Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1849-12-08
STATE Banks

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|. Nm EpmoR: The question as to whether the
State Of Mississippi should have, like all the other
= States around her, mother bank with several
branches located in the principal cities and towns
IN the State, is certainly not settl one against
such Institutions 1t is not feature in the
practical principles Of the Democratic creed,
) entirely to exclude all banking establishments at
present, however true it may be theoretically,
that the great democratic party ofthe country are
prolessedfy, and upon principle, opposed 20 all
monopoes What is he'd to, even in christian
ity, as being correct and indispensable ia faith
and sound doctrine Theoretically is but rarely if
ever atlaiaied 10 in practice aud certainly no
system of religious or political beliefcan be true
and permanent, that is not founded upon doctrines
the perfect understanding and practice of which,
from the fmilty Of our natures, extremely diili~
cult, il MT wholly unattainable in the existing
state Of things.
The Democratic party, correctly understanding
this matter holds 10 political creed some oil the
great principles Of which cannot be practically
carried out during this day and gsneraon-and
perhaps not until many ages shall have passed
away. And The creed would be manifesy de-
WtllNtg ~ lHcIt NhlH HH pllHtlIlGs w u WHICH tHt
existing state OF thing political, commercial,
moral, and social, did not prevent It's from ptac-
tlcalIy establishing. need scarcely mention by
way Of illustration, the principles Of opposition to
all monopoies--in favor Of lice lrade--aud the
ultimate rejection OF all paper money, as radical
and cherished doctrines OF ouf party, We have
however, already accomplished all perhaps, that
can, ought to be achieved at present, in regard
to banking institutions, with reference 10 the sin
gle point Of their existence or non existence in
, our c0untrY--by that most just and timely act
the separation OF the National treasure from the
monetary aud commercial establishment Of the
land and along with i, the final overthrow and
REJECTION, as fiscal agent Of tle government, Of
a once powerful and dangerous National Bank
This is a great achievement for one generation,
aud it will shed glorious lish, and liuslyous
| fame upon tho future written page ofpresent his.
lory and those noble patriots Who accompl sh'
, the deed.
, But we should remember that, while "proare.
! and improvement" is our polite motto, we
cannot accomplish all at once. And il does seem
10 me, as being clearly erroneous in the minds 0
the pcoplc Of Mississippi 10 concude il such in
c deed be their determination, that they can il tho
e face oiamost innumerabe opposing circumslan.
@ ces, commence al once to carry out the doctrine
! Of pure metallic currency. Such a course o.
!, policy would be Characterised by simple aut
rulnous rush from one extreme to another. Tn
der this state OF things, practically set up by
! sort OF negative policy, we have been living to
\ some yeas past And what Isihe RESULT Why
! every body knows, that, whilst the State has beef
doing nothing in regard to this matter, we hav,
n had none the less Of that very species OF curenc
/. which she refuses 10 establish by law, rushing il
=, upon us from all surrounding pont 10 fill Up III,
" vacuum thus produced. And, in addition to this
We have suffered, anu are now suffering all III,
x nconHenlences naturally aud powerfully result
- ing Pom The want OF a common circulating me
4 dunn OF our oWn issue and under our own regula
tons. Nor can We OF amy other people smiaii
n. clrcumstaheed, do without nr entirely get rid
We this species OF money al tins time, without tn
az greatest Inconvenience and hardships spea
!. Of It as circulating medium I'd il is TO thi
/, point mainly that desire TO confne my remark,
For il must be admitted that banking institution
are OF most value, and less dangerous, TO the mas
Of the people, whose general Interests should eve
III be scrupuousy regarded, IN the way OF a Gu,
IN reucy more than any other. The rich horro,
in the money to be loaned by banks--the roc
en- should at least have guaranteed to them 200
-. medium OF exchange for their labor, " her
!, banks are established with the view merely
i, increase The Heating money capital of the Sttt
A. and 10 extend the facilities Of borrowing an
~ lending beyond the ordinary wants Of the cotto
planter between the periods Of his sales and til
'eF legitimate business OF the useful trader among u
on el and only evil, is the unla,lins consequence,
d. NoIhln- is gained in the end to any people, /
in merely printing and issuing as money bank bill
he No State or people can gel rich by trading i
OF handling paper money. Labor is the ON
true source Of wealth.
But we have the power to make aud our il
terest demands sound 4 convenient crcuaiu
to medium. Every state IN The Union and all gre
ch commercial people every where have their baul
ca - and now IN our own country as is always Il
Gu, case IN ordinary times, they are we'll manage
ale And now is the time most flung, when we a
Ter in our calm sober senses and suffering, as VI
lon from past excuses as present Inconvenience,
led establish good bank and It's branches. Ntrgl
ns ia, South Carolina, aud Alabama, not to mel
'ed tion others. as good democratic state, aad
or well governed IN every respect, all vail admit,
ie> Mississippi, each have their banks. And viii
II be conlended that because our people some yea
per 40, almost TO man became perfectly crazy
III. not in regard to banks alone. but upon all olh
US subjects, and went headlong into all sorts ote
navagance in buying and selling, speculatl'
MS and legisla,ing under the most extraordina
zen state Of circumstances that ever beiela peop
an aud thus for a time ruined themselves and inlu
ON cd the state, we ought therefore 10 wreak .
am Vengeance upon banking institutions as the Sc
oo cause q i, aud forever refuse TO eslablsh ana
are e. IN thc slale Surely tits would but be
ny perfect keeping with our former folly, in doii
IAN nothing non, because we did too much the