The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1842-03-19

with the Western States. q
know enough Of their condition. 10 be sat r
isfed that what have predicted nus; ei
happen. The people Of the West are 2
rich, but their riches consist IN their in r
mense quantities Of excellent land, IN =
the products Of these lands, and in their 9
spirit Of enterprise. The actual value >;
of money, or rate Of interest. with them :
is high, because their Pecunisry capital o
bears little proportion 10 their lanse1 IL {.
terest. At an average rae moaey j. ,
not worth less than eight per cent, per Z
annum. throughout the whole western {
country, Notwithstanding thar il his nov :
loan of thirty millions, a s5x par ceat-
To call in this loan u the rate of eight
millions year, IN addition % the inter- Z
est on the whole, and 10 take away a. ,hs Z
/; same time that circulation whi-a con
, stitutes SO great a portion Of the medi1m
Of payment throughout that whole re-
+ gion IS an operation which, however
. wisely conducted, cannot b1t iaasct 4
/ blow on the community OF tremsa3oas
D force and frightfuI consequences Tisi
thing cannot Be- done t-itko4f distress, baaE-
: rHptcy, and ruin 10 many.
Ia the same debate Mr. Ewing. o.
. Ohio, said: "IF this institution : really .
;, 20 be Frustrated, IL It have aow received
; its death blow, and is blt ID Await q a.
!, pre- pare for its final fall, the distress and
y ruin which it viii occasion rests E0t with
!. the wealthy money holder, whose funds
have found an investmen n Is stocks.
- but it must come with fatal and ua5reksa
!. force upon the industry, The enterprise,
~ the public prosperity, and private com
oe forts OF the whole extended West"
~ The Bank of the United States must
., withdraw its issues, and call IN is loans.
-. or as much Of them as the amount o. mo-
~. ney in the country VIII meet. As lis
:, medium disappears from among IS. TIE
~ property of every individaal-,aal.
=, houses, stock, the fruits OF the earth, he
labor of the farmer, the mechanic, ard
,vl. all the products Of their labor, must 8
81 down almost to nothing; still Tor years
,or this debt will press heavier and heaVial
- upon our resources. The man wh.
:. owes the bank will have his debtors, an.
-. must press them IN order to casg of tA'
burden from himself Suits. sales ofPro
perty under the hammer by the othcer
If of the law, come next IN the progress @
eri- events. He wh1 could come into n
country In the IA is; Of : scene Ike TIA
OF which we once witnessed. and which
10Th again at hand, armed with a few thea
and sands of ready cash, might, It be had u
5na- hardness Of heart TO do it, buy himself
nate dukedom out of the farms Of the inda
: OF trious but ruined yeomanry.
bate sBut this is not all. You sap the n
I'M rails at the same time you thus rude
bill shake the prosperity ola people The
resi- first resort will be to legislative aid, a
our relieflaws follow, or In other words, az
'otes to prevent the collection Of debts, C
birds what Legislature can withstand the :
'ject- peals ola whole people suffering unde'
general visitationD or, if not that, Z
De creation of host Of banks with hctliio
lister capital, which may seem for time
1928 suspend the blow but will make l. Z
tten the heavier al last. And then. Instead
the safe and sound currency which
Web now enjoy, we shall again have dep
able ciated and worthless mass Oftrash, = D
IS Of will pass into the hands Of the people,
AT there sink into nothing, leaving them
Con- bear the less"
, 500. Mr.. Clayton spoke in the same sPi
rrass- aThe prediction Of Mr.. LOwndes
IF the 1919, must be fulfilled, 'shai the
ect;on truction of the United States Bank -
public be followed by the establishment o.
of this per money, he firmly believed; he N
haupi- also say he knew: II was an extreu
of a he said, from which the House woald
Web coil; the farmer must sell Ms 60
e pre- the country merchant for STATE Bazk
per at a discount Of from ten % 'a'ezs!
his We CreH t"'sy Pcf ee''@- - -"
sprp CT merclal city. Inc n'e'0'@H' ~
operty. ceive from the farmer ING SA.N- -
rice of exchange for all the mercaA1-'-7
icle of consumes The msrcnaAt Wiz "a
crops, ney must purchase other mercnAndi
repres- the cities, and must oissa 81
arrass- vance on thar price. 10 the fAras
and oc- twenty Per cent to save a'alsS.'