The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-02-16
DEMOCRATIC WIG.
aIoHAnD HEHav nRo -EDET01.
EHURsDAx. EnnagAn. y. 5. loas.
foR PRESIDENT or THE UNrm srArEs,
HENRY CLAY.
OF KENTUCKY.


alabama MONEfs
We have lately returned from Mobile
where We were during high state Of excite.
ment in regard to ALABAmA MONEY. In n.
course oftWo days Exchange rose from 2.
per cent 40 Or IS, and in two days more i
iell to about . per cent. When we LEFT No.
bile il ranged from % to 30 per cent We
endeavored to collect from the best sources, the
NEST accurate information inregard 10 It's pros
pective condition, but could arrive at no salts
factory conclusion on the subject. There
was a great diversity Of opinion, and there
seemed 10 be a feyerish and anxious state Of
the public mind, as to the rate at which Ala.
bama money would ultimately settle down.
Some insisted that the rapid fluctuations which
had been lately experienced, we're caused by
a temporary panic, Of which the brokers had
availed themselves TO depreeiate the money
below It's intrinsic value, that the condition Of
the banks. with about five millions Of indebt.
edness, and three times that amount due to
them, out Of which eight millions are undoubt-
edly good, does not justify the slightest unea-
siness in regard to the Ultimate solvency Of
the Institutions; but they maintain that as soon
as the temporary demand for exchange is sup.
Piled, and the present alarm subsidies, and
when the cotton crops, which have been pre-
vented from being brought to market by the
state Of the rivers, are brought down, that
Alabama money.will resume something like its
nominal value.
On the other hand, others, equally entitled
to respect for their opinions contend that
insteod Of becoming better, Alabama money
will gradually get worse, until it arrives At
about 90 or 60 per cent. discount, at which, it
viii probably remain permanently; that all ex-
perience teaches the allacy Of placing much
reliance upon the reported condition Of banks,
or the availability Of their assets, and that the
only purpose for which Alabama money is
wanted, is to discharge debts due the banks,
and, as those, who may want it for that pur.
pose, constitute comparatively, but a small
portion Of the community, this demand for It
will not cause it to continue a circulating
medium, especially as it can at all times be
purchased as an article Of merchandise at
whatever may be its marketable rate. 10 the
midst Of these contradictory opinions a meet
ing Of the merchants was held, at which they
resolved not to receive Alabama money after
the 9th instant.
Immediately after this public action on the
subject, the money which it was designed to
sxpel from circulation as a medium ofexchange
lose in yalLe, and those, who had joined in the |
were compelled virtually to retrace
heir steps. This comprises correct state
nent Of the agitation and excitement which
prevailed in Mobile on the SUBJECT Of the cur
eney.
1t is aquestion Of no little importance to our
'lanters, who sell at that market, and we ha We
therefore, been more minute on the subject
han we otherwise would have been, Cotton
an be readily sold in Mobile for either good
lnds or Alabama money, but at a difference
D price corresponding with the difference in
ychange.
The safest plan certainly for our planters to
ursue is to require good funds; but, they can
1tain a much higher price for their cotton in
labama money, the question which they have
determine, is between certainty and a spec
latioa.