The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1842-12-16


advance The happiDess md prosperity or
soplef Under ordinary circumstances this
ouid readily Be answered. The best that
could pc done for people inhabitiao such
y, would Dc 70 fortify their peace and Sc.
Lhe prosecution Of Their various pursuits,
ling them against invasion from ,vishont
ence from within. The rest. for The grestar
GIT be left e a1eirown energy and enter.
The chief enbaFra fsEnents which NJ The mo
hibit themselves, hnFe arisen from over.
and The most difficult task which remains
Dmplished, i that Of correcting and over
effects. Between the years 1888 and
ditI0ns were made 20 bank capital and
ies, IN the form Of notes designed for circu-
an extent enormously great. The oues-
ned % be, NOT how the bsGt currency eonld
ded, but IN what manner the greatest a
bank paper could be put iii circulation
vast amount Of what was called money
the hme beillgs i answered the purposes
was thrown upon the country; an over
men was attended, as a necessary conse.
Dy an extFaFagant incTcafe Of the prices az
es Of pTopeItys the spread Of d speculative
over the country, and has finally ended
Rrai indebtedness on the part OF States and
ais, the prOstration OF public and pr;vafo
depreciation in The market value IN raoI
onaI estate, and has left large distr;cts or
almost entirely without any circulating
DIV Of the fact that, in 1880, the whole hank
culation within the United States amounted
oI.o2J,696, according to the Treasury safe.
and that an addition rad been made thereto
enormous sum Of SS6, 600, 900, in seven wears.
culation on the FIRST Of January, 1897. beipg
at Sl4s, le5s e9O,l aided by the great facili.
oroed IN obtaining loans from European ca
> Who were seized with the same specuia.
ania which perVaded in the United States-
large imPortatiOns Of funds from abroad.
ut OF stock sales and loans-no one can b.
ed al the apparent, but unsnbstantiaI state Of
|nly winch every where prevailed over the
Whlle as little cause Of surprise should be
the present prostration Of every thing, and
IN which has befalen so many of orr feiIouy-
IS in the sudden withdrawal from ciren,a,;o,
&c an amount of bank issues, since 1871
g,as is believed, tho amount ad.led n tho
FTency TOR similar period antecedent "a
ceases to Oe a matter OF astonisbmenf fhat
ensive shipWReck should lave been madeof
OTtunes, or that difficulties should exist in
their engagements on the part ofthe debtor
Apart from which, if there be taken info
the immense losses sustained in the dishon.
merous banks, Il is lessa matter Of surnr;sa
olgency should have visited many OF our
atizenGs than that SO many should have e.
ne bIghtIng influences Of the times.
ae solemn conviction OF these truths. and
ardent desire to meet The pressing necessi-
nc country, felt il 10 be nv duty 60 canse
omitted 20 you, at the commencement or
te session, the plan of an Excheauer. tho
power and duty Of maintaining which. inpn.
vigor, was TO be exercised BY the Repre-
yes Of the People and the States. and, there
Irtually by the people themselves re was
ed to place u under the control and direction
FeasuFy Board 10 consist of three Commits
!, whose duty ii should be 70 see that the law
leation was faithfully executed, and that the
nd ofsupplYing paper medium Of exchange.
imcs convertible into gold and silver, should
ined. The board thus constituted, was given
b permancy az could be impaired 10 ii, with
angeFipg the proper share Of responsibility
hould attach TO all public agents. In order
Re all the advantages Of well matured expe-
the Commissioners were 10 hold their Offices
respective periods OF two, four, and six vearx,
securing at all times in the management OF
cheaueF, the services of two men Of expert
and 10 place them in a condition to exercise
independence Of mind and action, it was
ed that their removal should only take place
ual incapacity OF infdelity to the arust, and
followed by the President with an exposition
causes Of such removal should Il occur.
as proposed to establish subordinate boards in
the States, under the same restrictions and
ions OF the power offemoval, which, with the
board, should receive, safely keen, dis
he public moneys, and in order 10 furnish a
paper medium Of exchange, the Excheguer
retain Of the revenues OF tho Governments
It to exceed q, 100000 in specie, 10 be set a.
$ required by its operations, md TO pay the
creditor al his own option, either in specie or
notes, OF denominations not less than FIVE,
feeding one hundred dollars, which notes
be redeemed at the several places Of issue,
be receivable at all times and every where in
BIT Of government dues, with restraint upon
ue OF bills that the same should nj exceed
ximum of SI5,0OO.0OO. In order to guard
al the hazards incident TO fluctuations in
he Secretary of The Treasury was Invested
thority to issue $4,000, 600 of Government
|hould the same NJ any time he regarded as
|ry, in order to place beyond Hazard the
redemption Of the bills which might be
nto circulation. Thus in fact making the
$4,000, 900 OF Exchequer bills, rest sub
y on 81, 900 900; and keeping in circuia-
er more than one and one half dollar for
Pillar in specie.
to this it il added that the bills are not
erv where receivable in Government dues,
tue Government itself would be bound for
innate redemption, no rational doubt can
hat the paper which the Exchequer would
would readily enter into general circu'a-
n be maintained AZ all times At or above par
Ia and silver; thereby realizing the great
the age, md fulfilling the wishes Of the Pe0-
h order 10 reimburse the Government the ex-
,f tie plan, ii was proposed to invest The Ex-
with The limited authority 10 deal in billsOf
re, unless prohibited BY the state IN which
/ cy might Be sitnoted, having only thirty
|, run. and resting on fair and bona iide
The Legislative win On this point might DO
1ly announced, us ID avoid all pgetext for
IN OF favoritisn. 1t was furthermore pTopo-
lvesl this Treasury agent with authority 70
on deposite, toa limited amount, thl specie
individuals, md To grant certificates there
De redeemed on presentation under The idea,
s believed to be we'll founded, that such GER
would come ID aid of lie ExchequeE bills
II ing safe and ample circulation. Or, III
of the contemplated dealings III exchanae.
hequtr should bR aulhoFiscd not only to ex-
is bills foractual depositea of specie, but for
d. its equivalents to sell drafts, charging
small but reasonable premium, cannot
44,s~ af,.s