Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1846-07-29
BankS-SpeCiG-and the Independent Trea-
SUFV


We have received letter from Georgia
complaining of some remarks made in
this paper relative to bank in that State,
which recently suspended, but promised to
''settle fail" We shall neither apologize
nor explain. We have no faith in any
bank; no faith in the calculations of finan-
cIers. We believe that he banking system
has brought about much of the ruin, distress
and decentralization abroad IN the world.
and that it is better that the whole crop
should be swept ont of existence. Let the
scythe OF public opinion NOW them down.
The earth will rejoice and grow young
again when they disappear. Look at Phil
adelphia, once proyerbial for It's morality;
but after being forty years under The do.
mlnIon Of the paper system, it has become
fruitful OF frauds, suicides, murders and
startling Developments, of every descrip-
ton. The fountains OF freedom have been
poisoned at their source. Pipe LAYING,
mob-ldw, riots and confagration have
brooded over IFS streets, and too often
Iramped under foot the constitution and
laws. The seeds OF corruption were scat
tered broadcast by the United States
Bank, and now they sprout up with terri.
bic luXurlance. Our Georgia correspon-
dent states that the notes Of the SUSPENDED
oank still pass current. What of that?
All the lnSolvent banks of the Union have
contrlVed to pass off their paper as cur
rency, and TO keep it passing until the mo-
ment OF explosion, which generally comes
when the knowing ones are prepared for
1t, and the innocent ones are caught. But.
says he, "yOu are iniuring some of your
democratic friends" This is perfectly
lmmaterlal. We think of not of parties
when writing on this subject, but of the
Pu6hc; and we express convictions that we
have entertained all our lives, with refer
ence to the system, and not 10 individuals
"Ihere is not specie enough in the world
TO supply the wants of the United States"
says our Georgia democrat. Indeed Let
US look into the facts. In March, 1910.
The Secretary of The Treasury submitted
to the Senate, IN answer to a call of Mr..
Benton, statement of the amount of sne-
Gle imported and coined in the II States
Tor the twenty years preceding. Ii shows
that The importation OF coin and bullion
during that period, was $4,000. 900.
two'lhirds OF which came in during the
last seven years of the period.
The product of our mines durinr tho
same term was SI0,00O,OOO, and our coin.
age since 1884 amounted to l5.O0O 600
in gold and 100000 in silver. He al.
so estimated that there was IN the Country
S2O,OUU,OUO ar the IIuIc of The commence
ment OF those estimates, making the round
sum OF 2l2,000,OOO in specie-sufTicien
for all the purposes of trade, and more than
all the bank paper, good, bad and indiffer-
emf then in circulation.
1t must be confessed, however, that spe.
Gle occasionally becomes scarce, for in
stance in 1887 to 1910. What occasion.
ed this? Why it was driven out of circu-
latIon by bank paper, melted up into plate
to present to specializing bank officers.
shipped to Europe to pay foreign debts Gre
ated for the benefit of corporations and
spectators, while our own citizens were
paid of IN rags; locked up in vaults OF
suspended banks, or boarded by the wise
who would not let it out while paper would
pay the way. This is what made it scarce
When the paper system is utterly abolish.
ed specie will be abundant. We shall then
have that which requires no regulation but
the laws of rade-good Tomorrow and
forever. Let US hear no more of a want
of specie. The falIacy of such a cry must
be apparent to every one tina: will take
the trouble to look at the facts, and ac-
quaint himself with the first principles of
political economy. Where is the man who
has not suffered by taking the best substi.
tutes for gold and silver? Will men who
have thus suffered consent to perpetuate a
system which is more destructive 70 opr