The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-09-17
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fol effects Of locoioco legislation been made
more manifest Than n ibis noble state
Time was when the name Of Mississippi was
but another term FOR prosperity. Under lhe
influence Of an active spirit Of enterprze.
her citizens were advancing rapidly 10 in.
dividual afiiuenco. and The credit Of the
commonwealth was extending itself Through
out the civilized world. n an evil hour.
however, her people committed The reins of
government 70 the hands Of Che SO called
sdemocralic' party, and united with the ex-
permenters at the head Of the National
Administration, in their mad career of re-
forming and betierng the currency. Toali
the ruinous measures Of the spoilers, the
Stale lent its hearty support aDoWn with
a National Baukm shouted the reformers,
and the people Of Mississippi responded
Down with iti" The mandate went forth
to supply the place Of the "monster' with
State Institutions, and 10, obedient to the
recommendation, a myriad of currency shops
overspread The land. The great apostle Of
financial reform had said through his mouth
pieces, that the currency and finance were
simple subjects, as much adapted 10 the COM
prehension of the mass as any other pursuit
in life, and that the conplexity which had
been attributed 10 them requiring long study,
muchlabiIity and vast information, il order
to qualify one TO be a financier, existed only
in the false representations of the few who
shrouded il in mystery that they might keep
the many iii ignorance of their power. The
planter forsook his plough, the merchant his
desk, and the mechanic his workshop, and
rushed with eager haste 10 engage in the
business of banking. 10 reap the golden
harvest which the discovery of this Great
Reform had opened before them. The state
herself, as if vieing with her citizens in
gathering the benefits which this marvellous
| light had laid open othe gaze Of mankind,
launched boldly into the popular tide, and
chartered the present Union Bank, author
izing her faith TO be pledged to the enorm
Gus amount of fifteen millions of dollars
For time, and but for time, all went on
swimmingIy. The monster which had KEEP
the people in darkness, was dead, and the
fathers of the financial reformation rubbed
their hands in glee and said-"Behold how
gloriously our system works! -all riches anc
luOuOts duus puWSAs u1A uOAliAtOn sbO daNlAD
ed to modern Democracy"
AT length the bubble bursted. spreadin,
ruin and desolation over. the land. VIII
the explosion change come over the spiri
of the reformers. They who Iauded tn
system of State Banking 10 the heavens
and had by acts of legislation stimulate,
credit TO IFS utmost excess, were now tn
most bitter in denonncing the victims o
their own folly. None have been more 5
than the locofocos of Mississippi. Havin
deeply impaired and injured the credit Q
the State, they would now give the ina
stab TO her good name by violating her plight
ed faith. The letter Of Gov, McNUTT il
another column, If sustained by the people
must destroy the last veslige of public con
idence in her integrity. We shall moi nov
enter into consideration of the legal la
bility of the state, or pretend todetermine
whether or not she. could in a court Of Law
avail herself bubble to escape the pay.
ment Of her bonds. tits enough for US Il
know that they were sold with her knowl-
edge ard consent--that she received the
proceeds and usedsthem. She cannot now
bubble about the terms Of the sale, or re-
pudiate the acts Of her authorized agents
without dishonor The time for that ha.
gone by and cannot be recalled. II is, al
any rate, DEBT or HONOR, and she cannol
avoid its payment without loss Of Teputa-
ton. = Memphis Tenn. Eng.
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