Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-03-08
NO. XIV.
SAMUEL DAVIS PuB. AND PROPRIETOR.


with small banks that il will regulate
them only in reference to its own in
terest and that large one is not bound
by moral or legal bonds to have solely
in view the good of the community, in
any degree more than smaller banks
are bound to that end. "Who shall
regulate the regulator" it is question
which is difficult TO answer.
| Shall we propose the obstruction Of
all banks? Philosophers in their clos
cts may have supposed such thing
possible, may have argued that the
community would have been better
without banks. But the banking sys-
tenn seems to be the natural result OF
the principles of trade and commerce
and if new empire were founded in
some new land for the express purpose
of testing the principle of bushes with
out banking, the same strong current
of trade which has brought banks into
our community, would in all proba-
billy carry them there; circumstances
which in their nature are uncontrol-
liable can result only in useful insti-
tutions. And it seems that we might
as we'll pronounce the profession Of the
ministry or law pernicious TO society
as the institution Of banking. Banks
may need reform; so perhaps do n j Is
ters and lawyers.
| Does it require, Mr.. Editor, any
very superior powers Of foresight to
predict, in no long time renewed dis
turbance in the currency, and failures
over again? When will they cease!
, What new principles have been intro,
J, duced into the method Of doing bust
e ness in the community, by which they
r can be prevented? | know Of none o
e any material importance. Some indi
e viduaIs who barely escape the loss Q
d property in the CONFUSION few year
at since, may have contracted; and the
lie may stand the next pressure and pas
<, through unframed. But has the com
lie munity learned wisdom? Have tn
ye young men who have just begun, c
er are abou: beginning, The hazar ious wor
er Of "making money,''-are they WISE
Id than their fathers were? If not "
lat must expect troubles. The gay visio
he of hope will dance before the eyes
lin many and vanish in darkness. 1t is
ne saddening spectacle, to see the hurl
he ed activity of many in the commumt
they count their fortunes by thousan
or now; would they count them by {
Of hundred, or only as nothing, If tn
tn saw that their fortunes depended up
led the safe standing Of friends and CT
9th toners and strangers Of whose busInt
ain they can know nothing, and over
'ok save no control! The fortunes oil
ne, Illness men remind one too often OF
lile rows of card-houses, which childl
tier build for the pleasure of throwing do
gu by rows.
ar This will perhaps be called Zero
she ing" Those who think so,-who
hey Iieye their own business relations n
ally their property securely increasing
as not called upon TO read further wi
On | attempt to uafold two causes
lred which the troubles in the currency
j he failures in business are produced;
loud is of an economical,an the other
t his moral nature.
wa In the first place, the credit sys
shes ;s tn he not destrove ed, that re-mC
d Of 1t is Just and right that those who
oped serve credit should receive II.
sera- what is credit? 1t is the contide
world which others place in our upright
mself of heart, and our talents Tor busl
orget A man deserves credit, to the dc
Of his skill and honesty, and no
Their. If credit was given only tC
Of care; degree, the currency would Sc
s sa Da.n, trouble us, and the business o
lions of few wonld ever result
r tale lure.
relief 1t seems to be supposed BY
st we community that credit as now
sites. only to this extent. But if so'
,e at means the system Of endorsement
1pshot being man unknown to the co
htedly nifty may command any amo'
lie and capital if can command endt
ofthe Were | known to be engaged
f con- ardous business, yet [ could con
him money so far as could con
a him names. Were men careful
or the lend their names improperly, II
;mapi- would result from the system
lc.spffi- easements. But men are not
IS wide They consent to run a RISK.
e more know, in lending their names, t
an this friend to whom they lend then
rneces- secure. The endorser consent!
enough vide with man the Iisk of hi
h;s life ness, instead Of suffering every
, i INST bear his own risks. Either r
&C in the serves credit for his character
if he deserves it let him have
on his own name, if he is not
ing let him make character, b
r should attempts TO make fortune'
set forth No man ought to lerd his
unsound where he would not lend his
al reader If any man would lend his nan
sugges- he enters upon course so hs
consid- that no man of prudence, SCI
responsiveness, would ever