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

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
"setle 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 il is better that the whole crop
should be swept ont of existence. Let the
scylhe oil public opinion NOV them down.
The earth will rejoice and grow young
again when they disappear. Look at Phil
adelphia, once proverbia for lis morality;
but AFTER being forty years under the do.
minion of the paper system, il has become
fruitful of frauds, suicides, murders and
startling developments, of every descrp-
lion. The fountains oil freedom have been
poisoned at their source. Pipe laying,
mob.lnw, riots and conHagration have
brooded over its streets, and too often
tramped 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.
bile IuXuriance. Our Georgia correspon-
dent states that the notes of the suspended
oank still pass current. What of that ?
All the insolvent banks Of the Union have
contrivcd 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
il, and the innocent ones are caught. But,
says he, "you are injUring some of your
democratic friends" This is perfectly
immatenal. We think of not of parties
when writing on this subject, but of the
public; and we express convictions that we
have entertained all our lives, with refer.
ence to the system, and not TO individuals
"There is not specie enough in the world
10 supply the wants of The United States,''
says our Georgia democrat. Indeed! Lei
us look into the facts. In March, 1910
the Secretary of the Treasury submitted
10 the Senate, in answer to a call of Mr.
Benton, statement of the amount of spe.
Gle imported and coined in The U. States
Tor the twenty years preceding. 1t show,
that The importation OF coin and bullion
during that period, was $4,000, 900
two'hirds OF which came in during tn,
last seven years of the period.
The product Of our mines during tn,
same term was $40, 100000, and our coin
age since 1884 amounted to 10000
in gold and 100000 in silver. lie al
so estimated that there was in the counr,
$50, 100000 al tne ume of the commence
ment Of those estimates, making the roun,
sum OF 2l2,000,000 in specie -sufficien
for oil the purposes of trade, and more thai
all the bank paper, good, bad and indiffer
eni then in circulation.
1t must be confessed, however, that spe
Gle occasionally becomes scarce, for in
stance in 1887 to 1910 What occasion
ed thisf Why it was driven out of circu
latlon by bank paper, melted up into plat
to present to specializing bank officers
! shipped to Europe to pay foreign debts ere
ated for the benefit of corporations an
spectators, while our own citizens wer
paid of in rags; locked up in vaults q
suspended banks, or boarded by the wis
who would not lei il out while paper woul
; pay the way. This is what made it scarce
When the paper system is utterly abolish
, ed specie will be abundant. We shall The
have that which requires no regulation bu
the laws of irade-good Tomorrow an
forever. Let US hear no more Of a war
Of specie. The fallacy of such a cry mn:
be apparent to every one tina: will tax
The trouble TO look at the facts, and nc
quaint himself with the first principles
political economy. Where is the man VIII
has not suffered by taking the best subst
lutes for gold and silverl viii men VIII
:, have thus suffered consent to perpetunte
system which is more destructive 10 OF