Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-10-26
STATE STOCK.


abored complain against the land bill
because il has not already raised the
Stale Stocks; and he quotes from the
New York American a list of sales Of
such stock for the week ending. Sep
TENDER Is, compared with the prices
of the same stock on the 18th of July
last, showing a decline rather than an
advance in the rates. The American
of September 18th, says: 'the bonds
Of the western States have fallen lower
than at any previous period; aud this
in the face Of the passage of the land
bill, which il is estimated, will divide
$4,000 900 annually long the states.
From the list published by the Ameri-
can, il appears that Indiana dollar bonds
have fallen, within the month ending
September 18th, from 56a a 81 to
479 AIS. These facts are paraded
forth by the Advertiser as proof posi-
tive that the land bill is regarded by
capitalists as little better than a hoax,
and is likely TO be oil no positive advan-
Iage to the States.
The editor OF the Advertiser knows
perfectly well that his differences here
are altogether unwarranted. He knows
that variety Of causes, among which
stand first & foremostthe sublime swind
ling feats ofthe loco foco Governor of
Mississippi, have recently contributed
to give the American credit abroad a
shock from which it will require years
to recover. From the moment that
governor McNutt's ''new way Of pay
old debts,' was made known in Eu-
rope, American stocks began TO de-
cline. The late crash Of the United
States Bank and the failure of Indiana
to meet the interest due on her bonds
have, Of course, greatly accelerated
their downward tendency.
The favorite mode of warfare with
the Locofocos at present seems to be
to charge in advance upon every wing
measure, condemning it for not accom-
plishing at once all that it promises
eventually to do. The remedy must
take effect instantaneously, or it is TO
be condemned as worthless. What
their party were years in tearing down,
they expect the Wings TO build up in
a day The credit Of the country,
which they labored for years, and that
most successfully, to PROSTATE, must
be reestab'ished in a day. The conf
dence between man and man,so essen
TALLY to public and private prosperity,
but which has been greatly weakened
and measurably lost during the thew
ingspeculaiing, and syinding admin
istrations Of Jackson and Van Buren,,
must be restored at once; or the cry is
raised against the emptiness of Wing
promises, and the futiIity Of Wing
measures. The result of the late pre-
sidential canvass was no sooner known
than some of the more unguarded and
indiscreet Of the Locofoco presses
cousoIed themselves and their readers
by parading forth the obstacles which
they, in their destructive career, had
thrown in the way ofthe wings. They
contemplated with pleasure the many
calamities which they had brought up
on the country, inasmuch,as these in
creased the burdens and difficulties oil
the wing administration.
In ;his matter of State credit, what
has been the course ofthe locofocos?-
After waging, for long time, a gener-
al and indiscriminate war, upon the
currency, till every channel of trade
languished, the locoloco administration.
pursuing its career Of destruction, and
thinking nothing done while anything
remained undone, made dire and
base assault upon theicredit ofthe states
in the form Of report upon the expe-
diency ofthe assumption of the State
debts by the general government-a
thing which the States had never pro-
posed, and probably never intended
proposing. But it mattered not, the
credit Of the States was to be broken
down; and accordingly, report was
drawn up and sent abroad represent
ing the majority of the States as bank
rupt. The apology for this outrage
was wish to prevent the States from
further involving themselves; the effect
OF II was 10 shake the credit of the
States abroad. Upon the heels of this
report followed the sublime edict of
Governor McNutt, of the anti-bond
paying fraternity;and still more recent
ly the failure of Indiana, to meet her
obligations, and the crash OF the Uni
ted States Bank. The effect of all
this has been serious depression Of
American stocks, first abroad and then
by consequence at home. And now.
when the wings had just devised and
carried a measure, calculated eventual
ly TO relieve the indebted States, and a
measure which, unless in the event of
war with some foreign power, will
most assuredly accomplish this, the
locolocos condemn the measure in adj
vance, because that, from the moment
OF the passage of the bill, American
state.stocks were not found adpar. They
seem to forget that the ediGce which
the incendlary can demolish in an hour
may cost the skiliul architect years OF