Washington telegraph., 1843-09-06

Bank notes TO pay ten and q half millions
Of debt!
3. That the creation Of the Bank often
nessce has not diminished this enormous
burthen- The people owe neatly the same
amounl Of bank debt, and have infinitely
less 10 pay il with.
d. That since 1887 they have been sirug
Cling TO relieve themselves by dint OF indus
uy, ecohomy and uniiring management, nul
all 10 liule or no purpose. In The language
that applied TO the period that Immediately
succeeded the rrvoluliun-fhc pressure hIS
been erfrcHae and continues nnriiigdfed-
property has fallen, ia many inst noes, one
half. o.-:wo thirds ID value, while The credi-
tors noio remains fna@ same. The result
of the efiot,. of ,i.e debtor class Of the com
muniiy rs told IN use following:
Five years interest On -en mil
lions of Bank debt, S3,OOO,OO0
Real Estate surrendered L.
wards payment of principal, gOO.5S5
Leaving NINE MILLIONS AND a
HALF UNPAID, OF which, Two NIL.
LIONS are ia suit. Could more have Lecn
paid considering the embarrassment Of ill.
times, or can The balance crcr be paid with
out material change o: times such change
as raS wrought by The first Bank of Mc
United States IN 1871, aud The second Bank
in lSI6? We leave the reader 10 his own
conclusion.
SUDDEN CHANGES IN TIE CUR
RENCY-lNFLATlON AND CON
TRACTION.
The Tennessee Banks furnish scarcely a
fair illustration of the sudden inllliion and
conuaciion OF the currency since The veto
of tie Bank of the United States. With
many errors IN their past policy, they have,
when compared with their Southwestern
neis shbors, been more prudenily managed.
Bu. we do not desire more iorciblc exam
pie than their periodical statements afford.
Assuming two millions as The standard
circulation required to perform the ordinary
business of the Stale, We find that the crcu-
lation Of the Branch Bank United States al
Nashville, Aug. Isl, 1882, was s., OBS, ,375.
The oiro uIaiion Of the Branch would
gradually expand in the fall and winter, as
money was required 10 transfer the crop Of
The Country To New Orleans, aud as gradual
ly contract fTon the demand for Exchange
IN the spring and summer 10 pay FOR goods
boueh, Ia New York and PhIladelplia.--
Thus the circulation 10
August, 1881, was S1.903,79O
NO.ember, 1881, 2.3Sl,s5O
January, 1882, 2,522,llO
Ms,, lS32, 2,l57,5G0
Autust. 1892, 2.O3s.375
AT 10 period during The existence OF the
Branci do we find as rap q Or unnatural ex-
pansitn or contraction Of ihe circulation.
The Hanch commenced operations IA Au-
gust, lS27, with capital Of one million.
its circulation was gradually increased with
ITS loaIs aud discounts, and so perfect and
hanntnious was the admirable system Of ox-
changes Of The mother Bank, that through
tae med um of this single Branch tho whole
expufs of The State were annually trans
feued aud real zed at the South, and its
whole mpurts paid for at the North, at an
averaae cost of one half of one per cent.
And rlat, 100, without disturbing the healthy
action uf the circulating medium OF the
county. Two or three millions of ex-
change on the South was annually bought
and ia. same or about the same amount
sold on the North, without affecting the cir
culatios of the Btanch 90 The extent of more
than h,e or six hnndred thousand dollars,
either vay, OF deprivIng any portion or class
Of the cornInuniiy of It's due participation IN
the loans and discounts Of ihe Bank.
Let us now iurn 10 the imitation aud con
traction of the local currency substituted
for the no,es of the Bank Of The United
States in 1888. II amounted in