The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-04-27

circulation will be gorged. Property
viii rise extravaganlly high, and con
stanlly looking up-the temptation vii
be irresisliblel Inordinate speculation
will ensDe, debts will be freely con.
racted, and when the season Of adver.
siiy comes, as omeit must, the Banks
acIing without concert, and without
guide, obeying The laW Of self preser-
! vation, will all, at the same time, cal
in their issues; the vast number will ex.
aggerate the alarm, and general dis
ress, widespread ruin, and an explo-
sion Of the general Banking system,
or the establishment Of new Bank oI
the U. s., will be the ultimate effects. "
We add one more extract, and that
is from a speech delivered in the Sen.
ate Of the U. States, by Judge Porter,
the present able Wing Senator from
Louisiana, on Tuesday, the 22nd Of
March, 1886.
He says;
I'm 1880, our circulation was srty
one millions Of dollars. In January,
1885, or rather in june 1884, it was
one hundred and three millions. In
1886 it cannot be less than Oue han
dred and tDsnty millions. An incre-
ase Of siTty millions Of doliars in six
years! give the facts from the official
returns made by the Secretary ofthe
Treasury. They come, sir il is true,
no lower down than 1884. But il we
take the average increase for two or
three years before that time, and re-
feet on the enormous rise Of property
since "a sure indication Of on unhealthy
circulaiion,) we must be satisfied that
there has been more than seventeen
millions added TO the circulation With
in the last sixteen months, and that one
hundred and twenty millions is below
rather than above the real estimate.
You see sir, therefore, at a glance,
the causes ofthe present state Of things
and who cannot also, sir, see at a glance
how il is to endl-If the evil should
be checked now, and The reduction be
slow and gradual, we might escape the
consequences which time has inevta-
bly, in store for US under another poll
icy. But, sir, Ear from expecting this
| look 10 an increase of the decease.
Il appears 10 me inevitable. A uni
versal madsess has taken possession oil
the public mind. Within the last four
Months | have heard ofaugment atoms
Of banking capital, proposed or passed
to the amount of fifty millions Of dol
lars and more / am told aIe projecting:
so that we may expect to see this sys-
ten continuing until il breaks and |
falls from its own weight and magni-
tude. In the present state Of things the |
States are all interested to increase the
circulation Of their own banks, and |
prevent that Of their neighbours. In
deed we already see symptoms of
war Of legislation the result Of jealousy
by which they are attempting to re-
straine the notes Of banks in Other
States from passing within their limits.
This dsplorable state ofthings must
yet get worse; and well might the Sen.
ator from Missouri depict it in the coll
ors he did a few days ago. He could
not overcharge t,is picture--a picture
bic, rendered more painful TO contem-
plate, by the recollection OF our condi-
ion before the war was waged on the
Bank Of the q. States. For sixteen
years it regulated the currency Of the
with a wisdom and success of
which there is no parallel. We threw
I away, and we sea what we have got
o its place. Sir, all the projects OF
and checking the excess Of
,ank emissions by law, refusing to re-
,eive at your Treasury their notes Of
ess SUN than 800, will have no more
Effect than would have a bucket full
IF earth thrown into the Mississippi
liver to stop its current. And as to
pushing gold and silver into circulation
when you have FIVE hundred and 6ty |
ranks interested in gathering il all up,
md supplying its place with their notes,
hat is equally impracticable cheap
md a dear currency never can exist
ogether the former always destroys
he later. Having no power BY the
Constitution TO interfere directly with
State Legislation in this matter, ! see
bat the country is destined to go thro'
be same scenes Of agitation and suffer.
ng which it did previous to the ruin Of
he late Bank OF the United States.
After the evils have come to a height
when they can no longer be endured,
We shall have another National Bank,
md not until then. But submit Il it
would not have been as well 10 have
this state ofthings two years
lgo enquire, what good has been,
,r can be attained, by putting the PeO-
Die through this fearful trial FIVE on
TX YEARS HENCE viii be the time 70
yet an aAs0sr to these questions"
WITH there predictions, which have been
o fully and fatally verified, let ms contrast the