii assa
the last. Aided by the experience OF the past, It
will be the pleasure Of Congress so to guard and
urfy the public interests, IA the creation OF any
, new agent, as to place them, 50 far as human
wisdom can accomplish it, on IA footing OF poIect
security. Nuhn'a few years past, three different
, schemes have been before the county. The
charter of the Bank OF the United States expired
. by It's own limitation IN 1886. An effort was
o made 10 renew il, which received the sanction Of
,ho ,,o IIo,.,s or Conore.s bpt the then Presi.
1rn, or tae Unicd States exercised his VITO
: mower. and me measure was defeated. Ale4art
ninth fen5rcs me 10 say mat The President wa,
lolIy sustained i, the. course he had taken by Ii,
: popular voice, His successor 70 me Guar 0
!, S6ts nro,ar6adfy oronounced his opposition /,
!, auy new charter al Il similar institutions; and no
y oaly thc pounlas election which brought hlu int
:. mower, Md be elections through much Of h+ Tern
f seemed CLEARLY 10 indicate a concurrence wia
q INN N sentiment on the pa,t Of the people. Az
:. for tbc ppbIIc money. ere Withdrawn from t6r
IF.,,ed c,.,r. E,nl.. ,bey were placed IN demos,
d