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


will rise extravagantly high, and cor
stantiy looking up-the temptation wi
: be irresistible! Inordinate specuIatio
: will ensue, debts will be freely cor
!, tracted, and when the season of adve,
, sity comes. as omeit must, the Bank
acting without concert, and withou
guide, obeying the law of self preser
walton, will all, at the same time. cal
IN their issues; the vast number will ex
aggerate the alarm, and general dis
tress, widespread ruin, and an explo
sion OF the general Banking system
or the establishment Of new Bank o
the Y. s., will be the ultimate effects"
i We add one more extract, and tina,
IS from aspeech delivered in the Sen.
ate of the q. States, by Judge Porter
the present able Wing Senator from
Louisiana, on Tuesday, the 22nd Of
March, 1886.
| He says:
lin 1880, our circulation was s,rtv
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 Que han
dred and t0enty millions. An incre-
ase of sirty millions Of dollars in six
years! | give the facts from the official
returns made by the Secretary ofrhe
Treasury. They come, sir it is true,
no lower down than 1884. But If we
take the average increase for two or
three years before that time, and re-
fleet on the enormous rise of property
since IA sure indication Of an unhealthy
circulation,) 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 glance,
the causes ofthe present state OF things
and who cannot also, sir, see at a glance
how it is to end?-If the evil should
be checked now, and the reduction be
slow and gradual, we might escape the
which time has inevta-
oly in store for US under another poll
cy. But, sir, far from expecting this
look to an increase of the decease.
{ appears to me inevitable. A uni
'ersal madness has taken possession of
he public mind. Within the last four
Months have heard ofaugment atoms
e banking capital, proposed or passed
0 the amount Of fifty millions Of dol S
ars and more / am told ale protecting: I
o that we may expect to see this sys- Z
sm continuing until it breaks and a
us from its own weight and magni- t
lde. In the present state of things the {
tates are all interested to increase the
REGULATION Of their own banks, and
revent that Of their neighbours. In I
eed we already see symptoms Of a
ar of legislation the result Of jealousy Il
y which they are attempting to re- y
raine the notes Of banks in otheI m
tates from passing within their limits. il
This deplorable state ofthings must u
ct get worse; and well might the Sen. 81
or from Missouri depict it in the col al
IS he did few days ago. He could n
ot overcharge tits picture--a picture a.
r, rendered more painful 10 contem- sc
ate, by the recollection Of our condi- III
On before the war was waged on the e.
ank Of the U. States. For sixteen &C
ears it regulated the currency of the
,untry with wisdom and success Of yt
hich there is no parallel. We threw re
away, and we see what we have got
its place. Sir, all the projects of an
guIating and checking the excess of !, n
INK emissions by law, refusing to re- an
i've at your Treasury their notes of ed
50 SUN than $50, will have no more :.
feet than would have a bucket full 10
earth thrown into the Mississippi al
,er to stop its current. And as to tn
lshing gold and silver into circulation az ~
1en You have Ave hundred and City co
nks interested in gathering it all up, GO
d Supplying its place with their notes, pc pc
At is equally impracticable a cheap ca
d a dear currency never can exist Ion
yether the former always destroys q, m
; later. Having no power by the - -
institution TO interfere directly with to
ate Legislation in this matter. l see
1t the country is destined to 60 thro' g
} same scenes Of agitation and suffer vi
! which It did previous to the ruin OF Ia
) late Bank Of the United States. Inn
ter the evils have come to a height =,
len they can no longer be endured, We
shall have another National Bank,
d not until then. But ! submit i It g g
,uld no, have been as well 70 have IN
eyented this state Of things two years us
o? I enquire, what good has been. p 3,
can be attained, by putting the Peo- T.
} through this fearful trial FIVE on IN
! TEARS HENCE wiN be the tsns 70 q
! tsn onssUer to these questions. IS
with there predictions, which have ben tb
f,lIv and fatally verified, let ~ contrast the 9.
=. .v,,;ef were contemp 0raneously- express ~