Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1849-12-29
For the Columbus Democrat
STATE BANkS--NO. ,.

are before me. You admit the soundnes Of my
democratic principles, yet deny that there is a
single position taken" in my article which is
admissible thank YOU for your endorsement Of
my political character-bu il turn, deny the
force of the soft Impeachment OF my views in
regard to the propriety of establishing-net a
State Bqnk-but banks in the State OF Mlsss>
sippi, say, mot State Bank because did
not intend end indeed expressly negatlged the
idea in my former article, that the state should,
like Georgia and Alabama in by-gone years, be-
come the originator and owner of bank or
banks. That species OF the institution, Of all
I others, is the most Objectionable. We want
Joint Stock Banks, managed and guarded by
directory composed of individuals elected from a.
mong the stockholders.
/ regret to see, that, while you have thought
proper 10 deny I'm toto the soundness of the doc
( trnes contained in my article, you should have
failed--enlirey filled to point out a single iea'
ture or statement in 1t, which is at variance with
the democratic faith or inconsistent with pru-
dent and wise cause OF State policy. took
some pains in the opening reflections Of the ar.
tcle, to guard my own views, aud those Of the
Great Democratic Party, from any grounds of at
tack by the proiessedy bank advocates in the
country, by reilerating for both some ofthe great
principles which lie at the foundation OF our creed.
But, notwithstanding this precauon you seem
to have placed me at once by sort OF double
summerset in your own inauguration, com.
pleteIy over the line of democl attic land marks,
without chain or compass-graperiRe or clouds
--as guides in iiSiny the metes and bounds Of
my position among the 'true and faithful" Now,
how is thisl You admit the correctness Of my
democracy, and yet you have failed to show the
error Of my Arguments in favor of a bank. May
be permitted to suggest that probably the dit
hculty exists in your own mind and not in my
positions! and, at any rate, that you should point
out the danger Of the policy advocate. And,
in an attempt to do SO, will you appeal to the
past recent history of the state to sustain your po
sition! have already alluded 70 thai period and
state Of things, in my last article that ii was not
banking alone that caused and accelerated the
the widespread ruin which helel the people OF
our State at that time He isbut Maggie in
wisdom .peepng narrowly extremely narrowly
into the little ends of the bleaching anatomical
fragments, scattered far and wide upon the sur,
face OF our late "sea of troubles" who magines
| it was the banking system, here or elsewhere.
that produced so much calamity No, sr-tbe
banks were mainly established and relied upon,
to Sdre the sinking fortunes Of the people and the
state, after The great wrong, by Specializing and
overtrading, had been committed But it was
too late-nothing, not even satpetre could have
saved them from the crash, aud they fell as men
will tall from the dizzy heights OF wild, hase,
less speculation, and extravaganza.
Bull am not the advocate Of the banking sys
TEN, as Such-not attempting to show that it is
all right and safe BY no means. simply pre-.
pose to waive, for the present, our theoretical
views against all monopoes, in so far as state
banks are concerned. and act upon present ne
cessity. and in harmony with the course and con-
duct Of good democrats in every part ofthe Union
II Is there any harm or dangerto our creed in this
/ Ifnot. then it follows that we are chdshly and
!, and merely afraid of ourseves in not doing that
- which we feel we need and know we can ac
d complish. Is this in good keeping with gu
n sel>governmentl For, the making Of a curren
a cy, is a part of our duty in establishing aJu,
!. system Of government We cannot coin COL
% and silver. because that power has been trans
n arred from the states to the Federal Government
It the states all around Us issue paper bills, an
g circulate them as money are we 'ctser, or NOR
n dishonest than they? But let me bring this mat
b ter little nearer home, as it regards yourself
y Do YOU take and use bank bills in your busj
Z ness transactions? will take il for granted yo
l. do. and will ask, with what propriety or consls
id tency can you thus act privately while you pub
IS licy denouncp such currency! DO you Justli
v il on the ground Of necessitY-s it because 20
~ : cannot get any other kind of funds! Yes BIT
ID while you are compelled 10 have bank paper 70
d. say, you utterly deny that the State bank syste
OF can ever be generally and equally beneficial. y
nc And We, YOU use the issues of those very instt
tons. and that too not Of your own States pr
a.. duction but all sorts, and indeed any which y
NJ can get! Now, let us suppose, that all the 9TH
Ne States in the UniRn, were only as wise as vi
= sssippi, and were to refuse 10 issue bank b
ps. tomorrow, what sort Of state olthings would
tai have clamPed down upon Us all Of sudlrn!-
Truly, Cicero or some other ancient writer sal
there is no opinion however absurd that will I
-. find advocates and beg leave to add. Il