The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-02-02
AIAaAMA IlANkS-

itseems from the Alabama papers, that the
Legislature Of that State viii certainly put in
liQnidstioa and settlement four q he branches
Of the State Bank Of Alabama, to wit; the
branches situated at Mobile, Montgomery
Decatur and Huntsville. What win be The
eject Of this movement on tbe part Of the Le-
gislature, we cannot divine, except that /
must necessarily produce great individual dis
tfess to al classes, and to every interest IN the
State. Debtors must speedily pay their IN
debtodness 10 the Banks and a large amount
Of circulating medium, On fact almost The only
currency Of ti6-slate) must be withdrawn
from the community. The bill has already
passed for winding up the branches at Mobile
and Decatur, and by = section in thebil4 those
branches, which may not le placed in hquida-
ton, provided they resume specie payment to
redeem in addition 10 Their own issues, the
| bills of the branches at Mobile, and Decatur
in specie. We consider this ofitself at once
winding up the Whole banking concern. Any
one, who has in the least, been an observer Of
the times, will know the great difficulty almost
the impossbiily at this time, Of those banks
that have ever been conducted with the great
est prudence and care, 10 redeem their issues
in specie, but entirely hopeless must be their
condition, when elogged with such rotten con-
Gems o. he branches before mentioned.
his however, is what we have long since
foreseen, the State institutions must be des-
troyed. Il will be impossible for them to fur
nish a local and general currency at the same
time. 1.-THE general government wouldiurni7h
currency, that would sufficiently supply ex-
change between the great commercial marts
Of this extensive country, and not leave il on
lirey in the hands Of brokers. Our State In
stitutons could and would furnish good local
currency, redeemable at any time IN specie,
otherwise we viii be compelled to come to a
metallic currency. This, in addition to the
Inconvenience aud risk Of transportation, win
necessarily bring down the labour Of all inter-
ests, the farmer, mechanic, nercbsnt and all
others to a price far below, even the present
prices, which would seem almost to be little
enough compensation for labour. Il is high
time that the people should break the shackles
ofpaty, and ponder upon these things, and If
any remedy can be applied, administer the
medicine as speedily as possible before lhepa
tent be reduced too low to be benefited by it.
1t seems to US that any one who viii look
back to the history Of our country when the U.
States Bank was in full. vigo1r, and with its
influence dispensing happiness and prosperity
to our country--ehecking State institutions
and preventing over issues-furnishing ex-
change at low prices to the merchant, travel
Ter, and trader Ofevery description, and there
by benefting the whole community aud con-
trast it with the present history Of his cOun-
try,-labor MISUNDERSTANDING in the
hands of Shylock Brokers, our State Institu.
tons PROSTATE, the whole community suffer.
ing. Ifany one viii look upon such contrast
and not desire to return to the good old days
we have FIRST described, he must be so bound
BY the letters Of party, and his mind so be-
clouded by the mist flung around it by dema-
gogues, as to have deprived him both ofreasou
and humanity. Such man we do not envy.
We have nothing ofinterest from Washing
ton City. The papers from that quarter seem
to be scarce ofnews. Congress furnish moth
ing as yet, Of interest to the people. When
ever they take any decided action upon any
subject of public interest we shall lay it before
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