Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-11-18

LOCOFOCO FINANCE.
We resume ,hs somewhat copious chapter OF
practical Political Economy in Georgia; through
which, If readers will oaly be lttle doeiIe
promise 10 lead them by the smoo,hest road, and
with the leas, fatigue possible Il is Gas they must
have already ssen) down hill, all the way, and
therefore, easily travelled.
The mex, point in Gov. M'Donald'. history of his
last years reign demands, for those in This quarter,
slight explanation.
Georgia enjoys. in certain leading particulars,
some devices of demagosueism snsalary perfect,
and which go far, Ct themselves, to resolvs her
whole political machinery into a contrivance for de-
morazing Ter public stfIirs TO ;hs prof, OF indivi-
dual politicians. Her Judiciary ia elective by the
people, for a short terms which, OF course, eorrups
her very! Courts OF Jcstice into favour seeking
tribunals accessible to the lowest influences of popu
ari,y hunting. Then she has long elected her Re.
personalities in Congress by General Tieket-a
! method certain to corrupt politics, much the
other docs Law, and reduce them TO q mere .y.tem
Of party management, directed by central janta;
who, as the people OF each district know rarely
more than OF the men for whom they vo:e, select
the party candidates, and merely leave the people
20 confirm the choice which has been made for them.
But as ito compare great things with sman)
Rome, in her decline, had largesses Of Bread and
Shows in the Circus, by which those in power
,rati.d the populaco and kept up their favour; OF
as in the progress OF A,hsnian democracy, distri.
buttons of the public funds and splendid thoitrcll
treats cut OF the Treasury re'orted to, by the
demss ogues, to make their administration popular;
so Georgia has long had her system Of Land Lo,te.
RES by means of which continual gratui'ois dis.
tiibutions OF the State domain carried forward
and Loons offered for the public favour, by the con
tendin: bidders OF each successive set Of rulers
IL is in regard TO these that Gov. NJ. speaks, in the
next passage that We shall extract:
"As another means OF aiding in the redemption
"of Central Bank NOES, would recommend the
repeal az the Act OF the l0th Of December last, to
"extend the time for fortunate drawers in all the L,nd
Lotteries aud in the God Lottery, 10 take out
"their grants and that you lini. the time TO April
"next or such o.her early PERIOD as you may con-
"sidsr most ex pedent and just and that the lands
| "then remaining ungranted. 10 declared reverted to
ahe State and disposed Of in the manner that such
LANDS have heretofore been sod"
We leave our readers TO imagine what the effect
upon the pubic and pcva,e morals Of State must
be- Of this Gambling, where a whole population are
players, and the stake is put up at the expense OF
the Commonwealth.
| Passing this matter, we come mex, 10 another fact
worthy Of note, which is let drop;
1.-THE Government has ordered the ISSUE OF Can.
trail Bank notes 10 carry out It's measures but has
no: provided the means Tor their redemption. The
/ consequence is that they are at the mercy Of the
specie paying Banks; Tor when there are two cur
rencies; one that can command tho coins always
available for the payment Of debts, and another
that cannot he latter is nj the mercy OF the former
and may be pressed down to any point of deproeiI
ton, or forced out Of circulation"
Nov, for tn. vulgar eye, this is quite we'll enough
covered up: but what does it meant Why, but
this-that the Georgian Government Bank has been
made, by its Governor or Legislature, 10 ISSUE a
mere Rag-money, without one dollar OF means o.
any sort; and that it is. Of course, greatly de-
pfceiated below the paper Of those sounder Banks,
! which are managed otherwise than by Loco Foco
politicians.
A,slimpse next offers itself Of a new Matters
fresh secret in toe Locofoco art Of Governmsnt.-
These, i, must DO remembered, are the people who
made such haste TO spun, Indignantly, ns public
bride, the Land Distribution fund-one TO which
they certainly have the same right as to the domain
at home which they give away IN Lotteries. New
euheless, they rejected ~ with absolute eonlumely
tho' 10 be sure, this was befoie II wps receivable
and the 3O,h Of June found Gov. MeDcnsd's ngsn
racing down TO the Federal Treasury, ard first Q
the goal ioI GeorgiA's share.
We'll, il now appears lboi, in Georgia, the Legir
1 la,ivc competitors for popularity tavc ofIae year
I distributed back TO the counties just about one ha
2 the State Revenuei The Gneneial consequence
|, now that they con no longer be concealed, are yer
e enormously depicted, by Governor NJ, in the 70
y owing patsagei
IS "Ths error Of the practice OF raising laKts fr0
% "the people, 10 be felinquished 10 the countess
i "now fully exposed. Since the establishment
D Nthe Central Bank, Upwards Of nine hundred ON
70 "eghtv Eve thousand dollars have been levied on
" 'sauandered in this say, which ought TO have bee
= applied TO the support Of the Government.
pc "the mean time the Government was 10 be sus'ni
y, I'D, and this unfortunate measure begat nnoih
We "st more fatal, TIE appropriation Of the capital
"ths Cen,ral Bank TO this object, leaving 10 issu,
"unprotected. It's noes have now gone down 10
". depfteiatOn, in consq uerce ihat on ersulotic
NJ "Of about million and a hsf q dOars, the Peep
he "will lose 10 their many fluctuations Of value
'passrg rom hand 70 hand, little short Of half
"a "milhon annually. lfthsy should be pressed dow
TO point that hey will cease 10 be cirsulauf
l"medium, the loss will still be greater, and d
whole sacrifice will he IN favor OF the debtors
the Bank. This is too severe contribution -
"lsvied upon the people, and efficient preVenti'
measures ought, 10 time, 10 be adopted"
ANsr~srjs eomes the following brief notice, viii
has fquinling towards something surely lip
,,rsnge in such a weIl.nsnog,d hsc, and under L
,ofCc, auspices.
"The Directors have been ersvely. nnd in a ru
"ic manner, cisfgej with on abuse Of their Ofic
l"power, md a oloiion Of The laws enue'od for N
'"governmonl. II is Jae alike 70 ltom and